Results

T. Rowe Price Spectrum Funds II Inc.

01/22/2026 | Press release | Distributed by Public on 01/22/2026 08:54

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07173

T. Rowe Price Spectrum Funds II, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

November 30, 2025

Spectrum Moderate Growth Allocation Fund

Investor Class (TRSGX)

This semi-annual shareholder report contains important information about Spectrum Moderate Growth Allocation Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Spectrum Moderate Growth Allocation Fund - Investor Class
$33
0.62%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$3,836,879
Number of Portfolio Holdings
1,860
Portfolio Turnover Rate
22.8%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
67.8%
Equity Funds
11.9
Bond Funds
7.0
Private Investment Companies
3.5
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
2.0
Corporate Bonds
1.7
U.S. Government & Agency Mortgage-Backed Securities
1.6
Asset-Backed Securities
0.5
Short-Term and Other
4.0

Top Ten Holdings(as a % of Net Assets)

T. Rowe Price Institutional Emerging Markets Equity Fund
6.4%
T. Rowe Price Real Assets Fund - I Class
5.3
Blackstone Partners Offshore Fund
3.5
NVIDIA
3.3
Microsoft
3.1
Alphabet
2.6
Apple
2.5
T. Rowe Price International Bond Fund (USD Hedged) - I Class
2.2
T. Rowe Price U.S. Treasury Long-Term Index Fund - I Class
1.8
Broadcom
1.6

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F103-053 1/26

Spectrum Moderate Growth Allocation Fund

Investor Class (TRSGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

November 30, 2025

Spectrum Moderate Growth Allocation Fund

I Class (TGIPX)

This semi-annual shareholder report contains important information about Spectrum Moderate Growth Allocation Fund (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or [email protected]or contacting your intermediary.

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Spectrum Moderate Growth Allocation Fund - I Class
$25
0.47%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$3,836,879
Number of Portfolio Holdings
1,860
Portfolio Turnover Rate
22.8%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
67.8%
Equity Funds
11.9
Bond Funds
7.0
Private Investment Companies
3.5
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
2.0
Corporate Bonds
1.7
U.S. Government & Agency Mortgage-Backed Securities
1.6
Asset-Backed Securities
0.5
Short-Term and Other
4.0

Top Ten Holdings(as a % of Net Assets)

T. Rowe Price Institutional Emerging Markets Equity Fund
6.4%
T. Rowe Price Real Assets Fund - I Class
5.3
Blackstone Partners Offshore Fund
3.5
NVIDIA
3.3
Microsoft
3.1
Alphabet
2.6
Apple
2.5
T. Rowe Price International Bond Fund (USD Hedged) - I Class
2.2
T. Rowe Price U.S. Treasury Long-Term Index Fund - I Class
1.8
Broadcom
1.6

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F212-053 1/26

Spectrum Moderate Growth Allocation Fund

I Class (TGIPX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

(a - b) Report pursuant to Regulation S-X.

