UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07173

T. Rowe Price Spectrum Funds II, Inc.

 

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

 

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2022

 

 

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

November
30,
2022
Semiannual
Report
T.
ROWE
PRICE
Spectrum
Allocation
Funds
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
HIGHLIGHTS
The
Spectrum
Allocation
Funds
trailed
their
respective
combined
index
benchmarks
over
the
six-month
period
ended
November
30,
2022,
against
a
backdrop
of
heightened
volatility.
While
equities
have
rallied
late
in
the
period,
uncertainty
around
corporate
fundamentals
suggests
limited
near-term
upside,
particularly
as
earnings
estimates
remain
elevated
against
a
slowing
growth
outlook.
Other
key
risks
to
global
markets
include
central
bank
missteps,
persistent
inflation,
potential
for
a
sharper
slowdown
in
global
growth,
China’s
balance
between
containing
the
coronavirus
and
economic
growth,
and
geopolitical
tensions.
We
are
underweight
stocks,
remaining
cautious
on
the
weakening
outlook
for
growth
and
earnings
amid
still
elevated
inflation
and
continued
policy
tightening
by
central
banks.
We
remain
modestly
overweight
cash
relative
to
bonds
given
attractive
short-term
yields,
and
it
also
provides
a
source
of
liquidity
in
the
context
of
potential
market
opportunities.
We
believe
that
the
funds’
diversification
and
flexibility
to
identify
investment
opportunities
across
sectors
and
regions
should
allow
us
to
generate
solid
long-
term
returns
in
a
variety
of
market
environments.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
Market
Commentary
1
Dear
Shareholder
Global
stock
markets
generally
produced
negative
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
November
30,
2022,
while
rising
bond
yields
weighed
on
returns
for
fixed
income
investors.
Investors
contended
with
tightening
financial
conditions
and
slowing
economic
and
corporate
earnings
growth,
but
hopes
that
persistently
high
inflation
might
be
easing
helped
spark
a
rally
late
in
the
period
that
partially
offset
earlier
losses.
In
the
U.S.,
equity
results
were
mixed.
The
Dow
Jones
Industrial
Average
recorded
positive
results
and
mid-cap
growth
stocks
also
performed
well,
while
most
other
benchmarks
finished
in
negative
territory.
The
S&P
500
Index
was
modestly
negative
for
the
period,
but
results
varied
widely
at
the
sector
level,
with
industrials
and
energy
shares
delivering
strong
gains
while
communication
services
stocks
struggled.
Outside
the
U.S.,
most
major
country
and
regional
benchmarks
lost
ground.
Emerging
markets
stocks
generally
underperformed
shares
in
developed
markets.
Meanwhile,
the
U.S.
dollar
strengthened
versus
most
currencies
during
the
period,
which
weighed
on
returns
for
U.S.
investors
in
international
securities.
Elevated
inflation
remained
a
leading
concern
for
investors
throughout
the
period,
although
hopes
that
inflation
may
have
peaked
led
to
rallies
during
the
summer
and
again
in
November.
The
October
consumer
price
index
report,
which
was
released
in
mid-November,
was
better
than
expected
and
showed
price
increases
easing
from
recent
40-year
highs.
However,
the
7.7%
year-over-
year
increase
in
the
headline
inflation
number
remained
well
above
the
Fed’s
2%
target.
In
response
to
the
high
inflation
readings,
global
central
banks
continued
to
tighten
monetary
policy,
and
investors
focused
on
communications
from
central
bank
officials
on
how
high
rates
would
have
to
go.
The
Federal
Reserve
delivered
four
historically
large
75-basis-point
(0.75
percentage
point)
rate
hikes
during
the
period,
which
lifted
its
short-term
lending
benchmark
to
a
target
range
of
3.75%
to
4.00%
by
early
November,
the
highest
level
since
2008.
As
our
reporting
period
came
to
an
end,
Fed
officials
signaled
that
they
were
likely
to
dial
back
the
pace
of
rate
increases.
Bond
yields
increased
considerably
across
the
Treasury
yield
curve
as
the
Fed
tightened
monetary
policy,
with
the
yield
on
the
benchmark
10-year
U.S.
Treasury
note
climbing
from
2.85%
at
the
start
of
the
period
to
3.68%
at
the
end
of
November.
Significant
inversions
in
the
Treasury
curve,
which
are
often
considered
a
warning
sign
of
a
coming
recession,
occurred
during
the
period
T.
ROWE
PRICE
Spectrum
Allocation
Funds
2
as
shorter-maturity
Treasuries
experienced
the
largest
yield
increases.
The
sharp
increase
in
yields
led
to
generally
negative
results
across
the
fixed
income
market
as
bond
prices
and
yields
move
in
opposite
directions.
On
a
positive
note,
the
U.S.
jobs
market
remained
resilient
during
the
period,
and
overall
economic
growth
turned
positive
in
the
third
quarter
after
two
slightly
negative
quarters.
However,
recession
fears
also
grew
as
corporate
earnings
slowed
and
manufacturing
gauges
drifted
toward
contraction
levels.
In
addition,
the
housing
market
began
to
weaken
as
mortgage
rates
climbed
to
the
highest
level
in
more
than
20
years.
The
past
year
has
been
a
trying
time
for
investors
as
few
sectors
remained
untouched
by
the
broad
headwinds
that
markets
faced,
and
volatility
may
continue
in
the
near
term
as
central
banks
tighten
policy
amid
slowing
economic
growth.
However,
in
our
view,
valuations
have
become
more
attractive
across
many
market
sectors
during
the
downturn,
which
provides
potential
opportunities
for
selective
investors
focused
on
fundamentals.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely, 
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Spectrum
Allocation
Funds
Management’s
Discussion
of
Fund
Performance
3
INVESTMENT
OBJECTIVE
FOR
SPECTRUM
CONSERVATIVE
ALLOCATION
FUND 
The
fund
seeks
the
highest
total
return
over
time consistent
with
a
primary
emphasis
on
income
and
a
secondary
emphasis
on
capital
growth.
How
did
the
fund
perform
in
the
past six
months?
The
Spectrum
Conservative
Allocation
Fund
returned
-2.53%
for
the
six
months
ended
November
30,
2022.
The
fund
underperformed
its
combined
index
benchmark
but
outperformed
the
Lipper
Mixed-Asset
Target
Allocation
Conservative
Funds
Index.
(The
return
for
I
Class
shares
reflects
a
different
fee
structure.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Security
selection
within
the
fund’s
underlying
investments
hurt
relative
performance.
Our
U.S.
large-cap
growth
equity
allocation
detracted,
trailing
its
style-specific
benchmark.
Within
the
allocation,
an
unfavorable
overweight
and
security
selection
in
the
communication
services
sector
hampered
relative
results.
The
U.S.
large-
cap
value
equity
and
U.S.
investment-grade
bond
strategies
also
trailed
their
respective
benchmarks
for
the
period.
Within
international
equities,
selection
among
emerging
markets
equities
bolstered
results,
although
selection
within
international
developed
markets
equities
partially
offset
the
impact.
The
fund’s
allocation
to
alternative
investments
through
a
conservative,
diversified
hedge
fund
of
funds
also
contributed
to
relative
returns
due
to
favorable
security
selection.
Tactical
decisions
to
overweight
and
underweight
various
asset
classes
had
a
modest
positive
impact
for
the
period.
Floating
rate
notes
delivered
positive
returns
for
the
six-month
period,
outperforming
investment-grade
issues,
and
an
overweight
allocation
to
the
sector
was
beneficial.
An
overweight
to
cash
relative
to
bonds
also
added
value
as
money
market
yields
rose
but
fixed
PERFORMANCE
COMPARISON
Six-Month
Period
Ended
11/30/22
Total
Return
Spectrum
Conservative
Allocation
Fund
–
.
-2.53‌%
Spectrum
Conservative
Allocation
Fund–
.
I  Class
-2.47‌
Morningstar
Moderately
Conservative
Target
Risk
Index
-2.90‌
Combined
Index
Benchmark
-1.83‌
Lipper
Mixed-Asset
Target
Allocation
Conservative
Funds
Index
-2.91‌
For
definitions
of
the
benchmarks,
please
see
the
Benchmark
Information
section.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
4
income
markets
fell
for
the
six-month
period.
Conversely,
an
overweight
to
emerging
markets
equities,
which
trailed
developed
markets
equities,
weighed
on
performance
amid
several
challenges,
including
slowing
growth
in
China
due
to
its
zero-COVID
policy
as
well
as
the
geopolitical
conflict
in
Ukraine.
Among
diversifying
fixed
income
sectors,
the
inclusion
of
U.S.
dollar-hedged
international
bonds
lifted
relative
performance,
as
the
sector
outperformed
investment-grade
issues
for
the
period.
The
inclusion
of
high
yield
bonds
and
floating
rate
notes
also
worked
in
our
favor.
Conversely,
the
inclusion
of
long-term
U.S.
Treasuries,
which
trailed
the
broader
investment-grade
market,
detracted.
Out-of-
benchmark
exposure
to
real
assets
equities
weighed
on
performance,
although
favorable
security
selection
helped
moderate
the
impact.
*
Includes
the
cash
underlying
futures
positions,
such
as
the
Russell
2000
futures.
SECURITY
DIVERSIFICATION
Spectrum
Conservative
Allocation
Fund
T.
ROWE
PRICE
Spectrum
Allocation
Funds
5
INVESTMENT
OBJECTIVE
FOR
SPECTRUM
MODERATE ALLOCATION
FUND 
The
fund
seeks
the
highest
total
return
over
time consistent
with
an
emphasis
on
both capital
growth
and
income.
How
did
the
fund
perform
in
the
past six
months?
The
Spectrum
Moderate
Allocation
Fund
returned
-2.77%
for
the
six
months
ended
November
30,
2022.
The
fund
underperformed
its
combined
index
benchmark
and
the
Lipper
Mixed-Asset
Target
Allocation
Moderate
Funds
Index.
(The
return
for
I
Class
shares
reflects
a
different
fee
structure.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Security
selection
within
the
fund’s
underlying
investments
hurt
relative
performance.
Our
U.S.
large-cap
growth
equity
allocation
detracted,
trailing
its
style-specific
benchmark.
Within
the
allocation,
an
unfavorable
overweight
and
security
selection
in
the
communication
services
sector
hampered
relative
results.
The
U.S.
large-cap
value
equity
and
U.S.
investment-grade
bond
strategies
also
trailed
their
respective
benchmarks
for
the
period.
Within
international
equities,
selection
among
emerging
markets
equities
bolstered
results,
although
selection
within
international
developed
markets
equities
partially
offset
the
impact.
The
fund’s
allocation
to
alternative
investments
through
a
conservative,
diversified
hedge
fund
of
funds
also
contributed
to
relative
returns
due
to
favorable
security
selection.
Tactical
decisions
to
overweight
and
underweight
various
asset
classes
contributed
for
the
period.
Our
positioning
between
stocks,
bonds,
and
cash
was
beneficial.
Equity
and
fixed
income
markets
fell
for
the
six-month
period,
and
an
underweight
allocation
coupled
with
an
overweight
to
cash
amid
rising
money
market
yields
added
value.
An
overweight
to
floating
rate
notes
also
lifted
relative
returns.
Conversely,
an
overweight
to
emerging
markets
equities,
which
trailed
developed
markets
equities,
weighed
on
performance
amid
several
challenges,
including
slowing
growth
in
China
due
to
its
zero-COVID
policy
as
well
as
the
geopolitical
conflict
in
Ukraine.
PERFORMANCE
COMPARISON
Six-Month
Period
Ended
11/30/22
Total
Return
Spectrum
Moderate
Allocation
Fund
–
.
-2.77‌%
Spectrum
Moderate
Allocation
Fund–
.
I  Class
-2.71‌
Morningstar
Moderate
Target
Risk
Index
-2.73‌
Combined
Index
Benchmark
-1.89‌
Lipper
Mixed-Asset
Target
Allocation
Moderate
Funds
Index
-1.80‌
For
definitions
of
the
benchmarks,
please
see
the
Benchmark
Information
section.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
6
Among
diversifying
fixed
income
sectors,
the
inclusion
of
U.S.
dollar-hedged
international
bonds
lifted
relative
performance,
as
the
sector
outperformed
investment-grade
issues
for
the
period.
The
inclusion
of
high
yield
bonds
and
floating
rate
notes
also
worked
in
our
favor.
Conversely,
the
inclusion
of
long-term
U.S.
Treasuries,
which
trailed
the
broader
investment-grade
market,
detracted.
Out-of-
benchmark
exposure
to
real
assets
equities
weighed
on
performance,
although
favorable
security
selection
helped
moderate
the
impact.
*
Includes
the
cash
underlying
futures
positions,
such
as
the
Russell
2000
futures.
SECURITY
DIVERSIFICATION
Spectrum
Moderate
Allocation
Fund
T.
ROWE
PRICE
Spectrum
Allocation
Funds
7
INVESTMENT
OBJECTIVE
FOR
SPECTRUM
MODERATE
GROWTH ALLOCATION
FUND 
The
fund
seeks
the
highest
total
return
over
time consistent
with
a
primary
emphasis
on
capital
growth and
a
secondary
emphasis
on
income.
How
did
the
fund
perform
in
the
past six
months?
The
Spectrum
Moderate
Growth
Allocation
Fund
returned
-2.85%
for
the
six
months
ended
November
30,
2022.
The
fund
underperformed
its
combined
index
benchmark
and
the
Lipper
Mixed-Asset
Target
Allocation
Growth
Funds
Index.
(The
return
for
I
Class
shares
reflects
a
different
fee
structure.
Past
performance
cannot
guarantee
future
results
.)
What
factors
influenced
the
fund’s
performance?
Security
selection
within
the
fund’s
underlying
investments
hurt
relative
performance.
Our
U.S.
large-cap
growth
equity
allocation
detracted,
trailing
its
style-specific
benchmark.
Within
the
allocation,
an
unfavorable
overweight
and
security
selection
in
the
communication
services
sector
hampered
relative
results.
The
U.S.
large-cap
value
equity
and
U.S.
investment-grade
bond
strategies
also
trailed
their
respective
benchmarks
for
the
period.
Within
international
equities,
selection
among
emerging
markets
equities
bolstered
results,
although
selection
within
international
developed
markets
equities
partially
offset
the
impact.
The
fund’s
allocation
to
alternative
investments
through
a
conservative,
diversified
hedge
fund
of
funds
also
modestly
contributed
to
relative
returns
due
to
favorable
security
selection.
Tactical
decisions
to
overweight
and
underweight
various
asset
classes
had
a
modest
positive
impact
for
the
period.
Our
positioning
between
stocks,
bonds,
and
cash
was
beneficial.
Equity
and
fixed
income
markets
fell
for
the
six-month
period,
and
an
underweight
allocation
coupled
with
an
overweight
to
cash
amid
rising
money
market
yields
added
value.
Conversely,
an
overweight
to
emerging
markets
equities,
which
trailed
developed
markets
equities,
weighed
on
performance
amid
several
challenges,
including
slowing
growth
in
China
due
to
its
zero-COVID
policy
as
well
as
the
geopolitical
conflict
in
Ukraine.
PERFORMANCE
COMPARISON
Six-Month
Period
Ended
11/30/22
Total
Return
Spectrum
Moderate
Growth
Allocation
Fund
–
.
-2.85‌%
Spectrum
Moderate
Growth
Allocation
Fund–
.
I  Class
-2.79‌
Morningstar
Moderately
Aggressive
Target
Risk
Index
-2.22‌
Combined
Index
Benchmark
-2.05‌
Lipper
Mixed-Asset
Target
Allocation
Growth
Funds
Index
-1.92‌
For
definitions
of
the
benchmarks,
please
see
the
Benchmark
Information
section.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
8
Among
diversifying
fixed
income
sectors,
the
inclusion
of
U.S.
dollar-hedged
international
bonds
lifted
relative
performance,
as
the
sector
outperformed
investment-grade
issues
for
the
period.
The
inclusion
of
high
yield
bonds
and
floating
rate
notes
also
worked
in
our
favor.
Conversely,
the
inclusion
of
long-term
U.S.
Treasuries,
which
trailed
the
broader
investment-grade
market,
detracted.
Out-of-
benchmark
exposure
to
real
assets
equities
weighed
on
performance,
although
favorable
security
selection
helped
moderate
the
impact.
*
Includes
the
cash
underlying
futures
positions,
such
as
the
Russell
2000
futures.
SECURITY
DIVERSIFICATION
Spectrum
Moderate
Growth
Allocation
Fund
T.
ROWE
PRICE
Spectrum
Allocation
Funds
9
How
are
the
Spectrum
Allocation
Funds
positioned?
As
of
November
30,
2022,
we
are
underweight
stocks,
remaining
cautious
on
the
weakening
outlook
for
growth
and
earnings
amid
still
elevated
inflation
and
continued
policy
tightening
by
central
banks.
However,
valuations
for
stocks
have
become
more
reasonable,
and
we
modestly
trimmed
our
underweight
to
stocks
late
in
the
period.
We
remain
modestly
overweight
cash
relative
to
bonds
given
attractive
short-term
yields,
and
it
also
provides
a
source
of
liquidity
in
the
context
of
potential
market
opportunities.
Stocks
On
a
regional
basis,
we
are
modestly
overweight
to
international
stocks,
with
a
tilt
toward
emerging
markets,
relative
to
U.S.
stocks.
We
believe
non-U.S.
valuations
are
attractive
on
a
relative
basis.
However,
inflation
concerns,
tighter
central
bank
policy,
an
energy
crisis
in
Europe,
and
the
continued
strength
of
the
U.S.
dollar
are
notable
headwinds.
Within
emerging
markets,
valuations
and
currencies
are
attractive
as
central
bank
tightening
in
some
countries
may
have
peaked.
However,
the
near-term
outlook
in
China
has
deteriorated
due
to
ongoing
COVID
lockdowns,
housing
market
concerns,
and
geopolitical
uncertainty.
In
our
view,
U.S.
equities
remain
expensive
on
a
relative
basis,
although
the
U.S.
economy
appears
to
be
on
stronger
footing
than
the
rest
of
the
world,
and
its
less
cyclical
nature
could
provide
support
as
global
growth
weakens.
In
the
U.S.,
we
are
nearly
balanced
between
value-
and
growth-oriented
equities.
The
slowing
growth
backdrop
is
unfavorable
for
cyclicals,
while
higher
rates
could
weigh
on
growth
stocks.
During
the
period,
we
introduced
a
tactical
allocation
to
large-cap
core
equities
that
generally
have
a
higher-quality
profile
and
are
less
cyclical
or
have
less
interest
rate
sensitivity
than
value
or
growth
styles,
respectively.
We
are
overweight
to
small-cap
stocks,
which
we
believe
offer
relatively
more
attractive
valuations
than
their
large‐cap
counterparts
and
appear
to
have
more
fully
priced
in
the
probability
of
a
recession.
We
are
neutral
to
inflation-sensitive
real
assets
equities,
which
we
believe
may
provide
a
hedge
should
inflationary
pressures
persist
longer
than
expected.
However,
commodity
prices
may
face
further
pressure
due
to
economic
concerns
and
waning
demand—particularly
from
China.
Bonds
We
remain
overweight
to
below
investment-grade
bonds,
including
high
yield
bonds
and
floating
rate
loans.
We
believe
high
yield
credit
fundamentals
remain
generally
supportive
and
attractive
valuations
offer
reasonable
compensation
for
risks.
Default
rates
are
expected
to
rise
from
today’s
historically
low
levels
toward
longer-run
averages,
with
higher
yields
potentially
providing
a
buffer
should
credit
spreads
widen.
However,
credit
spread
T.
ROWE
PRICE
Spectrum
Allocation
Funds
10
volatility
is
expected
to
continue
due
to
geopolitical,
inflationary,
and
growth
concerns.
We
are
overweight
to
floating
rate
loans
as
the
short
duration
profile
of
loans
is
attractive
in
a
rising
rate
regime,
but
that
benefit
may
be
waning.
In
our
view,
the
asset
class
is
still
supported
by
solid
fundamentals,
although
liquidity
and
recession
concerns
remain
risks.
We
took
advantage
of
higher
yields
and
are
now
overweight
to
long-term
U.S.
Treasury
bonds,
which
can
help
provide
ballast
to
equity
volatility,
in
our
view.
We
are
neutral
to
inflation-linked
securities.
While
further
evidence
of
slowing
inflation
could
be
a
headwind
for
inflation-linked
bonds,
this
sector
may
offer
relative
support
if
inflation
should
prove
to
be
more
resilient.
Within
international
fixed
income,
we
are
underweight
to
U.S.
dollar-hedged
international
bonds
as
yields
could
remain
volatile
amid
global
central
banks
balancing
elevated
inflation
versus
slower
growth.
We
believe
a
more
moderate
pace
of
hiking
by
the
Federal
Reserve
(Fed)
should
narrow
interest
rate
differentials,
softening
U.S.
dollar
strength.
We
are
overweight
to
dollar-
denominated
emerging
markets
bonds,
as
yield
levels
look
attractive
but
also
seem
reflective
of
elevated
global
growth
concerns.
Additionally,
some
emerging
markets
are
nearing
the
peak
of
central
bank
tightening,
and
moderating
inflation
should
be
supportive.
What
is
portfolio
management’s
outlook
for
the
Spectrum
Allocation
Funds?
Global
equity
and
bond
markets
were
gripped
with
volatility
throughout
the
reporting
period,
with
most
major
indexes
trending
lower.
Uncertainty
persists
for
the
global
economic
outlook
as
hawkish
central
banks
battle
with
high
inflation
in
the
face
of
weakening
growth
expectations.
The
Fed
has
signaled
a
potential
shift
to
a
more
moderate
pace
of
tightening
but
remains
committed
to
taming
inflation,
acknowledging
the
potential
for
a
higher-for-longer
terminal
fed
funds
target
rate.
While
equities
have
rallied
late
