T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
February
28,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.2%
AmeriCredit
Automobile
Receivables
Trust
Series 2016-4,
Class
D
2.74%,
12/8/22
785,000
790
AmeriCredit
Automobile
Receivables
Trust
Series 2018-2,
Class
D
4.01%,
7/18/24
160,000
170
AmeriCredit
Automobile
Receivables
Trust
Series 2019-1,
Class
B
3.13%,
2/18/25
290,000
299
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
175,000
178
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/7/49 (1)
603,488
621
Ares
LVII
Series 2020-57A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.564%,
10/25/31 (1)
470,000
470
Avis
Budget
Rental
Car
Funding
AESOP
Series 2017-1A,
Class
A
3.07%,
9/20/23 (1)
245,000
253
Avis
Budget
Rental
Car
Funding
AESOP
Series 2018-2A,
Class
A
4.00%,
3/20/25 (1)
500,000
545
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-2A,
Class
A
3.35%,
9/22/25 (1)
225,000
243
Barings
Series 2013-IA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.80%,
1.024%,
1/20/28 (1)
259,515
260
Barings
Series 2016-2A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.304%,
7/20/28 (1)
399,208
399
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
1.741%,
4/15/29 (1)
250,000
248
Capital
One
Multi-Asset
Execution
Trust
Series 2005-B3,
Class
B3,
FRN
3M
USD
LIBOR
+
0.55%,
0.791%,
5/15/28
320,000
317
Carlyle
Global
Market
Strategies
Series 2015-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.00%,
1.219%,
7/28/28 (1)
247,974
248
Carmax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
395,000
409
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
810,000
805
CBAM
Series 2019-9A,
Class
B1,
CLO,
FRN
3M
USD
LIBOR
+
1.90%,
2.141%,
2/12/30 (1)
250,000
250
CIFC
Funding
Series 2015-4A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.374%,
10/20/27 (1)
397,809
398
CNH
Equipment
Trust
Series 2017-C,
Class
B
2.54%,
5/15/25
50,000
51
Cole
Park
Series 2015-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.05%,
1.274%,
10/20/28 (1)
432,578
433
Driven
Brands
Funding
Series 2019-1A,
Class
A2
4.641%,
4/20/49 (1)
215,600
228
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
199,000
209
Dryden
Series 2020-86A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
1.873%,
7/17/30 (1)
905,000
908
Elara
HGV
Timeshare
Issuer
Series 2014-A,
Class
A
2.53%,
2/25/27 (1)
23,731
24
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2020-2,
Class
B
1.32%,
9/15/27
175,000
175
GM
Financial
Automobile
Leasing
Trust
Series 2020-3,
Class
C
1.11%,
10/21/24
200,000
202
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2017-3A,
Class
C
2.52%,
3/16/23 (1)
170,000
172
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-1,
Class
C
1.48%,
8/15/25 (1)
320,000
326
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25 (1)
185,000
187
Golub
Capital
Partners
Series 2018-39A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.374%,
10/20/28 (1)
339,442
340
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
454,538
484
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hilton
Grand
Vacations
Trust
Series 2017-AA,
Class
A
2.66%,
12/26/28 (1)
35,326
36
Hyundai
Auto
Receivables
Trust
Series 2016-B,
Class
D
2.68%,
9/15/23
325,000
326
Hyundai
Auto
Receivables
Trust
Series 2020-C,
Class
C
1.08%,
12/15/27
330,000
329
Jack
in
the
Box
Funding
Series 2019-1A,
Class
A2I
3.982%,
8/25/49 (1)
441,663
453
KKR
Series 29A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
1/15/32 (1)
515,000
515
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.33%,
1.571%,
10/15/32 (1)
740,000
744
Madison
Park
Funding
XXXVII
Series 2019-37A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.541%,
7/15/32 (1)
270,000
270
Magnetite
XVIII
Series 2016-18A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.274%,
11/15/28 (1)
400,000
400
Magnetite
XXV
Series 2020-25A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
1/25/32 (1)(2)
255,000
255
MVW
Series 2020-1A,
Class
A
1.74%,
10/20/37 (1)
159,095
162
MVW
Owner
Trust
Series 2014-1A,
Class
A
2.25%,
9/22/31 (1)
17,378
17
MVW
Owner
Trust
Series 2015-1A,
Class
A
2.52%,
12/20/32 (1)
132,438
133
Navient
Private
Education
Loan
Trust
Series 2017-A,
Class
A2A
2.88%,
12/16/58 (1)
101,986
104
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
569,915
588
Navient
Private
Education
Refi
Loan
Trust
Series 2020-BA,
Class
A2
2.12%,
1/15/69 (1)
320,000
327
Navient
Private
Education
Refi
Loan
Trust
Series 2020-CA,
Class
B
2.83%,
11/15/68 (1)
350,000
341
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Navient
Private
Education
Refi
Loan
Trust
Series 2020-DA,
Class
A
1.69%,
5/15/69 (1)
174,770
177
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
168,741
169
Navient
Private
Education
Refi
Loan
Trust
Series 2020-HA,
Class
A
1.31%,
1/15/69 (1)
266,296
269
Navient
Private
Education
Refi
Loan
Trust
Series 2021-A,
Class
A
0.84%,
5/15/69 (1)
255,000
255
Navistar
Financial
Dealer
Note
Master
Trust
Series 2020-1,
Class
C,
FRN
1M
USD
LIBOR
+
2.15%,
2.268%,
7/25/25 (1)
205,000
208
Nelnet
Student
Loan
Trust
Series 2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
0.858%,
3/26/68 (1)
202,369
202
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1/20/32 (1)(2)
915,000
915
Neuberger
Berman
Loan
Advisers
Series 2020-38A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.524%,
10/20/32 (1)
455,000
456
Neuberger
Berman
XVI
Series 2017-16SA,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
0.85%,
1.091%,
1/15/28 (1)
490,419
490
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
1.874%,
7/20/29 (1)
370,000
370
OCP
Series 2020-19A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.75%,
1.974%,
7/20/31 (1)
400,000
401
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.18%,
1.398%,
1/24/33 (1)
660,000
661
Octagon
Investment
Partners
XXIII
Series 2015-1A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.85%,
1.091%,
7/15/27 (1)
323,441
323
Octagon
Investment
Partners
XXIII
Series 2015-1A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.441%,
7/15/27 (1)
385,000
381
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.01%,
1.233%,
7/17/29 (1)
458,178
458
OZLM
VIII
Series 2014-8A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.393%,
10/17/29 (1)
391,915
392
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Palmer
Square
Series 2020-2A,
Class
A1A,
CLO,
FRN
3M
USD
LIBOR
+
1.70%,
1.941%,
7/15/31 (1)
390,000
391
Reese
Park
Series 2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.561%,
10/15/32 (1)
445,000
445
Santander
Drive
Auto
Receivables
Trust
Series 2019-1,
Class
B
3.21%,
9/15/23
21,472
21
Santander
Retail
Auto
Lease
Trust
Series 2019-B,
Class
D
3.31%,
6/20/24 (1)
580,000
601
Sierra
Timeshare
Receivables
Funding
Series 2019-1A,
Class
A
3.20%,
1/20/36 (1)
131,124
136
Sierra
Timeshare
Receivables
Funding
Series 2020-2A,
Class
C
3.51%,
7/20/37 (1)
214,372
222
SMB
Private
Education
Loan
Trust
Series 2015-B,
Class
A2A
2.98%,
7/15/27 (1)
103,431
105
SMB
Private
Education
Loan
Trust
Series 2015-C,
Class
A3,
FRN
1M
USD
LIBOR
+
1.95%,
2.062%,
8/16/32 (1)
455,000
466
SMB
Private
Education
Loan
Trust
Series 2016-A,
Class
A2A
2.70%,
5/15/31 (1)
86,445
90
SMB
Private
Education
Loan
Trust
Series 2016-B,
Class
A2A
2.43%,
2/17/32 (1)
429,066
442
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
572,280
606
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
570,000
562
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
375,000
375
Symphony
XVII
Series 2016-17A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.88%,
1.121%,
4/15/28 (1)
808,425
807
Symphony
XX
Series 2018-20A,
Class
BR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
1/16/32 (1)(2)
670,000
671
Symphony
XXIII
Series 2020-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.487%,
1/15/34 (1)
930,000
933
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Symphony
XXVI
Series 2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
4/20/33 (1)(2)
270,000
270
Synchrony
Credit
Card
Master
Note
Trust
Series 2016-2,
Class
C
2.95%,
5/15/24
926,939
931
Verizon
Owner
Trust
Series 2018-1A,
Class
C
3.20%,
9/20/22 (1)
365,000
368
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.284%,
10/20/29 (1)
490,000
490
Total
Asset-Backed
Securities
(Cost
$30,403)
30,701
BOND
MUTUAL
FUNDS
16.9%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
2.06% (3)(4)
10,554,595
105,968
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(0.48)% (3)
(4)
540
7
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.41% (3)(4)
8,795,401
72,386
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.35% (3)(4)
4,530,442
44,217
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.45% (3)(4)
8,219,817
72,252
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.12% (3)(4)
10,893,003
110,782
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(0.81)% (3)(4)
10,211
54
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.66% (3)(4)
3,341,858
38,031
Total
Bond
Mutual
Funds
(Cost
$441,950)
443,697
COMMON
STOCKS
53.8%
COMMUNICATION
SERVICES
6.7%
Diversified
Telecommunication
Services
0.3%
KT
(KRW)
35,568
824
Nippon
Telegraph
&
Telephone
(JPY)
223,100
5,779
Telecom
Italia
(EUR)
1,670,088
895
7,498
Entertainment
1.3%
Cinemark
Holdings
16,900
379
Live
Nation
Entertainment (5)
18,055
1,604
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Netflix (5)
20,525
11,060
Roku (5)
804
318
Sea,
ADR (5)
32,079
7,561
Spotify
Technology (5)
9,427
2,898
Walt
Disney (5)
47,506
8,980
Zynga,
Class
A (5)
72,440
808
33,608
Interactive
Media
&
Services
4.6%
Alphabet,
Class
A (5)
3,012
6,090
Alphabet,
Class
C (5)(6)
29,012
59,093
Facebook,
Class
A (5)(6)
104,398
26,895
Kuaishou
Technology
(HKD) (5)
5,000
199
Match
Group (5)
27,027
4,131
NAVER
(KRW)
5,884
1,959
Pinterest,
Class
A (5)
3,452
278
Snap,
Class
A (5)
87,962
5,776
Tencent
Holdings
(HKD)
175,910
15,304
Z
Holdings
(JPY)
241,800
1,476
121,201
Media
0.3%
Advantage
Solutions (5)
12,345
112
Advantage
Solutions,
Warrants,
12/31/26 (5)
3,886
7
Cable
One
649
1,243
Charter
Communications,
Class
A (5)
1,135
696
Comcast,
Class
A
20,703
1,091
CyberAgent
(JPY)
30,900
1,866
National
CineMedia
34,519
163
Stroeer
(EUR)
15,339
1,376
WPP
(GBP)
194,070
2,321
8,875
Wireless
Telecommunication
Services
0.2%
SoftBank
Group
(JPY)
21,100
1,969
T-Mobile
US (5)
1,710
205
Vodafone
Group,
ADR
118,352
2,034
4,208
Total
Communication
Services
175,390
CONSUMER
DISCRETIONARY
6.7%
Auto
Components
0.4%
Aptiv
5,865
879
Autoliv,
SDR
(SEK)
15,582
1,371
Denso
(JPY)
23,400
1,414
Gentherm (5)
8,896
630
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Magna
International
38,893
3,275
Stanley
Electric
(JPY)
44,000
1,312
Stoneridge (5)
10,221
313
Sumitomo
Rubber
Industries
(JPY)
47,300
531
9,725
Automobiles
0.5%
General
Motors
114,200
5,862
Honda
Motor
(JPY)
29,700
821
Suzuki
Motor
(JPY)
34,200
1,492
Toyota
Motor
(JPY)
58,000
4,286
12,461
Diversified
Consumer
Services
0.0%
Bright
Horizons
Family
Solutions (5)
4,383
700
Strategic
Education
870
79
Terminix
Global
Holdings (5)
1,882
85
864
Hotels,
Restaurants
&
Leisure
1.0%
BJ's
Restaurants (5)
16,001
889
Bloomin'
Brands
7,701
191
Chipotle
Mexican
Grill (5)
2,036
2,936
Chuy's
Holdings (5)
17,192
705
Compass
Group
(GBP) (5)
92,988
1,888
Denny's (5)
19,221
337
Domino's
Pizza
404
140
Drive
Shack (5)
40,000
104
Fiesta
Restaurant
Group (5)
30,219
461
Hilton
Worldwide
Holdings
25,719
3,181
Marriott
International,
Class
A
12,438
1,842
McDonald's
11,422
2,354
Papa
John's
International
12,570
1,134
Red
Robin
Gourmet
Burgers (5)
10,750
330
Starbucks
24,499
2,647
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $443 (5)(7)(8)(9)
51,774
443
Yum!