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
November
30,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRSGX
Spectrum
Moderate
Growth
Allocation
Fund
TGIPX
Spectrum
Moderate
Growth
Allocation
Fund-
.
I Class
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
40.49‌
$
39.64‌
$
33.70‌
$
36.50‌
$
44.67‌
$
33.61‌
Investment
activities
Net
investment
income
(1)(2)
0.27‌
0.60‌
0.59‌
0.48‌
0.36‌
0.32‌
Net
realized
and
unrealized
gain/
loss
4.37‌
2.77‌
6.03‌
(0.86‌)
(4.55‌)
11.80‌
Total
from
investment
activities
4.64‌
3.37‌
6.62‌
(0.38‌)
(4.19‌)
12.12‌
Distributions
Net
investment
income
-‌
(0.62‌)
(0.68‌)
(0.44‌)
(0.30‌)
(0.34‌)
Net
realized
gain
-‌
(1.90‌)
-‌
(1.98‌)
(3.68‌)
(0.72‌)
Total
distributions
-‌
(2.52‌)
(0.68‌)
(2.42‌)
(3.98‌)
(1.06‌)
NET
ASSET
VALUE
End
of
period
$
45.13‌
$
40.49‌
$
39.64‌
$
33.70‌
$
36.50‌
$
44.67‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
11.46‌%
8.77‌%
19.80‌%
(0.62‌)%
(10.59‌)%
36.53‌%
(4)
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.76‌%
(5)
0.76‌%
0.76‌%
0.76‌%
0.74‌%
0.73‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.62‌%
(5)
0.62‌%
0.62‌%
0.62‌%
0.61‌%
0.62‌%
Net
investment
income
1.26‌%
(5)
1.48‌%
1.61‌%
1.42‌%
0.84‌%
0.81‌%
Portfolio
turnover
rate
22.8‌%
44.6‌%
42.9‌%
62.2‌%
73.5‌%
55.0‌%
Net
assets,
end
of
period
(in
millions)
$1,265
$1,215
$1,394
$1,358
$1,677
$3,245
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Total
return
calculated
through
the
fund's
last
business
day
of
the
fiscal
year,
5/28/21.
Total
return
calculated
as
of
the
close
of
the
reporting
period
is
36.44%.
(5)
Annualized
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
NET
ASSET
VALUE
Beginning
of
period
$
40.50‌
$
39.70‌
$
33.75‌
$
36.61‌
$
44.82‌
$
33.70‌
Investment
activities
Net
investment
income
(1)(2)
0.31‌
0.67‌
0.64‌
0.54‌
0.49‌
0.37‌
Net
realized
and
unrealized
gain/
loss
4.37‌
2.76‌
6.04‌
(0.88‌)
(4.63‌)
11.84‌
Total
from
investment
activities
4.68‌
3.43‌
6.68‌
(0.34‌)
(4.14‌)
12.21‌
Distributions
Net
investment
income
-‌
(0.73‌)
(0.73‌)
(0.54‌)
(0.39‌)
(0.37‌)
Net
realized
gain
-‌
(1.90‌)
-‌
(1.98‌)
(3.68‌)
(0.72‌)
Total
distributions
-‌
(2.63‌)
(0.73‌)
(2.52‌)
(4.07‌)
(1.09‌)
NET
ASSET
VALUE
End
of
period
$
45.18‌
$
40.50‌
$
39.70‌
$
33.75‌
$
36.61‌
$
44.82‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/25
..
Year
..
..
Ended
.
5/31/25
5/31/24
5/31/23
5/31/22
5/31/21
Ratios/Supplemental
Data
Total
return
(2)(3)
11.56‌%
8.93‌%
19.99‌%
(0.50‌)%
(10.46‌)%
36.71‌%
(4)
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.61‌%
(5)
0.61‌%
0.62‌%
0.62‌%
0.61‌%
0.61‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.47‌%
(5)
0.47‌%
0.48‌%
0.47‌%
0.48‌%
0.50‌%
Net
investment
income
1.42‌%
(5)
1.65‌%
1.77‌%
1.59‌%
1.17‌%
0.94‌%
Portfolio
turnover
rate
22.8‌%
44.6‌%
42.9‌%
62.2‌%
73.5‌%
55.0‌%
Net
assets,
end
of
period
(in
thousands)
$2,572,084
$2,316,687
$1,945,571
$1,655,328
$1,700,728
$564,680
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Total
return
calculated
through
the
fund's
last
business
day
of
the
fiscal
year,
5/28/21.
Total
return
calculated
as
of
the
close
of
the
reporting
period
is
36.62%.
(5)
Annualized
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2025
Unaudited
6
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.5%
Affirm
Master
Trust
Series 2025-2A,
Class
A
4.67%,
7/15/33 (1)
435,000‌
437‌
Affirm
Master
Trust
Series 2025-3A,
Class
A
4.45%,
10/16/34 (1)
100,000‌
100‌
AGL
Series 2021-13A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.534%,
10/20/34 (1)
250,000‌
250‌
Ally
Bank
Auto
Credit-Linked
Notes
Series 2025-A,
Class
A2
4.452%,
6/15/33 (1)
215,124‌
216‌
Ally
Bank
Auto
Credit-Linked
Notes
Series 2025-B,
Class
A2
4.305%,
9/15/33 (1)
250,000‌
250‌
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
215,000‌
218‌
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
135,000‌
134‌
Applebee's
Funding
Series 2023-1A,
Class
A2
7.824%,
3/5/53 (1)
110,000‌
112‌
Auxilior
Term
Funding
Series 2024-1A,
Class
A2
5.84%,
3/15/27 (1)
21,079‌
21‌
Auxilior
Term
Funding
Series 2024-1A,
Class
A3
5.49%,
7/15/31 (1)
100,000‌
102‌
Avis
Budget
Rental
Car
Funding
AESOP
Series 2025-3A,
Class
A
4.17%,
2/20/30 (1)
100,000‌
100‌
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
5.172%,
12/26/31 (1)
103,505‌
104‌
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
C,
FRN
SOFR30A
+
1.50%,
5.572%,
12/26/31 (1)
103,505‌
104‌
Bayview
Opportunity
Master
Fund
VII
Series 2025-EDU1,
Class
A,
FRN
SOFR30A
+
1.30%,
5.372%,
7/27/48 (1)
476,234‌
478‌
Benefit
Street
Partners
XXIII
Series 2021-23A,
Class
B1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.408%,
4/25/34 (1)
250,000‌
250‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
35,101‌
35‌
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
140,000‌
139‌
CarMax
Auto
Owner
Trust
Series 2024-1,
Class
B
5.17%,
8/15/29
40,000‌
41‌
CarMax
Auto
Owner
Trust
Series 2024-3,
Class
A3
4.89%,
7/16/29
150,000‌
152‌
CarMax
Auto
Owner
Trust
Series 2025-4,
Class
A3
3.97%,
12/16/30
95,000‌
95‌
CarMax
Auto
Owner
Trust
Series 2025-4,
Class
A4
4.08%,
6/16/31
95,000‌
95‌
CarMax
Select
Receivables
Trust
Series 2024-A,
Class
A3
5.40%,
11/15/28
75,000‌
76‌
CarMax
Select
Receivables
Trust
Series 2024-A,
Class
B
5.35%,
1/15/30
90,000‌
91‌
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28
200,000‌
197‌
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
120,000‌
121‌
Carvana
Auto
Receivables
Trust
Series 2024-P2,
Class
A4
5.21%,
6/10/30
200,000‌
205‌
Carvana
Auto
Receivables
Trust
Series 2025-P3,
Class
B
4.48%,
10/10/31
45,000‌
45‌
Carvana
Auto
Receivables
Trust
Series 2025-P4,
Class
A4
4.25%,
11/10/31
500,000‌
500‌
Carvana
Auto
Receivables
Trust
Series 2025-P4,
Class
B
4.59%,
1/12/32
35,000‌
35‌
Chase
Auto
Credit
Linked
Notes
Series 2025-1,
Class
B
4.753%,
2/25/33 (1)
214,420‌
216‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CIFC
Funding
Series 2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
5.204%,
1/18/38 (1)
275,000‌
275‌
CIFC
Funding
Series 2020-4A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.555%,
1/15/40 (1)
250,000‌
251‌
Clarus
Capital
Funding
Series 2024-1A,
Class
A2
4.71%,
8/20/32 (1)
67,125‌
67‌
CyrusOne
Data
Centers
Issuer
I
Series 2024-2A,
Class
A2
4.50%,
5/20/49 (1)
490,000‌
480‌
Dell
Equipment
Finance
Trust
Series 2023-3,
Class
C
6.17%,
4/23/29 (1)
100,000‌
101‌
Dell
Equipment
Finance
Trust
Series 2024-1,
Class
C
5.73%,
3/22/30 (1)
665,000‌
675‌
Dell
Equipment
Finance
Trust
Series 2024-2,
Class
A3
4.59%,
8/22/30 (1)
170,000‌
171‌
Dell
Equipment
Finance
Trust
Series 2025-2,
Class
A3
4.12%,
3/24/31 (1)
100,000‌
100‌
DLLST
Series 2024-1A,
Class
A3
5.05%,
8/20/27 (1)
77,280‌
78‌
DLLST
Series 2024-1A,
Class
A4
4.93%,
4/22/30 (1)
25,000‌
25‌
Drive
Auto
Receivables
Trust
Series 2021-3,
Class
D
1.94%,
6/15/29 (1)
249,452‌
247‌
Drive
Auto
Receivables
Trust
Series 2025-2,
Class
B
4.14%,
9/15/32
100,000‌
100‌
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
120,171‌
118‌
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
199,794‌
193‌
Dryden
Series 2021-93A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.605%,
1/15/38 (1)
250,000‌
251‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
B
6.53%,
2/25/38 (1)
49,902‌
51‌
Elmwood
Series 2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.382%,
1/17/37 (1)
250,000‌
251‌
Enterprise
Fleet
Financing
Series 2024-1,
Class
A3
5.16%,
9/20/30 (1)
145,000‌
148‌
Enterprise
Fleet
Financing
Series 2024-3,
Class
A3
4.98%,
8/21/28 (1)
95,000‌
96‌
Enterprise
Fleet
Financing
Series 2024-3,
Class
A4
5.06%,
3/20/31 (1)
65,000‌
67‌
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
D
3.02%,
6/15/28
189,753‌
189‌
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
45,000‌
46‌
Exeter
Automobile
Receivables
Trust
Series 2025-5A,
Class
A3
4.24%,
11/15/29
120,000‌
120‌
Exeter
Select
Automobile
Receivables
Trust
Series 2025-3,
Class
A3
4.18%,
12/16/30
175,000‌
175‌
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
110,000‌
111‌
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
465,000‌
474‌
Fortress
Credit
BSL
XXVI
Series 2024-4A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.90%,
5.805%,
1/15/38 (1)
250,000‌
251‌
Frontier
Issuer
Series 2024-1,
Class
A2
6.19%,
6/20/54 (1)
135,000‌
139‌
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
129,263‌
121‌
Hardee's
Funding
Series 2024-1A,
Class
A2
7.253%,
3/20/54 (1)
170,513‌
177‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HPEFS
Equipment
Trust
Series 2023-2A,
Class
B
6.25%,
1/21/31 (1)
33,073‌
33‌
HPEFS
Equipment
Trust
Series 2023-2A,
Class
C
6.48%,
1/21/31 (1)
100,000‌
100‌
HPEFS
Equipment
Trust
Series 2023-2A,
Class
D
6.97%,
7/21/31 (1)
100,000‌
101‌
HPEFS
Equipment
Trust
Series 2024-2A,
Class
A3
5.36%,
10/20/31 (1)
100,000‌
101‌
HPEFS
Equipment
Trust
Series 2024-2A,
Class
B
5.35%,
10/20/31 (1)
100,000‌
101‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2024-1,
Class
B1
6.153%,
5/20/32 (1)
115,072‌
117‌
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2025-1,
Class
B
4.957%,
3/21/33 (1)
187,696‌
189‌
Jamestown
XV
Series 2020-15A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.37%,
5.275%,
7/15/35 (1)
250,000‌
250‌
MMAF
Equipment
Finance
Series 2021-A,
Class
A5
1.19%,
11/13/43 (1)
100,000‌
99‌
MMAF
Equipment
Finance
Series 2024-A,
Class
A3
4.95%,
7/14/31 (1)
335,000‌
340‌
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
161,308‌
163‌
MVW
Series 2023-2A,
Class
B
6.33%,
11/20/40 (1)
48,011‌
49‌
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.05%,
4.932%,
7/17/36 (1)
250,000‌
250‌
Neuberger
Berman
XXI
Series 2016-21A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.32%,
5.204%,
1/20/39 (1)
255,000‌
256‌
Northwoods
Capital
XIV-B
Series 2018-14BA,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.25%,
5.091%,