in
the
period,
uncertainty
around
corporate
fundamentals
suggests
limited
near-term
upside,
particularly
as
earnings
estimates
remain
elevated
against
a
slowing
growth
outlook.
Other
key
risks
to
global
markets
include
central
bank
missteps,
persistent
inflation,
potential
for
a
sharper
slowdown
in
global
growth,
China’s
balance
between
containing
the
coronavirus
and
economic
growth,
and
geopolitical
tensions.
Given
the
range
of
potential
paths
for
growth
and
inflation,
our
positioning
remains
cautious.
On
the
one
hand,
we
expect
that
a
firm
commitment
from
major
central
banks
to
bring
down
inflation
will
result
in
a
low
ceiling
for
stocks
in
the
near
term.
On
the
other
hand,
the
peaking
of
inflationary
pressures
in
key
markets
along
with
a
softening
of
a
hawkish
central
bank
tone
may
cause
risk
markets
to
realize
economic
fundamentals.
We
continue
to
assess
when
to
add
to
equities
T.
ROWE
PRICE
Spectrum
Allocation
Funds
11
and
other
risk
assets
as
we
evaluate
long‐term
valuations
and
early
indications
of
stabilization
or
improvement
in
macroeconomic
conditions.
In
our
view,
these
conditions
contribute
to
a
less
compelling
risk/reward
trade-off
between
stocks
and
bonds
or
cash
in
the
near
term,
and
we
believe
that
a
more
modest
allocation
to
equities
may
be
prudent.
The
elevated
levels
of
volatility
and
uncertainty
in
global
markets
underscore
the
value
of
our
thoughtful
strategic
investing
approach.
Given
the
uncertain
impact
of
forces
driving
global
financial
markets,
we
believe
that
the
broad
diversification
of
the
Spectrum
Allocation
Funds,
combined
with
our
strength
in
fundamental
research,
can
add
value
over
the
long
term
and
help
mitigate
downside
risk
in
an
uncertain
market
environment.
The
views
expressed
reflect
the
opinions
of
T.
Rowe
Price
as
of
the
date
of
this
report
and
are
subject
to
change
based
on
changes
in
market,
economic,
or
other
conditions.
These
views
are
not
intended
to
be
a
forecast
of
future
events
and
are
no
guarantee
of
future
results.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
12
Risks
of
Investing
Stocks
generally
fluctuate
in
value
more
than
bonds
and
may
decline
significantly
over
short
time
periods.
There
is
a
chance
that
stock
prices
overall
will
decline
because
stock
markets
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
The
value
of
stocks
held
by
the
fund
may
decline
due
to
general
weakness
or
volatility
in
the
stock
markets
in
which
the
fund
invests
or
because
of
factors
that
affect
a
particular
company
or
industry.
Investing
in
the
securities
of
non-U.S.
issuers
involves
special
risks
not
typically
associated
with
investing
in
U.S.
issuers.
Risks
can
result
from
varying
stages
of
economic
and
political
development;
differing
regulatory
environments,
trading
days,
and
accounting
standards;
and
higher
transaction
costs
of
non-U.S.
markets.
Non-U.S.
investments
are
also
subject
to
currency
risk,
or
a
decline
in
the
value
of
a
foreign
currency
versus
the
U.S.
dollar,
which
reduces
the
dollar
value
of
securities
denominated
in
that
currency.
The
risks
of
investing
outside
the
U.S.
are
heightened
for
any
investments
in
emerging
markets,
which
are
susceptible
to
greater
volatility
than
investments
in
developed
markets.
Fixed
income
markets
can
be
adversely
affected
by
economic
and
other
market
developments.
Fixed
income
securities
are
subject
to
interest
rate
risk,
the
decline
in
bond
prices
that
usually
accompanies
a
rise
in
interest
rates.
Longer-
maturity
bonds
typically
decline
more
than
shorter
maturities.
Funds
that
invest
in
bonds
are
also
subject
to
credit
risk,
the
chance
that
any
fund
holding
could
have
its
credit
rating
downgraded
or
that
a
bond
issuer
will
default
(fail
to
make
timely
payments
of
interest
or
principal),
potentially
reducing
the
fund’s
income
level
and
share
price.
The
fund’s
exposure
to
alternative
investments
may
be
more
correlated
to
the
broad
markets
than
anticipated
and
thus
may
not
realize
the
intended
benefits
of
such
investments.
A
hedge
fund
is
considered
an
illiquid
asset
by
the
fund,
is
not
subject
to
the
same
regulatory
requirements
as
mutual
funds,
and
could
underperform
comparable
hedge
funds.
Hedge
funds
often
engage
in
leveraging,
short
selling,
commodities
investing,
and
other
speculative
investment
practices
that
are
not
fully
disclosed
and
may
increase
the
risk
of
investment
loss.
Their
underlying
holdings
are
not
as
transparent
to
investors
as
those
of
traditional
mutual
funds,
and
the
redemption
rights
of
an
investor,
such
as
the
fund,
are
typically
limited.
These
factors
make
alternative
investments
more
difficult
to
value
and
monitor
when
compared
with
more
traditional
investments
and
increase
the
fund’s
overall
liquidity
risks.
These
are
some
of
the
principal
risks
of
investing
in
the
Spectrum
Allocation
Funds.
For
a
more
thorough
discussion
of
risks,
please
see
the
prospectus.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
13
BENCHMARK
INFORMATION
Combined
index
benchmarks:
Unmanaged
blended
index
benchmarks
composed
of
the
following
underlying
indexes
as
of
November
30,
2022:
Spectrum
Conservative
Allocation
—40%
stocks
(28%
Russell
3000
Index,
12%
MSCI
All
Country
World
Index
ex
USA),
40%
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index),
and
20%
money
market
securities
(FTSE
3-Month
Treasury
Bill
Index).
Spectrum
Moderate
Allocation
—60%
stocks
(42%
Russell
3000
Index,
18%
MSCI
All
Country
World
Index
ex
USA),
30%
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index),
and
10%
money
market
securities
(FTSE
3-Month
Treasury
Bill
Index).
Spectrum
Moderate
Growth
Allocation
—80%
stocks
(56%
Russell
3000
Index,
24%
MSCI
All
Country
World
Index
ex
USA)
and
20%
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index).
Note:
Bloomberg
®
and the
Bloomberg
U.S.
Aggregate
Bond
Index
are
service
marks
of
Bloomberg
Finance
L.P.
and
its
affiliates,
including
Bloomberg
Index
Services
Limited
(“BISL”),
the
administrator
of
the
index
(collectively,
“Bloomberg”)
and
have
been
licensed
for
use
for
certain
purposes
by
T.
Rowe
Price.
Bloomberg
is
not
affiliated
with
T.
Rowe
Price,
and
Bloomberg
does
not
approve,
endorse,
review,
or
recommend
its
products.
Bloomberg
does
not
guarantee
the
timeliness,
accurateness,
or
completeness
of
any
data
or
information
relating
to
its
products. 
Note:
FTSE
is
a
trade
mark
of
the
LSE
Group
and
is
used
by
FTSE
International
Limited
("FTSE")
under
license.
"NAREIT"
is
a
trade
mark
of
the
Nareit.
All
rights
in
the
FTSE
3-Month
Treasury
Bill
Index
(the
“Index”)
vest
in
FTSE
and
Nareit.
Neither
FTSE,
nor
the
LSE
Group,
nor
Nareit
accept
any
liability
for
any
errors
or
omissions
in
the
indexes
or
data
and
no
party
may
rely
on
any
indexes
or
data
contained
in
this
communication.
No
further
distribution
of
data
from
the
FTSE
or
Nareit
is
permitted
without
the
relevant
FTSE’s
express
written
consent.
FTSE,
the
LSE
Group,
and
Nareit
do
not
promote,
sponsor
or
endorse
the
content
of
this
communication.
Note:
Portions
of
the
mutual
fund
information
contained
in
this
report
were
supplied
by
Lipper,
a
Refinitiv
Company,
subject
to
the
following:
Copyright
2022
©
Refinitiv.
All
rights
reserved.
Any
copying,
republication
or
redistribution
of
Lipper
content
is
expressly
prohibited
without
the
prior
written
consent
of
Lipper.
Lipper
shall
not
be
liable
for
any
errors
or
delays
in
the
content,
or
for
any
actions
taken
in
reliance
thereon.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
14
Note:
©2022
Morningstar,
Inc.
All
rights
reserved.
The
information
contained
therein:
(1)
is
proprietary
to
Morningstar
and/or
its
content
providers;
(2)
may
not
be
copied
or
distributed;
and
(3)
is
not
warranted
to
be
accurate,
complete,
or
timely.
Neither
Morningstar
nor
its
content
providers
are
responsible
for
any
damages
or
losses
arising
from
any
use
of
this
information.
Past
performance
is
no
guarantee
of
future
results.
Note:
MSCI
and
its
affiliates
and
third-party
sources
and
providers
(collectively,
“MSCI”)
makes
no
express
or
implied
warranties
or
representations
and
shall
have
no
liability
whatsoever
with
respect
to
any
MSCI
data
contained
herein.
The
MSCI
data
may
not
be
further
redistributed
or
used
as
a
basis
for
other
indices
or
any
securities
or
financial
products.
This
report
is
not
approved,
reviewed,
or
produced
by
MSCI.
Historical
MSCI
data
and
analysis
should
not
be
taken
as
an
indication
or
guarantee
of
any
future
performance
analysis,
forecast
or
prediction.
None
of
the
MSCI
data
is
intended
to
constitute
investment
advice
or
a
recommendation
to
make
(or
refrain
from
making)
any
kind
of
investment
decision
and
may
not
be
relied
on
as
such.
Note:
London
Stock
Exchange
Group
plc
and
its
group
undertakings
(collectively,
the
“LSE
Group”).
©
LSE
Group
2022.
FTSE
Russell
is
a
trading
name
of
certain
of
the
LSE
Group
companies.  Russell
®
is
a
trademark
of
the
relevant
LSE
Group
companies
and
is
used
by
any
other
LSE
Group
company
under
license.
All
rights
in
the
FTSE
Russell
indexes
or
data
vest
in
the
relevant
LSE
Group
company
which
owns
the
index
or
the
data.
Neither
LSE
Group
nor
its
licensors
accept
any
liability
for
any
errors
or
omissions
in
the
indexes
or
data
and
no
party
may
rely
on
any
indexes
or
data
contained
in
this
communication.
No
further
distribution
of
data
from
the
LSE
Group
is
permitted
without
the
relevant
LSE
Group
company’s
express
written
consent.
The
LSE
Group
does
not
promote,
sponsor
or
endorse
the
content
of
this
communication.
The
LSE
Group
is
not
responsible
for
the
formatting
or
configuration
of
this
material
or
for
any
inaccuracy
in
T.
Rowe
Price’s
presentation
thereof.
BENCHMARK
INFORMATION
(continued)
T.
ROWE
PRICE
Spectrum
Allocation
Funds
15
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes. 
SPECTRUM
CONSERVATIVE
ALLOCATION
FUND
Note:
Performance
for
the
I
Class share
will
vary
due
to
its differing
fee
structure.
See
the
Average
Annual
Compound
Total
Return
table. 
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
11/30/22
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Spectrum
Conservative
Allocation
Fund
–
.
-10.82‌%
3.38‌%
5.24‌%
–‌
–
Spectrum
Conservative
Allocation
Fund–
.
I  Class
-10.68‌
3.49‌
–‌
5.25‌%
3/23/16
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Past
performance
cannot
guarantee
future
results.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
16
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes. 
SPECTRUM
MODERATE
ALLOCATION
FUND
Note:
Performance
for
the
I
Class share
will
vary
due
to
its differing
fee
structure.
See
the
Average
Annual
Compound
Total
Return
table. 
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
11/30/22
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Spectrum
Moderate
Allocation
Fund
–
.
-13.00‌%
4.35‌%
6.93‌%
–‌
–
Spectrum
Moderate
Allocation
Fund–
.
I  Class
-12.89‌
4.48‌
–‌
6.86‌%
3/23/16
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Past
performance
cannot
guarantee
future
results.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
17
GROWTH
OF
$10,000 
This
chart
shows
the
value
of
a
hypothetical
$10,000
investment
in
the
fund
over
the
past
10
fiscal
year
periods
or
since
inception
(for funds
lacking
10-year
records).
The
result
is
compared
with
benchmarks,
which
include
a
broad-based
market
index
and
may
also
include
a
peer
group
average
or
index.
Market
indexes
do
not
include
expenses,
which
are
deducted
from
fund
returns
as
well
as
mutual fund
averages
and
indexes. 
SPECTRUM
MODERATE
GROWTH
ALLOCATION
FUND
Note:
Performance
for
the
I
Class share
will
vary
due
to
its differing
fee
structure.
See
the
Average
Annual
Compound
Total
Return
table. 
AVERAGE
ANNUAL
COMPOUND
TOTAL
RETURN
Periods
Ended
11/30/22
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Spectrum
Moderate
Growth
Allocation
Fund
–
.
-14.48‌%
5.28‌%
8.53‌%
–‌
–
Spectrum
Moderate
Growth
Allocation
Fund–
.
I  Class
-14.35‌
5.41‌
–‌
8.40‌%
3/23/16
This
table
shows
how
the
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Past
performance
cannot
guarantee
future
results.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
18
EXPENSE
RATIOS
FUND
EXPENSE
EXAMPLE 
As
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
two
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
and
the
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
"Expenses
Paid
During
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Spectrum
Conservative
Allocation
Fund
0.80‌%
Spectrum
Conservative
Allocation
Fund–I
Class
0.71‌ 
Spectrum
Moderate
Allocation
Fund
0.88‌ 
Spectrum
Moderate
Allocation
Fund–I
Class
0.76‌ 
Spectrum
Moderate
Growth
Allocation
Fund
0.89‌ 
Spectrum
Moderate
Growth
Allocation
Fund–I
Class
0.76‌ 
The
expense
ratios
shown
are
as
of
the
funds’
most
recent
prospectus.
These
numbers
may
vary
from
the
expense
ratios
shown
elsewhere
in
this
report
because
they
are
based
on
a
different
time
period
and,
if
applicable,
include
acquired
fund
fees
and
expenses
but
do
not
include
fee
or
expense
waivers.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
19
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
SPECTRUM
CONSERVATIVE
ALLOCATION
FUND
Beginning
Account
Value
6/1/22
Ending
Account
Value
11/30/22
Expenses
Paid
During
Period*
6/1/22
to
11/30/22
Investor
Class
Actual
$1,000.00
$974.70
$1.93
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,023.11
  1.98
I
Class
Actual
  1,000.00
  975.30
  1.29
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,023.76
  1.32
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(183),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.39%,
and
the
2
I Class
was
0.26%.
FUND
EXPENSE
EXAMPLE 
(CONTINUED)
T.
ROWE
PRICE
Spectrum
Allocation
Funds
20
SPECTRUM
MODERATE
ALLOCATION
FUND
Beginning
Account
Value
6/1/22
Ending
Account
Value
11/30/22
Expenses
Paid
During
Period*
6/1/22
to
11/30/22
Investor
Class
Actual
$1,000.00
$972.30
$2.62
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,022.41
  2.69
I
Class
Actual
  1,000.00
  972.90
  1.98
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,023.06
  2.03
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(183),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.53%,
and
the
2
I Class
was
0.40%.
SPECTRUM
MODERATE
GROWTH
ALLOCATION
FUND
Beginning
Account
Value
6/1/22
Ending
Account
Value
11/30/22
Expenses
Paid
During
Period*
6/1/22
to
11/30/22
Investor
Class
Actual
$1,000.00
$971.50
$3.11
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,021.91
  3.19
I
Class
Actual
  1,000.00
  972.10
  2.32
Hypothetical
(assumes
5%
return
before
expenses)
 1,000.00
  1,022.71
  2.38
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(183),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.63%,
and
the
2
I Class
was
0.47%.
FUND
EXPENSE
EXAMPLE 
(CONTINUED)
T.
ROWE
PRICE
Spectrum
Allocation
Funds
21
QUARTER-END
RETURNS
Periods
Ended
9/30/22
1
Year
5
Years
10
Years
Since
Inception
Inception
Date
Spectrum
Conservative
Allocation
Fund
–
.
-15.77‌%
2.54‌%
4.67‌%
–‌
–
Spectrum
Conservative
Allocation
Fund–
.
I  Class
-15.70‌ 
2.64‌ 
–‌
4.42‌%
3/23/16
Spectrum
Moderate
Allocation
Fund
–
.
-19.25‌ 
3.25‌ 
6.12‌ 
–‌
–
Spectrum
Moderate
Allocation
Fund–
.
I  Class
-19.16‌ 
3.36‌ 
–‌
5.71‌ 
3/23/16
Spectrum
Moderate
Growth
Allocation
Fund
–
.
-22.04‌ 
3.87‌ 
7.45‌ 
–‌
–
Spectrum
Moderate
Growth
Allocation
Fund–
.
I  Class
-21.93‌ 
4.01‌ 
–‌
6.90‌ 
3/23/16
The
funds’
performance
information
represents
only
past
performance
and
is
not
necessarily
an
indication
of
future
results.
Current
performance
may
be
lower
or
higher
than
the
performance
data
cited.
Share
price,
principal
value,
and
return
will
vary,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
For
the
most
recent
month-end
performance,
please
visit
our
website
(troweprice.com)
or
contact
a
T.
Rowe
Price
representative
at
1
-
800
-
225
-
5132
or,
for
2
I
Class
shares,
1-800-638-8790
.
This
table
provides
returns
through
the
most
recent
calendar
quarter-end
rather
than
through
the
end
of
the
funds’
fiscal
period.
It
shows
how
each
fund
would
have
performed
each
year
if
its
actual
(or
cumulative)
returns
for
the
periods
shown
had
been
earned
at
a
constant
rate.
Average
annual
total
return
figures
include
changes
in
principal
value,
reinvested
dividends,
and
capital
gain
distributions.
Returns
do
not
reflect
taxes
that
the
shareholder
may
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
When
assessing
performance,
investors
should
consider
both
short-
and
long-term
returns.
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
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Call
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to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
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that
you
should
read
and
consider
carefully
before
investing.
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risk,
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loss
of
principal.
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and
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uncertainty
and
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fluctuation.
1
The
T.
Rowe
Price
®
ActivePlus
Portfolios
is
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investment
management
program
provided
by
T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
202301-2568476
C11-051
1/23
Highlights
and
Market
Commentary
Management’s
Discussion
of
Fund
Performance
Performance
and
Expenses
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
November
30,
2022
Semiannual
Report
|
Financial
Statements
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRSGX
Spectrum
Moderate
Growth
Allocation
Fund
–
.
TGIPX
Spectrum
Moderate
Growth
Allocation
Fund–
.
I Class
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Financial
Highlights
24
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
NET
ASSET
VALUE
Beginning
of
period
$
36.50‌
$
44.67‌
$
33.61‌
$
32.63‌
$
34.64‌
$
32.24‌
Investment
activities
Net
investment
income
(1)(2)
0.17‌
0.36‌
0.32‌
0.40‌
0.52‌
0.44‌
Net
realized
and
unrealized
gain/loss
(1.17‌)
(4.55‌)
11.80‌
1.45‌
(0.41‌)
3.55‌
Total
from
investment
activities
(1.00‌)
(4.19‌)
12.12‌
1.85‌
0.11‌
3.99‌
Distributions
Net
investment
income
—‌
(0.30‌)
(0.34‌)
(0.48‌)
(0.48‌)
(0.38‌)
Net
realized
gain
—‌
(3.68‌)
(0.72‌)
(0.39‌)
(1.64‌)
(1.21‌)
Total
distributions
—‌
(3.98‌)
(1.06‌)
(0.87‌)
(2.12‌)
(1.59‌)
NET
ASSET
VALUE
End
of
period
$
35.50‌
(3)
$
36.50‌
$
44.67‌
$
33.61‌
$
32.63‌
$
34.64‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Financial
Highlights
25
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
(2.74‌)%
(3)
(10.59‌)%
36.53‌%
(5)
5.54‌%
0.67‌%
12.50‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.77‌%
(6)
0.74‌%
0.73‌%
0.74‌%
0.75‌%
0.76‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.63‌%
(6)
0.61‌%
0.62‌%
0.63‌%
0.65‌%
0.66‌%
Net
investment
income
0.97‌%
(6)
0.84‌%
0.81‌%
1.17‌%
1.54‌%
1.28‌%
Portfolio
turnover
rate
33.9‌%
73.5‌%
55.0‌%
74.0‌%
56.3‌%
55.8‌%
Net
assets,
end
of
period
(in
millions)
$1,422
$1,677
$3,245
$2,463
$2,048
$2,146
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Net
asset
value
and
Total
return
include
adjustments
made
in
accordance
with
U.S.
generally
accepted
accounting
principles
for
financial
reporting
purposes
and
may
differ
from
the
net
asset
value
and
total
returns
for
shareholder
transactions.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Total
return
calculated
through
the
fund’s
last
business
day
of
the
fiscal
year,
5/28/21.
Total
return
calculated
as
of
the
close
of
the
reporting
period
is
36.44%.
(6)
Annualized
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Financial
Highlights
26
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
NET
ASSET
VALUE
Beginning
of
period
$
36.61‌
$
44.82‌
$
33.70‌
$
32.69‌
$
34.68‌
$
32.26‌
Investment
activities
Net
investment
income
(1)(2)
0.20‌
0.49‌
0.37‌
0.44‌
0.58‌
0.51‌
Net
realized
and
unrealized
gain/loss
(1.18‌)
(4.63‌)
11.84‌
1.46‌
(0.43‌)
3.53‌
Total
from
investment
activities
(0.98‌)
(4.14‌)
12.21‌
1.90‌
0.15‌
4.04‌
Distributions
Net
investment
income
—‌
(0.39‌)
(0.37‌)
(0.50‌)
(0.50‌)
(0.41‌)
Net
realized
gain
—‌
(3.68‌)
(0.72‌)
(0.39‌)
(1.64‌)
(1.21‌)
Total