Brands
62,387
6,459
26,041
Household
Durables
0.3%
Cavco
Industries (5)
1,503
317
Lennar,
Class
A
6,407
531
Panasonic
(JPY)
144,800
1,872
Persimmon
(GBP)
44,482
1,612
Skyline
Champion (5)
13,380
592
Sony
(JPY)
26,100
2,756
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TRI
Pointe
Group (5)
13,663
260
7,940
Internet
&
Direct
Marketing
Retail
2.9%
A
Place
for
Rover,
Acquisition
Date:
5/25/18,
Cost $4 (5)(8)
669
7
Alibaba
Group
Holding,
ADR (5)
61,188
14,548
Amazon.com (5)(6)
15,651
48,407
ASOS
(GBP) (5)
40,960
3,207
Booking
Holdings (5)
1,587
3,695
DoorDash,
Class
A (5)
2,089
354
Etsy (5)
5,324
1,173
JD.com,
ADR (5)
7,917
743
Pinduoduo,
ADR (5)
5,647
966
Poshmark,
Class
A (5)
1,944
113
RealReal (5)
13,300
340
THG
(GBP) (5)
36,720
362
Zalando
(EUR) (5)
24,482
2,517
76,432
Multiline
Retail
0.3%
Dollar
General
22,468
4,246
Dollar
Tree (5)
281
28
Next
(GBP) (5)
17,669
1,871
Ollie's
Bargain
Outlet
Holdings (5)
12,722
1,052
7,197
Specialty
Retail
0.8%
Burlington
Stores (5)
5,870
1,519
Carvana (5)
6,518
1,848
Five
Below (5)
1,700
317
Home
Depot
12,720
3,286
Kingfisher
(GBP) (5)
565,193
2,095
L
Brands
9,473
518
Michaels (5)
30,597
459
Monro
10,951
679
Petco
Health
&
Wellness (5)
8,237
164
RH (5)
1,114
546
Ross
Stores
38,437
4,483
TJX
62,831
4,146
Vroom (5)
7,541
334
20,394
Textiles,
Apparel
&
Luxury
Goods
0.5%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $75 (5)(7)(8)
6,830
79
Capri
Holdings (5)
10,600
495
EssilorLuxottica
(EUR)
11,926
1,946
Kering
(EUR)
2,431
1,537
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Lululemon
Athletica (5)
9,012
2,809
Moncler
(EUR) (5)
35,447
2,192
NIKE,
Class
B
29,577
3,986
Samsonite
International
(HKD) (5)
380,400
739
Steven
Madden
3,700
137
VF
2,629
208
14,128
Total
Consumer
Discretionary
175,182
CONSUMER
STAPLES
1.5%
Beverages
0.2%
Boston
Beer,
Class
A (5)
2,184
2,247
Diageo
(GBP)
62,665
2,465
Kirin
Holdings
(JPY)
49,700
979
5,691
Food
&
Staples
Retailing
0.1%
Seven
&
i
Holdings
(JPY) (10)
66,600
2,539
Welcia
Holdings
(JPY) (10)
21,100
672
3,211
Food
Products
0.7%
Barry
Callebaut
(CHF)
621
1,343
Cal-Maine
Foods (5)
14,501
553
Darling
Ingredients (5)
20,533
1,294
Mondelez
International,
Class
A
14,731
783
Nestle
(CHF)
89,704
9,362
Nomad
Foods (5)
18,465
436
Post
Holdings (5)
7,652
735
Sanderson
Farms
3,786
577
TreeHouse
Foods (5)
15,622
782
Utz
Brands
24,287
614
Wilmar
International
(SGD)
565,500
2,227
18,706
Household
Products
0.1%
Procter
&
Gamble
12,166
1,503
1,503
Personal
Products
0.4%
BellRing
Brands,
Class
A (5)
7,115
162
Estee
Lauder,
Class
A
1,157
331
L'Oreal
(EUR)
9,258
3,379
Pola
Orbis
Holdings
(JPY)
20,100
460
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Unilever
(GBP)
118,502
6,177
10,509
Total
Consumer
Staples
39,620
ENERGY
0.6%
Energy
Equipment
&
Services
0.1%
Cactus,
Class
A
7,100
226
Computer
Modelling
Group
(CAD)
19,576
88
Dril-Quip (5)
4,726
160
Halliburton
34,481
753
Liberty
Oilfield
Services,
Class
A
42,000
491
NexTier
Oilfield
Solutions (5)
62,060
289
Worley
(AUD)
185,856
1,582
3,589
Oil,
Gas
&
Consumable
Fuels
0.5%
Chevron
7,550
755
Devon
Energy
20,900
450
Diamondback
Energy
12,922
895
Equinor
(NOK) (10)
141,949
2,692
Magnolia
Oil
&
Gas,
Class
A (5)
50,185
605
Royal
Dutch
Shell,
Class
B,
ADR
33,410
1,299
Seven
Generations
Energy,
Class
A
(CAD) (5)
16,324
108
TOTAL
(EUR)
99,476
4,639
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $18 (5)(7)(8)
6
34
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $232 (5)(7)(8)
64
356
Williams
108,423
2,476
14,309
Total
Energy
17,898
FINANCIALS
7.6%
Banks
2.6%
Atlantic
Capital
Bancshares (5)
9,806
200
Australia
&
New
Zealand
Banking
Group
(AUD)
89,829
1,804
Bank
of
America
191,361
6,642
BankUnited
28,232
1,135
BNP
Paribas
(EUR) (5)
49,934
2,968
Citizens
Financial
Group
16,222
705
Close
Brothers
Group
(GBP)
27,547
598
Columbia
Banking
System
7,106
315
CrossFirst
Bankshares (5)
16,302
218
DBS
Group
Holdings
(SGD)
61,642
1,221
Dime
Community
Bancshares
8,904
262
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
DNB
(NOK) (10)
185,690
3,607
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $41 (5)(7)(8)
4,058
49
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $20 (5)(7)(8)
1,993
24
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(7)(8)
605
2
East
West
Bancorp
11,466
827
Equity
Bancshares,
Class
A (5)
8,834
230
Erste
Group
Bank
(EUR) (5)
37,851
1,243
FB
Financial
14,206
603
First
Bancshares
10,441
335
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $67 (5)(7)(8)
6,708
46
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(7)(8)
1,212
3
Heritage
Commerce
28,287
269
Heritage
Financial
10,692
277
Home
BancShares
31,926
780
ING
Groep
(EUR)
240,035
2,629
Intesa
Sanpaolo
(EUR) (5)
473,361
1,217
Investors
Bancorp
29,336
391
JPMorgan
Chase
61,339
9,027
Live
Oak
Bancshares
13,222
729
Lloyds
Banking
Group
(GBP) (5)
3,032,456
1,652
Mitsubishi
UFJ
Financial
Group
(JPY)
278,400
1,464
National
Bank
of
Canada
(CAD)
48,648
3,064
Origin
Bancorp
11,946
409
Pacific
Premier
Bancorp
18,201
734
Pinnacle
Financial
Partners
14,571
1,183
PNC
Financial
Services
Group
19,495
3,282
Popular
6,248
418
Professional
Holding,
Class
A (5)
6,150
98
Prosperity
Bancshares
7,199
529
Sandy
Spring
Bancorp
9,155
344
Seacoast
Banking (5)
21,299
766
Signature
Bank
5,407
1,181
South
State
10,446
824
Standard
Chartered
(GBP)
109,618
709
Sumitomo
Mitsui
Trust
Holdings
(JPY)
35,097
1,159
Svenska
Handelsbanken,
Class
A
(SEK) (5)
191,540
2,019
United
Overseas
Bank
(SGD)
105,800
1,943
Webster
Financial
10,837
599
Wells
Fargo
205,564
7,435
Western
Alliance
Bancorp
15,664
1,433
69,601
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Capital
Markets
2.0%
Altimeter
Growth (5)
16,605
224
Bluescape
Opportunities
Acquisition (5)
20,811
244
Cboe
Global
Markets
9,419
932
Charles
Schwab
166,931
10,303
dMY
Technology
Group
II,
Class
A (5)
5,100
97
Goldman
Sachs
Group
36,509
11,664
Intercontinental
Exchange
15,884
1,752
Macquarie
Group
(AUD)
15,875
1,738
Morgan
Stanley
293,439
22,557
MSCI
265
110
S&P
Global
8,951
2,948
StepStone
Group,
Class
A (5)
16,220
584
XP,
Class
A (5)
7,681
339
53,492
Consumer
Finance
0.1%
Capital
One
Financial
11,474
1,379
Encore
Capital
Group (5)
11,428
382
PRA
Group (5)
11,655
429
PROG
Holdings
14,493
725
SLM
23,357
369
3,284
Diversified
Financial
Services
0.4%
Challenger
(AUD)
162,591
805
Element
Fleet
Management
(CAD)
212,417
2,083
Equitable
Holdings
215,861
6,383
Mitsubishi
UFJ
Lease
&
Finance
(JPY)
152,900
825
10,096
Insurance
2.4%
AIA
Group
(HKD)
100,200
1,264
American
International
Group
193,477
8,503
Assurant
6,570
810
Aviva
(GBP)
271,581
1,376
AXA
(EUR)
174,174
4,380
Axis
Capital
Holdings
13,677
691
Chubb
40,542
6,591
Direct
Line
Insurance
Group
(GBP)
146,117
653
Hanover
Insurance
Group
5,136
593
Hartford
Financial
Services
Group
43,374
2,199
Loews
7,413
354
Marsh
&
McLennan
24,219
2,791
MetLife
109,776
6,323
Munich
Re
(EUR)
15,312
4,504
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PICC
Property
&
Casualty,
Class
H
(HKD)
1,548,000
1,171
Ping
An
Insurance
Group,
Class
H
(HKD)
123,500
1,528
Principal
Financial
Group
10,915
618
Safety
Insurance
Group
2,456
194
Sampo,
Class
A
(EUR)
67,340
2,997
Selective
Insurance
Group
14,038
952
Selectquote (5)
8,428
257
State
Auto
Financial
6,043
113
Storebrand
(NOK) (5)
240,328
2,049
Sun
Life
Financial
(CAD) (10)
64,233
3,091
Tokio
Marine
Holdings
(JPY)
53,700
2,668
Travelers
19,422
2,826
Willis
Towers
Watson
472
104
Zurich
Insurance
Group
(CHF)
5,997
2,448
62,048
Thrifts
&
Mortgage
Finance
0.1%
Capitol
Federal
Financial
21,280
283
Essent
Group
13,112
541
Housing
Development
Finance
(INR)
44,554
1,542
Meridian
Bancorp
24,175
405
PennyMac
Financial
Services
13,520
801
Sterling
Bancorp
17,977
92
3,664
Total
Financials
202,185
HEALTH
CARE
6.7%
Biotechnology
0.7%
AbbVie
34,910
3,761
Abcam,
ADR (5)
6,909
165
ACADIA
Pharmaceuticals (5)
3,692
181
Acceleron
Pharma (5)
4,805
654
Agios
Pharmaceuticals (5)
6,050
287
Allogene
Therapeutics (5)
2,566
89
Apellis
Pharmaceuticals (5)
1,948
94
Arcutis
Biotherapeutics (5)
1,758
60
Argenx,
ADR (5)
3,846
1,272
Ascendis
Pharma,
ADR (5)
5,842
905
Avidity
Biosciences (5)
1,944
47
Blueprint
Medicines (5)
5,844
574
Cerevel
Therapeutics
Holdings (5)
4,213
64
CRISPR
Therapeutics (5)
1,052
132
Enanta
Pharmaceuticals (5)
700
35
Exact
Sciences (5)
545
74
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $32 (5)(7)(8)
4,842
32
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
G1
Therapeutics (5)
3,596
80
Generation
Bio (5)
11,472
401
Global
Blood
Therapeutics (5)
10,488
447
Homology
Medicines (5)
6,088
65
IGM
Biosciences (5)
2,763
242
Incyte (5)
12,744
1,002
Insmed (5)
18,449
660
Intellia
Therapeutics (5)
2,435
147
Iovance
Biotherapeutics (5)
1,958
73
Kodiak
Sciences (5)
7,718
996
Legend
Biotech,
ADR (5)
907
25
MeiraGTx
Holdings (5)
3,303
49
Orchard
Therapeutics,
ADR (5)
8,591
60
PTC
Therapeutics (5)
1,700
97
Radius
Health (5)
29,525
549
RAPT
Therapeutics (5)
4,100
74
Replimune
Group (5)
1,840
64
Scholar
Rock
Holding (5)
9,978
540
Seagen (5)
2,511
379
TG
Therapeutics (5)
1,083
47
Turning
Point
Therapeutics (5)
3,446
406
Ultragenyx
Pharmaceutical (5)
8,114
1,148
Vertex
Pharmaceuticals (5)
10,749
2,285
Xencor (5)
9,210
454
Zentalis
Pharmaceuticals (5)
1,640
69
18,785
Health
Care
Equipment
&
Supplies
2.1%
Abbott
Laboratories
20,790
2,490
Alcon
(CHF) (5)
12,127
835
Align
Technology (5)
1,049
595
AtriCure (5)
7,725
504
Avanos
Medical (5)
12,514
576
Axonics
Modulation
Technologies (5)
2,752
139
Becton
Dickinson
&
Company
753
182
Danaher
63,749
14,004
DENTSPLY
SIRONA
2,909
154
Elekta,
Class
B
(SEK)
115,672
1,559
ICU
Medical (5)
2,525
524
Intuitive
Surgical (5)
7,712
5,682
iRhythm
Technologies (5)
4,930
793
JAND,
Class
A,
Acquisition
Date:
3/9/18,
Cost $90 (5)(7)(8)
5,722
140
Koninklijke
Philips
(EUR) (5)
111,415
6,083
Medtronic
47,569
5,564
Mesa
Laboratories
709
193
Nevro (5)
3,162
522
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NuVasive (5)
5,144
310
Outset
Medical (5)
1,142
57
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $192 (5)(7)(8)
51,080
86
Penumbra (5)
1,523
433
Pulmonx (5)
1,045
60
Quidel (5)
6,849
1,125
Siemens
Healthineers
(EUR)
38,497
2,133
Stryker
39,687
9,632
Zimmer
Biomet
Holdings
3,041
496
54,871
Health
Care
Providers
&
Services
1.6%
Accolade (5)
2,828
125
Alignment
Healthcare
Partners,
Acquisition
Date:
2/28/20,
Cost $123 (5)(7)(8)
10,153
125
Amedisys (5)
3,957
1,003
Anthem
20,504
6,216
Centene (5)
39,267
2,299
Cigna
21,602
4,534
Cross
Country
Healthcare (5)
15,115
168
Fresenius
(EUR)
50,603
2,168
Hanger (5)
23,464
516
HCA
Healthcare
52,989
9,116
Humana
3,013
1,144
ModivCare (5)
3,874
497
Molina
Healthcare (5)
7,238
1,569
Oak
Street
Health (5)
1,431
76
Option
Care
Health (5)
7,886
151
Pennant
Group (5)
7,005
370
U.S.