11/13/31 (1)
134,402‌
134‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OCP
Series 2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.21%,
11/26/37 (1)
250,000‌
250‌
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
1,848‌
2‌
Octane
Receivables
Trust
Series 2023-3A,
Class
B
6.48%,
7/20/29 (1)
100,000‌
101‌
Octane
Receivables
Trust
Series 2023-3A,
Class
C
6.74%,
8/20/29 (1)
100,000‌
103‌
Octane
Receivables
Trust
Series 2024-1A,
Class
A2
5.68%,
5/20/30 (1)
54,698‌
55‌
Octane
Receivables
Trust
Series 2025-RVM1,
Class
A
4.48%,
12/20/46 (1)
190,000‌
190‌
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
33,420‌
34‌
Progress
Residential
Trust
Series 2021-SFR6,
Class
D
2.225%,
7/17/38 (1)
400,000‌
394‌
Rockford
Tower
Series 2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
5.019%,
8/20/32 (1)
164,790‌
165‌
Rockford
Tower
Series 2021-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.13%,
5.014%,
7/20/34 (1)
250,000‌
250‌
RR
12
Series 2020-12A,
Class
AAR3,
CLO,
FRN
3M
TSFR
+
1.25%,
5.155%,
1/15/36 (1)
310,000‌
310‌
RR
28
Series 2024-28RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.455%,
4/15/37 (1)
315,000‌
316‌
RR
34
Series 2024-34RA,
Class
A2AR,
CLO,
FRN
3M
TSFR
+
1.70%,
5.605%,
10/15/39 (1)
250,000‌
251‌
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
29,226‌
29‌
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
43,452‌
43‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Santander
Drive
Auto
Receivables
Trust
Series 2025-1,
Class
A3
4.74%,
1/16/29
115,000‌
115‌
Santander
Drive
Auto
Receivables
Trust
Series 2025-1,
Class
B
4.88%,
3/17/31
265,000‌
267‌
SCF
Equipment
Leasing
Series 2025-1A,
Class
A2
4.82%,
7/22/30 (1)
112,259‌
113‌
SCF
Equipment
Leasing
Series 2025-1A,
Class
A3
5.11%,
11/21/33 (1)
190,000‌
194‌
SEB
Funding
Series 2024-1A,
Class
A2
7.386%,
4/30/54 (1)
295,000‌
302‌
Securitized
Term
Auto
Receivables
Trust
Series 2025-B,
Class
B
4.925%,
12/29/32 (1)
95,100‌
96‌
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
276,252‌
258‌
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
A4
4.94%,
1/21/31 (1)
65,000‌
66‌
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
C
5.51%,
1/20/32 (1)
35,000‌
36‌
SFS
Auto
Receivables
Securitization
Trust
Series 2024-2A,
Class
A3
5.33%,
11/20/29 (1)
181,049‌
183‌
SFS
Auto
Receivables
Securitization
Trust
Series 2024-2A,
Class
B
5.41%,
8/20/30 (1)
45,000‌
46‌
Signal
Peak
Series 2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
5.408%,
4/25/37 (1)
415,000‌
416‌
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
111,447‌
109‌
SOUND
POINT
XXII
Series 2019-1A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.65%,
5.534%,
1/20/32 (1)
250,000‌
251‌
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series 2025-BA,
Class
A4
4.29%,
6/20/29 (1)
125,000‌
126‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Stellantis
Financial
Underwritten
Enhanced
Lease
Trust
Series 2025-BA,
Class
B
4.47%,
7/20/29 (1)
60,000‌
60‌
Symphony
XVI
Series 2015-16A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.105%,
10/15/31 (1)
202,117‌
202‌
Symphony
XXXI
Series 2022-31A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.50%,
5.357%,
1/22/38 (1)
250,000‌
250‌
Synchrony
Card
Issuance
Trust
Series 2025-A1,
Class
A
4.78%,
2/15/31
245,000‌
249‌
TIAA
Series 2016-1A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.25%,
5.134%,
7/20/31 (1)
79,392‌
79‌
Tricon
Residential
Trust
Series 2024-SFR2,
Class
A
4.75%,
6/17/40 (1)
99,684‌
100‌
Trinitas
IX
Series 2018-9A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.084%,
1/20/32 (1)
17,744‌
18‌
Trinitas
X
Series 2019-10A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.38%,
5.285%,
1/15/35 (1)
260,000‌
260‌
Trinitas
X
Series 2019-10A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.14%,
1/15/35 (1)(2)
260,000‌
260‌
U.S.
Bank
Series 2023-1,
Class
B
6.789%,
8/25/32 (1)
58,694‌
59‌
Verdant
Receivables
Series 2024-1A,
Class
A2
5.68%,
12/12/31 (1)
71,108‌
72‌
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
130,000‌
130‌
Voya
Series 2021-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.17%,
5.054%,
4/20/38 (1)
515,000‌
514‌
Wheels
Fleet
Lease
Funding
1
Series 2025-3A,
Class
A1
4.08%,
9/18/40 (1)
265,000‌
265‌
Wingspire
Equipment
Finance
Series 2025-1A,
Class
A2
4.33%,
9/20/33 (1)
100,000‌
100‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
World
Omni
Auto
Receivables
Trust
Series 2023-A,
Class
B
5.03%,
5/15/29
210,000‌
212‌
Total
Asset-Backed
Securities
(Cost
$20,527)
20,651‌
BOND
FUNDS
7.0%
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
5.70% (3)(4)
3,955,325‌
38,841‌
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
4.71% (3)(4)
728,605‌
7,548‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.75% (3)(4)
1,814,817‌
17,059‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.34% (3)(4)
5,071,397‌
40,267‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.20% (3)(4)
9,681,698‌
83,069‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.11% (3)(4)
3,348,529‌
15,705‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.62% (3)(4)
9,189,061‌
67,448‌
Total
Bond
Funds
(Cost
$305,895)
269,937‌
COMMON
STOCKS
67.8%
COMMUNICATION
SERVICES
5.4%
Diversified
Telecommunication
Services
0.3%
BT
Group
(GBP)
1,825,495‌
4,378‌
GCI
Liberty,
Class
C,
Rights,
12/31/25 (5)
1,242‌
8‌
KT
(KRW)
92,809‌
3,318‌
Telstra
Group
(AUD)
834,131‌
2,689‌
Uniti
Group (5)
148,455‌
946‌
11,339‌
Entertainment
0.8%
Atlanta
Braves
Holdings,
Class
C (5)
23,013‌
916‌
Liberty
Media
Corp-Liberty
Live,
Class
C (5)
57,652‌
4,567‌
Madison
Square
Garden
Sports (5)
3,651‌
832‌
Netflix (5)
192,832‌
20,745‌
Nintendo
(JPY)
20,100‌
1,704‌
Walt
Disney
31,900‌
3,332‌
32,096‌
Interactive
Media
&
Services
3.7%
Alphabet,
Class
A
72,650‌
23,261‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Alphabet,
Class
C
239,193‌
76,571‌
Meta
Platforms,
Class
A
60,084‌
38,931‌
Pinterest,
Class
A (5)
98,677‌
2,577‌
Reddit
,
Class
A (5)
122‌
26‌
Tencent
Holdings
(HKD)
26,800‌
2,118‌
143,484‌
Wireless
Telecommunication
Services
0.6%
KDDI
(JPY)
303,600‌
5,223‌
T-Mobile
U.S.
77,213‌
16,138‌
21,361‌
Total
Communication
Services
208,280‌
CONSUMER
DISCRETIONARY
7.1%
Automobile
Components
0.1%
Autoliv
,
SDR
(SEK)
32,603‌
3,897‌
Dowlais
Group
(GBP)
831,398‌
938‌
Patrick
Industries
2,621‌
284‌
5,119‌
Automobiles
0.8%
Subaru
(JPY)
118,100‌
2,638‌
Suzuki
Motor
(JPY)
249,300‌
3,899‌
Tesla (5)
39,031‌
16,790‌
Toyota
Motor
(JPY)
386,700‌
7,800‌
31,127‌
Broadline
Retail
2.0%
Alibaba
Group
Holding
(HKD)
97,896‌
1,926‌
Amazon.com (5)
256,164‌
59,742‌
Isetan
Mitsukoshi
Holdings
(JPY) (6)
244,400‌
3,814‌
Next
(GBP)
26,061‌
4,874‌
Savers
Value
Village (5)
82,865‌
755‌
Sea,
ADR (5)
41,831‌
5,815‌
76,926‌
Diversified
Consumer
Services
0.0%
Duolingo
(5)
467‌
89‌
89‌
Hotels,
Restaurants
&
Leisure
1.3%
Amadeus
IT
Group
(EUR)
51,893‌
3,819‌
Black
Rock
Coffee
Bar,
Class
A (5)
9,707‌
221‌
Booking
Holdings
1,720‌
8,453‌
Cava
Group (5)
1,559‌
76‌
Chipotle
Mexican
Grill (5)
69,716‌
2,407‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Compass
Group
(GBP)
231,619‌
7,283‌
DoorDash
,
Class
A (5)
26,116‌
5,181‌
Dutch
Bros,
Class
A (5)
14,505‌
850‌
Life
Time
Group
Holdings (5)
29,770‌
831‌
McDonald's
44,763‌
13,958‌
Planet
Fitness,
Class
A (5)
25,480‌
2,853‌
Red
Rock
Resorts,
Class
A
4,857‌
285‌
Sportradar
Group,
Class
A (5)
34,731‌
764‌
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $772 (5)(7)(8)(9)
90,236‌
305‌
Wingstop
3,499‌
926‌
Wyndham
Hotels
&
Resorts
10,580‌
774‌
48,986‌
Household
Durables
0.6%
Installed
Building
Products
2,791‌
748‌
Panasonic
Holdings
(JPY)
247,800‌
3,101‌
Persimmon
(GBP)
112,714‌
1,993‌
PulteGroup
31,013‌
3,945‌
Sony
Group
(JPY)
356,100‌
10,449‌
Toll
Brothers
17,670‌
2,471‌
22,707‌
Specialty
Retail
1.9%
AutoZone (5)
2,267‌
8,964‌
Boot
Barn
Holdings (5)
2,539‌
492‌
Burlington
Stores (5)
2,625‌
662‌
Carvana
(5)
55,447‌
20,765‌
Floor
&
Decor
Holdings,
Class
A (5)
12,933‌
823‌
Home
Depot
20,635‌
7,365‌
Kingfisher
(GBP)
876,167‌
3,548‌
Lowe's
42,835‌
10,387‌
O'Reilly
Automotive (5)
41,311‌
4,201‌
Ross
Stores
13,237‌
2,335‌
TJX
59,527‌
9,043‌
Ulta
Beauty (5)
8,617‌
4,643‌
Urban
Outfitters (5)
5,116‌
379‌
73,607‌
Textiles,
Apparel
&
Luxury
Goods
0.4%
Asics
(JPY)
205,500‌
4,922‌
Birkenstock
Holding (5)
30,334‌
1,314‌
Kering
(EUR)
11,507‌
3,919‌
Kontoor
Brands
4,621‌
344‌
Moncler
(EUR)
53,534‌
3,618‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Samsonite
Group
(HKD)
720,300‌
1,780‌
15,897‌
Total
Consumer
Discretionary
274,458‌
CONSUMER
STAPLES
3.2%
Beverages
0.3%
Coca-Cola
70,698‌
5,169‌
Diageo
(GBP)
115,411‌
2,653‌
Heineken
(EUR)
43,211‌
3,525‌
11,347‌
Consumer
Staples
Distribution
&
Retail
0.8%
BJ's
Wholesale
Club
Holdings (5)
8,308‌
741‌
Dollar
Tree (5)
92,406‌
10,239‌
Grocery
Outlet
Holding (5)
129,549‌
1,442‌
PriceSmart
2,086‌
257‌
Seven
&
i
Holdings
(JPY)
263,200‌
3,622‌
Tsuruha
Holdings
(JPY) (6)
100,400‌
1,781‌
Walmart
115,259‌
12,737‌
30,819‌
Food
Products
0.8%
Ajinomoto
(JPY)
126,900‌
2,945‌
BRC,
Class
A (5)
96,753‌
123‌
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $162 (5)(7)(9)
8,748‌
-‌
Mondelez
International,
Class
A
225,247‌
12,967‌
Nestle
(CHF)
123,888‌
12,322‌
Post
Holdings (5)
2,085‌
217‌
Simply
Good
Foods (5)
7,529‌
148‌
28,722‌
Household
Products
0.6%
Colgate-Palmolive
77,044‌
6,194‌
Procter
&
Gamble
120,755‌
17,891‌
24,085‌
Personal
Care
Products
0.6%
L'Oreal
(EUR)
10,869‌
4,741‌
Olaplex
Holdings (5)
283,490‌
323‌
Puig
Brands,
Class
B
(EUR)
94,621‌
1,607‌
Unilever
(GBP)
241,278‌
14,517‌
21,188‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tobacco
0.1%
Philip
Morris
International
15,300‌
2,409‌
2,409‌
Total
Consumer
Staples
118,570‌
ENERGY
2.6%
Energy
Equipment
&
Services
0.6%
Cactus,
Class
A
7,664‌
329‌
National
Energy
Services
Reunited (5)
5,080‌
71‌
SLB
253,951‌