distributions
—‌
(4.07‌)
(1.09‌)
(0.89‌)
(2.14‌)
(1.62‌)
NET
ASSET
VALUE
End
of
period
$
35.63‌
(3)
$
36.61‌
$
44.82‌
$
33.70‌
$
32.69‌
$
34.68‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Financial
Highlights
27
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/22
..
Year
..
..
Ended
.
5/31/22
5/31/21
5/31/20
5/31/19
5/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)
(2.68‌)%
(3)
(10.46‌)%
36.71‌%
(5)
5.69‌%
0.79‌%
12.65‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.62‌%
(6)
0.61‌%
0.61‌%
0.62‌%
0.63‌%
0.63‌%
Net
expenses
after
waivers/payments
by
Price
Associates
0.47‌%
(6)
0.48‌%
0.50‌%
0.51‌%
0.52‌%
0.53‌%
Net
investment
income
1.13‌%
(6)
1.17‌%
0.94‌%
1.29‌%
1.72‌%
1.48‌%
Portfolio
turnover
rate
33.9‌%
73.5‌%
55.0‌%
74.0‌%
56.3‌%
55.8‌%
Net
assets,
end
of
period
(in
thousands)
$1,624,853
$1,700,728
$564,680
$407,025
$307,114
$187,558
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
7
for
details
of
expense-related
arrangements
with
Price
Associates.
(3)
Net
asset
value
and
Total
return
include
adjustments
made
in
accordance
with
U.S.
generally
accepted
accounting
principles
for
financial
reporting
purposes
and
may
differ
from
the
net
asset
value
and
total
returns
for
shareholder
transactions.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(5)
Total
return
calculated
through
the
fund’s
last
business
day
of
the
fiscal
year,
5/28/21.
Total
return
calculated
as
of
the
close
of
the
reporting
period
is
36.62%.
(6)
Annualized
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2022
(Unaudited)
28
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.4%
522
Funding
Series 2019-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.33%,
5.194%,
4/15/35  (1)
410,000‌
395‌
AGL
Series 2022-17A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.33%,
5.318%,
1/21/35  (1)
310,000‌
299‌
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26 
225,000‌
206‌
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26 
122,000‌
109‌
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28  (1)
135,000‌
122‌
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/5/49  (1)
683,100‌
647‌
Ares
LIX
Series 2021-59A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.03%,
5.388%,
4/25/34  (1)
250,000‌
241‌
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
5.579%,
4/15/29  (1)
250,000‌
241‌
Benefit
Street
Partners
XX
Series 2020-20A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
5.249%,
7/15/34  (1)
250,000‌
242‌
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
5.184%,
4/15/35  (1)
410,000‌
395‌
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28 
140,000‌
123‌
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28 
200,000‌
180‌
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
5.229%,
7/15/36  (1)
280,000‌
271‌
CIFC
Funding
Series 2020-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
5.373%,
10/20/34  (1)
280,000‌
270‌
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
5.219%,
7/15/36  (1)
260,000‌
252‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50  (1)
127,075‌
110‌
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51  (1)
211,238‌
175‌
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
5.179%,
7/17/34  (1)
265,000‌
256‌
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
D
3.02%,
6/15/28 
390,000‌
352‌
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28 
425,000‌
403‌
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27 
275,000‌
269‌
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25  (1)
120,000‌
114‌
Golub
Capital
Partners
Series 2021-53A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.80%,
6.043%,
7/20/34  (1)
260,000‌
251‌
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48  (1)
240,000‌
225‌
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51  (1)
133,313‌
106‌
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29  (1)
160,000‌
147‌
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29  (1)
175,000‌
158‌
HPS
Loan
Management
Series 2021-16A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
5.465%,
1/23/35  (1)
250,000‌
242‌
Jack
in
the
Box
Funding
Series 2022-1A,
Class
A2I
3.445%,
2/26/52  (1)
499,395‌
434‌
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.154%,
10/15/32  (1)
250,000‌
242‌
Morgan
Stanley
Eaton
Vance
Series 2021-1A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
5.975%,
10/20/34  (1)
255,000‌
243‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
30
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)
158,316‌
146‌
Navient
Private
Education
Refi
Loan
Trust
Series 2020-DA,
Class
A
1.69%,
5/15/69  (1)
66,492‌
60‌
Navient
Private
Education
Refi
Loan
Trust
Series 2020-HA,
Class
A
1.31%,
1/15/69  (1)
45,038‌
41‌
Navient
Private
Education
Refi
Loan
Trust
Series 2022-A,
Class
A
2.23%,
7/15/70  (1)
466,630‌
406‌
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
5.357%,
10/19/31  (1)
250,000‌
245‌
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
5.217%,
1/20/32  (1)
570,000‌
556‌
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
5.209%,
7/17/35  (1)
250,000‌
243‌
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
5.893%,
7/20/29  (1)
250,000‌
239‌
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.18%,
5.505%,
1/24/33  (1)
250,000‌
242‌
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.01%,
5.089%,
7/17/29  (1)
182,294‌
179‌
Palmer
Square
Series 2022-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.32%,
5.283%,
4/20/35  (1)
250,000‌
241‌
Planet
Fitness
Master
Issuer
Series 2022-1A,
Class
A2I
3.251%,
12/5/51  (1)
273,625‌
237‌
Santander
Bank
Series 2021-1A,
Class
B
1.833%,
12/15/31  (1)
138,797‌
133‌
Santander
Drive
Auto
Receivables
Trust
Series 2021-3,
Class
D
1.33%,
9/15/27 
230,000‌
213‌
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27 
155,000‌
142‌
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28 
140,000‌
133‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27  (1)
305,000‌
283‌
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51  (1)
288,222‌
224‌
SMB
Private
Education
Loan
Trust
Series 2016-A,
Class
A2A
2.70%,
5/15/31  (1)
20,302‌
19‌
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37  (1)
107,609‌
103‌
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53  (1)
240,000‌
209‌
Symphony
XXXI
Series 2022-31A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.85%,
5.887%,
4/22/35  (1)
250,000‌
238‌
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
5.303%,
10/20/29  (1)
208,476‌
205‌
Total
Asset-Backed
Securities
(Cost
$13,314)
12,457‌
BOND
MUTUAL
FUNDS
7.5%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
4.55%  (2)(3)
554‌
6‌
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.80%  (2)(3)
6,062,630‌
37,892‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.43%  (2)(3)
2,577,318‌
23,711‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.23%  (2)(3)
5,250,268‌
39,115‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.60%  (2)(3)
7,235,110‌
63,524‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.40%  (2)(3)
18,422‌
86‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.96%  (2)(3)
7,944,054‌
64,982‌
Total
Bond
Mutual
Funds
(Cost
$280,577)
229,316‌
COMMON
STOCKS
66.5%
COMMUNICATION
SERVICES
4.6%
Diversified
Telecommunication
Services
0.6%
KT
(KRW) 
69,325‌
1,979‌
Nippon
Telegraph
&
Telephone
(JPY) 
343,500‌
9,525‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Verizon
Communications 
138,188‌
5,387‌
16,891‌
Entertainment
0.6%
Cinemark
Holdings  (4)(5)
26,187‌
356‌
Netflix  (4)
20,011‌
6,114‌
Sea,
ADR  (4)
54,197‌
3,164‌
Walt
Disney  (4)
76,306‌
7,468‌
17,102‌
Interactive
Media
&
Services
2.8%
Alphabet,
Class
A  (4)
61,304‌
6,191‌
Alphabet,
Class
C  (4)(5)
621,478‌
63,049‌
Bumble,
Class
A  (4)
21,142‌
515‌
Meta
Platforms,
Class
A  (4)(5)
80,615‌
9,521‌
NAVER
(KRW) 
9,329‌
1,356‌
Tencent
Holdings
(HKD) 
85,700‌
3,241‌
Vimeo  (4)(5)
51,867‌
222‌
Z
Holdings
(JPY) 
496,800‌
1,367‌
85,462‌
Media
0.2%
CyberAgent
(JPY) 
239,600‌
2,181‌
Stroeer
(EUR) 
21,170‌
973‌
WPP
(GBP) 
359,094‌
3,774‌
6,928‌
Wireless
Telecommunication
Services
0.4%
SoftBank
Group
(JPY) 
35,300‌
1,547‌
T-Mobile
U.S.  (4)
43,641‌
6,610‌
Vodafone
Group,
ADR 
236,884‌
2,660‌
10,817‌
Total
Communication
Services
137,200‌
CONSUMER
DISCRETIONARY
7.0%
Auto
Components
0.3%
Autoliv,
SDR
(SEK) 
28,210‌
2,486‌
Denso
(JPY) 
36,300‌
2,003‌
Magna
International 
64,811‌
3,992‌
Stanley
Electric
(JPY)  (6)
68,400‌
1,406‌
Sumitomo
Rubber
Industries
(JPY) 
77,200‌
672‌
10,559‌
Automobiles
0.9%
Honda
Motor
(JPY) 
44,200‌
1,077‌
Rivian
Automotive,
Class
A  (4)
57,469‌
1,841‌
Suzuki
Motor
(JPY) 
59,500‌
2,146‌
Tesla  (4)
81,308‌
15,831‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Toyota
Motor
(JPY) 
467,600‌
6,884‌
27,779‌
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions  (4)
15,050‌
1,117‌
Clear
Secure,
Class
A 
51,887‌
1,613‌
Duolingo  (4)
10,349‌
721‌
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $—  (4)(7)
13,478‌
—‌
3,451‌
Hotels,
Restaurants
&
Leisure
1.2%
BJ's
Restaurants  (4)
25,558‌
820‌
Booking
Holdings  (4)
2,145‌
4,460‌
Chipotle
Mexican
Grill  (4)
4,002‌
6,511‌
Chuy's
Holdings  (4)
25,715‌
815‌
Compass
Group
(GBP) 
208,049‌
4,743‌
Dutch
Bros,
Class
A  (4)(5)
5,340‌
202‌
Fiesta
Restaurant
Group  (4)(5)
52,039‌
339‌
Marriott
Vacations
Worldwide 
3,584‌
534‌
McDonald's 
43,184‌
11,780‌
Papa
John's
International 
24,034‌
2,001‌
Red
Robin
Gourmet
Burgers  (4)(5)
12,207‌
101‌
Red
Rock
Resorts,
Class
A  (5)
7,430‌
335‌
Ruth's
Hospitality
Group 
20,758‌
364‌
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $771  (4)(7)(8)(9)
90,236‌
362‌
Wyndham
Hotels
&
Resorts 
9,618‌
705‌
Yum!
Brands 
23,735‌
3,054‌
37,126‌
Household
Durables
0.3%
Cavco
Industries  (4)
1,932‌
444‌
Panasonic
Holdings
(JPY) 
302,200‌
2,822‌
Persimmon
(GBP) 
115,632‌
1,791‌
Skyline
Champion  (4)
19,300‌
1,003‌
Sony
Group
(JPY) 
47,800‌
3,960‌
10,020‌
Internet
&
Direct
Marketing
Retail
1.8%
Alibaba
Group
Holding,
ADR  (4)(5)
6,674‌
584‌
Amazon.com  (4)(5)
503,420‌
48,600‌
ASOS
(GBP)  (4)(6)
80,415‌
628‌
Big
Sky
Growth
Partners  (4)
27,360‌
275‌
DoorDash,
Class
A  (4)
24,900‌
1,451‌
Farfetch,
Class
A  (4)
60,165‌
511‌
Xometry,
Class
A  (4)
15,874‌
670‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zalando
(EUR)  (4)
53,343‌
1,678‌
54,397‌
Multiline
Retail
0.6%
Dollar
General 
49,890‌
12,756‌
Next
(GBP) 
35,997‌
2,572‌
Ollie's
Bargain
Outlet
Holdings  (4)
35,875‌
2,185‌
17,513‌
Specialty
Retail
1.1%
Burlington
Stores  (4)
11,793‌
2,308‌
Five
Below  (4)
4,106‌
661‌
Floor
&
Decor
Holdings,
Class
A  (4)(5)
3,100‌
231‌
Home
Depot 
20,108‌
6,515‌
Kingfisher
(GBP) 
1,132,652‌
3,312‌
KKR
Acquisition
Holdings
I  (4)
41,277‌
415‌
Monro 
24,377‌
1,108‌
RH  (4)(5)
1,601‌
459‌
Ross
Stores 
87,873‌
10,340‌
TJX 
61,807‌
4,948‌
Ulta
Beauty  (4)
8,136‌
3,782‌
Warby
Parker,
Class
A  (4)
53,546‌
912‌
34,991‌
Textiles,
Apparel
&
Luxury
Goods
0.7%
Dr.
Martens
(GBP) 
324,801‌
807‌
Kering
(EUR) 
5,555‌
3,338‌
Lululemon
Athletica  (4)
13,597‌
5,171‌
Moncler
(EUR) 
55,807‌
2,909‌
NIKE,
Class
B 
46,737‌
5,126‌
Samsonite
International
(HKD)  (4)
567,000‌
1,537‌
Skechers
USA,
Class
A  (4)
27,318‌
1,152‌
20,040‌
Total
Consumer
Discretionary
215,876‌
CONSUMER
STAPLES
4.2%
Beverages
0.6%
Boston
Beer,
Class
A  (4)
5,016‌
1,928‌
Coca-Cola 
47,704‌
3,034‌
Coca-Cola
Consolidated 
1,089‌
536‌
Diageo
(GBP) 
108,545‌
5,013‌
Keurig
Dr
Pepper 
120,664‌
4,666‌
Kirin
Holdings
(JPY) 
113,200‌
1,787‌
16,964‌
Food
&
Staples
Retailing
0.6%
Fresh
Market,
EC  (4)(8)
8,050‌
—‌
Seven
&
i
Holdings
(JPY) 
115,800‌
4,712‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Walmart 
80,852‌
12,323‌
Welcia
Holdings
(JPY) 
53,400‌
1,178‌
18,213‌
Food
Products
1.5%
Barry
Callebaut
(CHF) 
1,193‌
2,437‌
Cal-Maine
Foods  (5)
3,516‌
205‌
Kraft
Heinz 
179,971‌
7,082‌
Mondelez
International,
Class
A 
178,204‌
12,048‌
Nestle
(CHF) 
140,630‌
16,738‌
Nomad
Foods  (4)
44,497‌
778‌
Post
Holdings  (4)
12,596‌
1,179‌
Post
Holdings
Partnering  (4)
17,985‌
179‌
Simply
Good
Foods  (4)(5)
12,300‌
491‌
TreeHouse
Foods  (4)
11,568‌
572‌
Utz
Brands 
45,532‌
868‌
Wilmar
International
(SGD) 
1,302,500‌
3,951‌
46,528‌
Household
Products
0.5%
Kimberly-Clark 
19,936‌
2,704‌
Procter
&
Gamble 
77,815‌
11,607‌
14,311‌
Personal
Products
0.5%
BellRing
Brands  (4)
51,324‌
1,278‌
Haleon,
ADR  (4)
85,851‌
592‌
L'Oreal
(EUR) 
13,092‌
4,917‌
Unilever
(GBP) 
177,121‌
8,856‌
15,643‌
Tobacco
0.5%
Philip
Morris
International 
163,549‌
16,301‌
16,301‌
Total
Consumer
Staples
127,960‌
ENERGY
2.5%
Energy
Equipment
&
Services
0.2%
Cactus,
Class
A 
12,001‌
653‌
Liberty
Energy  (4)
68,739‌
1,136‌
NexTier
Oilfield
Solutions  (4)
107,767‌
1,098‌
Worley
(AUD) 
311,092‌
3,155‌
6,042‌
Oil,
Gas
&
Consumable
Fuels
2.3%
Chevron 
60,268‌
11,048‌
ConocoPhillips 
12,387‌
1,530‌
Devon
Energy 
20,533‌
1,407‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Diamondback
Energy 
12,028‌
1,780‌
Equinor
(NOK) 
222,849‌
8,582‌
Exxon
Mobil 
180,924‌
20,144‌
Kimbell
Royalty
Partners 
10,804‌
187‌
Kinder
Morgan 
365,781‌
6,994‌
Magnolia
Oil
&
Gas,
Class
A 
82,696‌
2,157‌
Shell,
ADR 
65,202‌
3,812‌
TC
Energy 
25,200‌
1,121‌
TotalEnergies
(EUR) 
133,978‌
8,374‌
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $21  (4)(7)(8)
7‌
103‌
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $280  (4)(7)(8)
77‌
1,139‌
Woodside
Energy
Group
(GBP) 
24,898‌
616‌
68,994‌
Total
Energy
75,036‌
FINANCIALS
10.7%
Banks
4.3%
Australia
&
New
Zealand
Banking
Group
(AUD) 
150,765‌
2,546‌
Bank
of
America  (5)
612,528‌
23,184‌
BankUnited 
30,999‌
1,138‌
BNP
Paribas
(EUR) 
58,310‌
3,276‌
Cadence
Bank 
35,234‌
1,016‌
Citigroup 
67,877‌
3,286‌
Close
Brothers
Group
(GBP) 
55,548‌
720‌
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $64  (4)(7)(8)
605‌
64‌
CrossFirst
Bankshares  (4)(5)
29,098‌
404‌
DBS
Group
Holdings
(SGD) 
93,256‌
2,432‌
Dime
Community
Bancshares 
24,874‌
887‌
DNB
Bank
(NOK) 
291,673‌
5,695‌
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $56  (4)(7)(8)
5,570‌
100‌
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $27  (4)(7)(8)
2,736‌
49‌
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $—  (4)(7)(8)
831‌
7‌
East
West
Bancorp 
19,683‌
1,382‌
Equity
Bancshares,
Class
A 
15,184‌
555‌
Erste
Group
Bank
(EUR) 
42,700‌
1,337‌
FB
Financial 
25,932‌
1,110‌
First
Bancshares 
19,120‌
654‌
Five
Star
Bancorp  (5)
15,178‌
410‌
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $93  (4)(7)(8)
9,254‌
37‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $—  (4)(7)(8)
1,736‌
1‌
Heritage
Commerce 
60,533‌
860‌
Home
BancShares 
34,698‌
883‌
ING
Groep
(EUR) 
513,456‌
6,227‌
Intesa
Sanpaolo
(EUR) 
731,929‌
1,625‌
JPMorgan
Chase 
120,546‌
16,657‌
Live
Oak
Bancshares 
24,695‌
824‌
Lloyds
Banking
Group
(GBP) 
4,661,023‌
2,660‌
Mitsubishi
UFJ
Financial
Group
(JPY) 
441,400‌
2,407‌
National
Bank
of
Canada
(CAD) 
73,185‌
5,219‌
Origin
Bancorp 
20,791‌
851‌
Pacific
Premier
Bancorp 
24,407‌
902‌
Pinnacle
Financial
Partners 
14,718‌
1,235‌
Popular 
8,718‌
637‌
Sandy
Spring
Bancorp  (5)
6,089‌
212‌
Signature
Bank 
8,568‌
1,195‌
SouthState 
12,987‌
1,141‌
Standard
Chartered
(GBP) 
212,376‌
1,582‌
Sumitomo
Mitsui
Trust
Holdings
(JPY) 
53,058‌
1,702‌
Svenska
Handelsbanken,
Class
A
(SEK) 
368,517‌
3,743‌
Texas
Capital
Bancshares  (4)
15,833‌
950‌
U.S.
Bancorp 
121,113‌
5,497‌
United
Overseas
Bank
(SGD) 
199,900‌
4,609‌
Veritex
Holdings 
22,972‌
750‌
Wells
Fargo 
361,411‌
17,330‌
Western
Alliance
Bancorp 
24,090‌
1,651‌
131,639‌
Capital
Markets
1.2%
Bridgepoint
Group
(GBP) 
464,080‌
1,111‌
Cboe
Global
Markets 
9,865‌
1,251‌
Charles
Schwab 
66,025‌
5,450‌
Goldman
Sachs
Group 
36,978‌
14,279‌
Julius
Baer
Group
(CHF) 
60,180‌
3,467‌
Macquarie
Group
(AUD) 
23,028‌
2,832‌
MSCI 
2,375‌
1,206‌
P10,
Class
A  (5)
41,490‌
424‌
S&P
Global 
12,321‌
4,347‌
StepStone
Group,
Class
A 
28,410‌
852‌
TMX
Group
(CAD) 
6,489‌
680‌
XP,
Class
A  (4)
62,801‌
1,100‌
36,999‌
Consumer
Finance
0.0%
Encore
Capital
Group  (4)
10,947‌
552‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PRA
Group  (4)
20,815‌
715‌
1,267‌
Diversified
Financial
Services
0.6%
Berkshire
Hathaway,
Class
B  (4)
22,144‌
7,055‌
Challenger
(AUD) 
245,749‌
1,229‌
Conyers
Park
III
Acquisition  (4)
26,344‌
262‌
Corebridge
Financial 
92,206‌
2,051‌
Element
Fleet
Management
(CAD) 
329,629‌
4,671‌
Housing
Development
Finance
(INR) 
86,343‌
2,871‌
Mitsubishi
HC
Capital
(JPY) 
274,700‌
1,311‌
19,450‌
Insurance
4.5%
AIA
Group
(HKD) 
151,600‌
1,539‌
Allstate 
41,179‌
5,514‌
American
International
Group  (5)
73,023‌
4,608‌
Assurant 
11,968‌
1,535‌
AXA
(EUR) 
282,915‌
7,998‌
Axis
Capital
Holdings 
28,526‌
1,642‌
Chubb 
91,370‌
20,064‌
Definity
Financial
(CAD) 
32,611‌
966‌
Direct
Line
Insurance
Group
(GBP) 
491,269‌
1,243‌
First
American
Financial  (5)
10,000‌
546‌
Hanover
Insurance
Group 
8,981‌
1,323‌
Hartford
Financial
Services
Group 
57,922‌
4,424‌
Kemper 
13,321‌
758‌
Manulife
Financial
(CAD) 
144,887‌
2,610‌
Marsh
&
McLennan 
21,880‌
3,789‌
MetLife 
152,815‌
11,721‌
Munich
Re
(EUR) 
23,331‌
7,369‌
PICC
Property
&
Casualty,
Class
H
(HKD) 
2,424,000‌
2,456‌
Ping
An
Insurance
Group,
Class
H
(HKD) 
198,000‌
1,222‌
Progressive 
91,245‌
12,058‌
Sampo,
Class
A
(EUR) 
117,474‌
5,949‌
Selective
Insurance
Group 
25,322‌
2,434‌
Storebrand
(NOK) 
374,494‌
3,370‌
Sun
Life
Financial
(CAD) 
107,936‌
5,115‌
Tokio
Marine
Holdings
(JPY) 
245,400‌
5,062‌
Travelers 
78,055‌
14,816‌
Zurich
Insurance
Group
(CHF) 
11,357‌
5,456‌
135,587‌
Thrifts
&
Mortgage
Finance
0.1%
Blue
Foundry
Bancorp  (4)(5)
16,017‌
209‌
Capitol
Federal
Financial  (5)
38,946‌
326‌
Essent
Group 
11,824‌
474‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kearny
Financial  (5)
32,148‌
311‌
PennyMac
Financial
Services 
29,510‌
1,761‌
3,081‌
Total
Financials
328,023‌
HEALTH
CARE
11.4%
Biotechnology
1.0%
AbbVie 
63,854‌
10,292‌
Abcam,
ADR  (4)
62,568‌
1,004‌
Agios
Pharmaceuticals  (4)(5)
10,146‌
306‌
Amgen 
8,121‌
2,326‌
Apellis
Pharmaceuticals  (4)
23,607‌
1,179‌
Argenx,
ADR  (4)
6,057‌
2,410‌
Ascendis
Pharma,
ADR  (4)
11,715‌
1,442‌
Avid
Bioservices  (4)
35,489‌
556‌
Avidity
Biosciences  (4)(5)
2,875‌
33‌
Blueprint
Medicines  (4)
16,597‌
793‌
Cerevel
Therapeutics
Holdings  (4)(5)
12,958‌
375‌
CRISPR
Therapeutics  (4)(5)
5,445‌
298‌
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $53  (4)(7)(8)
8,157‌
37‌
Generation
Bio  (4)(5)
24,118‌
129‌
Genmab
(DKK)  (4)
4,062‌
1,882‌
HilleVax  (4)(5)
6,797‌
136‌
Icosavax  (4)(5)
18,189‌
61‌
Insmed  (4)
50,632‌
936‌
Intellia
Therapeutics  (4)(5)
5,509‌
283‌
Ionis
Pharmaceuticals  (4)
15,200‌
620‌
Karuna
Therapeutics  (4)
3,836‌
903‌
Kura
Oncology  (4)(5)
15,906‌
251‌
Kymera
Therapeutics  (4)(5)
4,964‌
144‌
Monte
Rosa
Therapeutics  (4)(5)
9,820‌
83‌
Morphic
Holding  (4)(5)
7,397‌
204‌
MorphoSys,
ADR  (4)
25,426‌
105‌
Nkarta  (4)(5)
15,696‌
133‌
Nurix
Therapeutics  (4)(5)
4,451‌
55‌
Prometheus
Biosciences  (4)(5)
4,000‌
164‌
Prothena  (4)(5)
5,896‌
369‌
RAPT
Therapeutics  (4)(5)
11,166‌
197‌
Relay
Therapeutics  (4)(5)
7,888‌
147‌
Repare
Therapeutics  (4)(5)
9,774‌
157‌
Replimune
Group  (4)(5)
5,569‌
114‌
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $—  (4)(7)
2,126‌
10‌
Scholar
Rock
Holding  (4)(5)
25,661‌
199‌
Tenaya
Therapeutics  (4)(5)
6,070‌
16‌
Ultragenyx
Pharmaceutical  (4)
6,119‌
222‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Vaxcyte  (4)(5)
4,971‌
229‌
Verve
Therapeutics  (4)(5)
9,420‌
219‌
Xencor  (4)
17,911‌
532‌
Zentalis
Pharmaceuticals  (4)(5)
9,856‌
218‌
29,769‌
Health
Care
Equipment
&
Supplies
2.0%
Alcon
(CHF) 
20,715‌
1,428‌
Align
Technology  (4)
3,231‌
635‌
AtriCure  (4)
12,620‌
575‌
Becton
Dickinson
&
Company 
89,924‌
22,422‌
CVRx  (4)(5)
6,326‌
85‌
Elekta,
Class
B
(SEK) 
265,170‌
1,578‌
Embecta  (5)
12,909‌
425‌
EssilorLuxottica
(EUR) 
21,640‌
4,041‌
ICU
Medical  (4)
7,139‌
1,137‌
Intuitive
Surgical  (4)
42,909‌
11,602‌
Koninklijke
Philips
(EUR) 
142,993‌
2,143‌
Masimo  (4)
5,100‌
739‌
Outset
Medical  (4)(5)
34,581‌
729‌
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $264  (4)(7)(8)
70,144‌
46‌
Penumbra  (4)
4,310‌
903‌
PROCEPT
BioRobotics  (4)
27,196‌
1,167‌
QuidelOrtho  (4)
11,695‌
1,025‌
Siemens
Healthineers
(EUR) 
81,367‌
4,337‌
Stryker 
19,973‌
4,671‌
Teleflex 
4,230‌
990‌
60,678‌
Health
Care
Providers
&
Services
3.5%
Alignment