Physical
Therapy
4,791
562
UnitedHealth
Group
33,692
11,193
41,832
Health
Care
Technology
0.0%
Certara (5)
2,283
79
Veeva
Systems,
Class
A (5)
3,918
1,098
1,177
Life
Sciences
Tools
&
Services
0.7%
Adaptive
Biotechnologies (5)
4,134
234
Agilent
Technologies
34,209
4,176
Bruker
15,784
963
Evotec
(EUR) (5)
29,120
1,126
PPD (5)
9,579
336
Quanterix (5)
2,062
156
Seer (5)
1,601
77
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Seer,
Class
A,
Acquisition
Date:
12/8/20,
Cost $54 (5)(8)
2,814
129
Thermo
Fisher
Scientific
26,312
11,842
19,039
Pharmaceuticals
1.6%
Arvinas (5)
1,044
82
Astellas
Pharma
(JPY)
264,800
4,187
AstraZeneca,
ADR
48,200
2,332
Atea
Pharmaceuticals (5)
1,818
137
Bausch
Health (5)
42,838
1,346
Bayer
(EUR)
48,647
2,955
Cara
Therapeutics (5)
4,573
84
Catalent (5)
12,103
1,376
Elanco
Animal
Health (5)
72,822
2,393
Eli
Lilly
and
Company
19,936
4,085
GlaxoSmithKline,
ADR
61,451
2,065
Ipsen
(EUR)
11,416
972
Novartis
(CHF)
58,417
5,031
Novo
Nordisk,
Class
B
(DKK)
15,289
1,090
Otsuka
Holdings
(JPY)
46,700
1,863
Reata
Pharmaceuticals,
Class
A (5)
2,927
358
Roche
Holding
(CHF)
16,811
5,515
Sanofi
(EUR)
49,752
4,566
Takeda
Pharmaceutical,
ADR
49,379
825
TherapeuticsMD (5)
111,628
170
Zoetis
11,563
1,795
43,227
Total
Health
Care
178,931
INDUSTRIALS
&
BUSINESS
SERVICES
6.0%
Aerospace
&
Defense
0.2%
BWX
Technologies
5,008
291
Meggitt
(GBP) (5)
377,870
2,240
Parsons (5)
5,468
195
Safran
(EUR) (5)
11,676
1,592
Teledyne
Technologies (5)
3,172
1,177
5,495
Air
Freight
&
Logistics
0.3%
FedEx
13,049
3,321
United
Parcel
Service,
Class
B
21,765
3,435
6,756
Airlines
0.1%
Alclear
Holdings,
Class
B,
Acquisition
Date:
3/6/18
-
12/13/18,
Cost $225 (5)(7)(8)(9)
1,508
437
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Southwest
Airlines
41,908
2,436
United
Airlines
Holdings (5)
520
28
2,901
Building
Products
0.2%
Gibraltar
Industries (5)
12,103
1,057
Johnson
Controls
International
53,011
2,958
PGT
Innovations (5)
17,563
414
4,429
Commercial
Services
&
Supplies
0.2%
ADT
55,425
422
Brink's
9,180
705
Cintas
3,443
1,117
Copart (5)
814
89
Heritage-Crystal
Clean (5)
10,495
275
MSA
Safety
3,068
494
Rentokil
Initial
(GBP) (5)
93,052
606
Tetra
Tech
2,589
358
4,066
Electrical
Equipment
0.6%
ABB
(CHF)
100,010
2,879
Array
Technologies (5)
8,673
322
AZZ
15,213
777
Hubbell
10,261
1,821
Legrand
(EUR)
16,557
1,439
Mitsubishi
Electric
(JPY)
212,600
3,148
Prysmian
(EUR)
58,240
1,871
Schneider
Electric
(EUR)
10,757
1,591
Shoals
Technologies
Group,
Class
A (5)
13,319
435
Thermon
Group
Holdings (5)
7,400
151
14,434
Industrial
Conglomerates
1.4%
DCC
(GBP)
19,991
1,615
General
Electric
1,226,215
15,377
Honeywell
International
37,151
7,517
Melrose
Industries
(GBP) (5)
1,059,819
2,463
Roper
Technologies
5,118
1,933
Siemens
(EUR)
45,867
7,098
36,003
Machinery
1.4%
Caterpillar
47,685
10,294
Chart
Industries (5)
7,897
1,130
Deere
26,403
9,218
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Enerpac
Tool
Group
28,032
692
ESCO
Technologies
8,973
948
Federal
Signal
8,003
291
Fortive
14,564
959
Graco
10,192
707
Helios
Technologies
8,241
539
Ingersoll
Rand (5)
22,078
1,023
John
Bean
Technologies
7,957
1,174
KION
Group
(EUR)
24,388
2,061
Knorr-Bremse
(EUR)
11,065
1,409
Marel
(ISK)
25,567
179
Meritor (5)
24,274
737
Mueller
Water
Products,
Class
A
35,953
463
Parker-Hannifin
1,021
293
SMC
(JPY)
1,500
890
SPX (5)
9,907
551
Stanley
Black
&
Decker
2,037
356
THK
(JPY)
33,300
1,083
Toro
5,823
587
35,584
Marine
0.0%
Matson
13,147
911
911
Professional
Services
0.6%
Booz
Allen
Hamilton
Holding
7,996
617
Clarivate (5)
54,742
1,245
CoStar
Group (5)
2,939
2,421
Equifax
2,315
375
Huron
Consulting
Group (5)
3,200
163
Jacobs
Engineering
Group
38,834
4,469
Recruit
Holdings
(JPY)
50,900
2,543
TechnoPro
Holdings
(JPY)
21,500
1,570
Teleperformance
(EUR)
4,432
1,570
Upwork (5)
21,988
1,185
16,158
Road
&
Rail
0.5%
Canadian
Pacific
Railway
205
73
Central
Japan
Railway
(JPY)
9,000
1,483
CSX
4,971
455
Kansas
City
Southern
469
100
Knight-Swift
Transportation
Holdings
14,627
632
Landstar
System
2,746
440
Norfolk
Southern
28,368
7,150
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Saia (5)
2,511
503
Union
Pacific
15,309
3,153
13,989
Trading
Companies
&
Distributors
0.5%
Air
Lease
3,823
175
Ashtead
Group
(GBP)
40,971
2,226
Bunzl
(GBP)
34,488
1,077
Mitsubishi
(JPY)
54,900
1,556
Rush
Enterprises,
Class
A
11,636
494
SiteOne
Landscape
Supply (5)
8,800
1,395
Sumitomo
(JPY)
121,100
1,765
United
Rentals (5)
17,083
5,080
13,768
Total
Industrials
&
Business
Services
154,494
INFORMATION
TECHNOLOGY
12.0%
Communications
Equipment
0.1%
Infinera (5)
6,200
61
LM
Ericsson,
Class
B
(SEK)
271,681
3,395
3,456
Electronic
Equipment,
Instruments
&
Components
0.5%
CTS
19,559
629
Hamamatsu
Photonics
(JPY)
31,300
1,848
Keysight
Technologies (5)
5,478
775
Largan
Precision
(TWD)
8,000
946
Littelfuse
2,899
755
Murata
Manufacturing
(JPY)
31,300
2,683
National
Instruments
18,611
826
Novanta (5)
9,221
1,220
Omron
(JPY)
16,100
1,306
TE
Connectivity
8,772
1,141
12,129
IT
Services
2.8%
Amadeus
IT
Group,
A
Shares
(EUR) (5)
14,723
1,028
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $811 (5)
(7)(8)
144,589
1,167
Automatic
Data
Processing
1,474
256
Euronet
Worldwide (5)
4,459
670
Fidelity
National
Information
Services
14,471
1,997
Fiserv (5)
71,138
8,207
Global
Payments
44,932
8,896
Kratos
Defense
&
Security
Solutions (5)
22,936
631
Mastercard,
Class
A
29,707
10,512
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
MongoDB (5)
2,203
850
NTT
Data
(JPY)
184,100
2,826
PayPal
Holdings (5)
52,111
13,541
Repay
Holdings (5)
6,405
140
ServiceTitan,
Acquisition
Date:
11/9/18,
Cost $6 (5)(7)(8)
229
9
Shopify,
Class
A (5)
1,799
2,304
Snowflake,
Class
A (5)
547
142
Square,
Class
A (5)
1,085
250
StoneCo,
Class
A (5)
4,537
389
Twilio,
Class
A (5)
2,028
797
Visa,
Class
A
83,489
17,732
Wix.com (5)
6,597
2,300
74,644
Semiconductors
&
Semiconductor
Equipment
3.9%
Advanced
Micro
Devices (5)
38,650
3,266
Analog
Devices
31,031
4,835
Applied
Materials
108,513
12,825
ASML
Holding
(EUR)
8,284
4,698
ASML
Holding
6,219
3,527
Broadcom
24,869
11,685
Entegris
17,330
1,823
KLA
2,109
657
Lam
Research
1,899
1,077
Lattice
Semiconductor (5)
34,122
1,642
Marvell
Technology
Group
66,322
3,202
Maxim
Integrated
Products
9,074
846
Microchip
Technology
3,014
460
Micron
Technology (5)
37,333
3,417
Monolithic
Power
Systems
1,971
738
NVIDIA
14,473
7,940
NXP
Semiconductors
64,061
11,694
PDF
Solutions (5)
13,357
245
QUALCOMM
85,170
11,599
Renesas
Electronics
(JPY) (5)
92,700
1,020
Semtech (5)
3,900
286
Taiwan
Semiconductor
Manufacturing
(TWD)
363,759
7,947
Texas
Instruments
23,021
3,966
Tokyo
Electron
(JPY)
5,600
2,335
101,730
Software
3.7%
Atlassian,
Class
A (5)
4,203
999
Ceridian
HCM
Holding (5)
10,811
969
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $60 (5)(7)(8)
2,599
64
Citrix
Systems
6,551
875
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Coupa
Software (5)
2,797
969
Crowdstrike
Holdings,
Class
A (5)
1,942
419
Descartes
Systems
Group (5)
18,089
1,059
DocuSign (5)
6,416
1,454
Duck
Creek
Technologies (5)
1,627
77
Five9 (5)
7,318
1,356
Fortinet (5)
263
44
Intuit
24,896
9,713
Manhattan
Associates (5)
2,952
363
Microsoft (6)
188,830
43,880
nCino (5)
6,079
416
Paycom
Software (5)
2,998
1,122
Proofpoint (5)
5,459
660
RingCentral,
Class
A (5)
169
64
salesforce.com (5)
39,586
8,570
SAP
(EUR)
20,169
2,495
ServiceNow (5)
20,535
10,955
Splunk (5)
15,659
2,239
SS&C
Technologies
Holdings
15,604
1,034
Synopsys (5)
20,255
4,967
Toast,
Acquisition
Date:
9/14/18,
Cost $— (5)(7)(8)
13
2
Workday,
Class
A (5)
5,927
1,453
Workiva (5)
2,942
298
Zendesk (5)
1,596
233
Zoom
Video
Communications,
Class
A (5)
4,079
1,524
98,273
Technology
Hardware,
Storage
&
Peripherals
1.0%
Apple (6)
174,818
21,198
Samsung
Electronics
(KRW)
82,525
6,048
27,246
Total
Information
Technology
317,478
MATERIALS
3.1%
Chemicals
1.3%
Air
Liquide
(EUR)
15,441
2,325
Akzo
Nobel
(EUR)
19,446
2,011
Albemarle
3,465
545
Asahi
Kasei
(JPY)
181,300
1,967
BASF
(EUR)
25,723
2,104
Covestro
(EUR)
51,941
3,761
Element
Solutions
60,799
1,097
International
Flavors
&
Fragrances
19,364
2,624
Johnson
Matthey
(GBP)
59,084
2,525
Linde
29,295
7,156
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Minerals
Technologies
8,209
585
PPG
Industries
19,940
2,688
Quaker
Chemical
3,113
879
Sherwin-Williams
1,045
711
Tosoh
(JPY)
14,500
267
Umicore
(EUR)
31,596
1,856
33,101
Containers
&
Packaging
0.8%
Amcor,
CDI
(AUD)
106,959
1,170
Avery
Dennison
12,630
2,213
Ball
2,208
188
International
Paper
123,809
6,147
Packaging
Corp.