9,203‌
TechnipFMC
218,922‌
9,908‌
Weatherford
International
19,761‌
1,478‌
20,989‌
Oil,
Gas
&
Consumable
Fuels
2.0%
Cenovus
Energy
(CAD)
84,466‌
1,507‌
Chevron
53,444‌
8,077‌
ConocoPhillips
159,182‌
14,118‌
Denison
Mines
(CAD) (5)(6)
7,636‌
20‌
Equinor
(NOK)
202,680‌
4,661‌
Expand
Energy
32,075‌
3,911‌
Exxon
Mobil
36,162‌
4,192‌
Golar
LNG
19,790‌
731‌
PBF
Energy,
Class
A
14,390‌
496‌
Range
Resources
199,103‌
7,862‌
Secure
Waste
Infrastructure
(CAD) (6)
52,348‌
679‌
Shell,
ADR
116,274‌
8,577‌
TotalEnergies
(EUR)
147,568‌
9,708‌
Uranium
Energy (5)
1,449‌
18‌
Valero
Energy
71,700‌
12,674‌
Viper
Energy,
Class
A
20,015‌
731‌
77,962‌
Total
Energy
98,951‌
FINANCIALS
11.8%
Banks
4.9%
ABN
AMRO
Bank,
CVA
(EUR)
63,827‌
2,163‌
ANZ
Group
Holdings
(AUD)
210,807‌
4,783‌
Banc
of
California
81,413‌
1,501‌
Banco
Bilbao
Vizcaya
Argentaria
(EUR)
252,285‌
5,453‌
Banco
Santander
(EUR)
694,341‌
7,448‌
Bank
of
America
354,881‌
19,039‌
Barclays
(GBP)
797,912‌
4,526‌
BAWAG
Group
(EUR)
11,291‌
1,512‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Blue
Foundry
Bancorp (5)
17,641‌
200‌
Citigroup
50,828‌
5,266‌
Columbia
Banking
System
60,156‌
1,668‌
CRB
Group,
Acquisition
Date:
4/14/22
-
8/26/25,
Cost $131 (5)
(7)(9)
1,646‌
107‌
DBS
Group
Holdings
(SGD)
138,291‌
5,793‌
Dime
Community
Bancshares
28,955‌
821‌
DNB
Bank
(NOK)
231,745‌
6,197‌
Dogwood
State
Bank (5)
1,375‌
31‌
East
West
Bancorp
18,548‌
1,979‌
Eastern
Bankshares
87,947‌
1,656‌
Equity
Bancshares,
Class
A
17,906‌
780‌
Erste
Group
Bank
(EUR)
35,101‌
3,837‌
FB
Financial
18,358‌
1,025‌
Fifth
Third
Bancorp
116,805‌
5,076‌
Five
Star
Bancorp
24,306‌
838‌
Flagstar
Bank
64,379‌
788‌
HDFC
Bank
(INR)
343,872‌
3,886‌
Home
BancShares
25,865‌
726‌
ING
Groep
(EUR)
212,413‌
5,508‌
Intesa
Sanpaolo
(EUR) (6)
657,037‌
4,262‌
JPMorgan
Chase
111,078‌
34,776‌
Kearny
Financial
32,148‌
221‌
KeyCorp
145,566‌
2,676‌
Live
Oak
Bancshares
25,914‌
827‌
Lloyds
Banking
Group
(GBP)
4,744,717‌
6,017‌
Mitsubishi
UFJ
Financial
Group
(JPY)
553,400‌
8,677‌
National
Bank
of
Canada
(CAD)
29,930‌
3,618‌
OceanFirst
Financial
27,222‌
513‌
Pinnacle
Financial
Partners
12,532‌
1,149‌
Prosperity
Bancshares
16,146‌
1,109‌
Renasant
24,406‌
865‌
Skandinaviska
Enskilda
Banken
,
Class
A
(SEK)
237,647‌
4,729‌
Societe
Generale
(EUR)
88,476‌
6,161‌
SOUTHSTATE
BANK
18,121‌
1,622‌
Standard
Chartered
(GBP)
299,195‌
6,627‌
Sumitomo
Mitsui
Trust
Group
(JPY)
129,116‌
3,751‌
Texas
Capital
Bancshares (5)
17,485‌
1,577‌
UniCredit
(EUR)
78,364‌
5,834‌
USCB
Financial
Holdings
16,442‌
293‌
Western
Alliance
Bancorp
15,121‌
1,233‌
189,144‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Capital
Markets
2.1%
Bridgepoint
Group
(GBP)
496,138‌
1,867‌
Brookfield
(CAD)
86,922‌
4,104‌
Bullish (5)
1,968‌
86‌
Cboe
Global
Markets
7,654‌
1,976‌
Charles
Schwab
175,080‌
16,235‌
CME
Group
10,179‌
2,865‌
CVC
Capital
Partners
(EUR)
122,828‌
2,029‌
Etoro
Group,
Class
A (5)
14,813‌
622‌
Goldman
Sachs
Group
15,950‌
13,175‌
Hamilton
Lane,
Class
A
9,081‌
1,125‌
iCapital
,
Acquisition
Date:
3/10/25
-
4/17/25,
Cost $322 (5)(7)(9)
22,981‌
322‌
Intercontinental
Exchange
54,325‌
8,545‌
Julius
Baer
Group
(CHF)
30,108‌
2,148‌
Macquarie
Group
(AUD)
27,042‌
3,493‌
Miami
International
Holdings (5)
25,981‌
1,185‌
Moody's
3,270‌
1,605‌
Morgan
Stanley
41,460‌
7,034‌
PJT
Partners,
Class
A
3,796‌
638‌
StepStone
Group,
Class
A
6,494‌
410‌
Stifel
Financial
185‌
23‌
StoneX
Group (5)
11,236‌
1,018‌
TMX
Group
(CAD)
37,702‌
1,384‌
Tradeweb
Markets,
Class
A
33,717‌
3,670‌
UBS
Group
(CHF)
116,987‌
4,515‌
80,074‌
Consumer
Finance
0.4%
American
Express
37,275‌
13,615‌
Capital
One
Financial
8,900‌
1,950‌
15,565‌
Financial
Services
2.1%
Adyen
(EUR) (5)
1,723‌
2,693‌
Apollo
Global
Management
11,861‌
1,564‌
Berkshire
Hathaway,
Class
B (5)
38,779‌
19,925‌
Corebridge
Financial
52,810‌
1,585‌
Edenred
(EUR)
7,016‌
150‌
Klarna
Group (5)
24,059‌
757‌
Marqeta
,
Class
A (5)
225,696‌
1,081‌
Mastercard
,
Class
A
22,167‌
12,204‌
ORIX
(JPY)
91,800‌
2,509‌
PennyMac
Financial
Services
22,232‌
2,992‌
Rocket,
Class
A
67,960‌
1,358‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Visa,
Class
A
97,469‌
32,598‌
79,416‌
Insurance
2.2%
Admiral
Group
(GBP)
69,775‌
2,927‌
AIA
Group
(HKD)
429,200‌
4,470‌
Allstate
51,735‌
11,018‌
Aviva
(GBP)
435,337‌
3,756‌
AXA
(EUR)
124,632‌
5,631‌
Baldwin
Insurance
Group (5)
21,171‌
604‌
Chubb
16,284‌
4,823‌
Definity
Financial
(CAD)
97,604‌
5,039‌
Generali
(EUR)
54,493‌
2,163‌
Goosehead
Insurance,
Class
A
15,094‌
1,080‌
Great-West
Lifeco
(CAD) (6)
82,401‌
3,820‌
Hagerty
,
Class
A (5)
32,002‌
428‌
Mandatum
(EUR)
342,592‌
2,578‌
Marsh
&
McLennan
9,185‌
1,685‌
MetLife
17,627‌
1,350‌
Muenchener
Rueckversicherungs-Gesellschaft
(EUR)
9,079‌
5,722‌
Neptune
Insurance
Holdings,
Class
A (5)
37,502‌
875‌
Progressive
26,678‌
6,104‌
RLI
9,166‌
565‌
Root,
Class
A (5)
6,965‌
563‌
Sampo
,
Class
A
(EUR)
469,710‌
5,525‌
Storebrand
(NOK)
32,750‌
509‌
Tokio
Marine
Holdings
(JPY)
131,700‌
4,669‌
Travelers
27,589‌
8,080‌
TWFG (5)
23,855‌
678‌
White
Mountains
Insurance
Group
379‌
767‌
85,429‌
Mortgage
Real
Estate
Investment
Trusts
0.1%
Annaly
Capital
Management,
REIT
158,613‌
3,616‌
3,616‌
Total
Financials
453,244‌
HEALTH
CARE
7.3%
Biotechnology
1.3%
Apogee
Therapeutics (5)
7,682‌
553‌
Arcellx
(5)
25,674‌
1,867‌
Argenx
,
ADR (5)
5,063‌
4,617‌
Ascendis
Pharma,
ADR (5)
480‌
102‌
Black
Diamond
Therapeutics (5)
73,135‌
279‌
Caris
Life
Sciences (5)
23,003‌
587‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Caris
Life
Sciences,
Acquisition
Date:
8/14/20
-
5/11/21,
Cost $287 (5)(9)
19,255‌
492‌
Cytokinetics (5)
48,762‌
3,322‌
Denali
Therapeutics (5)
55,897‌
1,088‌
Dyne
Therapeutics (5)
44,283‌
970‌
Erasca
(5)
94,137‌
298‌
Gilead
Sciences
122,577‌
15,425‌
Immatics
(5)
124,477‌
1,331‌
Immunocore
Holdings,
ADR (5)
61,262‌
2,420‌
Immunome
(5)
138,021‌
2,542‌
Immunovant
(5)
52,592‌
1,270‌
Ionis
Pharmaceuticals (5)
4,908‌
406‌
Kymera
Therapeutics (5)
6,565‌
446‌
MapLight
Therapeutics (5)
13,616‌
186‌
Mineralys
Therapeutics (5)
3,068‌
132‌
Nuvalent
,
Class
A (5)
10,679‌
1,168‌
Praxis
Precision
Medicines (5)
3,205‌
630‌
Prime
Medicine (5)
46,214‌
176‌
Regeneron
Pharmaceuticals
4,477‌
3,493‌
Revolution
Medicines (5)
10,738‌
835‌
Soleno
Therapeutics (5)
8,715‌
440‌
Treeline
Biosciences,
Warrants,
8/21/35,
Acquisition
Date:
11/7/25,
Cost $- (5)(7)(9)
4,005‌
29‌
Vaxcyte
(5)
10,035‌
498‌
Vertex
Pharmaceuticals (5)
6,319‌
2,740‌
Xenon
Pharmaceuticals (5)
5,865‌
262‌
48,604‌
Health
Care
Equipment
&
Supplies
1.3%
Abbott
Laboratories
75,532‌
9,736‌
Alcon
34,500‌
2,736‌
EssilorLuxottica
(EUR)
13,682‌
4,907‌
Hoya
(JPY)
19,000‌
2,854‌
Intuitive
Surgical (5)
14,607‌
8,377‌
iRadimed
1,478‌
138‌
Koninklijke
Philips
(EUR)
182,983‌
5,162‌
Masimo
(5)
18,668‌
2,659‌
Neogen
(5)
66,845‌
400‌
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $264 (5)(7)
(9)
70,144‌
22‌
Penumbra (5)
80‌
24‌
PROCEPT
BioRobotics
(5)
29,221‌
926‌
QuidelOrtho
(5)
40,852‌
1,117‌
Siemens
Healthineers
(EUR)
94,002‌
4,675‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sonova
Holding
(CHF)
5,404‌
1,349‌
Stryker
6,826‌
2,534‌
Ypsomed
Holding
(CHF) (6)
1,177‌
485‌
48,101‌
Health
Care
Providers
&
Services
1.9%
Alignment
Healthcare (5)
110,797‌
2,128‌
Billiontoone
,
Class
A (5)
1,263‌
164‌
BrightSpring
Health
Services (5)
42,543‌
1,538‌
Cencora
42,525‌
15,689‌
Cigna
Group
10,818‌
3,000‌
Elevance
Health
29,922‌
10,121‌
Encompass
Health
27,610‌
3,209‌
GeneDx
Holdings (5)
5,420‌
905‌
HealthEquity
(5)
130‌
14‌
Molina
Healthcare (5)
4,491‌
666‌
Oscar
Health,
Class
A (5)
48,970‌
880‌
Quest
Diagnostics
43,682‌
8,264‌
RadNet
(5)
9,662‌
800‌
Tenet
Healthcare (5)
39,133‌
8,486‌
UnitedHealth
Group
52,740‌
17,392‌
73,256‌
Health
Care
Technology
0.0%
Doximity
,
Class
A (5)
340‌
18‌
18‌
Life
Sciences
Tools
&
Services
0.7%
Avantor
(5)
1,979‌
23‌
BioLife
Solutions (5)
59,377‌
1,574‌
Bio-Rad
Laboratories,
Class
A (5)
713‌
232‌
Bio-
Techne
12,207‌
787‌
Danaher
22,757‌
5,161‌
Maravai
LifeSciences
Holdings,
Class
A (5)
60,740‌
220‌
Mettler
-Toledo
International (5)
3,361‌
4,963‌
Personalis
(5)
24,969‌
268‌
Repligen
(5)
7,817‌
1,337‌
Revvity
58,636‌
6,122‌
Sotera
Health (5)
61,885‌
1,082‌
Stevanato
Group
33,365‌
779‌
Thermo
Fisher
Scientific
5,861‌
3,463‌
26,011‌
Pharmaceuticals
2.1%
Amylyx
Pharmaceuticals (5)
14,915‌
223‌
AstraZeneca,
ADR
195,038‌
18,084‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Atai
Beckley (5)
39,348‌
153‌
Axsome
Therapeutics (5)
524‌
79‌
Chugai
Pharmaceutical
(JPY)
101,800‌
5,451‌
Corcept
Therapeutics (5)
9,659‌
767‌
Elanco
Animal
Health (5)
127,032‌
2,956‌
Eli
Lilly
16,742‌
18,005‌
Johnson
&
Johnson
13,400‌
2,773‌
Merck
2,900‌
304‌
Novartis
(CHF)
66,869‌
8,724‌
Novo
Nordisk,
Class
B
(DKK) (6)
117,375‌
5,813‌
Roche
Holding
(CHF)
28,078‌
10,757‌
Sanofi
(EUR)
53,602‌
5,346‌
79,435‌
Total
Health
Care
275,425‌
INDUSTRIALS
&
BUSINESS
SERVICES
8.7%
Aerospace
&
Defense
1.4%
Beta
Technologies,
Class
A (5)
15,690‌
428‌
General
Electric
73,604‌
21,967‌
Karman
Holdings (5)
12,991‌
871‌
Kratos
Defense
&
Security
Solutions (5)
8,685‌
661‌
Leonardo
DRS
6,652‌
227‌
Loar
Holdings (5)
26,598‌
1,821‌
Melrose
Industries
(GBP)
528,673‌
4,170‌
Mercury
Systems (5)
11,980‌
837‌
Northrop
Grumman
4,222‌
2,416‌
Rheinmetall
(EUR)
2,353‌
4,025‌
Rolls-Royce
Holdings
(GBP)
384,747‌
5,430‌
Safran
(EUR)
20,283‌
6,818‌
TransDigm
Group
1,033‌
1,405‌
VSE
24,073‌
4,338‌
55,414‌
Building
Products
0.2%
Advanced
Drainage
Systems
2,191‌
334‌
AZZ
15,395‌
1,623‌
CSW
Industrials
3,562‌
969‌
Kingspan
Group
(EUR)
19,569‌
1,680‌
Owens
Corning
18,025‌
2,041‌
Simpson
Manufacturing
1,866‌
312‌
6,959‌
Commercial
Services
&
Supplies
0.5%
Casella
Waste
Systems,
Class
A (5)
14,051‌
1,354‌
Cintas
6,434‌
1,197‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Element
Fleet
Management
(CAD) (6)
182,569‌
4,864‌
MSA
Safety
4,743‌
765‌
Pitney
Bowes
14,047‌
138‌
Republic
Services