Healthcare  (4)
41,421‌
551‌
AmerisourceBergen 
6,139‌
1,048‌
Centene  (4)
130,438‌
11,354‌
Cigna 
9,415‌
3,096‌
dentalcorp
Holdings
(CAD)  (4)(6)
30,246‌
204‌
Elevance
Health 
55,920‌
29,801‌
Fresenius
(EUR) 
90,267‌
2,515‌
HCA
Healthcare 
31,728‌
7,622‌
Humana 
20,587‌
11,321‌
ModivCare  (4)
11,632‌
896‌
Molina
Healthcare  (4)
7,270‌
2,448‌
Option
Care
Health  (4)
32,116‌
967‌
Pennant
Group  (4)(5)
19,243‌
199‌
Privia
Health
Group  (4)
29,325‌
702‌
U.S.
Physical
Therapy 
8,316‌
718‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UnitedHealth
Group 
59,206‌
32,431‌
105,873‌
Health
Care
Technology
0.1%
Certara (4)(5)
5,821‌
99‌
Definitive
Healthcare  (4)(5)
13,683‌
156‌
Doximity,
Class
A  (4)(5)
13,654‌
464‌
Veeva
Systems,
Class
A  (4)
10,212‌
1,944‌
2,663‌
Life
Sciences
Tools
&
Services
1.1%
Adaptive
Biotechnologies  (4)(5)
7,185‌
63‌
Bruker 
26,536‌
1,789‌
Danaher 
50,461‌
13,796‌
Evotec
(EUR)  (4)
59,609‌
1,065‌
NeoGenomics  (4)(5)
30,598‌
343‌
Olink
Holding,
ADR  (4)(5)
19,119‌
456‌
Pacific
Biosciences
of
California  (4)(5)
51,147‌
550‌
PerkinElmer 
21,314‌
2,978‌
Rapid
Micro
Biosystems,
Class
A  (4)(5)
30,559‌
63‌
Seer  (4)(5)
10,391‌
67‌
Thermo
Fisher
Scientific 
24,540‌
13,748‌
34,918‌
Pharmaceuticals
3.7%
Arvinas (4)(5)
5,549‌
228‌
Astellas
Pharma
(JPY) 
387,300‌
6,007‌
AstraZeneca,
ADR  (5)
291,296‌
19,799‌
Bayer
(EUR) 
83,193‌
4,828‌
Catalent  (4)
19,906‌
998‌
Eli
Lilly 
39,869‌
14,795‌
GSK,
ADR 
70,456‌
2,437‌
Ipsen
(EUR) 
9,815‌
1,097‌
Johnson
&
Johnson 
125,984‌
22,425‌
Merck 
36,807‌
4,053‌
Novartis
(CHF) 
93,034‌
8,276‌
Otsuka
Holdings
(JPY)  (6)
71,800‌
2,461‌
Reata
Pharmaceuticals,
Class
A  (4)(5)
4,815‌
191‌
Roche
Holding
(CHF) 
30,167‌
9,853‌
Sanofi
(EUR) 
94,464‌
8,533‌
Sanofi,
ADR 
52,334‌
2,373‌
Zoetis 
25,854‌
3,985‌
112,339‌
Total
Health
Care
346,240‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
6.0%
Aerospace
&
Defense
0.7%
Cadre
Holdings  (5)
12,633‌
328‌
L3Harris
Technologies 
53,667‌
12,187‌
Northrop
Grumman 
6,760‌
3,605‌
Parsons  (4)
25,584‌
1,266‌
Safran
(EUR) 
23,086‌
2,853‌
20,239‌
Airlines
0.0%
Allegiant
Travel  (4)
8,674‌
717‌
717‌
Building
Products
0.0%
CSW
Industrials 
6,070‌
734‌
Gibraltar
Industries  (4)
15,223‌
771‌
1,505‌
Commercial
Services
&
Supplies
0.3%
Cintas 
3,028‌
1,398‌
IAA  (4)
17,216‌
643‌
MSA
Safety 
2,437‌
344‌
Rentokil
Initial
(GBP) 
152,421‌
1,004‌
Republic
Services 
21,466‌
2,990‌
Stericycle  (4)
20,725‌
1,080‌
Tetra
Tech 
4,235‌
655‌
8,114‌
Construction
&
Engineering
0.0%
WillScot
Mobile
Mini
Holdings  (4)(5)
8,259‌
398‌
398‌
Electrical
Equipment
1.1%
ABB
(CHF) 
161,110‌
5,063‌
AMETEK 
6,477‌
922‌
AZZ 
27,409‌
1,141‌
Eaton 
67,136‌
10,973‌
Hubbell 
18,459‌
4,690‌
Legrand
(EUR) 
44,677‌
3,640‌
Mitsubishi
Electric
(JPY) 
375,600‌
3,764‌
Prysmian
(EUR) 
103,530‌
3,649‌
Shoals
Technologies
Group,
Class
A  (4)
19,152‌
555‌
Thermon
Group
Holdings  (4)(5)
11,597‌
236‌
34,633‌
Industrial
Conglomerates
1.6%
DCC
(GBP) 
43,231‌
2,302‌
General
Electric 
181,876‌
15,636‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Honeywell
International 
30,031‌
6,594‌
Melrose
Industries
(GBP) 
1,747,369‌
2,827‌
Roper
Technologies 
11,199‌
4,915‌
Siemens
(EUR) 
114,030‌
15,814‌
48,088‌
Machinery
0.6%
Cummins 
2,779‌
698‌
Dover 
8,472‌
1,203‌
Enerpac
Tool
Group 
48,490‌
1,214‌
EnPro
Industries  (5)
3,700‌
440‌
Esab 
9,145‌
433‌
ESCO
Technologies 
14,218‌
1,337‌
Federal
Signal 
24,697‌
1,200‌
Graco 
14,270‌
998‌
Helios
Technologies 
13,706‌
723‌
Ingersoll
Rand 
47,582‌
2,568‌
John
Bean
Technologies 
10,004‌
919‌
KION
Group
(EUR) 
50,385‌
1,441‌
Marel
(ISK) 
51,164‌
201‌
Mueller
Water
Products,
Class
A 
61,215‌
714‌
RBC
Bearings  (4)
3,689‌
874‌
SMC
(JPY) 
2,700‌
1,232‌
SPX
Technologies  (4)
21,747‌
1,455‌
THK
(JPY) 
55,500‌
1,095‌
Toro 
8,257‌
916‌
19,661‌
Professional
Services
0.4%
Booz
Allen
Hamilton
Holding 
8,037‌
855‌
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $93  (4)(7)(8)
11,790‌
91‌
Clarivate  (4)
76,524‌
749‌
Huron
Consulting
Group  (4)
7,756‌
604‌
Legalzoom.com  (4)(5)
23,669‌
209‌
Recruit
Holdings
(JPY) 
100,300‌
3,245‌
TechnoPro
Holdings
(JPY) 
110,800‌
3,105‌
Teleperformance
(EUR) 
11,117‌
2,538‌
TransUnion 
14,269‌
900‌
Upwork  (4)(5)
20,237‌
248‌
12,544‌
Road
&
Rail
0.8%
Central
Japan
Railway
(JPY) 
16,600‌
2,012‌
CSX 
223,761‌
7,315‌
Landstar
System 
4,216‌
729‌
Norfolk
Southern 
20,619‌
5,289‌
Old
Dominion
Freight
Line 
7,803‌
2,361‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Saia  (4)
5,547‌
1,351‌
Union
Pacific 
17,578‌
3,822‌
22,879‌
Trading
Companies
&
Distributors
0.5%
Air
Lease 
20,484‌
791‌
Ashtead
Group
(GBP) 
68,950‌
4,208‌
Beacon
Roofing
Supply  (4)
15,000‌
876‌
Bunzl
(GBP) 
57,151‌
2,113‌
Mitsubishi
(JPY) 
83,700‌
2,819‌
Rush
Enterprises,
Class
A 
13,741‌
708‌
SiteOne
Landscape
Supply  (4)
11,469‌
1,440‌
Sumitomo
(JPY) 
183,400‌
3,007‌
15,962‌
Total
Industrials
&
Business
Services
184,740‌
INFORMATION
TECHNOLOGY
14.3%
Communications
Equipment
0.1%
Infinera (4)(5)
11,973‌
81‌
LM
Ericsson,
Class
B
(SEK) 
640,185‌
4,040‌
4,121‌
Electronic
Equipment,
Instruments
&
Components
0.6%
CTS 
31,049‌
1,319‌
Hamamatsu
Photonics
(JPY) 
49,400‌
2,608‌
Largan
Precision
(TWD) 
15,000‌
1,130‌
Littelfuse 
4,754‌
1,172‌
Murata
Manufacturing
(JPY) 
57,000‌
3,127‌
Novanta  (4)
5,762‌
909‌
Omron
(JPY) 
24,400‌
1,269‌
PAR
Technology  (4)
24,284‌
592‌
TE
Connectivity 
27,201‌
3,431‌
Teledyne
Technologies  (4)
5,572‌
2,341‌
17,898‌
IT
Services
2.6%
Accenture,
Class
A 
8,017‌
2,413‌
Adyen
(EUR)  (4)
1,757‌
2,768‌
Affirm
Holdings  (4)
29,886‌
416‌
Amadeus
IT
Group,
Class
A
(EUR)  (4)
41,787‌
2,259‌
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,024  (4)(7)(8)
268,681‌
382‌
Block,
Class
A  (4)
34,062‌
2,308‌
Fiserv  (4)
98,134‌
10,241‌
Mastercard,
Class
A 
51,830‌
18,472‌
MongoDB  (4)
13,389‌
2,044‌
NTT
Data
(JPY) 
346,400‌
5,359‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Payoneer
Global  (4)
152,982‌
826‌
PayPal
Holdings  (4)
20,586‌
1,614‌
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $23  (4)(7)
(8)
472‌
33‌
Shopify,
Class
A  (4)
72,916‌
2,981‌
Snowflake,
Class
A  (4)
8,850‌
1,265‌
SS&C
Technologies
Holdings 
22,962‌
1,234‌
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $61  (4)(7)(8)
2,720‌
55‌
Toast,
Class
A  (4)
70,120‌
1,287‌
Visa,
Class
A 
104,095‌
22,589‌
78,546‌
Semiconductors
&
Semiconductor
Equipment
4.0%
Advanced
Micro
Devices  (4)
76,878‌
5,968‌
Applied
Materials 
29,454‌
3,228‌
ASML
Holding
(EUR) 
13,332‌
8,139‌
ASML
Holding 
15,033‌
9,142‌
Broadcom 
29,549‌
16,282‌
Entegris 
21,851‌
1,689‌
KLA 
26,820‌
10,544‌
Lam
Research 
11,378‌
5,375‌
Lattice
Semiconductor  (4)
42,706‌
3,110‌
Marvell
Technology 
54,245‌
2,524‌
Micron
Technology  (5)
34,604‌
1,995‌
Monolithic
Power
Systems 
8,854‌
3,382‌
NVIDIA 
108,130‌
18,299‌
NXP
Semiconductors 
26,801‌
4,713‌
Onto
Innovation  (4)
12,882‌
1,030‌
Renesas
Electronics
(JPY)  (4)
145,200‌
1,424‌
Taiwan
Semiconductor
Manufacturing
(TWD) 
604,759‌
9,712‌
Taiwan
Semiconductor
Manufacturing,
ADR 
26,359‌
2,187‌
Texas
Instruments 
59,100‌
10,665‌
Tokyo
Electron
(JPY) 
8,700‌
2,953‌
122,361‌
Software
4.7%
Agilysys (4)
8,700‌
578‌
Amplitude,
Class
A  (4)(5)
22,945‌
329‌
Atlassian,
Class
A  (4)
17,404‌
2,289‌
Bill.com
Holdings  (4)
21,643‌
2,606‌
Blackline  (4)
12,386‌
838‌
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $818  (4)(7)(8)
480‌
265‌
Ceridian
HCM
Holding  (4)(5)
2,620‌
179‌
Clearwater
Analytics
Holdings,
Class
A  (4)(5)
11,695‌
219‌
Confluent,
Class
A  (4)
28,851‌
664‌
Coupa
Software  (4)(5)
6,940‌
439‌
Crowdstrike
Holdings,
Class
A  (4)
7,731‌
910‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Datadog,
Class
A  (4)
14,268‌
1,081‌
Descartes
Systems
Group  (4)
20,585‌
1,430‌
DoubleVerify
Holdings  (4)
53,447‌
1,400‌
Five9  (4)
13,912‌
892‌
Fortinet  (4)
16,196‌
861‌
Gusto,
Acquisition
Date:
10/4/21,
Cost $265  (4)(7)(8)
9,216‌
174‌
Intuit 
25,515‌
10,400‌
Manhattan
Associates  (4)
8,090‌
1,019‌
Microsoft  (5)
331,882‌
84,676‌
nCino  (4)(5)
5,140‌
134‌
Paycom
Software  (4)
3,392‌
1,150‌
Paycor
HCM  (4)
28,485‌
824‌
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $4  (4)(7)(8)
3,739‌
4‌
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $—  (4)(7)(8)
534‌
1‌
SAP
(EUR) 
47,616‌
5,283‌
ServiceNow  (4)
34,521‌
14,371‌
Socure,
Acquisition
Date:
12/22/21,
Cost $46  (4)(7)(8)
2,872‌
21‌
Synopsys  (4)
22,049‌
7,487‌
Workiva  (4)
14,857‌
1,197‌
141,721‌
Technology
Hardware,
Storage
&
Peripherals
2.3%
Apple (5)
436,974‌
64,685‌
Samsung
Electronics
(KRW) 
126,494‌
6,078‌
70,763‌
Total
Information
Technology
435,410‌
MATERIALS
2.3%
Chemicals
1.4%
Air
Liquide
(EUR) 
27,914‌
4,064‌
Akzo
Nobel
(EUR) 
41,547‌
2,989‌
Asahi
Kasei
(JPY) 
291,600‌
2,167‌
BASF
(EUR) 
51,164‌
2,605‌
Covestro
(EUR) 
54,084‌
2,174‌
Element
Solutions 
109,702‌
2,146‌
HB
Fuller 
4,100‌
329‌
International
Flavors
&
Fragrances 
31,763‌
3,361‌
Johnson
Matthey
(GBP) 
99,632‌
2,529‌
Linde 
11,008‌
3,704‌
Nutrien 
91,507‌
7,357‌
Quaker
Chemical 
6,549‌
1,289‌
Sherwin-Williams 
23,281‌
5,801‌
Tosoh
(JPY) 
27,000‌
321‌
Umicore
(EUR) 
65,965‌
2,381‌
43,217‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Containers
&
Packaging
0.1%
Amcor,
CDI
(AUD) 
150,800‌
1,852‌
1,852‌
Metals
&
Mining
0.7%
Antofagasta
(GBP) 
176,258‌
3,050‌
BHP
Group
(AUD) 
49,339‌
1,532‌
BHP
Group
(GBP) 
131,421‌
4,178‌
Constellium  (4)
82,949‌
1,033‌
ERO
Copper
(CAD)  (4)(6)
22,165‌
281‌
Franco-Nevada
(CAD) 
1,485‌
217‌
Haynes
International 
16,171‌
808‌
IGO
(AUD) 
714,482‌
7,630‌
Rio
Tinto
(AUD) 
16,131‌
1,204‌
South32
(AUD) 
800,918‌
2,224‌
22,157‌
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR) 
204,826‌
3,013‌
West
Fraser
Timber
(CAD) 
5,358‌
419‌
3,432‌
Total
Materials
70,658‌
REAL
ESTATE
1.1%
Equity
Real
Estate
Investment
Trusts
0.8%
Boston
Properties,
REIT 
4,407‌
318‌
Community
Healthcare
Trust,
REIT  (5)
11,418‌
403‌
CubeSmart,
REIT 
31,358‌
1,298‌
EastGroup
Properties,
REIT 
15,054‌
2,337‌
Equity
LifeStyle
Properties,
REIT  (5)
14,530‌
965‌
First
Industrial
Realty
Trust,
REIT 
12,354‌
625‌
Flagship
Communities
REIT 
10,032‌
163‌
Great
Portland
Estates
(GBP) 
255,428‌
1,541‌
Independence
Realty
Trust,
REIT 
43,830‌
794‌
Prologis,
REIT 
60,094‌
7,078‌
Rexford
Industrial
Realty,
REIT 
24,422‌
1,350‌
Scentre
Group
(AUD) 
1,196,120‌
2,440‌
Terreno
Realty,
REIT 
8,856‌
519‌
Weyerhaeuser,
REIT 
104,378‌
3,414‌
23,245‌
Real
Estate
Management
&
Development
0.3%
Altus
Group
(CAD) 
5,575‌
221‌
DigitalBridge
Group  (4)(5)
25,923‌
374‌
FirstService 
17,718‌
2,292‌
Mitsui
Fudosan
(JPY) 
200,800‌
4,071‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
48
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tricon
Residential 
81,235‌
696‌
7,654‌
Total
Real
Estate
30,899‌
UTILITIES
2.4%
Electric
Utilities
1.1%
American
Electric
Power 
45,661‌
4,420‌
Exelon 
56,440‌
2,335‌
FirstEnergy 
88,309‌
3,642‌
IDACORP 
12,848‌
1,420‌
MGE
Energy  (5)
6,711‌
483‌
Southern 
292,203‌
19,765‌
Xcel
Energy 
26,556‌
1,865‌
33,930‌
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD) 
312,500‌
994‌
Chesapeake
Utilities 
11,042‌
1,322‌
ONE
Gas 
6,763‌
588‌
Southwest
Gas
Holdings 
23,752‌
1,626‌
4,530‌
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY) 
113,200‌
1,746‌
NextEra
Energy
Partners 
11,550‌
930‌
2,676‌
Multi-Utilities
1.0%
Ameren 
29,775‌
2,660‌
Dominion
Energy 
118,003‌
7,211‌
DTE
Energy 
21,755‌
2,524‌
Engie
(EUR) 
399,379‌
6,071‌
National
Grid
(GBP) 
290,052‌
3,568‌
NiSource 
10,266‌
287‌
Sempra
Energy 
42,795‌
7,112‌
WEC
Energy
Group  (5)
10,384‌
1,029‌
30,462‌
Water
Utilities
0.1%
California
Water
Service
Group 
11,984‌
778‌
SJW
Group 
12,711‌
950‌
1,728‌
Total
Utilities
73,326‌
Total
Miscellaneous
Common
Stocks
 0.0%  (10)
836‌
Total
Common
Stocks
(Cost
$1,356,945)
2,026,204‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
49
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.3%
CONSUMER
DISCRETIONARY
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $417  (4)(7)(8)
16,822‌
984‌
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $286  (4)(7)
(8)
7,601‌
444‌
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $159  (4)(7)(8)
(9)
17,718‌
71‌
1,499‌
Internet
&
Direct
Marketing
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $242  (4)(7)(8)
41,545‌
77‌
77‌
Total
Consumer
Discretionary
1,576‌
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $221  (4)(7)(8)
11,951‌
743‌
Total
Consumer
Staples
743‌
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $224  (4)(7)(8)
2,133‌
224‌
Total
Financials
224‌
HEALTH
CARE
0.1%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $107  (4)(7)(8)
38,898‌
256‌
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $180  (4)(7)(8)
22,236‌
146‌
402‌
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $120  (4)(7)(8)
118,345‌
120‌
120‌
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $223  (4)(7)(8)
92,428‌
267‌
267‌
Life
Sciences
Tools
&
Services
0.1%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $118  (4)(7)(8)
10,046‌
118‌
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $128  (4)(7)(8)
14,444‌
81‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
50
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $160  (4)(7)(8)
11,776‌
715‌
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $262  (4)(7)(8)
5,896‌
358‌
1,272‌
Total
Health
Care
2,061‌
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $129  (4)(7)(8)
2,868‌
195‌
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $283  (4)(7)(8)
50,717‌
283‌
478‌
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $119  (4)(7)(8)
9,815‌
200‌
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $75  (4)(7)(8)
3,669‌
75‌
275‌
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $139  (4)(7)(8)
6,676‌
139‌
139‌
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $67  (4)(7)(8)
14,736‌
113‌
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $263  (4)(7)(8)
26,046‌
201‌
314‌
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $148  (4)(7)(8)
20,804‌
108‌
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $223  (4)(7)(8)
16,522‌
86‌
194‌
Total
Industrials
&
Business
Services
1,400‌
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $98  (4)(7)(8)
6,732‌
127‌
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $45  (4)(7)(8)
2,367‌
45‌
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $—  (4)
(7)(8)
7‌
1‌
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $87  (4)(7)
(8)
3,321‌
229‌
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $22  (4)(7)
(8)
204‌
14‌
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $14  (4)(7)(8)
610‌
12‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
51
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1  (4)(7)(8)
60‌
1‌
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $2  (4)
(7)(8)
70‌
1‌
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $174  (4)(7)(8)
7,740‌
157‌
587‌
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $51  (4)(7)(8)
30‌
17‌
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3  (4)(7)(8)
2‌
1‌
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $260  (4)(7)(8)
4,398‌
206‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $765  (4)(7)
(8)
10,416‌
487‌
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $380  (4)(7)(8)
12,516‌
236‌
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $271  (4)
(7)(8)
20,748‌
288‌
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $124  (4)(7)(8)
5,932‌
82‌
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $118  (4)(7)(8)
23,436‌
114‌
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $127  (4)(7)(8)
20,060‌
208‌
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $17  (4)(7)(8)
1,875‌
19‌
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $56  (4)(7)(8)
3,491‌
26‌
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $46  (4)(7)(8)
2,865‌
21‌
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $1  (4)(7)(8)
52‌
—‌
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $107  (4)(7)(8)
6,640‌
50‌
1,755‌
Total
Information
Technology
2,342‌
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $159  (4)(7)(8)
3,356‌
262‌
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $217  (4)(7)(8)
5,247‌
163‌
425‌
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $144  (4)(7)(8)
5,255‌
144‌
144‌
Total
Materials
569‌
Total
Convertible
Preferred
Stocks
(Cost
$7,582)
8,915‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
52
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CORPORATE
BONDS
1.9%
AbbVie,
2.95%,
11/21/26 
230,000‌
215‌
AbbVie,
3.20%,
11/21/29 
1,105,000‌
1,013‌
AbbVie,
4.05%,
11/21/39 
355,000‌
311‌
AbbVie,
4.875%,
11/14/48 
292,000‌
274‌
AerCap
Ireland
Capital,
2.45%,
10/29/26 
240,000‌
210‌
AerCap
Ireland
Capital,
3.00%,
10/29/28 
150,000‌
126‌
AerCap
Ireland
Capital,
4.875%,
1/16/24 
435,000‌
428‌
AerCap
Ireland
Capital,
6.50%,
7/15/25 
155,000‌
157‌
AIA
Group,
3.90%,
4/6/28  (1)
490,000‌
461‌
Aker
BP,
2.875%,
1/15/26  (1)
240,000‌
222‌
Alexandria
Real
Estate
Equities,
3.375%,
8/15/31 
255,000‌
221‌
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28 
280,000‌
262‌
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30 
50,000‌
48‌
Ally
Financial,
4.75%,
6/9/27 
565,000‌
535‌
American
Airlines
PTT,
Series 2013-1,
Class
A,
4.00%,
7/15/25 
1‌
—‌
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50 
94,000‌
85‌
Aon,
2.80%,
5/15/30 
80,000‌
68‌
APA
Infrastructure,
4.25%,
7/15/27  (1)
520,000‌
490‌
Aptiv,
3.10%,
12/1/51 
5,000‌
3‌
Arrow
Electronics,
4.00%,
4/1/25 
230,000‌
223‌
Astrazeneca
Finance,
1.75%,
5/28/28 
200,000‌
174‌
AT&T,
2.30%,
6/1/27 
50,000‌
45‌
Ausgrid
Finance,
3.85%,
5/1/23  (1)
135,000‌
134‌
Ausgrid
Finance,
4.35%,
8/1/28  (1)
205,000‌
190‌
AutoZone,
4.75%,
8/1/32 
75,000‌
73‌
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.862%,
9/14/26  (11)
200,000‌
199‌
Banco
Santander,
3.49%,
5/28/30 
200,000‌
167‌
Banco
Santander,
VR,
1.722%,
9/14/27  (11)
200,000‌
171‌
Bank
of
America,
3.248%,
10/21/27 
475,000‌
438‌
Bank
of
America,
VR,
1.898%,
7/23/31  (11)
1,525,000‌
1,192‌
Bank
of
America,
VR,
1.922%,
10/24/31  (11)
600,000‌
465‌
Bank
of
America,
VR,
2.592%,
4/29/31  (11)
265,000‌
218‌
Bank
of
America,
VR,
3.419%,
12/20/28  (11)
25,000‌
23‌
Bank
of
America,
VR,
3.559%,
4/23/27  (11)
95,000‌
90‌
Bank
of
America,
VR,
4.271%,
7/23/29  (11)
330,000‌
308‌
Bank
of
Ireland
Group,
VR,
6.253%,
9/16/26  (1)(11)
200,000‌
198‌
Barclays,
VR,
2.852%,
5/7/26  (11)
300,000‌
276‌
Barclays,
VR,
3.932%,
5/7/25  (11)
235,000‌
226‌
Barclays,
VR,
5.501%,
8/9/28  (11)
200,000‌
193‌
BAT
Capital,
3.557%,
8/15/27 
665,000‌
605‌
BAT
Capital,
4.742%,
3/16/32 
80,000‌
72‌
BAT
International
Finance,
1.668%,
3/25/26  (6)
85,000‌
75‌
Becton
Dickinson
&
Company,
1.957%,
2/11/31 
340,000‌
272‌
Becton
Dickinson
&
Company,
2.823%,
5/20/30 
115,000‌
100‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
53
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Becton
Dickinson
&
Company,
3.70%,
6/6/27 
320,000‌
305‌
Becton
Dickinson
&
Company,
4.298%,
8/22/32 
70,000‌
66‌
Berkshire
Hathaway
Finance,
2.50%,
1/15/51 
195,000‌
124‌
BNP
Paribas,
VR,
1.323%,
1/13/27  (1)(11)
595,000‌
517‌
BNP
Paribas,
VR,
3.052%,
1/13/31  (1)(11)
375,000‌
309‌
Boardwalk
Pipelines,
3.40%,
2/15/31 
225,000‌
189‌
Boardwalk
Pipelines,
4.45%,
7/15/27 
40,000‌
38‌
Boardwalk
Pipelines,
4.95%,
12/15/24 
115,000‌
114‌
Boardwalk
Pipelines,
5.95%,
6/1/26 
250,000‌
255‌
Booking
Holdings,
4.625%,
4/13/30 
100,000‌
98‌
Brixmor
Operating
Partnership,
4.05%,
7/1/30 
125,000‌
108‌
Brixmor
Operating
Partnership,
4.125%,
5/15/29 
504,000‌
446‌
Broadcom,
4.11%,
9/15/28 
75,000‌
70‌
Capital
One
Financial,
VR,
2.359%,
7/29/32  (11)
880,000‌
642‌
Capital
One
Financial,
VR,
3.273%,
3/1/30  (11)
130,000‌
112‌
Capital
One
Financial,
VR,
5.247%,
7/26/30  (11)
75,000‌
72‌
Cardinal
Health,
4.50%,
11/15/44 
46,000‌
38‌
Carvana,
10.25%,
5/1/30  (1)
1,555,000‌
653‌
Celanese
U.S.
Holdings,
6.05%,
3/15/25 
150,000‌
149‌
Celanese
U.S.
Holdings,
6.165%,
7/15/27 
155,000‌
152‌
Centene,
2.625%,
8/1/31 
685,000‌
538‌
Charter
Communications
Operating,
2.25%,
1/15/29 
160,000‌
131‌
Charter
Communications
Operating,
2.80%,
4/1/31 
44,000‌
35‌
Charter
Communications
Operating,
3.75%,
2/15/28 
310,000‌
283‌
Charter
Communications
Operating,
4.20%,