of
America
45,695
6,033
Westrock
138,259
6,027
21,778
Metals
&
Mining
0.9%
Alcoa (5)
16,513
406
Antofagasta
(GBP)
119,926
2,993
BHP
Group
(AUD)
87,476
3,307
BHP
Group
(GBP)
87,130
2,767
Constellium (5)
44,128
584
ERO
Copper
(CAD) (5)
33,900
598
Franco-Nevada
(CAD)
2,616
280
Freeport-McMoRan (5)
161,569
5,479
Haynes
International
8,632
241
IGO
(AUD)
452,612
2,441
Northern
Star
Resources
(AUD)
64,059
496
Rio
Tinto
(AUD)
11,021
1,081
South32
(AUD)
505,401
1,074
Southern
Copper
20,285
1,447
23,194
Paper
&
Forest
Products
0.1%
Domtar
9,008
334
Stora
Enso,
Class
R
(EUR)
105,653
2,081
West
Fraser
Timber
(CAD)
6,973
476
2,891
Total
Materials
80,964
REAL
ESTATE
1.3%
Equity
Real
Estate
Investment
Trusts
1.1%
American
Campus
Communities,
REIT
14,777
605
Community
Healthcare
Trust,
REIT
4,327
190
CubeSmart,
REIT
13,923
515
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
EastGroup
Properties,
REIT
8,071
1,098
First
Industrial
Realty
Trust,
REIT
7,353
314
Flagship
Communities,
REIT
4,150
62
Great
Portland
Estates
(GBP)
163,510
1,546
JBG
SMITH
Properties,
REIT
19,616
623
Prologis,
REIT
123,664
12,251
PS
Business
Parks,
REIT
6,065
879
Regency
Centers,
REIT
3,029
166
Rexford
Industrial
Realty,
REIT
14,287
682
Scentre
Group
(AUD)
472,801
1,047
Welltower,
REIT
45,391
3,082
Weyerhaeuser,
REIT
151,345
5,126
28,186
Real
Estate
Management
&
Development
0.2%
Altus
Group
(CAD)
349
15
FirstService
10,615
1,606
Mitsui
Fudosan
(JPY)
118,600
2,697
4,318
Total
Real
Estate
32,504
UTILITIES
1.6%
Electric
Utilities
0.6%
American
Electric
Power
2,539
190
Evergy
1,333
71
FirstEnergy
25,275
838
IDACORP
6,122
528
MGE
Energy
3,196
204
NextEra
Energy
113,336
8,328
Southern
98,731
5,600
Xcel
Energy
3,018
177
15,936
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
180,000
623
Chesapeake
Utilities
6,051
640
ONE
Gas
11,261
754
Southwest
Gas
Holdings
12,832
800
2,817
Independent
Power
&
Renewable
Electricity
Producers
0.1%
AES
53,742
1,428
Electric
Power
Development
(JPY) (10)
58,400
955
NextEra
Energy
Partners
6,419
466
2,849
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Multi-Utilities
0.7%
Ameren
24,243
1,704
Dominion
Energy
5,076
347
DTE
Energy
1,963
231
Engie
(EUR) (5)
203,969
2,970
National
Grid
(GBP)
176,738
1,987
NorthWestern
3,200
187
Public
Service
Enterprise
Group
66,649
3,588
Sempra
Energy
53,698
6,228
WEC
Energy
Group
3,937
317
17,559
Water
Utilities
0.1%
California
Water
Service
Group
7,337
403
Middlesex
Water
5,302
364
SJW
Group
7,772
487
1,254
Total
Utilities
40,415
Total
Miscellaneous
Common
Stocks
0.0% (11)
424
Total
Common
Stocks
(Cost
$724,758)
1,415,485
CONVERTIBLE
PREFERRED
STOCKS
0.3%
CONSUMER
DISCRETIONARY
0.2%
Automobiles
0.1%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $181 (5)(7)(8)
16,835
621
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $256 (5)(7)(8)
16,502
608
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $1,414 (5)(7)(8)
38,377
1,414
2,643
Diversified
Consumer
Services
0.0%
1stdibs.com,
Series
D,
Acquisition
Date:
2/7/19,
Cost $73 (5)(7)(8)
14,568
121
121
Hotels,
Restaurants
&
Leisure
0.0%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20,
Cost $194 (5)(7)
(8)
8,562
194
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $91 (5)(7)(8)
(9)
10,166
91
285
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Internet
&
Direct
Marketing
Retail
0.1%
A
Place
for
Rover,
Series
G,
Acquisition
Date:
5/11/18,
Cost $72 (5)(8)
9,566
95
Roofoods,
Series
F,
Acquisition
Date:
9/12/17,
Cost $243 (5)(7)(8)
687
603
Roofoods,
Series
G,
Acquisition
Date:
5/16/19,
Cost $9 (5)(7)(8)
22
19
717
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Series
A,
Acquisition
Date:
10/10/18,
Cost $24 (5)(7)(8)
2,220
26
Allbirds,
Series
B,
Acquisition
Date:
10/10/18,
Cost $4 (5)(7)(8)
390
4
Allbirds,
Series
C,
Acquisition
Date:
10/9/18,
Cost $41 (5)(7)(8)
3,730
43
Allbirds,
Series
Seed,
Acquisition
Date:
10/10/18,
Cost $13 (5)(7)
(8)
1,195
14
87
Total
Consumer
Discretionary
3,853
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $174 (5)(7)(8)
9,433
312
Total
Consumer
Staples
312
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $64 (5)(7)(8)
23,170
64
64
Health
Care
Equipment
&
Supplies
0.0%
JAND,
Series
E,
Acquisition
Date:
3/9/18,
Cost $111 (5)(7)(8)
7,058
173
JAND,
Series
F,
Acquisition
Date:
4/3/20,
Cost $152 (5)(7)(8)
7,803
191
Kardium,
Series
D6,
Acquisition
Date:
1/8/21,
Cost $70 (5)(7)(8)
68,919
70
434
Health
Care
Providers
&
Services
0.0%
Bright
Health,
Series
E,
Acquisition
Date:
9/16/20,
Cost $174 (5)
(7)(8)
8,528
174
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $133 (5)(7)(8)
54,988
133
307
Life
Sciences
Tools
&
Services
0.0%
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $96 (5)(7)(8)
7,007
96
96
Total
Health
Care
901
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Machinery
0.0%
Xometry,
Series
A-2,
Acquisition
Date:
7/20/20,
Cost $12 (5)(7)(8)
1,247
12
Xometry,
Series
B,
Acquisition
Date:
7/20/20,
Cost $4 (5)(7)(8)
428
4
Xometry,
Series
C,
Acquisition
Date:
7/20/20,
Cost $4 (5)(7)(8)
445
4
Xometry,
Series
D,
Acquisition
Date:
7/20/20,
Cost $4 (5)(7)(8)
345
4
Xometry,
Series
E,
Acquisition
Date:
7/20/20,
Cost $34 (5)(7)(8)
2,496
34
Xometry,
Series
Seed-1,
Acquisition
Date:
9/4/20,
Cost $18 (5)(7)
(8)
2,258
18
Xometry,
Series
Seed-2,
Acquisition
Date:
9/4/20,
Cost $8 (5)(7)(8)
994
8
84
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $103 (5)(7)(8)
14,525
169
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $142 (5)(7)(8)
10,496
122
291
Total
Industrials
&
Business
Services
375
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (5)
(7)(8)
5
—
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $61 (5)(7)
(8)
2,321
90
90
Software
0.1%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $53 (5)(7)(8)
3,871
95
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $166 (5)(7)(8)
5,499
135
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $147 (5)(7)(8)
831
147
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $69 (5)(7)(8)
5,632
69
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20,
Cost $42 (5)(7)(8)
2,878
42
Nuro,
Series
C,
Acquisition
Date:
10/30/20,
Cost $102 (5)(7)(8)
7,794
102
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $55 (5)(7)(8)
24,051
87
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $88 (5)(7)(8)
2,806
123
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $10 (5)(7)(8)
222
10
Toast,
Series
B,
Acquisition
Date:
9/14/18,
Cost $2 (5)(7)(8)
118
15
Toast,
Series
D,
Acquisition
Date:
6/27/18,
Cost $154 (5)(7)(8)
8,882
1,141
Toast,
Series
F,
Acquisition
Date:
2/14/20,
Cost $36 (5)(7)(8)
789
101
2,067
Total
Information
Technology
2,157
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
MATERIALS
0.0%
Chemicals
0.0%
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $123 (5)(7)(8)
2,982
123
Total
Materials
123
UTILITIES
0.0%
Electric
Utilities
0.0%
Southern,
Series
A,
6.75%,
8/1/22
11,593
559
Total
Utilities
559
Total
Convertible
Preferred
Stocks
(Cost
$5,606)
8,280
CORPORATE
BONDS
4.5%
AbbVie,
2.95%,
11/21/26
335,000
363
AbbVie,
3.20%,
11/21/29
170,000
185
AbbVie,
4.05%,
11/21/39
320,000
368
AbbVie,
4.25%,
11/21/49
295,000
342
AbbVie,
4.70%,
5/14/45
520,000
627
AbbVie,
4.875%,
11/14/48
885,000
1,132
Adani
Electricity
Mumbai,
3.949%,
2/12/30
950,000
979
AerCap
Ireland
Capital,
3.50%,
1/15/25
150,000
158
AerCap
Ireland
Capital,
4.625%,
7/1/22
300,000
315
AerCap
Ireland
Capital,
4.875%,
1/16/24
380,000
415
AerCap
Ireland
Capital,
6.50%,
7/15/25
265,000
311
AIA
Group,
3.90%,
4/6/28 (1)
665,000
744
AIB
Group,
VR,
4.263%,
4/10/25 (1)(12)
375,000
410
Aker,
2.875%,
1/15/26 (1)
150,000
155
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28
595,000
672
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
85,000
102
American
Airlines
PTT,
Series 2013-1,
Class
A,
4.00%,
7/15/25
1
—
American
Campus
Communities
Operating
Partnership,
2.85%,
2/1/30
615,000
631
American
Campus
Communities
Operating
Partnership,
3.30%,
7/15/26
170,000
185
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
380,000
421
Anglo
American
Capital,
4.125%,
9/27/22 (1)
200,000
211
APT
Pipelines,
3.875%,
10/11/22 (1)
345,000
360
APT
Pipelines,
4.25%,
7/15/27 (1)
210,000
238
Arrow
Electronics,
4.00%,
4/1/25
395,000
430
AT&T,
2.25%,
2/1/32
970,000
929
AT&T,
2.30%,
6/1/27
320,000
331
AT&T,
2.55%,
12/1/33 (1)
345,000
331
AT&T,
2.75%,
6/1/31
340,000
345
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
AT&T,
3.80%,
12/1/57 (1)
656,000
624
AT&T,
4.30%,
2/15/30
215,000
246
Ausgrid
Finance,
3.85%,
5/1/23 (1)(10)
245,000
258
Ausgrid
Finance,
4.35%,
8/1/28 (1)
385,000
435
Avnet,
3.75%,
12/1/21
310,000
317
Avolon
Holdings
Funding,
2.75%,
2/21/28 (1)
240,000
228
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
675,000
706
Avolon
Holdings
Funding,
4.25%,
4/15/26 (1)
95,000
100
Avolon
Holdings
Funding,
4.375%,
5/1/26 (1)
240,000
254
Baidu,
2.875%,
7/6/22
610,000
625
Baidu,
3.875%,
9/29/23
420,000
452
Banco
Santander,
3.49%,
5/28/30
200,000
216
Bank
of
America,
3.248%,
10/21/27
785,000
858
Bank
of
America,
3.30%,
1/11/23
1,000,000
1,054
Bank
of
America,
VR,
1.898%,
7/23/31 (12)
815,000
788
Bank
of
America,
VR,
2.496%,
2/13/31 (12)
750,000
768
Bank
of
America,
VR,
2.592%,
4/29/31 (12)
445,000
458
Bank
of
America,
VR,
2.676%,
6/19/41 (12)
295,000
285
Bank
of
America,
VR,
3.419%,
12/20/28 (12)
70,000
77
Bank
of
America,
VR,
3.559%,
4/23/27 (12)
190,000
210
Bank
of
America,
VR,
4.271%,
7/23/29 (12)
715,000
828
Barclays,
VR,
2.852%,
5/7/26 (12)
515,000
543
Barclays,
VR,
3.932%,
5/7/25 (12)
380,000
413
BAT
Capital,
3.557%,
8/15/27
1,025,000
1,111
BAT
International
Finance,
1.668%,
3/25/26
135,000
136
BBVA
Bancomer,
4.375%,
4/10/24 (1)(10)
550,000
599
BBVA
Bancomer,
VR,
5.125%,
1/18/33 (12)
325,000
343
Becton
Dickinson
&
Company,
1.957%,
2/11/31
405,000
399
Becton
Dickinson
&
Company,
2.823%,
5/20/30
250,000
262
Becton
Dickinson
&
Company,
3.70%,
6/6/27
985,000
1,102
Becton
Dickinson
&
Company,
3.734%,
12/15/24
300,000
330
Becton
Dickinson
&
Company,
3.794%,
5/20/50
295,000
326
Becton
Dickinson
&
Company,
4.669%,
6/6/47
738,000
912
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(12)
200,000
199
Boardwalk
Pipelines,
3.40%,
2/15/31
300,000
309
Boardwalk
Pipelines,
4.45%,
7/15/27
85,000
96
Boardwalk
Pipelines,
4.95%,
12/15/24
375,000
424
Boardwalk
Pipelines,
5.95%,
6/1/26