49,968‌
10,846‌
Veralto
3,336‌
338‌
19,502‌
Construction
&
Engineering
0.3%
API
Group (5)
74,771‌
2,958‌
Arcosa
11,551‌
1,231‌
MYR
Group (5)
2,241‌
503‌
Shimizu
(JPY)
163,100‌
2,894‌
Vinci
(EUR)
28,018‌
3,976‌
WillScot
Holdings
33,414‌
660‌
12,222‌
Electrical
Equipment
1.1%
ABB
(CHF)
106,876‌
7,691‌
AMETEK
55,000‌
10,884‌
GE
Vernova
5,867‌
3,519‌
Legrand
(EUR)
28,429‌
4,313‌
Mitsubishi
Electric
(JPY)
291,600‌
7,884‌
Prysmian
(EUR)
85,889‌
8,620‌
42,911‌
Ground
Transportation
0.6%
CSX
229,125‌
8,102‌
Norfolk
Southern
17,732‌
5,179‌
Old
Dominion
Freight
Line
65,806‌
8,903‌
Saia (5)
4,297‌
1,210‌
23,394‌
Industrial
Conglomerates
0.8%
DCC
(GBP) (6)
28,866‌
1,910‌
Hitachi
(JPY)
226,100‌
7,200‌
Siemens
(EUR)
67,974‌
18,027‌
SK
Square
(KRW) (5)
17,342‌
3,541‌
30,678‌
Machinery
2.5%
Alliance
Laundry
Holdings (5)
14,221‌
338‌
Atmus
Filtration
Technologies
20,380‌
1,031‌
Caterpillar
22,581‌
13,001‌
CECO
Environmental (5)
9,079‌
473‌
Crane
3,793‌
695‌
Deere
44,002‌
20,438‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Enpro
5,242‌
1,168‌
Esab
29,125‌
3,269‌
ESCO
Technologies
3,353‌
714‌
Federal
Signal
6,373‌
727‌
Graco
9,373‌
773‌
ITT
468‌
86‌
Kadant
973‌
271‌
KION
Group
(EUR)
47,352‌
3,549‌
Middleby
(5)
6,534‌
772‌
PACCAR
1,100‌
116‌
Parker-Hannifin
18,200‌
15,683‌
Pentair
68,586‌
7,218‌
RBC
Bearings (5)
6,513‌
2,898‌
Sandvik
(SEK)
174,292‌
5,271‌
Spirax
Group
(GBP)
8,170‌
725‌
SPX
Technologies (5)
4,213‌
906‌
Standex
International
1,998‌
490‌
Weir
Group
(GBP)
12,109‌
445‌
Westinghouse
Air
Brake
Technologies
63,787‌
13,303‌
94,360‌
Passenger
Airlines
0.1%
Ryanair
Holdings,
ADR
56,594‌
3,857‌
3,857‌
Professional
Services
0.5%
Booz
Allen
Hamilton
Holding
42,512‌
3,548‌
Broadridge
Financial
Solutions
17,394‌
3,967‌
Checkr
,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $93 (5)(7)(9)
11,790‌
105‌
Equifax
21,906‌
4,652‌
Parsons (5)
21,445‌
1,816‌
Recruit
Holdings
(JPY)
68,000‌
3,478‌
Teleperformance
(EUR)
13,934‌
960‌
18,526‌
Trading
Companies
&
Distributors
0.7%
AerCap
Holdings
30,384‌
4,071‌
Ashtead
Group
(GBP)
18,587‌
1,189‌
Bunzl
(GBP)
95,970‌
2,750‌
Diploma
(GBP)
10,331‌
748‌
FTAI
Aviation
4,472‌
775‌
Mitsubishi
(JPY)
129,400‌
3,064‌
QXO (5)
81,592‌
1,528‌
Rush
Enterprises,
Class
A
12,068‌
628‌
SiteOne
Landscape
Supply (5)
12,942‌
1,738‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sumitomo
(JPY)
189,900‌
5,965‌
W.W.
Grainger
3,741‌
3,549‌
26,005‌
Total
Industrials
&
Business
Services
333,828‌
INFORMATION
TECHNOLOGY
16.7%
Communications
Equipment
0.5%
Arista
Networks (5)
92,293‌
12,061‌
Cisco
Systems
50,310‌
3,871‌
LM
Ericsson,
Class
B
(SEK)
421,512‌
4,068‌
Viavi
Solutions (5)
17,246‌
309‌
20,309‌
Electronic
Equipment,
Instruments
&
Components
1.0%
Advanced
Energy
Industries
3,142‌
664‌
Bel
Fuse,
Class
B
4,416‌
680‌
Fabrinet
(5)
286‌
131‌
Hamamatsu
Photonics
(JPY)
45,400‌
461‌
Keysight
Technologies (5)
100,607‌
19,915‌
Littelfuse
3,088‌
791‌
Mirion
Technologies (5)
142,562‌
3,710‌
Novanta
(5)
2,969‌
337‌
TE
Connectivity
52,180‌
11,801‌
Teledyne
Technologies (5)
1,550‌
774‌
39,264‌
IT
Services
0.5%
Applied
Digital (5)
29,423‌
797‌
Indra
Sistemas
(EUR) (6)
41,698‌
2,230‌
International
Business
Machines
12,223‌
3,772‌
NEC
(JPY)
143,700‌
5,429‌
Nomura
Research
Institute
(JPY)
67,800‌
2,708‌
Shopify,
Class
A (5)
33,516‌
5,317‌
20,253‌
Semiconductors
&
Semiconductor
Equipment
7.6%
Analog
Devices
48,590‌
12,893‌
ASML
Holding
(EUR)
14,609‌
15,451‌
ASML
Holding
4,364‌
4,626‌
BE
Semiconductor
Industries
(EUR)
15,248‌
2,310‌
Broadcom
149,399‌
60,202‌
Entegris
19,126‌
1,475‌
Impinj
(5)
2,233‌
384‌
Infineon
Technologies
(EUR)
20,921‌
883‌
Intel (5)
115,697‌
4,693‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
KLA
9,128‌
10,730‌
Lam
Research
23,635‌
3,687‌
Lattice
Semiconductor (5)
54,052‌
3,795‌
MACOM
Technology
Solutions
Holdings (5)
13,896‌
2,432‌
Monolithic
Power
Systems
2,978‌
2,764‌
NVIDIA
711,984‌
126,021‌
NXP
Semiconductors
7,538‌
1,469‌
Onto
Innovation (5)
3,398‌
486‌
Rambus (5)
8,907‌
851‌
Renesas
Electronics
(JPY)
230,200‌
2,715‌
Semtech
(5)
16,911‌
1,254‌
SiTime
(5)
1,726‌
514‌
Taiwan
Semiconductor
Manufacturing
(TWD)
269,759‌
12,438‌
Taiwan
Semiconductor
Manufacturing,
ADR
11,328‌
3,302‌
Texas
Instruments
64,969‌
10,932‌
Tokyo
Electron
(JPY)
21,300‌
4,355‌
290,662‌
Software
4.5%
Aestas
DBA
OpenAI
,
Class
A,
Acquisition
Date:
10/3/25,
Cost $2,020 (5)(7)(9)
4,698‌
2,270‌
Aurora
Innovation (5)
105,486‌
442‌
Canva
,
Class
B,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $818 (5)(7)(9)
480‌
790‌
CCC
Intelligent
Solutions
Holdings (5)
92,098‌
686‌
Cellebrite
DI (5)
105,960‌
1,787‌
Cipher
Mining (5)
22,090‌
450‌
Clearwater
Analytics
Holdings,
Class
A (5)
19,894‌
439‌
Confluent,
Class
A (5)
13,921‌
310‌
Crowdstrike
Holdings,
Class
A (5)
4,351‌
2,215‌
Datadog
,
Class
A (5)
6,001‌
960‌
Descartes
Systems
Group (5)
9,966‌
821‌
Gusto,
Acquisition
Date:
10/4/21,
Cost $265 (5)(7)(9)
9,216‌
224‌
I3
Verticals,
Class
A (5)
25,146‌
595‌
InterDigital
7,346‌
2,628‌
JFrog
(5)
16,030‌
978‌
Microsoft
239,589‌
117,880‌
nCino
(5)
28,130‌
695‌
Netskope
,
Class
A (5)
3,760‌
69‌
Onestream
(5)
32,470‌
676‌
Oracle
28,356‌
5,727‌
Palantir
Technologies,
Class
A (5)
8,765‌
1,476‌
PAR
Technology (5)
57,368‌
1,980‌
PTC (5)
20,136‌
3,532‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Riot
Platforms (5)
1,327‌
21‌
Roper
Technologies
4,456‌
1,988‌
Salesforce
10,356‌
2,388‌
SAP
(EUR)
40,338‌
9,738‌
ServiceNow
(5)
10,239‌
8,318‌
Synopsys (5)
5,820‌
2,433‌
Varonis
Systems (5)
9,035‌
299‌
Workiva
(5)
4,113‌
381‌
173,196‌
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple
345,210‌
96,262‌
CompoSecure
,
Class
A (5)
660‌
13‌
IonQ
(5)
308‌
15‌
Samsung
Electronics
(KRW)
71,411‌
4,905‌
101,195‌
Total
Information
Technology
644,879‌
MATERIALS
2.1%
Chemicals
0.8%
Air
Liquide
(EUR)
29,958‌
5,741‌
Ecolab
10,264‌
2,824‌
Element
Solutions
77,846‌
2,018‌
Linde
33,371‌
13,693‌
PPG
Industries
23,853‌
2,386‌
Sherwin-Williams
5,609‌
1,928‌
Shin-Etsu
Chemical
(JPY)
128,900‌
3,860‌
32,450‌
Construction
Materials
0.1%
Holcim
(CHF)
33,898‌
3,180‌
Knife
River (5)
10,604‌
793‌
United
States
Lime
&
Minerals
3,970‌
483‌
4,456‌
Containers
&
Packaging
0.7%
AptarGroup
6,266‌
782‌
Ball
152,720‌
7,564‌
International
Paper
323,662‌
12,778‌
Packaging
Corp.
of
America
21,314‌
4,350‌
25,474‌
Metals
&
Mining
0.4%
Antofagasta
(GBP)
137,297‌
5,020‌
BHP
Group
(AUD)
81,113‌
2,220‌
BHP
Group
(GBP)
74,112‌
2,030‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Capstone
Copper
(CAD) (5)
99,809‌
886‌
Franco-Nevada
4,727‌
992‌
Grupo
Mexico,
Series
B
(MXN)
158,775‌
1,387‌
OR
Royalties
68,645‌
2,396‌
Royal
Gold
4,264‌
869‌
Warrior
Met
Coal
10,179‌
797‌
16,597‌
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
8,211‌
673‌
Stora
Enso,
Class
R
(EUR)
219,663‌
2,585‌
3,258‌
Total
Materials
82,235‌
REAL
ESTATE
1.3%
Health
Care
Real
Estate
Investment
Trusts
0.3%
CareTrust
REIT,
REIT
21,388‌
802‌
Welltower
,
REIT
57,923‌
12,061‌
12,863‌
Industrial
Real
Estate
Investment
Trusts
0.1%
EastGroup
Properties,
REIT
3,887‌
704‌
Segro
(GBP)
178,536‌
1,687‌
Terreno
Realty,
REIT
20,602‌
1,294‌
3,685‌
Real
Estate
Management
&
Development
0.2%
Colliers
International
Group
8,001‌
1,152‌
FirstService
5,383‌
845‌
Mitsubishi
Estate
(JPY)
84,000‌
1,982‌
Mitsui
Fudosan
(JPY)
376,000‌
4,416‌
8,395‌
Residential
Real
Estate
Investment
Trusts
0.3%
Equity
LifeStyle
Properties,
REIT
93,383‌
5,871‌
Essex
Property
Trust,
REIT
14,610‌
3,851‌
Flagship
Communities
REIT
36,262‌
650‌
Independence
Realty
Trust,
REIT
63,593‌
1,091‌
11,463‌
Retail
Real
Estate
Investment
Trusts
0.2%
Curbline
Properties,
REIT
87,742‌
2,100‌
Macerich
,
REIT
22,036‌
383‌
Scentre
Group
(AUD)
1,555,293‌
4,158‌
6,641‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Specialized
Real
Estate
Investment
Trusts
0.2%
CubeSmart
,
REIT
22,804‌
849‌
Public
Storage,
REIT
9,023‌
2,477‌
VICI
Properties,
REIT
89,718‌
2,586‌
5,912‌
Total
Real
Estate
48,959‌
UTILITIES
1.5%
Electric
Utilities
0.7%
Constellation
Energy
8,904‌
3,244‌
Hawaiian
Electric
Industries (5)
62,994‌
741‌
IDACORP
11,857‌
1,563‌
OGE
Energy
43,074‌
1,972‌
Southern
119,495‌
10,888‌
TXNM
Energy
566‌
33‌
Xcel
Energy
109,610‌
9,000‌
27,441‌
Gas
Utilities
0.3%
Atmos
Energy
43,281‌
7,633‌
Chesapeake
Utilities
15,065‌
2,095‌
9,728‌
Independent
Power
&
Renewable
Electricity
Producers
0.0%
Orsted
(DKK) (5)
31,013‌
661‌
661‌
Multi-Utilities
0.5%
Ameren
58,779‌
6,251‌
Engie
(EUR)
224,755‌
5,719‌
National
Grid
(GBP)
456,920‌
6,943‌
18,913‌
Water
Utilities
0.0%
California
Water
Service
Group
19,662‌
892‌
Middlesex
Water
9,937‌
510‌
1,402‌
Total
Utilities
58,145‌
Total
Miscellaneous
Common
Stocks
0.1% (10)
2,419‌
Total
Common
Stocks
(Cost
$1,406,585)
2,599,393‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.2%
CONSUMER
DISCRETIONARY
0.0%
Hotels,
Restaurants
&
Leisure
0.0%
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $159 (5)(7)
(8)(9)
17,718‌
60‌
60‌
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $242 (5)(7)(9)
41,545‌
43‌
43‌
Total
Consumer
Discretionary
103‌
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $59 (5)(7)(9)
3,203‌
-‌
Total
Consumer
Staples
-‌
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $224 (5)
(7)(9)
2,133‌
139‌
Total
Financials
139‌
HEALTH
CARE
0.1%
Biotechnology
0.0%
Kardigan
,
Series
B,
Acquisition
Date:
9/4/25,
Cost $225 (5)(7)
(9)
10,558‌
226‌
Mirador
Therapeutics,
Series
B,
Acquisition
Date:
7/31/25,
Cost $222 (5)(7)(9)
67,218‌
222‌
Treeline
Biosciences,
Series
A-2,
Acquisition
Date:
11/7/25,
Cost $230 (5)(7)(9)
26,700‌
194‌
642‌
Health
Care
Equipment
&
Supplies
0.0%
Kardium
,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $120 (5)(7)
(9)
118,345‌
98‌
Kardium
,
Series
D-7,
Acquisition
Date:
6/9/25,
Cost $124 (5)(7)
(9)
256,419‌
166‌
Kardium
,
Series
D-8,
Acquisition
Date:
6/6/25,
Cost $121 (5)(7)
(9)
186,226‌