3/15/28 
310,000‌
288‌
Charter
Communications
Operating,
5.125%,
7/1/49 
85,000‌
67‌
Charter
Communications
Operating,
6.484%,
10/23/45 
50,000‌
47‌
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29 
225,000‌
205‌
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27 
70,000‌
70‌
Citigroup,
VR,
3.07%,
2/24/28  (11)
280,000‌
254‌
Citigroup,
VR,
3.106%,
4/8/26  (11)
215,000‌
204‌
Citigroup,
VR,
5.61%,
9/29/26  (11)
350,000‌
351‌
CNO
Financial
Group,
5.25%,
5/30/25 
79,000‌
78‌
Comcast,
1.95%,
1/15/31 
65,000‌
53‌
Comcast,
3.25%,
11/1/39 
300,000‌
238‌
Corebridge
Financial,
3.90%,
4/5/32  (1)
80,000‌
71‌
Crown
Castle,
2.10%,
4/1/31 
85,000‌
67‌
Crown
Castle,
2.25%,
1/15/31 
585,000‌
474‌
Crown
Castle,
2.90%,
3/15/27 
70,000‌
64‌
Crown
Castle
Towers,
3.663%,
5/15/25  (1)
355,000‌
338‌
CSL
Finance,
4.05%,
4/27/29  (1)
135,000‌
128‌
CSL
Finance,
4.25%,
4/27/32  (1)
120,000‌
114‌
CVS
Health,
3.25%,
8/15/29 
75,000‌
68‌
CVS
Health,
5.05%,
3/25/48 
491,000‌
454‌
Danske
Bank,
VR,
3.244%,
12/20/25  (1)(11)
260,000‌
242‌
Danske
Bank,
VR,
3.773%,
3/28/25  (1)(11)
200,000‌
192‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
54
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Diamondback
Energy,
3.25%,
12/1/26 
185,000‌
172‌
Discover
Financial
Services,
4.10%,
2/9/27 
225,000‌
211‌
Duke
Energy,
4.50%,
8/15/32 
520,000‌
492‌
Ecolab,
4.80%,
3/24/30 
15,000‌
15‌
Edison
International,
4.95%,
4/15/25 
15,000‌
15‌
EDP
Finance,
6.30%,
10/11/27  (1)
200,000‌
205‌
Enel
Finance
America,
7.10%,
10/14/27  (1)
200,000‌
208‌
Enel
Finance
International,
6.80%,
10/14/25  (1)
200,000‌
206‌
Energy
Transfer,
2.90%,
5/15/25 
465,000‌
439‌
Energy
Transfer,
4.50%,
4/15/24 
30,000‌
30‌
Energy
Transfer,
6.00%,
6/15/48 
105,000‌
96‌
Energy
Transfer,
6.25%,
4/15/49 
95,000‌
90‌
Eni,
Series X-R,
4.75%,
9/12/28  (1)
360,000‌
349‌
Enterprise
Products
Operating,
2.80%,
1/31/30 
80,000‌
69‌
Equifax,
5.10%,
12/15/27 
170,000‌
168‌
Equitable
Holdings,
4.35%,
4/20/28 
525,000‌
500‌
Extra
Space
Storage,
2.35%,
3/15/32 
350,000‌
264‌
FedEx,
2.40%,
5/15/31 
251,000‌
204‌
Fifth
Third
Bancorp,
VR,
4.772%,
7/28/30  (11)
75,000‌
70‌
Fiserv,
3.50%,
7/1/29 
80,000‌
72‌
General
Motors,
4.20%,
10/1/27 
55,000‌
52‌
General
Motors,
5.60%,
10/15/32 
75,000‌
72‌
General
Motors
Financial,
3.60%,
6/21/30 
260,000‌
221‌
General
Motors
Financial,
4.00%,
10/6/26 
100,000‌
94‌
General
Motors
Financial,
4.35%,
4/9/25 
165,000‌
161‌
General
Motors
Financial,
5.10%,
1/17/24 
175,000‌
174‌
GLP
Capital,
3.35%,
9/1/24 
60,000‌
57‌
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32  (11)
1,565,000‌
1,257‌
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28  (11)
275,000‌
256‌
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28  (11)
185,000‌
177‌
Gray
Oak
Pipeline,
2.00%,
9/15/23  (1)
25,000‌
24‌
Gray
Oak
Pipeline,
2.60%,
10/15/25  (1)
70,000‌
63‌
Gray
Oak
Pipeline,
3.45%,
10/15/27  (1)
30,000‌
27‌
Hasbro,
3.55%,
11/19/26 
120,000‌
113‌
HCA,
2.375%,
7/15/31 
100,000‌
78‌
HCA,
3.125%,
3/15/27  (1)
115,000‌
104‌
HCA,
3.375%,
3/15/29  (1)
45,000‌
40‌
HCA,
3.50%,
9/1/30 
199,000‌
170‌
HCA,
5.375%,
9/1/26 
95,000‌
94‌
HCA,
5.875%,
2/15/26 
345,000‌
346‌
Healthcare
Realty
Holdings,
2.05%,
3/15/31 
95,000‌
69‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28 
260,000‌
230‌
Highwoods
Realty,
3.05%,
2/15/30 
350,000‌
280‌
Highwoods
Realty,
4.125%,
3/15/28 
110,000‌
100‌
HSBC
Holdings,
VR,
2.099%,
6/4/26  (11)
390,000‌
352‌
HSBC
Holdings,
VR,
2.999%,
3/10/26  (11)
280,000‌
261‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
55
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HSBC
Holdings,
VR,
4.755%,
6/9/28  (11)
485,000‌
457‌
HSBC
Holdings,
VR,
5.21%,
8/11/28  (11)
245,000‌
235‌
Humana,
3.70%,
3/23/29 
85,000‌
78‌
Humana,
4.875%,
4/1/30 
265,000‌
259‌
Hyundai
Capital
America,
1.80%,
10/15/25  (1)
120,000‌
108‌
Hyundai
Capital
America,
2.10%,
9/15/28  (1)
210,000‌
170‌
ING
Groep,
VR,
1.726%,
4/1/27  (11)
200,000‌
175‌
Intercontinental
Exchange,
4.35%,
6/15/29 
250,000‌
246‌
JPMorgan
Chase,
VR,
1.578%,
4/22/27  (11)
285,000‌
250‌
JPMorgan
Chase,
VR,
1.953%,
2/4/32  (11)
525,000‌
408‌
JPMorgan
Chase,
VR,
2.182%,
6/1/28  (11)
295,000‌
259‌
JPMorgan
Chase,
VR,
2.739%,
10/15/30  (11)
185,000‌
157‌
JPMorgan
Chase,
VR,
2.947%,
2/24/28  (11)
275,000‌
251‌
JPMorgan
Chase,
VR,
2.956%,
5/13/31  (11)
835,000‌
692‌
JPMorgan
Chase,
VR,
3.54%,
5/1/28  (11)
120,000‌
111‌
JPMorgan
Chase,
VR,
4.586%,
4/26/33  (11)
55,000‌
51‌
JPMorgan
Chase,
VR,
4.912%,
7/25/33  (11)
295,000‌
281‌
JPMorgan
Chase,
VR,
5.717%,
9/14/33  (11)
190,000‌
187‌
Kilroy
Realty,
3.45%,
12/15/24 
470,000‌
446‌
Kookmin
Bank,
4.50%,
2/1/29 
350,000‌
327‌
Las
Vegas
Sands,
3.50%,
8/18/26 
95,000‌
86‌
Lowe's,
3.75%,
4/1/32 
180,000‌
164‌
LSEGA
Financing,
2.00%,
4/6/28  (1)
750,000‌
642‌
LSEGA
Financing,
2.50%,
4/6/31  (1)
200,000‌
168‌
LSEGA
Financing,
3.20%,
4/6/41  (1)
200,000‌
150‌
Marriott
International,
5.00%,
10/15/27 
185,000‌
184‌
Marriott
International,
Series HH,
2.85%,
4/15/31 
90,000‌
74‌
Marsh
&
McLennan,
2.25%,
11/15/30 
85,000‌
70‌
Martin
Marietta
Materials,
2.40%,
7/15/31 
85,000‌
69‌
Micron
Technology,
4.185%,
2/15/27 
41,000‌
39‌
Micron
Technology,
4.975%,
2/6/26 
200,000‌
197‌
Micron
Technology,
5.327%,
2/6/29 
115,000‌
112‌
Mileage
Plus
Holdings,
6.50%,
6/20/27  (1)
232,750‌
232‌
Mitsubishi
UFJ
Financial
Group,
VR,
5.354%,
9/13/28  (11)
235,000‌
234‌
Morgan
Stanley,
VR,
1.593%,
5/4/27  (11)
120,000‌
106‌
Morgan
Stanley,
VR,
4.431%,
1/23/30  (11)
95,000‌
89‌
Morgan
Stanley,
VR,
4.679%,
7/17/26  (11)
120,000‌
119‌
Morgan
Stanley,
VR,
4.889%,
7/20/33  (11)
50,000‌
47‌
MPLX,
4.95%,
9/1/32 
285,000‌
269‌
NatWest
Group,
VR,
7.472%,
11/10/26  (6)(11)
200,000‌
208‌
Netflix,
4.625%,
5/15/29
(EUR) 
290,000‌
301‌
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32 
280,000‌
227‌
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52 
205,000‌
140‌
NextEra
Energy
Capital
Holdings,
5.00%,
7/15/32 
70,000‌
70‌
Nordea
Bank,
5.375%,
9/22/27  (1)
200,000‌
200‌
NRG
Energy,
4.45%,
6/15/29  (1)
115,000‌
104‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
56
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NTT
Finance,
1.591%,
4/3/28  (1)
295,000‌
250‌
NTT
Finance,
2.065%,
4/3/31  (1)
200,000‌
162‌
Nucor,
3.125%,
4/1/32 
90,000‌
77‌
NXP,
2.70%,
5/1/25 
20,000‌
19‌
NXP,
3.15%,
5/1/27 
40,000‌
36‌
NXP,
5.35%,
3/1/26 
105,000‌
105‌
Oracle,
2.30%,
3/25/28 
160,000‌
138‌
Oracle,
6.25%,
11/9/32 
50,000‌
53‌
O'Reilly
Automotive,
4.70%,
6/15/32 
75,000‌
73‌
Pacific
Gas
&
Electric,
2.10%,
8/1/27 
105,000‌
89‌
Pacific
Gas
&
Electric,
2.50%,
2/1/31 
205,000‌
161‌
Pacific
Gas
&
Electric,
4.55%,
7/1/30 
195,000‌
178‌
Pacific
Gas
&
Electric,
5.90%,
6/15/32 
80,000‌
78‌
Parker-Hannifin,
4.25%,
9/15/27 
85,000‌
83‌
Parker-Hannifin,
4.50%,
9/15/29 
90,000‌
87‌
PerkinElmer,
1.90%,
9/15/28 
185,000‌
152‌
PerkinElmer,
2.25%,
9/15/31 
100,000‌
79‌
PerkinElmer,
3.30%,
9/15/29 
99,000‌
86‌
Philip
Morris
International,
5.625%,
11/17/29 
65,000‌
66‌
PNC
Financial
Services
Group,
2.55%,
1/22/30 
80,000‌
68‌
Realty
Income,
3.95%,
8/15/27 
80,000‌
76‌
Regency
Centers,
3.60%,
2/1/27 
660,000‌
620‌
Reynolds
American,
4.45%,
6/12/25 
160,000‌
157‌
Rogers
Communications,
3.20%,
3/15/27  (1)
99,000‌
93‌
Rogers
Communications,
3.80%,
3/15/32  (1)
150,000‌
133‌
Rogers
Communications,
4.55%,
3/15/52  (1)
70,000‌
57‌
Ross
Stores,
1.875%,
4/15/31 
260,000‌
205‌
Sabine
Pass
Liquefaction,
4.50%,
5/15/30 
40,000‌
38‌
Sabine
Pass
Liquefaction,
5.00%,
3/15/27 
545,000‌
534‌
Sabine
Pass
Liquefaction,
5.875%,
6/30/26 
15,000‌
15‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28  (11)
175,000‌
152‌
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26  (11)
545,000‌
478‌
SBA
Tower
Trust,
1.84%,
4/15/27  (1)
290,000‌
243‌
SBA
Tower
Trust,
2.328%,
1/15/28  (1)
40,000‌
33‌
SBA
Tower
Trust,
2.593%,
10/15/31  (1)
235,000‌
185‌
Sempra
Energy,
3.70%,
4/1/29 
75,000‌
69‌
Sherwin-Williams,
2.95%,
8/15/29 
285,000‌
251‌
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24  (1)
210,000‌
203‌
Southern
California
Edison,
Series D,
4.70%,
6/1/27 
170,000‌
167‌
Standard
Chartered,
VR,
2.608%,
1/12/28  (1)(11)
615,000‌
527‌
Standard
Chartered,
VR,
3.971%,
3/30/26  (1)(11)
200,000‌
189‌
Standard
Chartered,
VR,
4.644%,
4/1/31  (1)(11)
245,000‌
219‌
T-Mobile
USA,
2.05%,
2/15/28 
275,000‌
237‌
T-Mobile
USA,
3.75%,
4/15/27 
1,225,000‌
1,159‌
Targa
Resources
Partners,
5.50%,
3/1/30 
320,000‌
306‌
Targa
Resources
Partners,
6.875%,
1/15/29 
90,000‌
92‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
57
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Toronto-Dominion
Bank,
4.456%,
6/8/32 
70,000‌
67‌
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28 
90,000‌
85‌
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48 
25,000‌
21‌
Transurban
Finance,
2.45%,
3/16/31  (1)
535,000‌
423‌
Transurban
Finance,
3.375%,
3/22/27  (1)
255,000‌
234‌
Trinity
Acquisition,
4.40%,
3/15/26 
195,000‌
190‌
Truist
Financial,
VR,
4.123%,
6/6/28  (11)
260,000‌
248‌
UBS
Group,
VR,
4.751%,
5/12/28  (1)(11)
200,000‌
192‌
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28 
70,311‌
57‌
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32 
44,226‌
36‌
UnitedHealth
Group,
2.00%,
5/15/30 
1,355,000‌
1,133‌
Utah
Acquisition
Sub,
3.95%,
6/15/26 
380,000‌
356‌
Verizon
Communications,
2.10%,
3/22/28 
165,000‌
144‌
Verizon
Communications,
2.355%,
3/15/32 
413,000‌
330‌
Verizon
Communications,
2.55%,
3/21/31 
430,000‌
357‌
Verizon
Communications,
2.65%,
11/20/40 
220,000‌
151‌
Vistra
Operations,
3.55%,
7/15/24  (1)
405,000‌
387‌
Vistra
Operations,
5.125%,
5/13/25  (1)
250,000‌
245‌
Vodafone
Group,
4.875%,
6/19/49 
43,000‌
36‌
Vodafone
Group,
5.25%,
5/30/48 
150,000‌
135‌
Volkswagen
Bank,
2.50%,
7/31/26
(EUR) 
100,000‌
99‌
Volkswagen
Group
of
America
Finance,
1.625%,
11/24/27  (1)
245,000‌
206‌
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26  (1)
785,000‌
733‌
Volkswagen
Group
of
America
Finance,
4.60%,
6/8/29  (1)
200,000‌
190‌
Warnermedia
Holdings,
3.755%,
3/15/27  (1)
365,000‌
332‌
Warnermedia
Holdings,
4.054%,
3/15/29  (1)
130,000‌
113‌
Warnermedia
Holdings,
4.279%,
3/15/32  (1)
80,000‌
68‌
Wells
Fargo,
4.30%,
7/22/27 
175,000‌
169‌
Wells
Fargo,
VR,
2.393%,
6/2/28  (11)
670,000‌
590‌
Wells
Fargo,
VR,
2.572%,
2/11/31  (11)
1,840,000‌
1,534‌
Wells
Fargo,
VR,
2.879%,
10/30/30  (11)
500,000‌
432‌
Westlake,
1.625%,
7/17/29
(EUR) 
100,000‌
87‌
Woodside
Finance,
3.65%,
3/5/25  (1)
240,000‌
230‌
Woodside
Finance,
3.70%,
9/15/26  (1)
195,000‌
182‌
Woodside
Finance,
3.70%,
3/15/28  (1)(6)
515,000‌
463‌
Workday,
3.70%,
4/1/29 
55,000‌
51‌
Xcel
Energy,
3.40%,
6/1/30 
255,000‌
228‌
Xcel
Energy,
4.60%,
6/1/32 
115,000‌
110‌
Total
Corporate
Bonds
(Cost
$65,920)
58,085‌
EQUITY
MUTUAL
FUNDS
14.7%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund  (2)
5,460,309‌
185,869‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class  (2)
7,545,249‌
72,133‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class  (2)
8,769,054‌
125,134‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
58
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class  (2)
2,040,651‌
65,321‌
Total
Equity
Mutual
Funds
(Cost
$436,684)
448,457‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.0%
NBN,
2.625%,
5/5/31  (1)
210,000‌
170‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$210)
170‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.5%
280
Park
Avenue
Mortgage
Trust,
Series 2017-280P,
Class
A,
ARM,
1M
USD
LIBOR
+
0.88%,
4.736%,
9/15/34  (1)
167,534‌
163‌
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65  (1)
27,718‌
24‌
Angel
Oak
Mortgage
Trust
I,
Series 2019-4,
Class
A3,
CMO,
ARM,
3.301%,
7/26/49  (1)
8,588‌
9‌
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
5.125%,
9/15/32  (1)
120,000‌
116‌
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
D,
ARM,
1M
USD
LIBOR
+
1.80%,
5.675%,
9/15/32  (1)
145,000‌
139‌
BAMLL
Commercial
Mortgage
Securities
Trust,
Series 2021-JACX,
Class
B,
ARM,
1M
USD
LIBOR
+
1.45%,
5.325%,
9/15/38  (1)
155,000‌
146‌
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-2,
Class
A20,
CMO,
ARM,
2.50%,
6/25/51  (1)
410,883‌
321‌
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-4,
Class
A20,
CMO,
ARM,
2.50%,
10/25/51  (1)
276,550‌
216‌
BBCCRE
Trust,
Series 2015-GTP,
Class
C,
ARM,
4.70%,
8/10/33  (1)
340,000‌
306‌
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
6.035%,
11/15/34  (1)
135,000‌
118‌
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56  (1)
144,961‌
125‌
BX
Commercial
Mortgage
Trust,
Series 2019-IMC,
Class
A,
ARM,
1M
USD
LIBOR
+
1.00%,
4.873%,
4/15/34  (1)
305,000‌
297‌
BX
Commercial
Mortgage
Trust,
Series 2021-21M,
Class
C,
ARM,
1M
USD
LIBOR
+
1.177%,
5.052%,
10/15/36  (1)
115,477‌
108‌
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
6.935%,
6/15/27  (1)
335,000‌
331‌
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
USD
LIBOR
+
1.297%,
5.172%,
10/15/36  (1)
220,000‌
205‌
BX
Trust,
Series 2021-ARIA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.646%,
5.521%,
10/15/36  (1)
225,000‌
208‌
BX
Trust,
Series 2021-LGCY,
Class
C,
ARM,
1M
USD
LIBOR
+
1.004%,
4.879%,
10/15/36  (1)
180,000‌
167‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
59
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BXSC
Commercial
Mortgage
Trust,
Series 2022-WSS,
Class
B,
ARM,
1M
TSFR
+
2.092%,
5.887%,
3/15/35  (1)
460,000‌
439‌
BXSC
Commercial
Mortgage
Trust,
Series 2022-WSS,
Class
C,
ARM,
1M
TSFR
+
2.391%,
6.186%,
3/15/35  (1)
100,000‌
95‌
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51  (1)
274,660‌
216‌
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
B,
2.829%,
12/10/41  (1)
120,000‌
96‌
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
C,
3.031%,
12/10/41  (1)
100,000‌
78‌
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51  (1)
114,329‌
93‌
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
5.525%,
11/15/37  (1)
113,044‌
109‌
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.506%,
4/27/65  (1)
22,613‌
21‌
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65  (1)
35,936‌
34‌
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
AM,
ARM,
4.028%,
8/10/48 
120,000‌
113‌
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49 
125,491‌
117‌
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29  (1)
480,000‌
447‌
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
B,
ARM,
3.527%,
10/10/29  (1)
170,000‌
158‌
Connecticut
Avenue
Securities,
Series 2017-C02,
Class
2ED3,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
5.366%,
9/25/29 
12,903‌
13‌
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
5.116%,
11/25/29 
226,902‌
222‌
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
5.016%,
2/25/30 
107,090‌
106‌
Connecticut
Avenue
Securities,
Series 2021-R03,
Class
1M2,
CMO,
ARM,
SOFR30A
+
1.65%,
5.171%,
12/25/41  (1)
170,000‌
157‌
Connecticut
Avenue
Securities,
Series 2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
4.521%,
12/25/41  (1)
96,677‌
95‌
Connecticut
Avenue
Securities,
Series 2022-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
1.20%,
4.721%,
1/25/42  (1)
476,896‌
467‌
Connecticut
Avenue
Securities,
Series 2022-R03,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.10%,
5.621%,
3/25/42  (1)
253,145‌
250‌
Connecticut
Avenue
Securities,
Series 2022-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.00%,
5.521%,
3/25/42  (1)
203,931‌
201‌
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37  (1)
122,165‌
109‌
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
1M
USD
LIBOR
+
0.70%,
4.576%,
6/15/34  (1)
360,000‌
353‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
60
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.174%,
9/15/45  (1)
285,000‌
203‌
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.209%,
4/25/66  (1)
74,912‌
61‌
Finance
of
America
HECM
Buyout,
Series 2022-HB2,
Class
A1A,
ARM,
4.00%,
12/25/24  (1)
264,759‌
259‌
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
4.436%,
3/25/50  (1)
43,585‌
40‌
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51  (1)
272,815‌
221‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57  (1)
18,190‌
16‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57  (1)
70,577‌
63‌
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58  (1)
12,120‌
11‌
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59  (1)
170,124‌
165‌
GCAT
Trust,
Series 2021-NQM4,
Class
A3,
CMO,
ARM,
1.556%,
8/25/66  (1)
96,407‌
71‌
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
USD
LIBOR
+
1.034%,
4.909%,
12/15/36  (1)
225,000‌
217‌
Great
Wolf
Trust,
Series 2019-WOLF,
Class
D,
ARM,
1M
USD
LIBOR
+
1.933%,
5.808%,
12/15/36  (1)
190,000‌
180‌
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
2.175%,
7/25/44  (1)
3,458‌
3‌
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.932%,
10/25/50  (1)
172,992‌
146‌
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51  (1)
212,036‌
167‌
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52  (1)
210,577‌
166‌
Hundred
Acre
Wood
Trust,
Series 2021-INV1,
Class
A27,
CMO,
ARM,
2.50%,
7/25/51  (1)
338,338‌
261‌
Hundred
Acre
Wood
Trust,
Series 2021-INV2,
Class
A27,
CMO,
ARM,
2.50%,
10/25/51  (1)
123,615‌
98‌
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56  (1)
98,549‌
76‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33  (1)
80,000‌
75‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50  (1)
51,740‌
44‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50  (1)
60,019‌
54‌
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.588%,
12/25/50  (1)
161,385‌
129‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
61
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50  (1)
6,491‌
6‌
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50  (1)
14,604‌
14‌
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.279%,
6/25/50  (1)
161,962‌
135‌
KIND
Trust,
Series 2021-KIND,
Class
B,
ARM,
1M
USD
LIBOR
+
1.35%,
5.225%,
8/15/38  (1)
446,771‌
410‌
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
ARM,
2.75%,
7/25/59  (1)
15,936‌
16‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series  2014-
C18,
Class
300A,
3.749%,
8/15/31 
125,000‌
116‌
MSCG
Trust,
Series 2018-SELF,
Class
A,
ARM,
1M
USD
LIBOR
+
0.90%,
4.773%,
10/15/37  (1)
214,760‌
209‌
New
Economy
Assets
Phase
1
Sponsor,
Series 2021-1,
Class
A1,
1.91%,
10/20/61  (1)
135,930‌
115‌
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51  (1)
172,911‌
137‌
OBX
Trust,
Series 2019-EXP2,
Class
1A3,
CMO,
ARM,
4.00%,
6/25/59  (1)
40,021‌
36‌
OBX
Trust,
Series 2019-EXP3,
Class
1A8,
CMO,
ARM,
3.50%,
10/25/59  (1)
30,153‌
28‌
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60  (1)
126,245‌
112‌
OBX
Trust,
Series 2021-NQM3,
Class
A1,
CMO,
ARM,
1.054%,
7/25/61  (1)
149,940‌
112‌
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.442%,
4/25/43 
85,948‌
79‌
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.794%,
8/25/47  (1)
111,839‌
96‌
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47  (1)
25,111‌
23‌
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48  (1)
7,102‌
6‌
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48  (1)
17,731‌
17‌
Sequoia
Mortgage
Trust,
Series 2018-CH4,
Class
A2,
CMO,
ARM,
4.00%,
10/25/48  (1)
2,212‌
2‌
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59  (1)
8,387‌
8‌
SMRT,
Series 2022-MINI,
Class
C,
ARM,
1M
TSFR
+
1.55%,
5.345%,
1/15/39  (1)
285,000‌
269‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.85%,
5.866%,
2/25/50  (1)
264,978‌
263‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
5.821%,
8/25/33  (1)
125,000‌
121‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
62
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA1,
Class
M1B,
CMO,
ARM,
SOFR30A
+
1.85%,
5.371%,
1/25/42  (1)
270,000‌
247‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA5,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.95%,
6.471%,
6/25/42  (1)
396,545‌
400‌
Toorak
Mortgage,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
1.153%,
7/25/56  (1)
139,651‌
113‌
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
ARM,
2.75%,
10/25/56  (1)
6,477‌
6‌
Towd
Point
Mortgage
Trust,
Series 2017-2,
Class
A1,
ARM,
2.75%,
4/25/57  (1)
6,885‌
7‌
Towd
Point
Mortgage