495,000
584
Booking
Holdings,
4.10%,
4/13/25
140,000
156
Booking
Holdings,
4.50%,
4/13/27
150,000
176
Booking
Holdings,
4.625%,
4/13/30
170,000
203
Boral
Finance,
3.00%,
11/1/22 (1)
60,000
62
Boral
Finance,
3.75%,
5/1/28 (1)
1,150,000
1,216
Boston
Properties,
3.25%,
1/30/31
160,000
169
British
Telecommunications,
3.25%,
11/8/29 (1)
410,000
439
Brixmor
Operating
Partnership,
3.65%,
6/15/24
307,000
333
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Brixmor
Operating
Partnership,
3.85%,
2/1/25
170,000
185
Brixmor
Operating
Partnership,
3.90%,
3/15/27
335,000
372
Brixmor
Operating
Partnership,
4.05%,
7/1/30
120,000
132
Brixmor
Operating
Partnership,
4.125%,
5/15/29
715,000
795
Cameron
LNG,
2.902%,
7/15/31 (1)
140,000
148
Cameron
LNG,
3.302%,
1/15/35 (1)
155,000
167
Cameron
LNG,
3.701%,
1/15/39 (1)
115,000
126
Capital
One
Financial,
3.75%,
3/9/27
185,000
207
Cardinal
Health,
3.75%,
9/15/25
330,000
364
Cardinal
Health,
4.50%,
11/15/44
80,000
87
Cardinal
Health,
4.90%,
9/15/45
85,000
99
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
650,000
703
Charter
Communications
Operating,
2.30%,
2/1/32
830,000
812
Charter
Communications
Operating,
2.80%,
4/1/31
770,000
781
Charter
Communications
Operating,
3.75%,
2/15/28
280,000
307
Charter
Communications
Operating,
4.20%,
3/15/28
335,000
375
Charter
Communications
Operating,
4.80%,
3/1/50
115,000
126
Charter
Communications
Operating,
5.125%,
7/1/49
140,000
162
Charter
Communications
Operating,
5.75%,
4/1/48
25,000
31
Charter
Communications
Operating,
6.484%,
10/23/45
90,000
121
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29
365,000
395
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
110,000
128
Cigna,
3.40%,
3/1/27
80,000
88
Cigna,
3.40%,
3/15/50
285,000
290
Cigna,
4.125%,
11/15/25
765,000
864
Cigna,
4.50%,
2/25/26
575,000
659
Citigroup,
VR,
3.106%,
4/8/26 (12)
365,000
393
CNO
Financial
Group,
5.25%,
5/30/25
227,000
260
Comcast,
3.25%,
11/1/39
445,000
472
Country
Garden
Holdings,
5.125%,
1/17/25
200,000
210
Country
Garden
Holdings,
6.15%,
9/17/25
400,000
446
Credit
Suisse
Group,
VR,
2.193%,
6/5/26 (1)(12)
530,000
549
Credit
Suisse
Group,
VR,
2.593%,
9/11/25 (1)(12)
615,000
648
Credit
Suisse
Group,
VR,
4.194%,
4/1/31 (1)(12)
485,000
549
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
725,000
775
CVS
Health,
1.30%,
8/21/27
295,000
288
CVS
Health,
1.875%,
2/28/31
260,000
250
CVS
Health,
2.70%,
8/21/40
115,000
109
CVS
Health,
3.625%,
4/1/27
685,000
761
CVS
Health,
4.25%,
4/1/50
365,000
423
CVS
Health,
5.05%,
3/25/48
535,000
677
CVS
Health,
5.125%,
7/20/45
20,000
25
Daimler
Finance
North
America,
1.45%,
3/2/26 (1)
435,000
436
Daimler
Finance
North
America,
2.45%,
3/2/31 (1)
160,000
162
Danske
Bank,
5.375%,
1/12/24 (1)
510,000
573
Danske
Bank,
VR,
3.001%,
9/20/22 (1)(12)
200,000
202
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(12)
205,000
220
Diamondback
Energy,
3.25%,
12/1/26
430,000
454
Discover
Financial
Services,
3.75%,
3/4/25
630,000
688
Discover
Financial
Services,
4.10%,
2/9/27
480,000
542
Ecolab,
4.80%,
3/24/30
30,000
37
Edison
International,
4.95%,
4/15/25
25,000
28
Energy
Transfer
Operating,
2.90%,
5/15/25
140,000
147
Energy
Transfer
Operating,
3.75%,
5/15/30
535,000
560
Energy
Transfer
Operating,
4.20%,
4/15/27
245,000
263
Energy
Transfer
Operating,
4.50%,
4/15/24
95,000
104
Energy
Transfer
Operating,
4.95%,
6/15/28
145,000
163
Energy
Transfer
Operating,
5.00%,
5/15/50
70,000
73
Energy
Transfer
Operating,
5.25%,
4/15/29
210,000
242
Energy
Transfer
Operating,
5.50%,
6/1/27
280,000
326
Energy
Transfer
Operating,
5.875%,
1/15/24
255,000
285
Energy
Transfer
Operating,
6.00%,
6/15/48
520,000
593
Energy
Transfer
Operating,
6.25%,
4/15/49
95,000
111
Eni,
Series X-R,
4.75%,
9/12/28 (1)
450,000
524
Equitable
Holdings,
4.35%,
4/20/28
495,000
565
Essex
Portfolio,
3.375%,
4/15/26
405,000
446
Falabella,
4.375%,
1/27/25 (10)
900,000
990
GE
Capital
International
Funding,
3.373%,
11/15/25
875,000
954
General
Electric,
5.55%,
1/5/26
320,000
380
General
Motors
Financial,
3.20%,
7/6/21
50,000
50
General
Motors
Financial,
4.00%,
10/6/26
175,000
195
General
Motors
Financial,
4.30%,
7/13/25
385,000
427
General
Motors
Financial,
4.35%,
4/9/25
170,000
188
General
Motors
Financial,
5.10%,
1/17/24
435,000
484
GLP
Capital,
3.35%,
9/1/24
100,000
106
Goldman
Sachs
Group,
3.50%,
11/16/26
280,000
308
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
35,000
36
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
115,000
117
Gray
Oak
Pipeline,
3.45%,
10/15/27 (1)
45,000
47
Hasbro,
3.55%,
11/19/26
195,000
213
Healthcare
Realty
Trust,
2.05%,
3/15/31
150,000
143
Healthcare
Realty
Trust,
3.625%,
1/15/28
440,000
480
Healthpeak
Properties,
2.875%,
1/15/31
55,000
57
Healthpeak
Properties,
3.25%,
7/15/26
55,000
60
Healthpeak
Properties,
3.50%,
7/15/29
60,000
66
Heathrow
Funding,
4.875%,
7/15/21 (1)
695,000
706
Highwoods
Realty,
3.05%,
2/15/30
560,000
576
Highwoods
Realty,
4.125%,
3/15/28
430,000
478
HSBC
Holdings,
3.90%,
5/25/26
565,000
631
HSBC
Holdings,
VR,
1.645%,
4/18/26 (12)
205,000
207
HSBC
Holdings,
VR,
2.099%,
6/4/26 (12)
435,000
449
Humana,
4.875%,
4/1/30
365,000
439
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
195,000
197
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
385,000
397
Intercontinental
Exchange,
1.85%,
9/15/32
1,045,000
992
Intercontinental
Exchange,
2.10%,
6/15/30
515,000
513
Intercontinental
Exchange,
2.65%,
9/15/40
120,000
113
JPMorgan
Chase,
VR,
1.764%,
11/19/31 (12)
920,000
883
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (12)
510,000
525
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (12)
425,000
434
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (12)
320,000
336
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (12)
1,620,000
1,691
Keysight
Technologies,
4.60%,
4/6/27
125,000
147
Kookmin
Bank,
4.50%,
2/1/29
500,000
572
Las
Vegas
Sands,
3.20%,
8/8/24
105,000
110
Las
Vegas
Sands,
3.50%,
8/18/26
170,000
180
Longfor
Group
Holdings,
3.95%,
9/16/29
550,000
595
Marsh
&
McLennan,
2.25%,
11/15/30
140,000
141
Micron
Technology,
4.185%,
2/15/27
425,000
481
Micron
Technology,
5.327%,
2/6/29
180,000
216
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
620,000
674
Morgan
Stanley,
4.00%,
7/23/25
765,000
860
Morgan
Stanley,
VR,
1.794%,
2/13/32 (12)
920,000
878
Morgan
Stanley,
VR,
1.928%,
4/28/32 (12)
135,000
131
Morgan
Stanley,
VR,
4.431%,
1/23/30 (12)
150,000
175
Natwest
Group,
3.875%,
9/12/23
395,000
425
Natwest
Group,
5.125%,
5/28/24
265,000
297
Netflix,
4.625%,
5/15/29
(EUR)
500,000
748
NiSource,
1.70%,
2/15/31
245,000
233
NiSource,
3.60%,
5/1/30
275,000
306
NRG
Energy,
4.45%,
6/15/29 (1)
205,000
226
NTT
Finance,
1.591%,
4/3/28 (1)
475,000
472
NTT
Finance,
2.065%,
4/3/31 (1)
200,000
199
NXP,
2.70%,
5/1/25 (1)
35,000
37
NXP,
3.15%,
5/1/27 (1)
75,000
81
NXP,
5.35%,
3/1/26 (1)
170,000
201
Occidental
Petroleum,
2.90%,
8/15/24
1,085,000
1,057
Pacific
Gas
&
Electric,
2.10%,
8/1/27
385,000
383
Pacific
Gas
&
Electric,
2.50%,
2/1/31
440,000
427
Pacific
Gas
&
Electric,
3.30%,
8/1/40
365,000
347���
Pacific
Gas
&
Electric,
3.95%,
12/1/47
245,000
238
Pacific
Gas
&
Electric,
4.55%,
7/1/30
950,000
1,058
PerkinElmer,
3.30%,
9/15/29
165,000
177
Perrigo
Finance
Unlimited,
3.15%,
6/15/30
375,000
385
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
310,000
340
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
400,000
450
Prologis,
1.25%,
10/15/30
140,000
132
Regency
Centers,
3.60%,
2/1/27
300,000
328
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Regency
Centers,
3.70%,
6/15/30
95,000
104
Reliance
Industries,
3.667%,
11/30/27
925,000
1,031
Reynolds
American,
4.45%,
6/12/25
360,000
401
Ross
Stores,
1.875%,
4/15/31
315,000
303
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
70,000
80
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
910,000
1,052
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
150,000
170
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
210,000
250
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (12)
555,000
558
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
75,000
78
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
390,000
415
SBA
Tower
Trust,
3.168%,
4/11/22 (1)
490,000
492
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
75,000
79
SBA
Tower
Trust,
Series 2014-2A,
Class
C,
STEP,
3.869%,
10/15/49 (1)
760,000
802
Sempra
Energy,
3.40%,
2/1/28
685,000
751
Simon
Property
Group,
2.65%,
7/15/30
290,000
294
Simon
Property
Group,
3.30%,
1/15/26
65,000
70
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
200,000
213
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
570,000
609
Southern,
3.25%,
7/1/26
440,000
477
Standard
Chartered,
VR,
4.644%,
4/1/31 (1)(12)
910,000
1,061
Synchrony
Financial,
4.25%,
8/15/24
85,000
93
Synchrony
Financial,
4.375%,
3/19/24
120,000
132
T-Mobile
USA,
2.05%,
2/15/28 (1)
205,000
204
T-Mobile
USA,
3.75%,
4/15/27 (1)
1,345,000
1,483
Tengizchevroil
Finance
International,
4.00%,
8/15/26
675,000
734
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28
545,000
612
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
495,000
568
Transurban
Finance,
2.45%,
3/16/31 (1)
210,000
213
Transurban
Finance,
3.375%,
3/22/27 (1)
540,000
594
Transurban
Finance,
4.125%,
2/2/26 (1)
130,000
146
Trinity
Acquisition,
4.40%,
3/15/26
335,000
381
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
232,232
226
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28
127,567
124
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32
78,819
78
UnitedHealth
Group,
2.00%,
5/15/30
145,000
145
UnitedHealth
Group,
2.75%,
5/15/40
70,000
69
Valero
Energy,
2.15%,
9/15/27
140,000
140
Vanke
Real
Estate
Hong
Kong,
5.35%,
3/11/24
900,000
1,004
VEREIT
Operating
Partnership,
2.20%,
6/15/28
75,000
74
VEREIT
Operating
Partnership,
2.85%,
12/15/32
375,000
374
VEREIT
Operating
Partnership,
3.10%,
12/15/29
625,000
650
VEREIT
Operating
Partnership,
3.40%,
1/15/28
75,000
81
VEREIT
Operating
Partnership,
3.95%,
8/15/27
399,000
449
VEREIT
Operating
Partnership,
4.60%,
2/6/24
1,265,000
1,390
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
VEREIT
Operating
Partnership,
4.875%,
6/1/26
105,000
122
Verizon
Communications,
2.65%,
11/20/40
340,000
317
Verizon
Communications,
2.987%,
10/30/56 (1)
1,665,000
1,505
Verizon
Communications,
4.329%,
9/21/28
665,000
770
Verizon