120‌
384‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $223 (5)(7)(9)
92,428‌
124‌
124‌
Life
Sciences
Tools
&
Services
0.1%
Bruker,
6.38%,
9/1/28
2,496‌
932‌
Cleerly
,
Series
C,
Acquisition
Date:
7/8/22,
Cost $118 (5)(7)(9)
10,046‌
153‌
Manus
Bio,
Series
One-6,
Acquisition
Date:
3/30/21,
Cost $128 (5)(7)(9)
12,159‌
36‌
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $161 (5)(7)(9)
11,776‌
189‌
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $262 (5)(7)(9)
5,896‌
95‌
1,405‌
Total
Health
Care
2,555‌
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
A-8,
Acquisition
Date:
3/24/21,
Cost $129 (5)(7)(9)
3,254‌
1‌
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $283 (5)(7)
(9)
50,717‌
183‌
Epirus,
Series
D,
Acquisition
Date:
1/21/25,
Cost $31 (5)(7)(9)
11,069‌
40‌
224‌
Air
Freight
&
Logistics
0.0%
Flexe
,
Series
C,
Acquisition
Date:
11/18/20,
Cost $119 (5)(7)(9)
9,815‌
33‌
Flexe
,
Series
D,
Acquisition
Date:
4/7/22,
Cost $75 (5)(7)(9)
3,669‌
12‌
45‌
Electrical
Equipment
0.0%
CelLink
,
Series
D,
Acquisition
Date:
1/20/22,
Cost $139 (5)(7)
(9)
6,676‌
4‌
4‌
Professional
Services
0.0%
Checkr
,
Series
C,
Acquisition
Date:
4/10/18,
Cost $67 (5)(7)(9)
14,736‌
131‌
Checkr
,
Series
D,
Acquisition
Date:
9/6/19,
Cost $263 (5)(7)(9)
26,046‌
232‌
363‌
Total
Industrials
&
Business
Services
636‌
INFORMATION
TECHNOLOGY
0.1%
Electronic
Equipment,
Instruments
&
Components
0.0%
Novanta
,
6.50%,
11/1/28
14,931‌
785‌
785‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $98 (5)(7)(9)
6,732‌
10‌
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $45 (5)(7)
(9)
2,367‌
3‌
13‌
Semiconductors
&
Semiconductor
Equipment
0.0%
Lightmatter
,
Series
D,
Acquisition
Date:
10/11/24,
Cost $229 (5)
(7)(9)
2,858‌
244‌
244‌
Software
0.1%
Canva
,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $51 (5)(7)(9)
30‌
49‌
Canva
,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (5)(7)(9)
2‌
3‌
Databricks
,
Series
G,
Acquisition
Date:
2/1/21,
Cost $260 (5)
(7)(9)
4,398‌
794‌
Databricks
,
Series
H,
Acquisition
Date:
8/31/21,
Cost $766 (5)
(7)(9)
10,416‌
1,880‌
Databricks
,
Series
I,
Acquisition
Date:
9/14/23,
Cost $88 (5)(7)
(9)
1,201‌
217‌
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $381 (5)(7)(9)
12,516‌
304‌
Nuro
,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $271 (5)(7)(9)
20,748‌
313‌
Nuro
,
Series
D,
Acquisition
Date:
10/29/21,
Cost $124 (5)(7)(9)
5,932‌
91‌
SecurityScorecard
,
Series
E,
Acquisition
Date:
3/5/21,
Cost $118 (5)(7)(9)
23,436‌
81‌
3,732‌
Total
Information
Technology
4,774‌
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $159 (5)(7)(9)
3,356‌
158‌
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $217 (5)(7)
(9)
5,247‌
96‌
254‌
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $144 (5)(7)(9)
5,255‌
592‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kobold
Metals,
Series
C-1,
Acquisition
Date:
9/20/24,
Cost $228 (5)(7)(9)
2,684‌
302‌
894‌
Total
Materials
1,148‌
Total
Convertible
Preferred
Stocks
(Cost
$8,276)
9,355‌
CORPORATE
BONDS
1.7%
3M,
5.15%,
3/15/35
260,000‌
268‌
AbbVie,
5.40%,
3/15/54
230,000‌
229‌
AEP
Transmission,
5.375%,
6/15/35
45,000‌
47‌
AES,
5.80%,
3/15/32
395,000‌
405‌
AGCO,
5.80%,
3/21/34
60,000‌
63‌
Alexandria
Real
Estate
Equities,
2.00%,
5/18/32
48,000‌
41‌
Alexandria
Real
Estate
Equities,
5.25%,
5/15/36
35,000‌
35‌
Alexandria
Real
Estate
Equities,
5.50%,
10/1/35
80,000‌
81‌
Alphabet,
4.375%,
11/15/32
260,000‌
263‌
Alphabet,
4.70%,
11/15/35
285,000‌
289‌
Amazon.com,
5.45%,
11/20/55
380,000‌
382‌
American
Express,
VR,
4.918%,
7/20/33 (11)
110,000‌
113‌
American
Express,
VR,
5.016%,
4/25/31 (11)
280,000‌
289‌
American
Express,
VR,
5.667%,
4/25/36 (11)
105,000‌
111‌
American
Homes
4
Rent,
5.25%,
3/15/35
65,000‌
66‌
American
Medical
Systems
Europe,
3.25%,
3/8/34
(EUR)
181,000‌
208‌
American
Tower,
4.90%,
3/15/30
35,000‌
36‌
Amrize
Finance
U.S.,
4.70%,
4/7/28 (1)
95,000‌
95‌
Amrize
Finance
U.S.,
4.95%,
4/7/30 (1)
115,000‌
118‌
Antofagasta,
5.625%,
9/9/35
200,000‌
205‌
APA
Infrastructure,
0.75%,
3/15/29
(EUR)
125,000‌
135‌
APA
Infrastructure,
5.125%,
9/16/34 (1)
50,000‌
51‌
APA
Infrastructure,
5.75%,
9/16/44 (1)
65,000‌
66‌
Appalachian
Power,
5.65%,
4/1/34
60,000‌
63‌
Aptiv
Swiss
Holdings,
3.10%,
12/1/51
385,000‌
251‌
Ares
Strategic
Income
Fund,
5.45%,
9/9/28 (1)
65,000‌
65‌
Arthur
J
Gallagher,
4.85%,
12/15/29
50,000‌
51‌
Arthur
J
Gallagher,
5.00%,
2/15/32
15,000‌
15‌
Aspen
Insurance
Holdings,
5.75%,
7/1/30
110,000‌
115‌
AT&T,
3.50%,
9/15/53
250,000‌
172‌
AT&T,
4.55%,
11/1/32
150,000‌
150‌
Athene
Global
Funding,
5.526%,
7/11/31 (1)
265,000‌
272‌
Atlas
Warehouse
Lending,
4.95%,
11/15/30 (1)
250,000‌
251‌
Atlassian
,
5.25%,
5/15/29
75,000‌
77‌
Autostrade
per
l'Italia
,
2.00%,
1/15/30
(EUR)
140,000‌
155‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BAE
Systems,
5.30%,
3/26/34 (1)
200,000‌
209‌
Banco
Santander,
5.127%,
11/6/35
200,000‌
201‌
Bank
of
America,
VR,
1.898%,
7/23/31 (11)
1,695,000‌
1,528‌
Bank
of
America,
VR,
5.464%,
5/9/36 (11)
260,000‌
273‌
Bank
of
America,
VR,
5.468%,
1/23/35 (11)
154,000‌
162‌
Bank
of
America,
VR,
5.819%,
9/15/29 (11)
710,000‌
741‌
Barclays,
VR,
5.086%,
2/25/29 (11)
200,000‌
204‌
Barclays,
VR,
5.367%,
2/25/31 (11)
200,000‌
207‌
Barclays,
VR,
5.785%,
2/25/36 (11)
200,000‌
211‌
BAT
Capital,
5.35%,
8/15/32
275,000‌
286‌
BAT
Capital,
7.079%,
8/2/43
110,000‌
124‌
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
275,000‌
293‌
Beignet
Investor,
6.581%,
5/30/49 (1)
235,000‌
253‌
Beth
Israel
Lahey
Health,
Series O,
4.717%,
7/1/30
100,000‌
102‌
Blackstone
Property
Partners
Europe
Holdings,
1.75%,
3/12/29
(EUR)
130,000‌
144‌
Boeing,
3.75%,
2/1/50
139,000‌
103‌
Boeing,
5.705%,
5/1/40
130,000‌
134‌
Boeing,
6.388%,
5/1/31
125,000‌
136‌
Boeing,
6.528%,
5/1/34
98,000‌
109‌
Boeing,
6.858%,
5/1/54
473,000‌
538‌
Bon
Secours
Mercy
Health,
3.464%,
6/1/30
85,000‌
83‌
Booz
Allen
Hamilton,
5.95%,
8/4/33
144,000‌
152‌
Booz
Allen
Hamilton,
5.95%,
4/15/35
190,000‌
197‌
Boston
Gas,
6.119%,
7/20/53 (1)
75,000‌
77‌
Brixmor
Operating
Partnership,
4.85%,
2/15/33
35,000‌
35‌
Brixmor
Operating
Partnership,
5.20%,
4/1/32
55,000‌
56‌
Broadcom,
4.35%,
2/15/30
320,000‌
322‌
Broadcom,
4.55%,
2/15/32
120,000‌
121‌
Broadcom,
4.80%,
2/15/36
240,000‌
240‌
Broadcom,
5.15%,
11/15/31
190,000‌
198‌
Burlington
Northern
Santa
Fe,
5.50%,
3/15/55
210,000‌
210‌
Cadence
Design
Systems,
4.70%,
9/10/34
181,000‌
182‌
CaixaBank
,
VR,
5.581%,
7/3/36 (1)(11)
200,000‌
207‌
CaixaBank
,
VR,
6.037%,
6/15/35 (1)(11)
290,000‌
310‌
Capital
One
Financial,
VR,
5.70%,
2/1/30 (11)
49,000‌
51‌
Capital
One
Financial,
VR,
7.624%,
10/30/31 (11)
45,000‌
51‌
Carvana
,
9.00%,
6/1/30,
(11.00%
Cash
or
13.00%
PIK
until
8/15/25
then
9.00%
Cash
to
maturity) (1)(12)
456,868‌
478‌
Carvana
,
9.00%,
6/1/31,
(14.00%
PIK
until
8/15/25
then
9.00%
Cash
to
maturity) (1)(12)
625,520‌
704‌
CBRE
Services,
4.80%,
6/15/30
70,000‌
71‌
CBRE
Services,
4.90%,
1/15/33
55,000‌
56‌
Celanese
U.S.
Holdings,
6.83%,
7/15/29
42,000‌
43‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Celanese
U.S.
Holdings,
6.879%,
7/15/32
220,000‌
224‌
Cellnex
Finance,
2.00%,
2/15/33
(EUR)
100,000‌
104‌
Cellnex
Telecom,
1.75%,
10/23/30
(EUR)
300,000‌
325‌
Celulosa
Arauco
y
Constitucion
,
6.18%,
5/5/32 (1)
200,000‌
207‌
Centene
,
4.25%,
12/15/27
50,000‌
49‌
Centene
,
4.625%,
12/15/29
231,000‌
222‌
Ceska
sporitelna
,
VR,
4.57%,
7/3/31
(EUR) (11)
400,000‌
486‌
CFE
Fibra
,
5.875%,
9/23/40 (1)
200,000‌
200‌
Charter
Communications
Operating,
3.90%,
6/1/52
193,000‌
126‌
Chile
Electricity
Mpc
II,
5.58%,
10/20/35 (1)
195,501‌
202‌
Cigna
Group,
4.50%,
9/15/30
70,000‌
70‌
Cigna
Group,
6.00%,
1/15/56
95,000‌
99‌
Citigroup,
VR,
4.952%,
5/7/31 (11)
365,000‌
374‌
Citigroup,
VR,
5.174%,
9/11/36 (11)
80,000‌
82‌
Citigroup,
VR,
5.333%,
3/27/36 (11)
145,000‌
149‌
CNO
Global
Funding,
4.95%,
9/9/29 (1)
60,000‌
61‌
Cofinimmo
,
0.875%,
12/2/30
(EUR)
100,000‌
103‌
Colbun
,
5.375%,
9/11/35 (1)
200,000‌
202‌
Columbia
Pipelines
Holding,
5.681%,
1/15/34 (1)
240,000‌
248‌
Comcast,
3.25%,
11/1/39
300,000‌
238‌
CommonSpirit
Health,
2.782%,
10/1/30
21,000‌
20‌
Constellation
Energy
Generation,
5.75%,
3/15/54
205,000‌
205‌
Corebridge
Global
Funding,
4.90%,
8/21/32 (1)
55,000‌
56‌
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
50,000‌
51‌
Corp.
Inmobiliaria
Vesta
,
5.50%,
1/30/33 (1)
200,000‌
202‌
Coterra
Energy,
5.60%,
3/15/34
60,000‌
62‌
Credit
Agricole
,
VR,
4.818%,
9/25/33 (1)(11)
500,000‌
500‌
Credit
Agricole
,
VR,
5.222%,
5/27/31 (1)(11)
250,000‌
257‌
Crown
Castle,
5.80%,
3/1/34
120,000‌
126‌
CVS
Health,
5.00%,
9/15/32
95,000‌
97‌
CVS
Health,
5.05%,
3/25/48
491,000‌
441‌
CVS
Health,
5.30%,
6/1/33
515,000‌
532‌
CVS
Health,
5.625%,
2/21/53
225,000‌
215‌
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(11)
200,000‌
208‌
Deere,
5.45%,
1/16/35
250,000‌
266‌
Diamondback
Energy,
5.40%,
4/18/34
380,000‌
389‌
Diamondback
Energy,
5.75%,
4/18/54
391,000‌
375‌
DTE
Energy,
5.10%,
3/1/29
340,000‌
349‌
Eagle
Materials,
5.00%,
3/15/36
175,000‌
173‌
Element
Fleet
Management,
5.037%,
3/25/30 (1)
105,000‌
108‌
Elevance
Health,
4.75%,
2/15/30
100,000‌
102‌
Elevance
Health,
4.95%,
11/1/31
140,000‌
143‌
Elevance
Health,
5.125%,
2/15/53
115,000‌
105‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Eli
Lilly,
5.55%,
10/15/55
90,000‌
93‌
EMD
Finance,
4.625%,
10/15/32 (1)
375,000‌
378‌
Enel
Finance
International,
4.125%,
9/30/28 (1)
200,000‌
200‌
Enel
Finance
International,
5.00%,
9/30/35 (1)
200,000‌
199‌
Engie
,
5.625%,
4/10/34 (1)
200,000‌
210‌
Eni,
5.75%,
5/19/35 (1)
200,000‌
209‌
EOG
Resources,
5.00%,
7/15/32
100,000‌
103‌
EOG
Resources,
5.35%,
1/15/36
170,000‌
176‌
Equitable
America
Global
Funding,
3.95%,
9/15/27 (1)
15,000‌
15‌
Equitable
America
Global
Funding,
4.70%,
9/15/32 (1)
40,000‌
40‌
Equitable
America
Global
Funding,
4.95%,
6/9/30 (1)
155,000‌
158‌
Expand