Trust,
Series 2017-5,
Class
A1,
ARM,
1M
USD
LIBOR
+
0.60%,
3.512%,
2/25/57  (1)
18,059‌
18‌
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51  (1)
221,480‌
175‌
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59  (1)
24,890‌
24‌
Verus
Securitization
Trust,
Series 2019-INV2,
Class
A2,
CMO,
ARM,
3.117%,
7/25/59  (1)
92,483‌
89‌
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60  (1)
100,000‌
91‌
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66  (1)
133,351‌
104‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48 
370,000‌
332‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50 
615,000‌
547‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.584%,
9/15/31  (1)
100,000‌
87‌
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2020-RR1,
Class
A17,
CMO,
ARM,
3.00%,
5/25/50  (1)
24,023‌
20‌
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C22,
Class
AS,
ARM,
4.069%,
9/15/57 
230,000‌
219‌
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36  (1)
100,000‌
86‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$16,284)
14,609‌
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)  (4)
29,901‌
3,385‌
Total
Consumer
Discretionary
3,385‌
Total
Preferred
Stocks
(Cost
$2,409)
3,385‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
63
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PRIVATE
INVESTMENT
COMPANIES
2.1%
Blackstone
Partners
Offshore
Fund  (4)(8)
29,350‌
63,470‌
Total
Private
Investment
Companies
(Cost
$45,663)
63,470‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
2.0%
U.S.
Government
Agency
Obligations
1.4%
Federal
Home
Loan
Mortgage 
2.50%,
4/1/30 
68,382‌
65‌
3.00%,
12/1/42
-
2/1/47 
311,622‌
284‌
3.50%,
8/1/42
-
3/1/46 
513,894‌
483‌
4.00%,
10/1/40
-
12/1/41 
110,963‌
108‌
4.50%,
6/1/39
-
5/1/42 
153,695‌
155‌
5.00%,
1/1/24
-
8/1/40 
44,694‌
46‌
5.50%,
1/1/40 
95‌
—‌
6.00%,
3/1/33
-
8/1/38 
43,885‌
46‌
6.50%,
3/1/32
-
9/1/32 
2,796‌
3‌
7.00%,
6/1/32 
424‌
—‌
Federal
Home
Loan
Mortgage,
ARM 
12M
USD
LIBOR
+
1.725%,
3.975%,
7/1/35 
457‌
—‌
12M
USD
LIBOR
+
1.785%,
2.035%,
2/1/37 
602‌
1‌
12M
USD
LIBOR
+
1.828%,
2.203%,
2/1/37 
5,219‌
5‌
12M
USD
LIBOR
+
1.842%,
2.091%,
1/1/37 
4,003‌
4‌
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50 
113,312‌
18‌
Federal
Home
Loan
Mortgage,
UMBS 
2.00%,
3/1/42
-
6/1/52 
5,299,740‌
4,384‌
2.50%,
7/1/37
-
5/1/52 
4,295,137‌
3,722‌
3.00%,
5/1/31
-
8/1/52 
2,411,012‌
2,187‌
3.50%,
6/1/47
-
11/1/50 
750,720‌
701‌
4.00%,
8/1/37
-
8/1/52 
572,868‌
550‌
4.50%,
5/1/50 
26,776‌
26‌
Federal
National
Mortgage
Assn. 
3.00%,
6/1/33
-
8/1/46 
42,745‌
38‌
3.50%,
6/1/42
-
5/1/46 
343,284‌
323‌
4.00%,
11/1/40 
110,696‌
106‌
Federal
National
Mortgage
Assn.,
ARM 
12M
USD
LIBOR
+
1.77%,
2.145%,
12/1/35 
705‌
1‌
12M
USD
LIBOR
+
1.892%,
2.778%,
12/1/35 
1,786‌
2‌
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32 
727‌
—‌
Federal
National
Mortgage
Assn.,
UMBS 
1.50%,
4/1/37
-
1/1/42 
1,366,277‌
1,180‌
2.00%,
4/1/42
-
6/1/52 
7,889,185‌
6,527‌
2.50%,
8/1/30
-
4/1/52 
6,892,302‌
5,991‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
64
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
3.00%,
1/1/27
-
4/1/51 
4,279,235‌
3,906‌
3.50%,
2/1/35
-
7/1/50 
2,544,907‌
2,395‌
4.00%,
7/1/35
-
8/1/52 
2,302,050‌
2,230‌
4.50%,
7/1/39
-
8/1/52 
1,817,458‌
1,795‌
5.00%,
9/1/23
-
10/1/52 
994,775‌
1,008‌
5.50%,
9/1/23
-
9/1/41 
252,616‌
266‌
6.00%,
2/1/33
-
1/1/41 
227,528‌
238‌
6.50%,
7/1/32
-
5/1/40 
72,499‌
77‌
UMBS,
TBA  (12)
2.00%,
12/1/52 
1,325,000‌
1,091‌
2.50%,
12/1/52 
80,000‌
68‌
3.00%,
12/1/52 
540,000‌
478‌
3.50%,
12/1/52 
185,000‌
169‌
4.50%,
12/1/52 
90,000‌
88‌
6.00%,
12/1/52 
1,540,000‌
1,575‌
42,340‌
U.S.
Government
Obligations
0.6%
Government
National
Mortgage
Assn. 
2.00%,
3/20/51
-
5/20/52 
3,265,740‌
2,789‌
2.50%,
8/20/50
-
3/20/52 
3,321,224‌
2,925‌
3.00%,
9/15/42
-
6/20/52 
2,679,538‌
2,440‌
3.50%,
12/20/42
-
10/20/49 
2,295,226‌
2,169‌
4.00%,
7/20/42
-
10/20/52 
1,605,931‌
1,545‌
4.50%,
11/20/39
-
10/20/52 
1,188,727‌
1,175‌
5.00%,
7/20/39
-
6/20/49 
572,787‌
581‌
5.50%,
1/20/36
-
3/20/49 
311,505‌
324‌
6.00%,
12/20/38 
16,941‌
18‌
6.50%,
3/15/26 
292‌
—‌
8.00%,
10/20/25 
30‌
—‌
Government
National
Mortgage
Assn.,
CMO 
3.00%,
11/20/47
-
12/20/47 
29,637‌
27‌
3.50%,
10/20/50 
135,000‌
116‌
Government
National
Mortgage
Assn.,
CMO,
IO 
3.50%,
5/20/43 
25,465‌
4‌
4.00%,
5/20/37
-
2/20/43 
21,566‌
2‌
Government
National
Mortgage
Assn.,
TBA  (12)
3.00%,
12/20/52 
75,000‌
68‌
5.50%,
12/20/52 
1,900,000‌
1,923‌
6.00%,
12/20/52 
545,000‌
556‌
16,662‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$63,010)
59,002‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
65
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
1.7%
U.S.
Treasury
Obligations
1.7%
U.S.
Treasury
Bonds,
2.875%,
5/15/52 
5,000,000‌
4,155‌
U.S.
Treasury
Bonds,
3.00%,
8/15/52 
4,900,000‌
4,194‌
U.S.
Treasury
Bonds,
3.25%,
5/15/42 
3,630,000‌
3,259‌
U.S.
Treasury
Bonds,
3.375%,
8/15/42 
6,125,000‌
5,604‌
U.S.
Treasury
Bonds,
4.00%,
11/15/42 
3,195,000‌
3,210‌
U.S.
Treasury
Bonds,
4.00%,
11/15/52 
2,360,000‌
2,453‌
U.S.
Treasury
Notes,
0.625%,
10/15/24  (13)
3,460,000‌
3,227‌
U.S.
Treasury
Notes,
1.00%,
12/15/24 
2,435,000‌
2,277‌
U.S.
Treasury
Notes,
1.125%,
1/15/25 
6,010,000‌
5,621‌
U.S.
Treasury
Notes,
1.75%,
3/15/25 
5,030,000‌
4,757‌
U.S.
Treasury
Notes,
3.00%,
7/15/25  (13)
8,135,000‌
7,900‌
U.S.
Treasury
Notes,
4.125%,
9/30/27 
5,910,000‌
5,982‌
52,639‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$55,015)
52,639‌
SHORT-TERM
INVESTMENTS
2.3%
Money
Market
Funds
2.3%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.81%  (2)(14)
69,232,155‌
69,232‌
Total
Short-Term
Investments
(Cost
$69,232)
69,232‌
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
3.86%  (2)(14)
2,475,178‌
2,475‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,475‌
Total
Securities
Lending
Collateral
(Cost
$2,475)
2,475‌
Total
Investments
in
Securities
100.1%
of
Net
Assets
(Cost
$2,415,320)
$
3,048,416‌
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
66
.
.
.
.
.
.
.
.
.
.
(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
$36,793
and
represents
1.2%
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
November
30,
2022.
(6)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2022.
(7)
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
$11,896
and
represents
0.4%
of
net
assets.
(8)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(9)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(10)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(11)
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.
(12)
See
Note
4
.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$6,016
and
represents
0.2%
of
net
assets.
(13)
At
November
30,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(14)
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)
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
67
.
.
.
.
.
.
.
.
.
.
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)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
68
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.2)%
Exchange-Traded
Options
Written
(0.2)%
Description
Contracts
Notional
Amount
$
Value
S&P
500
Index,
Call,
1/20/23
@
$3,950.00
447
182,381
(
5,895‌
)
Total
Options
Written
(Premiums
$(5,894))
$
(
5,895‌
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
69
(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)
*
48
—
—
—‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
—
—‌
Total
Bilateral
Swaps
—
—‌
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,
12/20/27
*
1,140
6
(15)
21‌
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
2,846
(30)
(99)
69‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
90‌
Total
Centrally
Cleared
Swaps
90‌
Net
payments
(receipts)
of
variation
margin
to
date
(
85‌
)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
5‌
*
Credit
ratings
as
of
November
30,
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.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
less
than
$1.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
70
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Morgan
Stanley
2/24/23
USD
183‌
EUR
175‌
$
(
1‌
)
State
Street
2/24/23
USD
371‌
EUR
356‌
(
2‌
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
3‌
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
71
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
158
MSCI
EAFE
Index
contracts
12/22
(15,640)
$
(
1,113‌
)
Long,
386
S&P
500
E-Mini
Index
contracts
12/22
78,768
1,940‌
Short,
18
Long
Gilt
ten
year
contracts
3/23
(2,278)
3‌
Long,
15
U.S.
Treasury
Long
Bond
contracts
3/23
1,905
25‌
Long,
24
U.S.
Treasury
Notes
ten
year
contracts
3/23
2,724
(
6‌
)
Long,
15
U.S.
Treasury
Notes
two
year
contracts
3/23
3,080
10‌
Long,
46
Ultra
U.S.
Treasury
Bonds
contracts
3/23
6,269
87‌
Long,
12
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/23
1,436
(
2‌
)
Net
payments
(receipts)
of
variation
margin
to
date
748‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,692‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
72
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
six
months
ended
November
30,
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
Inflation
Protected
Bond
Fund
-
I
Class,
4.55% 
$
—‌
$
—‌
$
—‌
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.80% 
(
116‌
)
(
2,662‌
)
1,022‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund 
—‌
(
11,576‌
)
—‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.43% 
(
1,053‌
)
453‌
883‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.23% 
(
638‌
)
(
1,771‌
)
1,182‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.60% 
(
1,830‌
)
(
1,736‌
)
634‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.40% 
(
971‌
)
549‌
6‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class 
—‌
(
301‌
)
—‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
—‌
(
5,008‌
)
—‌
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class 
—‌
871‌
—‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.96% 
(
4,318‌
)
(
4,326‌
)
1,004‌
T.
Rowe
Price
Government
Reserve
Fund,
3.86%
—‌
—‌
—‌
++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.81%
—‌
—‌
802‌
Totals
$
(
8,926‌
)
#
$
(
25,507‌
)
$
5,533‌
+
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
73
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
11/30/22
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
4.55% 
$
6‌
$
—‌
$
—‌
$
6‌
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.80% 
38,399‌
2,521‌
366‌
37,892‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund 
197,445‌
—‌
—‌
185,869‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.43% 
38,237‌
884‌
15,863‌
23,711‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.23% 
40,287‌
5,277‌
4,678‌
39,115‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.60% 
77,455‌
634‌
12,829‌
63,524‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.40% 
41,152‌
6‌
41,621‌
86‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class 
72,434‌
—‌
—‌
72,133‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
114,242‌
15,900‌
—‌
125,134‌
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class 
—‌
64,450‌
—‌
65,321‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.96% 
73,207‌
5,419‌
9,318‌
64,982‌
T.
Rowe
Price
Government
Reserve
Fund,
3.86%
15,062‌
¤
¤
2,475‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.81%
21,029‌
¤
¤
69,232‌
Total
$
749,480‌
^
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
74
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
#
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
as
described
in
Note
4
.
+
Investment
income
comprised
$5,533
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
$788,968.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2022
(Unaudited)
Statement
of
Assets
and
Liabilities
75
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,415,320)
$
3,048,416‌
Receivable
for
investment
securities
sold
16,766‌
Dividends
and
interest
receivable
4,673‌
Variation
margin
receivable
on
futures
contracts
1,692‌
Receivable
for
shares
sold
641‌
Foreign
currency
(cost
$306)
308‌
Variation
margin
receivable
on
centrally
cleared
swaps
5‌
Other
assets
8,715‌
Total
assets
3,081,216‌
Liabilities
Payable
for
investment
securities
purchased
14,874‌
Options
written
(premiums
$5,894)
5,895‌
Payable
for
shares
redeemed
3,899‌
Obligation
to
return
securities
lending
collateral
2,475‌
Investment
management
fees
payable
1,040‌
Due
to
affiliates
127‌
Unrealized
loss
on
forward
currency
exchange
contracts
3‌
Payable
to
directors
1‌
Other
liabilities
6,486‌
Total
liabilities
34,800‌
NET
ASSETS
$
3,046,416‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2022
(Unaudited)
Statement
of
Assets
and
Liabilities
76
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
658,373‌
Paid-in
capital
applicable
to
85,645,874
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
2,388,043‌
NET
ASSETS
$
3,046,416‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
($1,421,562,352
/
40,043,286
shares
outstanding)
$
35.50‌
I
Class
($1,624,853,327
/
45,602,588
shares
outstanding)
$
35.63‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Statement
of
Operations
77
($000s)
6
Months
Ended
11/30/22
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$479)
$
21,547‌
    Interest
3,173‌
Securities
lending
57‌
Total
income
24,777‌
Expenses
Investment
management
9,081‌
Shareholder
servicing
Investor
Class
$
1,196‌
I
Class
102‌
1,298‌
Prospectus
and
shareholder
reports
Investor
Class
66‌
I
Class
7‌
73‌
Custody
and
accounting
215‌
Legal
and
audit
30‌
Registration
29‌
Directors
4‌
Miscellaneous
36‌
Waived
/
paid
by
Price
Associates
(
2,274‌
)
Total
expenses
8,492‌
Net
investment
income
16,285‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Statement
of
Operations
78
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$7)
(
71,557‌
)
Futures
(
8,105‌
)
Swaps
(
306‌
)
Options
written
9,054‌
Forward
currency
exchange
contracts
12‌
Foreign
currency
transactions
(
505‌
)
Net
realized
loss
(
71,407‌
)
Change
in
net
unrealized
gain
/
loss
Securities
(
52,471‌
)
Futures
1,314‌
Swaps
98‌
Options
written
(
101‌
)
Forward
currency
exchange
contracts
13‌
Other
assets
and
liabilities
denominated
in
foreign
currencies
71‌
Change
in
net
unrealized
gain
/
loss
(
51,076‌
)
Net
realized
and
unrealized
gain
/
loss
(
122,483‌
)
DECREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
(
106,198‌
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
79
($000s)
6
Months
Ended
11/30/22
Year
Ended
5/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
16,285‌
$
36,264‌
Net
realized
gain
(loss)
(
71,407‌
)
269,059‌
Change
in
net
unrealized
gain
/
loss
(
51,076‌
)
(
709,459‌
)
Decrease
in
net
assets
from
operations
(
106,198‌
)
(
404,136‌
)
Distributions
to
shareholders
Net
earnings
Investor
Class
–‌
(
221,010‌
)
I
Class
–‌
(
125,160‌
)
Decrease
in
net
assets
from
distributions
–‌
(
346,170‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
66,536‌
312,555‌
I
Class
79,048‌
1,583,306‌
Distributions
reinvested
Investor
Class
–‌
215,498‌
I
Class
–‌
123,823‌
Shares
redeemed
Investor
Class
(
262,500‌
)
(
1,682,507‌
)
I
Class
(
108,580‌
)
(
234,332‌
)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(
225,496‌
)
318,343‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
80
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/22
Year
Ended
5/31/22
Net
Assets
Decrease
during
period
(
331,694‌
)
(
431,963‌
)
Beginning
of
period
3,378,110‌
3,810,073‌
End
of
period
$
3,046,416‌
$
3,378,110‌
*Share
information
(000s)
Shares
sold
Investor
Class
1,937‌
7,217‌
I
Class
2,297‌
36,544‌
Distributions
reinvested
Investor
Class
–‌
5,143‌
I
Class
–‌
2,949‌
Shares
redeemed
Investor
Class
(
7,847‌
)
(
39,052‌
)
I
Class
(
3,152‌
)
(
5,634‌
)
Increase
(decrease)
in
shares
outstanding
(
6,765‌
)
7,167‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
81
T.
Rowe
Price
Spectrum
Funds
II,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Spectrum
Moderate
Growth
Allocation
Fund
(the
fund)
is a
diversified,
open-end
management
investment
company
established
by
the
corporation. The
fund
seeks
the
highest
total
return
over
time
consistent
with
a
primary
emphasis
on
capital
growth
and
a
secondary
emphasis
on
income.
The
fund
has
two classes
of
shares:
the
Spectrum
Moderate
Growth
Allocation
Fund
(Investor
Class)
and
the
Spectrum
Moderate
Growth
Allocation
Fund–I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
Prior
to
November
15,
2021,
the
initial
investment
minimum
was
$1
million
and
was
generally
waived
for
financial
intermediaries,
eligible
retirement
plans,
and
other
certain
accounts.
As
a
result
of
the
reduction
in
the
I
Class
minimum,
certain
assets
transferred
from
the
Investor
Class
to
the
I
Class.
This
transfer
of
shares
from
Investor
Class
to
I
Class
is
reflected
in
the
Statement
of
Changes
in
Net
Assets
within
the
Capital
shares
transactions
as
Shares
redeemed
and
Shares
sold,
respectively. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis.
Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
82
reflected
as
interest
income.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
mutual
fund
investments
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings.
Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available.
Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received.
Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually.
A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
 Assets,
including
investments,
and
liabilities
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.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
 Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to all classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
 In
June
2022,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2022-03,
Fair
Value
Measurement
(Topic
820)
–
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions,
which
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
83
clarifies
that
a
contractual
restriction
on
the
sale
of
an
equity
security
is
not
considered
part
of
the
unit
of
account
of
the
equity
security
and,
therefore,
is
not
considered
in
measuring
fair
value.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023;
however,
early
adoption
is
permitted.
Management
expects
that
the
adoption
of
the
guidance
will
not
have
a
material
impact
on
the fund's
financial  statements.
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020–04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial  statements.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
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 fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee 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:
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
84
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s 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 Valuation
Designee
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 the
fund’s
portfolio
securities.
Each
business
day,
the
Valuation
Designee 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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
85
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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
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.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value. 
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee 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
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
86
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
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
$
—‌
$
196,962‌
$
—‌
$
196,962‌
Bond
Mutual
Funds
229,316‌
—‌
—‌
229,316‌
Common
Stocks
1,515,912‌
507,321‌
2,971‌
2,026,204‌
Convertible
Preferred
Stocks
—‌
—‌
8,915‌
8,915‌
Equity
Mutual
Funds
448,457‌
—‌
—‌
448,457‌
Preferred
Stocks
—‌
3,385‌
—‌
3,385‌
Private
Investment
Companies
—‌
—‌
63,470‌
63,470‌
Short-Term
Investments
69,232‌
—‌
—‌
69,232‌
Securities
Lending
Collateral
2,475‌
—‌
—‌
2,475‌
Total
Securities
2,265,392‌
707,668‌
75,356‌
3,048,416‌
Swaps*
—‌
90‌
—‌
90‌
Futures
Contracts*
2,065‌
—‌
—‌
2,065‌
Total