Communications,
4.522%,
9/15/48
250,000
294
Verizon
Communications,
4.75%,
11/1/41
235,000
287
Vistra
Operations,
3.55%,
7/15/24 (1)
705,000
756
Vodafone
Group,
4.375%,
5/30/28
255,000
298
Vodafone
Group,
5.25%,
5/30/48
885,000
1,145
Volkswagen
Bank,
2.50%,
7/31/26
(EUR)
300,000
400
Volkswagen
Group
of
America
Finance,
1.625%,
11/24/27 (1)
385,000
382
Volkswagen
Group
of
America
Finance,
2.85%,
9/26/24 (1)
410,000
436
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
600,000
652
Wells
Fargo,
4.30%,
7/22/27
290,000
335
Wells
Fargo,
VR,
2.188%,
4/30/26 (12)
255,000
265
Wells
Fargo,
VR,
2.393%,
6/2/28 (12)
355,000
369
Wells
Fargo,
VR,
2.572%,
2/11/31 (12)
1,030,000
1,062
Wells
Fargo,
VR,
2.879%,
10/30/30 (12)
850,000
897
Wells
Fargo,
VR,
3.068%,
4/30/41 (12)
300,000
308
Westlake
Chemical,
1.625%,
7/17/29
(EUR)
177,000
219
Williams,
3.90%,
1/15/25
150,000
163
Williams,
4.00%,
9/15/25
111,000
123
Williams,
5.10%,
9/15/45
365,000
428
Woodside
Finance,
3.65%,
3/5/25 (1)
470,000
502
Woodside
Finance,
3.70%,
9/15/26 (1)
439,000
476
Woodside
Finance,
3.70%,
3/15/28 (1)
520,000
547
WPP
Finance
2010,
3.75%,
9/19/24
660,000
726
Yili
Holding
Investment,
1.625%,
11/19/25
1,155,000
1,145
Total
Corporate
Bonds
(Cost
$112,690)
118,180
EQUITY
MUTUAL
FUNDS
6.3%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (3)
2,470,742
126,452
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (3)
3,098,346
40,000
Total
Equity
Mutual
Funds
(Cost
$93,229)
166,452
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.2%
Equate
Petrochemical,
4.25%,
11/3/26
675,000
736
Perusahaan
Listrik
Negara,
4.125%,
5/15/27 (1)
550,000
598
QNB
Finance,
2.75%,
2/12/27
600,000
631
Saudi
Arabian
Oil,
3.50%,
4/16/29 (1)
550,000
600
Saudi
Electricity
Global
Sukuk,
4.723%,
9/27/28
500,000
592
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
State
Grid
Overseas
Investment,
2.75%,
5/4/22 (1)
1,060,000
1,085
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$4,181)
4,242
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
1.7%
280
Park
Avenue
Mortgage
Trust,
Series 2017-280P,
Class
A,
ARM,
1M
USD
LIBOR
+
0.88%,
0.992%,
9/15/34 (1)
317,821
318
Angel
Oak
Mortgage
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.238%,
5/25/59 (1)
225,841
227
Angel
Oak
Mortgage
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.691%,
4/25/65 (1)
313,184
317
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65 (1)
160,739
162
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A3,
CMO,
ARM,
1.775%,
5/25/65 (1)
476,898
482
Angel
Oak
Mortgage
Trust
I,
Series 2019-1,
Class
A2,
CMO,
ARM,
4.022%,
11/25/48 (1)
97,897
100
Angel
Oak
Mortgage
Trust
I,
Series 2019-4,
Class
A3,
CMO,
ARM,
3.301%,
7/26/49 (1)
309,761
314
Ashford
Hospitality
Trust,
Series 2018-ASHF,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.356%,
4/15/35 (1)
345,000
342
Atrium
Hotel
Portfolio
Trust,
Series 2017-ATRM,
Class
A,
ARM,
1M
USD
LIBOR
+
0.93%,
1.043%,
12/15/36 (1)
770,000
770
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.362%,
9/15/32 (1)
190,000
190
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
D,
ARM,
1M
USD
LIBOR
+
1.80%,
1.912%,
9/15/32 (1)
230,000
227
Barclays
Commercial
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.266%,
11/15/34 (1)
195,000
192
Bayview
Mortgage
Fund
IVc
Trust,
Series 2017-RT3,
Class
A,
CMO,
ARM,
3.50%,
1/28/58 (1)
174,623
177
Bayview
Opportunity
Master
Fund
IVa
Trust,
Series 2017-RT1,
Class
A1,
CMO,
ARM,
3.00%,
3/28/57 (1)
39,767
40
Benchmark
Mortgage
Trust,
Series 2018-B1,
Class
AM,
ARM,
3.878%,
1/15/51
225,000
252
BX
Commercial
Mortgage
Trust,
Series 2019-IMC,
Class
A,
ARM,
1M
USD
LIBOR
+
1.00%,
1.112%,
4/15/34 (1)
535,000
534
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF2,
Class
C,
ARM,
3.662%,
11/15/52
235,000
243
CIM
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
8/25/49 (1)
148,456
152
CIM
Trust,
Series 2020-INV1,
Class
A2,
CMO,
ARM,
2.50%,
4/25/50 (1)
575,303
591
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
380,000
413
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Citigroup
Commercial
Mortgage
Trust,
Series 2015-GC27,
Class
A5,
3.137%,
2/10/48
225,000
242
Citigroup
Commercial
Mortgage
Trust,
Series 2017-C4,
Class
AS,
3.764%,
10/12/50
405,000
448
Citigroup
Commercial
Mortgage
Trust,
Series 2018-B2,
Class
C,
ARM,
4.672%,
3/10/51
275,000
280
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
A,
2.647%,
12/10/41 (1)
1,000,000
1,042
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
1.762%,
11/15/37 (1)
181,853
182
COLT
Mortgage
Loan
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.764%,
8/25/49 (1)
213,512
215
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.506%,
4/27/65 (1)
190,747
192
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
305,274
310
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
AM,
ARM,
4.028%,
8/10/48
230,000
253
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
B,
ARM,
4.335%,
7/10/48
500,000
542
Commercial
Mortgage
Trust,
Series 2015-PC1,
Class
B,
ARM,
4.325%,
7/10/50
250,000
266
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
A4,
3.762%,
2/10/49
430,000
479
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
311,456
336
Connecticut
Avenue
Securities,
Series 2017-C02,
Class
2ED3,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.468%,
9/25/29
495,945
497
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.218%,
11/25/29
578,578
571
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
1.118%,
2/25/30
286,615
284
Connecticut
Avenue
Securities,
Series 2018-C01,
Class
1ED2,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
0.968%,
7/25/30
489,575
484
Connecticut
Avenue
Securities,
Series 2018-C02,
Class
2EB2,
CMO,
ARM,
1M
USD
LIBOR
+
0.90%,
1.018%,
8/25/30
246,485
242
Connecticut
Avenue
Securities
Trust,
Series 2020-R02,
Class
2M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.868%,
1/25/40 (1)
93,753
94
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
210,000
215
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
AS,
3.278%,
9/15/52
230,000
248
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
B,
3.48%,
9/15/52
270,000
281
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.072%,
9/15/45 (1)
430,000
421
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Deephaven
Residential
Mortgage
Trust,
Series 2019-2A,
Class
A1,
CMO,
ARM,
3.558%,
4/25/59 (1)
162,254
163
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A1,
CMO,
ARM,
2.739%,
11/25/59 (1)
239,565
245
FirstKey
Mortgage
Trust,
Series 2014-1,
Class
B2,
CMO,
ARM,
3.985%,
11/25/44 (1)
132,298
134
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
0.968%,
3/25/50 (1)
151,718
152
FREMF
Mortgage
Trust,
Series 2018-K73,
Class
B,
ARM,
3.853%,
2/25/51 (1)
555,000
608
FREMF
Mortgage
Trust,
Series 2018-K731,
Class
B,
ARM,
3.932%,
2/25/25 (1)
605,000
657
FREMF
Mortgage
Trust,
Series 2019-K100,
Class
B,
ARM,
3.49%,
11/25/52 (1)
600,000
641
FREMF
Mortgage
Trust,
Series 2019-K92,
Class
B,
ARM,
4.193%,
5/25/52 (1)
195,000
219
FREMF
Mortgage
Trust,
Series 2019-K98,
Class
B,
ARM,
3.737%,
10/25/52 (1)
280,000
305
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
139,188
144
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
152,454
158
Galton
Funding
Mortgage
Trust,
Series 2019-2,
Class
A42,
CMO,
ARM,
3.50%,
6/25/59 (1)
73,298
74
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A1,
CMO,
ARM,
2.657%,
10/25/59 (1)
223,060
227
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
384,399
389
Galton
Funding
Mortgage
Trust,
Series 2020-H1,
Class
A1,
CMO,
ARM,
2.31%,
1/25/60 (1)
317,132
323
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
USD
LIBOR
+
1.034%,
1.14%,
12/15/36 (1)
370,000
370
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
1.739%,
12/15/36 (1)
335,000
332
GS
Mortgage
Securities
Trust,
Series 2015-GC28,
Class
AS,
3.759%,
2/10/48
305,000
332
GS
Mortgage
Securities
Trust,
Series 2017-GS8,
Class
C,
ARM,
4.336%,
11/10/50
775,000
821
GS
Mortgage
Securities
Trust,
Series 2019-SOHO,
Class
C,
ARM,
1M
USD
LIBOR
+
1.30%,
1.42%,
6/15/36 (1)
635,000
635
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
1.964%,
7/25/44 (1)
18,992
19
GS
Mortgage-Backed
Securities
Trust,
Series 2019-PJ1,
Class
A8,
CMO,
ARM,
4.00%,
8/25/49 (1)
258,372
266
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
3.00%,
10/25/50 (1)
401,408
410
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hilton
Orlando
Trust,
Series 2018-ORL,
Class
A,
ARM,
1M
USD
LIBOR
+
0.92%,
1.026%,
12/15/34 (1)
503,000
503
Homeward
Opportunities
Fund
I
Trust,
Series 2019-1,
Class
A1,
CMO,
ARM,
3.454%,
1/25/59 (1)
221,058
224
Homeward
Opportunities
Fund
I
Trust,
Series 2019-1,
Class
A3,
CMO,
ARM,
3.606%,
1/25/59 (1)
338,985
343
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.675%,
11/25/59 (1)
171,955
175
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.031%,
11/25/59 (1)
263,539
268
Homeward
Opportunities
Fund
I
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.657%,
5/25/65 (1)
282,782
286
InTown
Hotel
Portfolio
Trust,
Series 2018-STAY,
Class
A,
ARM,
1M
USD
LIBOR
+
0.95%,
1.063%,
1/15/33 (1)
230,000
230
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
145,000
154
JPMorgan
Mortgage
Trust,
Series 2019-INV2,
Class
A3,
CMO,
ARM,
3.50%,
2/25/50 (1)
145,801
151
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
229,329
236
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
265,069
274
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
214,076
221
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
133,720
137
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
294,185
302
Mill
City
Mortgage
Loan
Trust,
Series 2016-1,
Class
A1,
CMO,
ARM,
2.50%,
4/25/57 (1)
46,451
47
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C18,
Class
300A,
3.749%,
8/15/31
225,000
238
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C24,
Class
AS,
ARM,
4.036%,
5/15/48
125,000
138
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47
320,000
356
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
AS,
ARM,
4.031%,
5/15/48
55,000
61
Morgan
Stanley
Capital
I
Trust,
Series 2017-ASHF,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.356%,
11/15/34 (1)
590,000
587
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM2,
Class
A1,
CMO,
ARM,
3.60%,
4/25/49 (1)
220,707
223
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM2,