Energy,
5.375%,
2/1/29
173,000‌
173‌
Extra
Space
Storage,
4.95%,
1/15/33
65,000‌
66‌
Extra
Space
Storage,
5.40%,
6/15/35
185,000‌
190‌
Ferguson
Enterprises,
4.35%,
3/15/31
85,000‌
85‌
Ferguson
Enterprises,
5.00%,
10/3/34
35,000‌
35‌
Ferrari,
3.625%,
5/21/30
(EUR)
105,000‌
125‌
First
American
Financial,
2.40%,
8/15/31
303,000‌
266‌
FirstEnergy,
2.65%,
3/1/30
223,000‌
207‌
FirstEnergy,
Series B,
2.25%,
9/1/30
41,000‌
37‌
FirstEnergy
Transmission,
5.00%,
1/15/35
85,000‌
85‌
Fiserv,
4.55%,
2/15/31
385,000‌
381‌
Flutter
Treasury,
5.875%,
6/4/31 (1)
200,000‌
202‌
Ford
Motor
Credit,
5.73%,
9/5/30
200,000‌
203‌
Ford
Motor
Credit,
6.798%,
11/7/28
200,000‌
209‌
Ford
Motor
Credit,
7.35%,
3/6/30
560,000‌
601‌
Fortitude
Group
Holdings,
6.25%,
4/1/30 (1)
130,000‌
135‌
Foundry
JV
Holdco,
6.10%,
1/25/36 (1)
200,000‌
212‌
Foundry
JV
Holdco,
6.20%,
1/25/37 (1)
200,000‌
213‌
Foundry
JV
Holdco,
6.25%,
1/25/35 (1)
200,000‌
215‌
Foundry
JV
Holdco,
6.40%,
1/25/38 (1)
200,000‌
215‌
Freeport-McMoRan,
4.25%,
3/1/30
62,000‌
62‌
Freeport-McMoRan,
4.375%,
8/1/28
99,000‌
99‌
Freeport-McMoRan,
4.625%,
8/1/30
41,000‌
41‌
Freeport-McMoRan,
5.00%,
9/1/27
22,000‌
22‌
Freeport-McMoRan,
5.45%,
3/15/43
110,000‌
107‌
GA
Global
Funding
Trust,
5.40%,
1/13/30 (1)
150,000‌
154‌
GA
Global
Funding
Trust,
5.50%,
4/1/32 (1)
165,000‌
168‌
General
Electric,
4.30%,
7/29/30
140,000‌
142‌
General
Electric,
4.90%,
1/29/36
110,000‌
113‌
General
Motors
Financial,
4.20%,
10/27/28
105,000‌
105‌
General
Motors
Financial,
5.55%,
7/15/29
185,000‌
192‌
General
Motors
Financial,
6.40%,
1/9/33
68,000‌
73‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
GLP
Capital,
5.25%,
2/15/33
160,000‌
160‌
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (11)
780,000‌
712‌
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (11)
275,000‌
273‌
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (11)
315,000‌
317‌
Goldman
Sachs
Group,
VR,
4.692%,
10/23/30 (11)
255,000‌
259‌
Goldman
Sachs
Group,
VR,
5.016%,
10/23/35 (11)
275,000‌
278‌
Golub
Capital
Private
Credit
Fund,
5.875%,
5/1/30
202,000‌
204‌
HA
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34
439,000‌
449‌
Harbour
Energy,
6.327%,
4/1/35 (1)
200,000‌
205‌
HCA,
2.375%,
7/15/31
100,000‌
89‌
HCA,
4.60%,
11/15/32
300,000‌
299‌
HCA,
5.25%,
3/1/30
100,000‌
103‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.20%,
6/15/29 (1)
100,000‌
103‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
125,000‌
129‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.875%,
6/15/54 (1)
260,000‌
253‌
Healthcare
Realty
Holdings,
2.05%,
3/15/31
95,000‌
82‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28
260,000‌
256‌
Heathrow
Funding,
1.875%,
3/14/34
(EUR)
145,000‌
146‌
HSBC
Holdings,
VR,
4.619%,
11/6/31 (11)
200,000‌
201‌
Hyundai
Capital
America,
4.55%,
9/26/29 (1)
160,000‌
161‌
Hyundai
Capital
America,
4.75%,
9/26/31 (1)
110,000‌
111‌
Hyundai
Capital
America,
5.35%,
3/19/29 (1)
80,000‌
82‌
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
50,000‌
52‌
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
95,000‌
101‌
Icon
Investments
Six,
5.849%,
5/8/29
200,000‌
209‌
IMCD,
3.625%,
4/30/30
(EUR)
120,000‌
140‌
Imperial
Brands
Finance,
4.50%,
6/30/28 (1)
200,000‌
202‌
Imperial
Brands
Finance,
5.625%,
7/1/35 (1)
200,000‌
206‌
Imperial
Brands
Finance,
6.375%,
7/1/55 (1)
200,000‌
207‌
Infrastrutture
Wireless
Italiane
,
3.75%,
4/1/30
(EUR)
105,000‌
123‌
Interpublic
Group,
4.65%,
10/1/28
110,000‌
110‌
Invitation
Homes
Operating
Partnership,
2.00%,
8/15/31
60,000‌
52‌
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
66,000‌
69‌
IPALCO
Enterprises,
5.75%,
4/1/34
140,000‌
143‌
Jackson
National
Life
Global
Funding,
5.35%,
1/13/30 (1)
150,000‌
156‌
Jersey
Central
Power
&
Light,
5.15%,
1/15/36 (1)
145,000‌
147‌
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (11)
70,000‌
65‌
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (11)
110,000‌
105‌
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (11)
485,000‌
458‌
JPMorgan
Chase,
VR,
4.603%,
10/22/30 (11)
255,000‌
259‌
JPMorgan
Chase,
VR,
4.81%,
10/22/36 (11)
160,000‌
160‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase,
VR,
4.946%,
10/22/35 (11)
185,000‌
188‌
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (11)
140,000‌
142‌
JPMorgan
Chase,
VR,
5.103%,
4/22/31 (11)
100,000‌
104‌
JPMorgan
Chase,
VR,
5.336%,
1/23/35 (11)
130,000‌
136‌
Kentucky
Utilities,
5.85%,
8/15/55
25,000‌
26‌
Kraft
Heinz
Foods,
5.00%,
6/4/42
39,000‌
36‌
Las
Vegas
Sands,
3.50%,
8/18/26
95,000‌
94‌
Louisville
Gas
&
Electric,
5.85%,
8/15/55
25,000‌
25‌
Lowe's,
4.25%,
4/1/52
80,000‌
64‌
Lowe's,
5.625%,
4/15/53
40,000‌
39‌
LPL
Holdings,
5.65%,
3/15/35
120,000‌
123‌
LPL
Holdings,
5.75%,
6/15/35
125,000‌
128‌
Lseg
U.S.
Fin,
5.297%,
3/28/34 (1)
200,000‌
208‌
Magna
International,
5.875%,
6/1/35
35,000‌
37‌
Mars,
5.20%,
3/1/35 (1)
245,000‌
253‌
Mars,
5.65%,
5/1/45 (1)
175,000‌
178‌
Marvell
Technology,
2.95%,
4/15/31
209,000‌
194‌
Marvell
Technology,
4.75%,
7/15/30
35,000‌
35‌
Marvell
Technology,
5.45%,
7/15/35
155,000‌
160‌
Meta
Platforms,
4.875%,
11/15/35
170,000‌
171‌
Meta
Platforms,
5.50%,
11/15/45
210,000‌
209‌
Meta
Platforms,
5.625%,
11/15/55
860,000‌
854‌
Minera
Mexico,
5.625%,
2/12/32 (1)
450,000‌
464‌
Morgan
Stanley,
VR,
5.123%,
2/1/29 (11)
345,000‌
353‌
Morgan
Stanley,
VR,
5.173%,
1/16/30 (11)
225,000‌
231‌
Morgan
Stanley,
VR,
5.32%,
7/19/35 (11)
60,000‌
62‌
Morgan
Stanley,
VR,
5.664%,
4/17/36 (11)
120,000‌
127‌
Motorola
Solutions,
5.40%,
4/15/34
115,000‌
119‌
Motorola
Solutions,
5.55%,
8/15/35
245,000‌
255‌
MPLX,
5.00%,
1/15/33
145,000‌
146‌
MPLX,
6.20%,
9/15/55
115,000‌
116‌
Netflix,
4.625%,
5/15/29
(EUR)
290,000‌
356‌
Niagara
Mohawk
Power,
4.647%,
10/3/30 (1)
155,000‌
156‌
Niagara
Mohawk
Power,
5.664%,
1/17/54 (1)
135,000‌
133‌
Niagara
Mohawk
Power,
5.996%,
7/3/55 (1)
234,000‌
241‌
NRG
Energy,
4.45%,
6/15/29 (1)
85,000‌
85‌
NTT
Finance,
4.876%,
7/16/30 (1)
200,000‌
204‌
NTT
Finance,
5.171%,
7/16/32 (1)
200,000‌
206‌
NTT
Finance,
5.502%,
7/16/35 (1)
200,000‌
209‌
NXP,
3.125%,
2/15/42
176,000‌
130‌
NXP,
3.25%,
11/30/51
540,000‌
363‌
NXP,
3.40%,
5/1/30
306,000‌
295‌
NXP,
4.30%,
6/18/29
76,000‌
76‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Occidental
Petroleum,
6.05%,
10/1/54
135,000‌
130‌
Occidental
Petroleum,
6.20%,
3/15/40
70,000‌
72‌
Occidental
Petroleum,
8.875%,
7/15/30
540,000‌
624‌
ONEOK,
6.05%,
9/1/33
233,000‌
248‌
Oracle,
4.80%,
9/26/32
105,000‌
103‌
Oracle,
5.20%,
9/26/35
135,000‌
132‌
Oracle,
5.95%,
9/26/55
657,000‌
610‌
Orbia
Advance
Corp.,
6.80%,
5/13/30 (1)
245,000‌
245‌
Pacific
Gas
&
Electric,
3.50%,
8/1/50
93,000‌
64‌
Pacific
Gas
&
Electric,
4.95%,
7/1/50
95,000‌
82‌
Pacific
Gas
&
Electric,
5.00%,
6/4/28
115,000‌
117‌
Pacific
Gas
&
Electric,
5.05%,
10/15/32
200,000‌
201‌
Pacific
Gas
&
Electric,
5.90%,
10/1/54
52,000‌
51‌
Palomino
Funding
Trust
I,
7.233%,
5/17/28 (1)
540,000‌
572‌
Paychex,
5.60%,
4/15/35
95,000‌
100‌
Philip
Morris
International,
4.625%,
10/29/35
255,000‌
251‌
PNC
Financial
Services
Group,
VR,
5.373%,
7/21/36 (11)
90,000‌
93‌
PNC
Financial
Services
Group,
VR,
5.575%,
1/29/36 (11)
130,000‌
136‌
Prologis
Targeted
U.S.
Logistics
Fund,
4.25%,
1/15/31 (1)
125,000‌
124‌
Prologis
Targeted
U.S.
Logistics
Fund,
4.75%,
1/15/36 (1)
140,000‌
137‌
PSEG
Power,
5.20%,
5/15/30 (1)
30,000‌
31‌
Public
Service
of
Oklahoma,
5.45%,
1/15/36
305,000‌
314‌
Raizen
Fuels
Finance,
5.70%,
1/17/35 (1)
425,000‌
350‌
Realty
Income,
5.125%,
4/15/35
45,000‌
46‌
Regal
Rexnord,
6.05%,
4/15/28
245,000‌
253‌
Reinsurance
Group
of
America,
6.00%,
9/15/33
290,000‌
310‌
Rentokil
Terminix
Funding,
5.00%,
4/28/30 (1)
200,000‌
204‌
Revvity
,
1.90%,
9/15/28
73,000‌
68‌
Revvity
,
2.25%,
9/15/31
100,000‌
88‌
RGA
Global
Funding,
5.00%,
8/25/32 (1)
170,000‌
171‌
Rogers
Communications,
5.00%,
2/15/29
270,000‌
275‌
Rogers
Communications,
5.30%,
2/15/34
305,000‌
310‌
Ross
Stores,
1.875%,
4/15/31
260,000‌
229‌
RTX,
2.82%,
9/1/51
39,000‌
25‌
RTX,
5.15%,
2/27/33
90,000‌
94‌
Sammons
Financial
Group
Global
Funding,
5.05%,
1/10/28 (1)
70,000‌
71‌
Sammons
Financial
Group
Global
Funding,
5.10%,
12/10/29 (1)
125,000‌
129‌
Santander
Holdings
USA,
VR,
5.473%,
3/20/29 (11)
150,000‌
153‌
Sartorius
Finance,
4.875%,
9/14/35
(EUR)
200,000‌
246‌
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
290,000‌
280‌
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
40,000‌
38‌
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
235,000‌
210‌
SBA
Tower
Trust,
4.831%,
10/15/29 (1)
270,000‌
272‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Segro
Capital,
1.875%,
3/23/30
(EUR)
125,000‌
139‌
Smurfit
Westrock
Financing,
5.418%,
1/15/35
200,000‌
206‌
Snam
,
5.75%,
5/28/35 (1)
200,000‌
210‌
Snam
,
6.50%,
5/28/55 (1)
200,000‌
216‌
Societe
Generale
,
7.367%,
1/10/53 (1)
225,000‌
244‌
Societe
Generale
,
VR,
2.797%,
1/19/28 (1)(11)
395,000‌
388‌
Societe
Generale
,
VR,
5.50%,
4/13/29 (1)(11)
255,000‌
261‌
Societe
Generale
,
VR,
6.691%,
1/10/34 (1)(11)
225,000‌
246‌
Solventum
,
5.90%,
4/30/54
478,000‌
489‌
Southern
California
Gas,
5.45%,
6/15/35
120,000‌
125‌
Southern
Gas
Capital,
Series A,
4.05%,
9/15/28
25,000‌
25‌
Southern
Gas
Capital,
Series B,
5.10%,
9/15/35
85,000‌
86‌
Southern
Power,
Series B,
4.90%,
10/1/35
75,000‌
74‌
Sprint
Capital,
6.875%,
11/15/28
305,000‌
329‌
Sprint
Capital,
8.75%,
3/15/32
215,000‌
262‌
Standard
Chartered,
VR,
6.301%,
1/9/29 (1)(11)
200,000‌
208‌
State
Street,
VR,
4.784%,
10/23/36 (11)
65,000‌
65‌
Sutter
Health,
5.164%,
8/15/33
75,000‌
78‌
Sutter
Health,
Series 2025,
5.213%,
8/15/32
50,000‌
52‌
Sutter
Health,
Series 2025,
5.537%,
8/15/35
170,000‌
180‌
Suzano
Netherlands,
5.50%,
1/15/36
140,000‌
139‌
Synopsys,
4.85%,
4/1/30
185,000‌
189‌
Synopsys,
5.70%,
4/1/55
185,000‌
185‌
T-Mobile
USA,
3.50%,
4/15/31
210,000‌
201‌
T-Mobile
USA,
4.625%,
1/15/33
380,000‌
379‌
T-Mobile
USA,
5.05%,