$
2,267,457‌
$
707,758‌
$
75,356‌
$
3,050,571‌
Liabilities
Options
Written
$
—‌
$
5,895‌
$
—‌
$
5,895‌
Forward
Currency
Exchange
Contracts
—‌
3‌
—‌
3‌
Futures
Contracts*
1,121‌
—‌
—‌
1,121‌
Total
$
1,121‌
$
5,898‌
$
—‌
$
7,019‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
87
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
six
months ended
November
30,
2022.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
November
30,
2022,
totaled $(6,511,000) for
the
six
months ended
November
30,
2022.
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
November
30,
2022,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
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
11/30/22
Investment
in
Securities
Common
Stocks
$
3,002‌
$
(31‌)
$
—‌
$
—‌
$
2,971‌
Convertible
Preferred
Stocks
10,219‌
(1,422‌)
118‌
—‌
8,915‌
Private
Investment
Companies
86,078‌
1,392‌
—‌
(24,000‌)
63,470‌
Total
$
99,299‌
$
(61‌)
$
118‌
$
(24,000‌)
$
75,356‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
88
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
November
30,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
125
Credit
derivatives
Bilateral
Swaps
and
Premiums
,
Centrally
Cleared
Swaps
90
Equity
derivatives
Futures
1,940
*
Total
$
2,155
*
Liabilities
Interest
rate
derivatives
Futures
$
8
Foreign
exchange
derivatives
Forwards
3
Equity
derivatives
Futures
,
Options
Written
7,008
Total
$
7,019
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
89
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2022,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure: 
Counterparty
Risk
and
Collateral
 The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-
traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
($000s)                                               
Location
of
Gain
(Loss)
on
Statement
of
Operations
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
—‌
$
(3,147‌)
$
—‌
$
—‌
$
(3,147‌)
Foreign
exchange
derivatives
—‌
—‌
12‌
—‌
12‌
Credit
derivatives
—‌
—‌
—‌
(306‌)
(306‌)
Equity
derivatives
9,054‌
(4,958‌)
—‌
—‌
4,096‌
Total
$
9,054‌
$
(8,105‌)
$
12‌
$
(306‌)
$
655‌
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
—‌
$
539‌
$
—‌
$
—‌
$
539‌
Foreign
exchange
derivatives
—‌
—‌
13‌
—‌
13‌
Credit
derivatives
—‌
—‌
—‌
98‌
98‌
Equity
derivatives
(101‌)
775‌
—‌
—‌
674‌
Total
$
(101‌)
$
1,314‌
$
13‌
$
98‌
$
1,324‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
90
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
91
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2022,
no
collateral
was
pledged
by
either
the
fund
or
counterparties for
bilateral
derivatives. As
of
November
30,
2022,
securities
valued
at $8,668,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
 The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-
denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2022,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
Futures
Contracts
 The
fund
is
subject
to interest
rate
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risks.
The
fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rates,
security
prices,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
92
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
November
30,
2022,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
3%
and
4%
of
net
assets.
Options
 The
fund
is
subject
to equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risk.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss.
In
return
for
a
premium
paid,
call
and
put
index
options
give
the
holder
the
right,
but
not
the
obligation,
to
receive
cash
equal
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
and
the
exercise
price
of
the
option.
Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
November
30,
2022,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
5%
and
7%
of
net
assets.
Swaps
 The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
93
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
in
the
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
November
30,
2022,
the
notional
amount
of
protection
sold
by
the
fund
totaled $4,035,000
(0.1%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
94
During
the
six
months ended
November
30,
2022,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund’s
prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
 The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
 The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses. 
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
95
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-
only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-
than-anticipated
prepayments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
 The
fund
enters
into
to-be-announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
“good
delivery”
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
“rolling”
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
a
TBA
or,
in
the
case
of
a
sale
commitment,
the
fund
maintains
an
entitlement
to
the
security
to
be
sold. 
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund’s
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
November
30,
2022,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
96
Investment
in
Blackstone
Partners
Offshore
Fund
 The
fund
invested
in
Blackstone
Partners
Offshore
Fund
Ltd.
(Blackstone
Partners),
a
multi-strategy
hedge
fund-of-funds
offered
by
Blackstone
Alternative
Asset
Management
(BAAM),
a
unit
of
Blackstone
Group
L.P.
(Blackstone).
Blackstone
Partners
provides
the
fund
exposure
to
alternative
investments
primarily
through
Blackstone
Partners’
investments
in
underlying
private
investment
funds,
and
the
underlying
funds
are
mostly
managed
by
investment
managers
unaffiliated
with
BAAM
or
Blackstone.
Blackstone
Partners
and
the
underlying
funds
may
use
leverage,
engage
in
short-selling,
and
invest
in
commodities
or
other
speculative
investments,
which
may
increase
the
risk
of
investment
loss.
Blackstone
Partners
and
the
underlying
funds
are
not
subject
to
the
same
regulatory
requirements
as
open-end
mutual
funds,
and,
therefore,
their
investments
and
related
valuations
may
not
be
as
transparent.
Ownership
interests
in
Blackstone
Partners
are
not
transferable
and
are
subject
to
various
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
In
addition,
Blackstone
Partners’
ownership
in
the
underlying
funds
may
also
be
subject
to
transfer
and
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
All
of
these
restrictions
are
subject
to
change
at
the
sole
discretion
of
Blackstone
Partners
or
an
underlying
fund’s
management.
As
of
November
30,
2022,
the
fund’s
investment
in
Blackstone
Partners
is
subject
to
semi-annual
redemption
with
95
days
prior
written
notice
and
is
considered
an
illiquid
asset. 
LIBOR
Transition
 The fund
may
invest
in
instruments
that
are
tied
to
reference
rates,
including
LIBOR.
Over
the
course
of
the
last
several
years,
global
regulators
have
indicated
an
intent
to
phase
out
the
use
of
LIBOR
and
similar
interbank
offered
rates
(IBOR).
While
publication
for
most
LIBOR
currencies
and
lesser-used
USD
LIBOR
settings
ceased
immediately
after
December
31,
2021,
remaining
USD
LIBOR
settings
will
continue
to
be
published
until
June
30,
2023.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate.
Any
potential
effects
of
the
transition
away
from
LIBOR
on
the fund,
or
on
certain
instruments
in
which
the fund
invests,
cannot
yet
be
determined.
The
transition
process
may
result
in,
among
other
things,
an
increase
in
volatility
or
illiquidity
of
markets
for
instruments
that
currently
rely
on
LIBOR,
a
reduction
in
the
value
of
certain
instruments
held
by
the fund,
or
a
reduction
in
the
effectiveness
of
related
fund
transactions
such
as
hedges.
Any
such
effects
could
have
an
adverse
impact
on
the fund's
performance.
Securities
Lending
 The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
97
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2022,
the
value
of
loaned
securities
was
$2,393,000;
the
value
of
cash
collateral
and
related
investments
was
$2,475,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term and
U.S.
government
securities
aggregated $849,190,000 and
$1,096,210,000,
respectively,
for
the
six
months ended
November
30,
2022.
Purchases
and
sales
of
U.S.
government
securities
aggregated
$179,723,000 and
$184,910,000,
respectively,
for
the
six
months ended
November
30,
2022.
NOTE
5
-
FEDERAL
INCOME
TAXES
No
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
At
November
30,
2022,
the
cost
of
investments
for
federal
income
tax
purposes
was
$2,454,685,000.
Net
unrealized
gain
aggregated
$588,696,000
at
period-end,
of
which $780,388,000
related
to
appreciated
investments
and $191,692,000
related
to
depreciated
investments.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
98
NOTE
6
-
FOREIGN  TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.30%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
November
30,
2022,
the
effective
annual
group
fee
rate
was
0.29%.
The
I
Class
is
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
99
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
this
agreement,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2022 as
indicated
in
the
table
below.
At
November
30,
2022,
there
were
no
amounts
subject
to
repayment
by
the
fund.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
six
months ended
November
30,
2022,
expenses
incurred
pursuant
to
these
service
agreements
were
$50,000 for
Price
Associates;
$529,000 for
T.
Rowe
Price
Services,
Inc.;
and
$17,000 for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds (together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
I
Class
Expense
limitation/I
Class
Limit
0.05%
Expense
limitation
date
09/30/24
(Waived)/repaid
during
the
period
($000s)
$—
(1)
(1)
Amount
rounds
to
less
than
$1,000
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
100
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund’s
net
assets.
Each
underlying
Price
Fund
is
an
open-end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
its
management
fee
charged
to
the
fund
in
an
amount
sufficient
to
fully
offset
that
portion
of
management
fees
paid
by
each
underlying
Price
Fund
related
to
the
fund’s
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
six
months
ended
November
30,
2022,
are
as
follows:
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class
0.17%
$
—‌
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund
0.70%
129‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
1.10%
993‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
81‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
96‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class
0.48%
166‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
8‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
0.99%
327‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.63%
368‌
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class
0.53%
85‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class
0.06%
21‌
Total
Management
Fee
Waived
$
2,274‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
101
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$1,102,000
and
$1,172,000 for
the
Investor
Class
and
I
Class,
respectively,
for
the
six
months ended
November
30,
2022.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months ended
November
30,
2022,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has
voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
investment
research
embedded
in
the
cost
of
the
fund’s
securities
trades
and
for
the
cost
of
brokerage
commissions
embedded
in
the
cost
of
the
fund’s
foreign
currency
transactions.
These
agreements
may
be
rescinded
at
any
time.
For
the
six
months ended
November
30,
2022,
these
reimbursements
amounted
to
$10,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
NOTE
8
-
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.
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.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
102
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
103
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
104
APPROVAL
OF
SUBADVISORY
AGREEMENT
At
a
meeting
held
on
July
25,
2022
(Meeting),
the
fund’s
Board
of
Directors
(Board)
considered
the
initial
approval
of
an
investment
subadvisory
agreement
(Subadvisory
Contract)
that
T.
Rowe
Price
Associates,
Inc.
(Adviser),
entered
into
with
T.
Rowe
Price
International
Ltd
(Subadviser)
on
behalf
of
the
fund.
The
Subadvisory
Contract
authorizes
the
Subadviser
to
have
investment
discretion
with
respect
to
all
or
a
portion
of
the
fund’s
portfolio.
The
Board
noted
that
the
Subadvisory
Contract
will
be
substantially
similar
to
other
subadvisory
agreements
that
are
in
place
for
other
T.
Rowe
Price
funds
that
delegate
investment
management
responsibilities
to
affiliated
investment
advisers
and
that
the
Adviser
will
retain
oversight
responsibilities
with
respect
to
the
fund.
The
Board
also
noted
that
the
new
subadvisory
arrangement
will
not
change
the
total
advisory
fees
paid
by
the
fund.
However,
under
the
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
At
the
Meeting,
the
Board
reviewed
materials
relevant
to
its
consideration
of
the
proposed
Subadvisory
Contract.
Each
year,
the
Board
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
the
Adviser.
The
fund’s
Advisory
Contract
was
most
recently
approved
by
the
Board
at
a
meeting
held
on
March
7–8,
2022
(March
Meeting).
A
discussion
of
the
basis
for
the
Board’s
approval
of
the
Advisory
Contract
is
included
in
the
fund’s
annual
shareholder
report
for
the
period
ended
May
31,
2022.
The
factors
considered
by
the
Board
at
the
Meeting
in
connection
with
approval
of
the
proposed
Subadvisory
Contract
were
substantially
similar
to
the
factors
considered
at
the
March
Meeting
in
connection
with
the
approval
to
continue
the
Advisory
Contract.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
Following
discussion
at
the
Meeting,
the
Board,
including
all
of
the
fund’s
independent
directors,
approved
the
Subadvisory
Contract
between
the
Adviser
and
Subadviser
on
behalf
of
the
fund.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
Subadvisory
Contract
effective
September
1,
2022.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
105
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
In
accordance
with
Rule
22e-4
(Liquidity
Rule)
under
the
Investment
Company
Act
of
1940,
as
amended,
the
fund
has
established
a
liquidity
risk
management
program
(Liquidity
Program)
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk,
which
generally
represents
the
risk
that
the
fund
would
not
be
able
to
meet
redemption
requests
without
significant
dilution
of
remaining
investors’
interests
in
the
fund.
The
fund’s
Board
of
Directors
(Board)
has
appointed
the
fund’s
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
the
administrator
of
the
Liquidity
Program.
As
administrator,
the
Adviser
is
responsible
for
overseeing
the
day-to-day
operations
of
the
Liquidity
Program
and,
among
other
things,
is
responsible
for
assessing,
managing,
and
reviewing
with
the
Board
at
least
annually
the
liquidity
risk
of
each
T.
Rowe
Price
fund.
The
Adviser
has
delegated
oversight
of
the
Liquidity
Program
to
a
Liquidity
Risk
Committee
(LRC),
which
is
a
cross-functional
committee
composed
of
personnel
from
multiple
departments
within
the
Adviser.
The
Liquidity
Program’s
principal
objectives
include
supporting
the
T.
Rowe
Price
funds’
compliance
with
limits
on
investments
in
illiquid
assets
and
mitigating
the
risk
that
the
fund
will
be
unable
to
timely
meet
its
redemption
obligations.
The
Liquidity
Program
also
includes
a
number
of
elements
that
support
the
management
and
assessment
of
liquidity
risk,
including
an
annual
assessment
of
factors
that
influence
the
fund’s
liquidity
and
the
periodic
classification
and
reclassification
of
a
fund’s
investments
into
categories
that
reflect
the
LRC’s
assessment
of
their
relative
liquidity
under
current
market
conditions.
Under
the
Liquidity
Program,
every
investment
held
by
the
fund
is
classified
at
least
monthly
into
one
of
four
liquidity
categories
based
on
estimations
of
the
investment’s
ability
to
be
sold
during
designated
time
frames
in
current
market
conditions
without
significantly
changing
the
investment’s
market
value.
As
required
by
the
Liquidity
Rule,
at
a
meeting
held
on
July
25,
2022,
the
Board
was
presented
with
an
annual
assessment
prepared
by
the
LRC,
on
behalf
of
the
Adviser,
that
addressed
the
operation
of
the
Liquidity
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
any
material
changes
to
the
Liquidity
Program
and
the
determination
of
each
fund’s
Highly
Liquid
Investment
Minimum
(HLIM).
The
annual
assessment
included
consideration
of
the
following
factors,
as
applicable:
the
fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
normal
and
reasonably
foreseeable
stressed
conditions,
including
whether
the
investment
strategy
is
appropriate
for
an
open-end
fund,
the
extent
to
which
the
strategy
involves
a
relatively
concentrated
portfolio
or
large
positions
in
particular
issuers,
and
the
use
of
borrowings
for
investment
purposes
and
derivatives;
short-term
and
long-term
cash
flow
projections
covering
both
normal
and
reasonably
foreseeable
stressed
conditions;
and
holdings
of
cash
and
cash
equivalents,
as
well
as
available
borrowing
arrangements.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
106
For
the
fund
and
other
T.
Rowe
Price
funds,
the
annual
assessment
incorporated
a
report
related
to
a
fund’s
holdings,
shareholder
and
portfolio
concentration,
any
borrowings
during
the
period,
cash
flow
projections,
and
other
relevant
data
for
the
period
of
April
1,
2021,
through
March
31,
2022.
The
report
described
the
methodology
for
classifying
a
fund’s
investments
(including
any
derivative
transactions)
into
one
of
four
liquidity
categories,
as
well
as
the
percentage
of
a
fund’s
investments
assigned
to
each
category.
It
also
explained
the
methodology
for
establishing
a
fund’s
HLIM
and
noted
that
the
LRC
reviews
the
HLIM
assigned
to
each
fund
no
less
frequently
than
annually.
During
the
period
covered
by
the
annual
assessment,
the
LRC
has
concluded,
and
reported
to
the
Board,
that
the
Liquidity
Program
continues
to
operate
adequately
and
effectively
and
is
reasonably
designed
to
assess
and
manage
the
fund’s
liquidity
risk.
LIQUIDITY
RISK
MANAGEMENT
PROGRAM
(continued)
T.
Rowe
Price
Investment
Services,
Inc.
|
100
East
Pratt
Street
|
Baltimore,
MD
21202-1009
You
have
many
investment
goals.
Explore
products
and
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Whether
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RETIREMENT
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Traditional,
Roth,
Rollover/Transfer,
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Rowe
Price
®
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GENERAL
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Gifts
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Trust
Transfer
on
Death
COLLEGE
SAVINGS
T.
Rowe
Price-managed
529
plans
offer
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families
saving
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Visit
troweprice.com/broadrange
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
All
mutual
funds
are
subject
to
market
risk,
including
possible
loss
of
principal.
Investing
internationally
involves
special
risks
including
economic
and
political
uncertainty
and
currency
fluctuation.
1
The
T.
Rowe
Price
®
ActivePlus
Portfolios
is
a
discretionary
investment
management
program
provided
by
T.
Rowe
Price
Advisory
Services,
Inc.,
a
registered
investment
adviser
under
the
Investment
Advisers
Act
of
1940.
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
T.
Rowe
Price
Advisory
Services,
Inc.,
and
T.
Rowe
Price
Investment
Services,
Inc.,
are
affiliated
companies.
2
Brokerage
services
are
provided
by
T.
Rowe
Price
Investment
Services,
Inc.,
member
FINRA/SIPC.
Brokerage
accounts
are
carried
by
Pershing
LLC,
a
BNY
Mellon
Company,
member
NYSE/FINRA/SIPC.
F103-051
1/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