Class
A2,
CMO,
ARM,
3.701%,
4/25/49 (1)
121,166
122
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
504,756
518
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
New
Residential
Mortgage
Loan
Trust,
Series 2020-NQM1,
Class
A1,
CMO,
ARM,
2.464%,
1/26/60 (1)
280,152
286
OBX
Trust,
Series 2019-EXP2,
Class
1A3,
CMO,
ARM,
4.00%,
6/25/59 (1)
223,242
233
OBX
Trust,
Series 2019-EXP3,
Class
1A8,
CMO,
ARM,
3.50%,
10/25/59 (1)
164,113
168
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
195,794
202
OBX
Trust,
Series 2020-EXP1,
Class
2A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.868%,
2/25/60 (1)
83,007
84
OBX
Trust,
Series 2020-EXP2,
Class
A8,
CMO,
ARM,
3.00%,
5/25/60 (1)
526,229
541
Palisades
Center
Trust,
Series 2016-PLSD,
Class
A,
2.713%,
4/13/33 (1)
181,000
167
Seasoned
Credit
Risk
Transfer
Trust,
Series 2016-1,
Class
M1,
CMO,
ARM,
3.00%,
9/25/55 (1)
62,126
62
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.48%,
4/25/43
378,882
391
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.826%,
8/25/47 (1)
224,114
237
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
189,347
193
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
2/25/48 (1)
54,294
56
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
152,620
155
Sequoia
Mortgage
Trust,
Series 2018-CH4,
Class
A2,
CMO,
ARM,
4.00%,
10/25/48 (1)
136,376
139
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
192,609
196
Starwood
Mortgage
Residential
Trust,
Series 2018-IMC2,
Class
A1,
CMO,
ARM,
4.121%,
10/25/48 (1)
355,553
369
Starwood
Mortgage
Residential
Trust,
Series 2019-1,
Class
A1,
CMO,
ARM,
2.941%,
6/25/49 (1)
234,077
238
Starwood
Mortgage
Residential
Trust,
Series 2019-1,
Class
A2,
CMO,
ARM,
3.146%,
6/25/49 (1)
286,545
291
Starwood
Mortgage
Residential
Trust,
Series 2019-IMC1,
Class
A1,
CMO,
ARM,
3.468%,
2/25/49 (1)
179,078
180
Starwood
Mortgage
Residential
Trust,
Series 2019-IMC1,
Class
A2,
CMO,
ARM,
3.651%,
2/25/49 (1)
299,889
302
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A1,
CMO,
ARM,
2.61%,
9/27/49 (1)
321,759
328
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2015-DNA3,
Class
M3,
CMO,
ARM,
1M
USD
LIBOR
+
4.70%,
4.818%,
4/25/28
500,190
521
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2016-HQA3,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.468%,
3/25/29
15,013
15
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2017-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.20%,
1.318%,
10/25/29
127,410
128
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA1,
Class
M2AT,
CMO,
ARM,
1M
USD
LIBOR
+
1.05%,
1.168%,
7/25/30
374,916
373
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.80%,
0.918%,
12/25/30 (1)
86,206
86
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA3,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.868%,
9/25/48 (1)
378
—
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HQA1,
Class
M2AS,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.218%,
9/25/30
270,816
271
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HRP2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.25%,
1.368%,
2/25/47 (1)
293,003
294
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.868%,
2/25/50 (1)
171,228
171
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA4,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.50%,
1.618%,
8/25/50 (1)
171,457
172
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.80%,
2.845%,
10/25/50 (1)
420,000
424
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA3,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.55%,
1.668%,
7/25/50 (1)
37,455
38
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA5,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
1.145%,
11/25/50 (1)
208,671
209
Towd
Point
Mortgage
Trust,
Series 2015-3,
Class
A1B,
CMO,
ARM,
3.00%,
3/25/54 (1)
12,269
12
Towd
Point
Mortgage
Trust,
Series 2015-4,
Class
A1B,
CMO,
ARM,
2.75%,
4/25/55 (1)
23,032
23
Towd
Point
Mortgage
Trust,
Series 2015-4,
Class
M1,
CMO,
ARM,
3.75%,
4/25/55 (1)
575,000
603
Towd
Point
Mortgage
Trust,
Series 2015-5,
Class
A1B,
CMO,
ARM,
2.75%,
5/25/55 (1)
28,247
28
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A1B,
CMO,
ARM,
2.75%,
2/25/55 (1)
48,942
49
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A3B,
CMO,
ARM,
3.00%,
2/25/55 (1)
102,079
104
Towd
Point
Mortgage
Trust,
Series 2016-2,
Class
A1A,
CMO,
ARM,
2.75%,
8/25/55 (1)
74,225
75
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
51,163
52
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Towd
Point
Mortgage
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
4/25/57 (1)
55,083
56
Towd
Point
Mortgage
Trust,
Series 2017-5,
Class
A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.60%,
0.718%,
2/25/57 (1)
92,310
92
Towd
Point
Mortgage
Trust,
Series 2018-SJ1,
Class
A1,
CMO,
ARM,
4.00%,
10/25/58 (1)
55,286
55
Verus
Securitization
Trust,
Series 2019-1,
Class
A1,
CMO,
ARM,
3.836%,
2/25/59 (1)
285,185
287
Verus
Securitization
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.448%,
5/25/59 (1)
630,421
633
Verus
Securitization
Trust,
Series 2019-3,
Class
A3,
CMO,
STEP,
3.04%,
7/25/59 (1)
206,623
211
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
235,345
240
Verus
Securitization
Trust,
Series 2019-INV1,
Class
A1,
CMO,
ARM,
3.402%,
12/25/59 (1)
142,893
145
Verus
Securitization
Trust,
Series 2019-INV2,
Class
A2,
CMO,
ARM,
3.117%,
7/25/59 (1)
443,415
454
Verus
Securitization
Trust,
Series 2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (1)
552,133
567
Verus
Securitization
Trust,
Series 2020-1,
Class
A3,
CMO,
STEP,
2.724%,
1/25/60 (1)
327,681
333
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60 (1)
100,000
104
Vista
Point
Securitization
Trust,
Series 2020-1,
Class
A1,
CMO,
ARM,
1.763%,
3/25/65 (1)
220,079
222
Vista
Point
Securitization
Trust,
Series 2020-2,
Class
M1,
CMO,
ARM,
3.401%,
4/25/65 (1)
235,000
239
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2015-C29,
Class
C,
ARM,
4.209%,
6/15/48
825,000
893
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2015-NXS2,
Class
C,
ARM,
4.293%,
7/15/58
95,000
102
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
695,000
744
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
1,165,000
1,270
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-C54,
Class
B,
3.671%,
12/15/52
200,000
219
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.501%,
9/15/31 (1)
570,000
583
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2020-C55,
Class
B,
3.139%,
2/15/53
304,786
321
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C22,
Class
AS,
ARM,
4.069%,
9/15/57
430,000
470
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
420,000
460
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$43,704)
44,751
PRIVATE
INVESTMENT
COMPANIES
5.1%
Blackstone
Partners
Offshore
Fund (5)(7)
103,266
133,641
Total
Private
Investment
Companies
(Cost
$104,985)
133,641
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
2.6%
U.S.
Government
Agency
Obligations
2.0%
(13)
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
312,550
49
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
199,834
211
3.00%,
12/1/42
-
2/1/47
1,886,610
2,025
3.50%,
8/1/42
-
3/1/46
1,591,220
1,735
4.00%,
8/1/40
-
12/1/41
724,947
800
4.50%,
6/1/39
-
10/1/41
523,109
589
5.00%,
1/1/24
-
8/1/40
198,829
228
6.00%,
8/1/21
-
8/1/38
137,182
163
6.50%,
11/1/29
-
7/1/35
32,064
35
7.00%,
10/1/25
-
6/1/32
6,237
7
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
2.725%,
7/1/35
2,816
3
12M
USD
LIBOR
+
1.735%,
2.109%,
2/1/37
24,224
25
12M
USD
LIBOR
+
1.75%,
2.479%,
2/1/35
33,461
35
12M
USD
LIBOR
+
1.78%,
2.285%,
9/1/32
645
1
12M
USD
LIBOR
+
1.831%,
2.205%,
1/1/37
14,464
15
Federal
Home
Loan
Mortgage,
UMBS
3.00%,
5/1/31
-
12/1/50
1,131,886
1,199
4.00%,
1/1/50
-
2/1/50
585,294
629
4.50%,
5/1/50
93,397
102
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
4,055
1
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44
151,068
154
Federal
National
Mortgage
Assn.,
ARM,
12M
USD
LIBOR
+
1.89%,
2.638%,
8/1/36
20,855
21
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
151,660
162
3.50%,
6/1/42
-
5/1/46
1,818,436
1,990
4.00%,
11/1/40
441,989
485
Federal
National
Mortgage
Assn.,
UMBS
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
2.50%,
1/1/32
-
12/1/50
3,557,652
3,707
3.00%,
8/1/27
-
7/1/50
8,085,382
8,643
3.50%,
1/1/30
-
7/1/50
5,102,879
5,493
4.00%,
11/1/40
-
1/1/50
3,218,963
3,532
4.50%,
4/1/26
-
5/1/50
1,957,695
2,177
5.00%,
9/1/23
-
12/1/47
704,820
816
5.50%,
11/1/34
-
9/1/41
680,824
796
6.00%,
5/1/21
-
1/1/41
444,783
532
6.50%,
8/1/23
-
5/1/40
352,485
408
7.00%,
9/1/30
-
4/1/32
5,085
6
8.50%,
11/1/21
3
—
UMBS,
TBA(14)
2.00%,
4/1/36
-
3/1/51
6,425,000
6,520
2.50%,
3/1/36
-
3/1/51
4,185,000
4,341
3.00%,
3/1/51
2,620,000
2,742
4.00%,
3/1/51
700,000
752
4.50%,
3/1/51
1,220,000
1,327
52,456
U.S.
Government
Obligations
0.6%
Government
National
Mortgage
Assn.
2.50%,
1/20/51
1,147,043
1,191
3.00%,
9/15/42
-
7/20/50
3,738,186
3,932
3.50%,
11/20/42
-
4/20/48
3,253,641
3,527
4.00%,
2/20/41
-
1/20/48
1,589,559
1,736
4.50%,
11/20/39
-
1/20/47
650,495
735
5.00%,
7/20/39
-
7/20/48
1,174,740
1,329
5.50%,
10/20/32
-
3/20/49
575,218
653
6.00%,
8/20/34
-
12/20/38
294,819
348
6.50%,
10/15/27
-
2/15/29
2,863
3
7.00%,
9/20/27
1,343
1
7.50%,
1/15/30
3,365
3
8.00%,
8/15/24
-
10/20/25
250
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
209,169
218
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
5/20/43
177,790
27
4.00%,
5/20/37
-
2/20/43
214,373
16
4.50%,
12/20/39
12,905
—
Government
National
Mortgage
Assn.,
TBA(14)
2.00%,
3/20/51
405,000
411
2.50%,
3/20/51
1,700,000
1,765
3.00%,
4/20/51
535,000
557
4.00%,
3/20/51
840,000
899
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
17,351
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$68,368)
69,807
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
3.0%
U.S.
Treasury
Obligations
3.0%
U.S.
Treasury
Bonds,
1.375%,
11/15/40
8,080,000
7,231
U.S.
Treasury
Bonds,
1.625%,
11/15/50
4,000,000
3,559
U.S.
Treasury
Bonds,
1.875%,
2/15/41
1,570,000
1,536
U.S.
Treasury
Bonds,
1.875%,
2/15/51
320,000
303
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
1,215,768
1,308
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
3,422,086
3,730
U.S.
Treasury
Notes,
0.125%,
12/31/22
4,885,000
4,885
U.S.