 

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

 

(a)(1)    

The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

     (2)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

     (3)    

Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b)        

A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Spectrum Funds II, Inc.

 

By  

/s/ David Oestreicher

  David Oestreicher
  Principal Executive Officer
Date       January 19, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By  

/s/ David Oestreicher

  David Oestreicher
  Principal Executive Officer
Date       January 19, 2023

 

By  

/s/ Alan S. Dupski

  Alan S. Dupski
  Principal Financial Officer
Date       January 19, 2023
 

Item 13. (a)(2)

CERTIFICATIONS

I, David Oestreicher, certify that:

 

1.

I have reviewed this report on Form N-CSR of T. Rowe Price Spectrum Moderate Growth Allocation Fund;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 19, 2023     

/s/ David Oestreicher

     David Oestreicher
     Principal Executive Officer

CERTIFICATIONS

I, Alan S. Dupski, certify that:

 

1.

I have reviewed this report on Form N-CSR of T. Rowe Price Spectrum Moderate Growth Allocation Fund;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  (d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 19, 2023     

/s/ Alan S. Dupski

     Alan S. Dupski
     Principal Financial Officer

Item 13. (b)

CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002

Name of Issuer: T. Rowe Price Spectrum Moderate Growth Allocation Fund    

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

 

  1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

 

Date: January 19, 2023

     

/s/ David Oestreicher

     David Oestreicher
     Principal Executive Officer

Date: January 19, 2023

     

/s/ Alan S. Dupski

     Alan S. Dupski
     Principal Financial Officer