Treasury
Notes,
0.125%,
1/31/23
7,590,000
7,589
U.S.
Treasury
Notes,
0.125%,
5/15/23
4,130,000
4,126
U.S.
Treasury
Notes,
0.125%,
1/15/24
5,620,000
5,598
U.S.
Treasury
Notes,
0.125%,
2/15/24
415,000
413
U.S.
Treasury
Notes,
0.375%,
12/31/25
5,580,000
5,495
U.S.
Treasury
Notes,
0.375%,
1/31/26
9,700,000
9,544
U.S.
Treasury
Notes,
0.375%,
9/30/27
11,995,000
11,478
U.S.
Treasury
Notes,
1.375%,
10/15/22 (15)
7,885,000
8,044
U.S.
Treasury
Notes,
1.625%,
11/15/22
2,620,000
2,687
U.S.
Treasury
Notes,
1.625%,
12/15/22
1,905,000
1,956
79,482
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$80,596)
79,482
SHORT-TERM
INVESTMENTS
5.2%
Money
Market
Funds
5.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05% (3)(16)
135,600,000
135,600
Total
Short-Term
Investments
(Cost
$135,600)
135,600
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Short-Term
Funds
0.4%
T.
Rowe
Price
Short-Term
Fund,
0.10% (3)(16)
1,180,258
11,803
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
11,803
Total
Securities
Lending
Collateral
(Cost
$11,803)
11,803
Total
Investments
in
Securities
101.2%
(Cost
$1,857,873)
$
2,662,121
Other
Assets
Less
Liabilities
(1.2)%
(31,327)
Net
Assets
100.0%
$
2,630,794
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$87,093
and
represents
3.3%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
28,
2021.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Affiliated
Companies
(4)
SEC
30-day
yield
(5)
Non-income
producing
(6)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
February
28,
2021.
(7)
Level
3
in
fair
value
hierarchy.
(8)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$10,955
and
represents
0.4%
of
net
assets.
(9)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(10)
All
or
a
portion
of
this
security
is
on
loan
at
February
28,
2021.
(11)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
46
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(12)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
is
provided
if
the
rate
is
currently
floating.
(13)
Issuer
operates
under
a
Congressional
charter;
its
securities
are
neither
issued
nor
guaranteed
by
the
U.S.
government.
The
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
including
UMBS,
currently
operate
under
a
federal
conservatorship.
(14)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$19,314
and
represents
0.7%
of
net
assets.
(15)
At
February
28,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(16)
Seven-day
yield
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
New
Sol
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RON
New
Romanian
Leu
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
47
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
RUB
Russian
Ruble
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
Allocation
Fund
48
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
Exchange-Traded
Options
Written
(0.1)%
Description
Contracts
Notional
Amount
$
Value
S&P
500
Index,
Call,
4/16/21
@
$3,825.00
333
126,911
(3,578)
Total
Options
Written
(Premiums
$(4,078))
$
(3,578)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
49
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Boeing,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
820
5
3
2
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
40
—
—
—
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
1,475
33
18
15
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
360
4
1
3
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
10
—
—
—
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
775
18
14
4
Citibank,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
85
1
—
1
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
1,489
18
1
17
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
A*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
88
3
1
2
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
50
—
—
—
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
50
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
1,850
(4)
8
(12)
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
46
32
Total
Bilateral
Swaps
46
32
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S35,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
*
3,944
366
381
(15)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S35,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
7,531
172
157
15
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
—
Total
Centrally
Cleared
Swaps
—
Net
payments
(receipts)
of
variation
margin
to
date
10
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
10
*
Credit
ratings
as
of
February
28,
2021.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$33.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
51
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/9/21
IDR
2,713,965
USD
192
$
(5)
Bank
of
America
4/9/21
INR
6,935
USD
94
(1)
Bank
of
America
4/16/21
MXN
3,725
USD
185
(8)
Bank
of
America
4/16/21
RON
760
USD
189
(1)
Bank
of
America
4/16/21
USD
376
RON
1,518
1
Bank
of
America
4/23/21
CAD
245
USD
191
1
Barclays
Bank
4/9/21
USD
375
PEN
1,365
1
Canadian
Imperial
Bank
of
Commerce
4/23/21
CAD
1,165
USD
923
(8)
Citibank
4/16/21
USD
368
MXN
7,555
9
Citibank
4/23/21
AUD
1,500
USD
1,152
3
Citibank
4/23/21
AUD
680
USD
530
(6)
Citibank
4/23/21
JPY
78,216
USD
753
(19)
Citibank
4/23/21
USD
931
NOK
7,900
20
Citibank
4/23/21
USD
958
NZD
1,330
(3)
Credit
Suisse
4/9/21
RUB
14,130
USD
191
(2)
Credit
Suisse
4/9/21
USD
379
INR
27,975
3
Credit
Suisse
4/23/21
NOK
7,800
USD
915
(16)
Deutsche
Bank
4/9/21
IDR
780,485
USD
55
(1)
Deutsche
Bank
4/9/21
USD
379
IDR
5,358,780
9
Goldman
Sachs
4/9/21
INR
6,935
USD
94
—
Goldman
Sachs
4/16/21
MXN
3,830
USD
192
(10)
HSBC
Bank
4/23/21
CAD
1,210
USD
948
2
HSBC
Bank
4/23/21
CAD
715
USD
566
(4)
HSBC
Bank
4/23/21
USD
969
CAD
1,230
2
HSBC
Bank
5/21/21
USD
470
EUR
387
2
JPMorgan
Chase
4/9/21
INR
14,105
USD
191
(1)
JPMorgan
Chase
4/23/21
NOK
6,540
USD
767
(13)
JPMorgan
Chase
4/23/21
NZD
2,640
USD
1,896
11
JPMorgan
Chase
4/23/21
USD
988
AUD
1,275
7
JPMorgan
Chase
4/23/21
USD
992
NOK
8,380
26
JPMorgan
Chase
5/21/21
GBP
680
USD
933
15
JPMorgan
Chase
5/21/21
USD
986
GBP
710
(4)
Morgan
Stanley
4/9/21
PEN
1,365
USD
377
(3)
Morgan
Stanley
4/23/21
NOK
9,880
USD
1,166
(27)
RBC
Dominion
Securities
4/23/21
CAD
1,450
USD
1,140
—
State
Street
5/21/21
GBP
1,385
USD
1,927
3
UBS
Investment
Bank
4/9/21
IDR
1,864,330
USD
131
(2)
UBS
Investment
Bank
4/9/21
RUB
13,950
USD
185
1
UBS
Investment
Bank
4/9/21
USD
367
RUB
28,080
(7)
UBS
Investment
Bank
4/16/21
RON
758
USD
188
(1)
UBS
Investment
Bank
4/23/21
AUD
1,520
USD
1,172
(2)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
52
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
4/23/21
JPY
98,614
USD
951
$
(25)
UBS
Investment
Bank
4/23/21
NZD
1,300
USD
939
—
UBS
Investment
Bank
4/23/21
USD
1,675
JPY
176,830
15
UBS
Investment
Bank
5/21/21
USD
931
EUR
768
2
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(36)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
53
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
88
MSCI
EAFE
Index
contracts
3/21
(9,522)
$
(292)
Long,
221
S&P
500
E-Mini
Index
contracts
3/21
42,092
(527)
Long,
94
U.S.
Treasury
Long
Bond
contracts
6/21
14,967
(125)
Short,
33
U.S.
Treasury
Notes
five
year
contracts
6/21
(4,091)
33
Short,
7
U.S.
Treasury
Notes
ten
year
contracts
6/21
(929)
11
Long,
256
U.S.
Treasury
Notes
two
year
contracts
6/21
56,516
(48)
Long,
114
Ultra
U.S.
Treasury
Bonds
contracts
6/21
21,553
(62)
Short,
168
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/21
(24,754)
196
Net
payments
(receipts)
of
variation
margin
to
date
1,088
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
274
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
54
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
February
28,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
2.06%
$
—
$
3,894
$
1,595
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(0.48)%
—
—
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.41%
(292)
6,004
2,616
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
3,665
38,694
570
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.35%
(238)
1,906
1,101
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.45%
(9)
4,757
2,863
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.12%
413
1,556
1,081
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(0.81)%
1
3
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
(53)
8,147
656
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.66%
6,309
(11,373)
437
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
—
—
93
T.
Rowe
Price
Short-Term
Fund,
0.10%
—
—
—++
Totals
$
9,796#
$
53,588
$
11,012+
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
55
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/20
Purchase
Cost
Sales
Cost
Value
02/28/21
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
2.06%
$
91,729
$
10,345
$
—
$
105,968
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(0.48)%
7
—
—
7
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.41%
67,582
2,617
3,817
72,386
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
104,625
725
17,591
126,452
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.35%
34,478
11,317
3,483
44,217
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.45%
62,070
10,859
5,434
72,252
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.12%
89,731
19,495
—
110,782
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(0.81)%
51
1
—
54
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
30,748
3,156
2,053
40,000
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.66%
24,657
24,746
—
38,031
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
64,429
¤
¤
135,600
T.
Rowe
Price
Short-Term
Fund,
0.10%
9,157
¤
¤
11,803
Total
$
757,552^
#
Capital
gain
distributions
from
mutual
funds
represented
$6,878
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$11,012
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
$682,582.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
56
T.
Rowe
Price
Spectrum
Moderate
Allocation (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
57
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the
fund's
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value,
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
58
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation
Committee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Committee
may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
59
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
347,163
$
—
$
347,163
Bond
Mutual
Funds
443,697
—
—
443,697
Common
Stocks
1,069,237
343,150
3,098
1,415,485
Convertible
Preferred
Stocks
—
654
7,626
8,280
Equity
Mutual
Funds
166,452
—
—
166,452
Private
Investment
Companies
—
—
133,641
133,641
Short-Term
Investments
135,600
—
—
135,600
Securities
Lending
Collateral
11,803
—
—
11,803
Total
Securities
1,826,789
690,967
144,365
2,662,121
Swaps*
—
97
—
97
Forward
Currency
Exchange
Contracts
—
133
—
133
Futures
Contracts*
240
—
—
240
Total
$
1,827,029
$
691,197
$
144,365
$
2,662,591
Liabilities
Options
Written
$
—
$
3,578
$
—
$
3,578
Swaps*
—
19
—
19
Forward
Currency
Exchange
Contracts
—
169
—
169
Futures
Contracts*
1,054
—
—
1,054
Total
$
1,054
$
3,766
$
—
$
4,820
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
60
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
February
28,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
February
28,
2021,
totaled $18,536,000 for
the
period ended
February
28,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
1
Includes
Corporate
Bonds,
Asset-Backed
Securities,
Non-U.S.
Government
Mortgage-
Backed
Securities,
Foreign
Government
Obligations
&
Municipalities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
6/1/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
2/28/21
Investment
in
Securities
Common
Stocks
$
2,259
$
492
$
475
$
—
$
(128)
$
3,098
Convertible
Preferred
Stocks
2,423
2,517
3,025
—
(339)
7,626
Private
Investment
Companies
121,336
15,555
7,750
(11,000)
—
133,641
Total
$
126,018
$
18,564
$
11,250
$
(11,000)
$
(467)
$
144,365
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
61
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Investments
in
Securities
Common
Stock
$
3,098
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Rate
of
Return
15%
15%
Increase
Market
comparable
Enterprise
Value
to
Sales
Multiple
1.1x
–
20.0x
3.0x
Increase
Sales
Growth
Rate
19%
19%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Projected
Enterprise
Value
to
EBITDA
Multiple
12.0x
12.0x
Increase
Enterprise
Value
to
Gross
Profit
Multiple
5.2x
–
36.3x
10.3x
Increase
Gross
Profit
Growth
Rate
21%
21%
Increase
Enterprise
Value
to
EBITDA
Multiple
10.0x
10.0x
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
62
($000s)
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Price
to
Tangible
Book
Value
Multiple
0.9x
–
1.0x
1.0x
Increase
Tangible
Book
Value
Growth
Rate
23%
23%
Increase
Options
Pricing
Model
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Risk-Free
Rate
3%
3%
Increase
Volatility
38%
–
43%
41%
Increase
Private
Company
Valuation
—#
—#
—#
Expected
present
value
Discount
rate
for
cost
of
equity
20%
20%
Decrease
Convertible
Preferred
Stocks
$
7,626
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
Comparable
Enterprise
Value
to
Sales
Multiple
5.7x
–
20.0x
11.6x
Increase
Sales
Growth
Rate
12%
–
29%
22%
Increase
Enterprise
Value
to
Gross
Profit
Multiple
8.3x
–
36.3x
18.4x
Increase
Gross
Profit
Rate
15%
–
29%
23%
Increase
Discount
for
Lack
of
Marketability
105
10%
Decrease
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
63
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F102-054Q3
02/21
($000s)
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Private
Investment
Companies
$
133,641
Rollforward
of
Investee
NAV
Estimated
return
0.90%
0.90%
Increase