7/15/33
370,000‌
379‌
T-Mobile
USA,
5.70%,
1/15/56
250,000‌
248‌
T-Mobile
USA,
5.875%,
11/15/55
120,000‌
122‌
Targa
Resources,
5.55%,
8/15/35
65,000‌
67‌
Targa
Resources,
5.65%,
2/15/36
90,000‌
93‌
Targa
Resources,
6.125%,
5/15/55
34,000‌
34‌
Targa
Resources,
6.15%,
3/1/29
91,000‌
96‌
Targa
Resources
Partners,
5.50%,
3/1/30
320,000‌
325‌
Texas
Instruments,
5.10%,
5/23/35
250,000‌
259‌
Thermo
Fisher
Scientific,
4.894%,
10/7/37
230,000‌
231‌
Time
Warner
Cable,
6.55%,
5/1/37
21,000‌
21‌
Time
Warner
Cable,
6.75%,
6/15/39
110,000‌
111‌
Time
Warner
Cable,
7.30%,
7/1/38
32,000‌
34‌
Toronto-Dominion
Bank,
4.928%,
10/15/35
145,000‌
146‌
TotalEnergies
Capital
International,
3.127%,
5/29/50
124,000‌
85‌
TotalEnergies
Capital
International,
3.461%,
7/12/49
108,000‌
78‌
Toyota
Motor
Credit,
4.05%,
9/5/28
245,000‌
246‌
Trans-Allegheny
Interstate
Line,
5.00%,
1/15/31 (1)
30,000‌
31‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Transcontinental
Gas
Pipe
Line,
5.10%,
3/15/36 (1)
95,000‌
97‌
Transcontinental
Gas
Pipe
Line,
5.75%,
3/15/56 (1)
65,000‌
65‌
Uber
Technologies,
4.30%,
1/15/30
290,000‌
292‌
Uber
Technologies,
4.50%,
8/15/29 (1)
266,000‌
265‌
Uber
Technologies,
4.80%,
9/15/34
40,000‌
40‌
Uber
Technologies,
4.80%,
9/15/35
205,000‌
205‌
UnitedHealth
Group,
4.50%,
4/15/33
225,000‌
224‌
UnitedHealth
Group,
5.30%,
6/15/35
115,000‌
119‌
UnitedHealth
Group,
5.95%,
6/15/55
65,000‌
68‌
Verisk
Analytics,
5.125%,
2/15/36
115,000‌
116‌
Verizon
Communications,
5.00%,
1/15/36
120,000‌
120‌
Verizon
Communications,
5.875%,
11/30/55
290,000‌
291‌
Vistra
Operations,
5.70%,
12/30/34 (1)
7,000‌
7‌
Vistra
Operations,
6.00%,
4/15/34 (1)
85,000‌
89‌
Vistra
Operations,
6.95%,
10/15/33 (1)
320,000‌
357‌
Volkswagen
Group
of
America
Finance,
4.55%,
9/11/28 (1)
200,000‌
201‌
Volkswagen
Leasing,
3.875%,
10/11/28
(EUR)
45,000‌
54‌
Wells
Fargo,
VR,
5.15%,
4/23/31 (11)
617,000‌
638‌
Wynnton
Funding
Trust,
5.251%,
8/15/35 (1)
130,000‌
132‌
Total
Corporate
Bonds
(Cost
$64,532)
65,490‌
EQUITY
FUNDS
11.9%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (4)
6,152,685‌
246,046‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (4)
485,679‌
4,274‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (4)
11,578,189‌
204,123‌
Total
Equity
Funds
(Cost
$346,503)
454,443‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.2%
Abu
Dhabi
Developmental
Holding,
4.50%,
5/6/30 (1)
290,000‌
294‌
Abu
Dhabi
Developmental
Holding,
5.00%,
5/6/35 (1)
200,000‌
205‌
Comision
Federal
de
Electricidad
,
6.45%,
1/24/35 (1)
200,000‌
205‌
Corp.
Andina
de
Fomento
,
VR,
6.75% (1)(11)(13)
200,000‌
205‌
Eagle
Funding
Luxco
,
5.50%,
8/17/30 (1)
260,000‌
264‌
FIEMEX
Energia
-
Banco
Actinver
Institucion
de
Banca
Multiple,
7.25%,
1/31/41 (1)
198,101‌
207‌
Government
of
Hungary,
Series 35/A,
7.00%,
10/24/35
(HUF)
555,000,000‌
1,687‌
Kingdom
of
Saudi
Arabia,
5.125%,
1/13/28 (1)
200,000‌
205‌
Ma'aden
Sukuk
,
5.25%,
2/13/30 (1)
610,000‌
627‌
Petroleos
Mexicanos
,
5.95%,
1/28/31
265,000‌
256‌
Petroleos
Mexicanos
,
7.69%,
1/23/50
145,000‌
129‌
Petroleos
Mexicanos
,
8.75%,
6/2/29
380,000‌
405‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Republic
of
Bulgaria,
Series 13Y,
4.125%,
5/7/38
(EUR)
310,000‌
369‌
Republic
of
Peru,
6.20%,
6/30/55
260,000‌
272‌
Republic
of
Romania,
5.375%,
6/7/33
(EUR) (1)
140,000‌
165‌
Republic
of
Romania,
5.75%,
9/16/30 (1)
430,000‌
442‌
Republic
of
Romania,
6.625%,
5/16/36 (1)
366,000‌
378‌
State
of
Israel,
Series 10Y,
5.50%,
3/12/34
395,000‌
410‌
State
of
Israel,
Series 10Y,
5.625%,
2/19/35 (6)
200,000‌
210‌
State
of
Kuwait,
4.652%,
10/9/35 (1)
200,000‌
201‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$6,962)
7,136‌
MUNICIPAL
SECURITIES
0.0%
California
0.0%
Los
Angeles
Dept.
of
Airports,
Build
America,
6.582%,
5/15/39
45,000‌
49‌
49‌
Illinois
0.0%
Illinois,
Build
America,
GO,
7.35%,
7/1/35
42,857‌
47‌
47‌
Total
Municipal
Securities
(Cost
$92)
96‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.2%
BANK5,
Series 2024-5YR10,
Class
A3,
5.302%,
10/15/57
55,000‌
57‌
BANK5,
Series 2024-5YR10,
Class
AS,
5.637%,
10/15/57
30,000‌
31‌
BANK5,
Series 2024-5YR11,
Class
AS,
6.139%,
11/15/57
205,000‌
216‌
BANK5,
Series 2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57
125,000‌
132‌
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
6.233%,
11/15/34 (1)
135,000‌
2‌
BFLD
Commercial
Mortgage
Trust,
Series 2025-5MW,
Class
A,
ARM,
4.83%,
10/10/42 (1)
185,000‌
186‌
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
88,014‌
81‌
BX
Commercial
Mortgage
Trust,
Series 2024-GPA3,
Class
A,
ARM,
1M
TSFR
+
1.293%,
5.252%,
12/15/39 (1)
224,744‌
223‌
BX
Commercial
Mortgage
Trust,
Series 2024-MDHS,
Class
A,
ARM,
1M
TSFR
+
1.641%,
5.60%,
5/15/41 (1)
435,961‌
436‌
BX
Trust,
Series 2025-TAIL,
Class
A,
ARM,
1M
TSFR
+
1.40%,
5.359%,
6/15/35 (1)
100,000‌
100‌
Chase
Home
Lending
Mortgage
Trust,
Series 2024-RPL4,
Class
A1B,
CMO,
ARM,
3.375%,
12/25/64 (1)
36,559‌
33‌
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
B,
2.829%,
12/10/41 (1)
120,000‌
108‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
C,
3.031%,
12/10/41 (1)
100,000‌
89‌
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
93,441‌
81‌
COLT
Mortgage
Loan
Trust,
Series 2021-5,
Class
A1,
CMO,
ARM,
1.726%,
11/26/66 (1)
382,753‌
349‌
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
110,337‌
110‌
CONE
Trust,
Series 2024-DFW1,
Class
A,
ARM,
1M
TSFR
+
1.642%,
5.601%,
8/15/41 (1)
250,000‌
250‌
EFMT,
Series 2025-INV2,
Class
A1,
CMO,
STEP,
5.387%,
5/26/70 (1)
217,075‌
218‌
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
4.919%,
3/25/50 (1)
63,883‌
61‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
9,731‌
9‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
37,757‌
35‌
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
5,081‌
5‌
GCAT
Trust,
Series 2021-NQM1,
Class
A1,
CMO,
ARM,
0.874%,
1/25/66 (1)
116,997‌
105‌
GCAT
Trust,
Series 2025-NQM1,
Class
A1,
CMO,
STEP,
5.373%,
11/25/69 (1)
173,729‌
174‌
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
6.036%,
7/25/44 (1)
1,374‌
1‌
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.907%,
10/25/50 (1)
133,795‌
117‌
GS
Mortgage-Backed
Securities
Trust,
Series 2025-NQM3,
Class
A1,
CMO,
STEP,
5.137%,
11/25/65 (1)
89,303‌
90‌
HOMES
Trust,
Series 2025-AFC2,
Class
A1B,
CMO,
STEP,
5.573%,
6/25/60 (1)
246,158‌
248‌
HOMES
Trust,
Series 2025-NQM2,
Class
A1,
CMO,
STEP,
5.425%,
2/25/70 (1)
146,662‌
147‌
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM1,
Class
A1,
CMO,
ARM,
1.071%,
6/25/56 (1)
139,224‌
122‌
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
66,644‌
57‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
80,000‌
76‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
34,283‌
31‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
39,768‌
36‌
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.571%,
12/25/50 (1)
147,932‌
133‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
1,180‌
1‌
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
2,656‌
3‌
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.224%,
6/25/50 (1)
149,536‌
133‌
JPMorgan
Mortgage
Trust,
Series 2025-DSC2,
Class
A1,
CMO,
ARM,
5.195%,
10/25/65 (1)
190,271‌
191‌
JPMorgan
Mortgage
Trust,
Series 2025-NQM3,
Class
A1,
CMO,
ARM,
5.495%,
11/25/65 (1)
219,399‌
221‌
MAD
Commercial
Mortgage
Trust,
Series 2025-11MD,
Class
A,
ARM,
4.912%,
10/15/42 (1)
150,000‌
151‌
MED
Commercial
Mortgage
Trust,
Series 2024-MOB,
Class
A,
ARM,
1M
TSFR
+
1.592%,
5.55%,
5/15/41 (1)
155,000‌
154‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2025-
DSC2,
Class
A1,
CMO,
ARM,
5.443%,
7/25/70 (1)
97,541‌
98‌
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2025-
NQM5,
Class
A1,
CMO,
ARM,
5.439%,
7/25/70 (1)
92,772‌
93‌
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
139,129‌
115‌
New
Residential
Mortgage
Loan
Trust,
Series 2025-NQM4,
Class
A1,
CMO,
ARM,
5.35%,
7/25/65 (1)
253,492‌
255‌
NXPT
Commercial
Mortgage
Trust,
Series 2024-STOR,
Class
A,
ARM,
4.455%,
11/5/41 (1)
95,000‌
94‌
OBX
Trust,
Series 2020-EXP3,
Class
1A9,
CMO,
ARM,
3.00%,
1/25/60 (1)
66,459‌
59‌
OBX
Trust,
Series 2025-NQM15,
Class
A1,
CMO,
STEP,
5.143%,
7/27/65 (1)
100,691‌
101‌
OBX
Trust,
Series 2025-NQM15,
Class
A1F,
CMO,
ARM,
SOFR30A
+
1.15%,
5.222%,
7/27/65 (1)
105,486‌
106‌
Real
Estate
Asset
Liquidity
Trust,
Series 2025-1A,
Class
A1,
3.93%,
1/12/60
(CAD) (1)
1,093,366‌
785‌
Santander
Mortgage
Asset
Receivable
Trust,
Series 2025-
NQM2,
Class
A1,
CMO,
STEP,
5.732%,
2/25/65 (1)
123,379‌
125‌
SDR
Commercial
Mortgage
Trust,
Series 2024-DSNY,
Class
A,
ARM,
1M
TSFR
+
1.392%,
5.351%,
5/15/39 (1)
355,000‌
355‌
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.434%,
4/25/43
51,953‌
51‌
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.785%,
8/25/47 (1)
88,364‌
84‌
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
12,271‌
12‌
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
3,549‌
3‌
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
10,473‌
10‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
31,492‌
30‌
Starwood
Mortgage
Residential
Trust,
Series 2022-1,
Class
A1,
CMO,
ARM,
2.447%,
12/25/66 (1)
214,116‌
195‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2024-DNA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
5.322%,
5/25/44 (1)
156,539‌
157‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2025-DNA3,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
5.172%,
9/25/45 (1)
105,495‌
105‌
Towd
Point
Mortgage
Trust,
Series 2019-HY3,
Class
A1A,
CMO,
ARM,
1M
TSFR
+
1.114%,
5.069%,
10/25/59 (1)
66,665‌
67‌
Towd
Point
Mortgage
Trust,
Series 2025-1,
Class
A1A,
CMO,
ARM,
4.788%,
6/25/65 (1)
217,535‌
219‌
Towd
Point
Mortgage
Trust,
Series 2025-1,
Class
A1B,
CMO,
ARM,
4.788%,
6/25/65 (1)
111,082‌
111‌
TX
Trust,
Series 2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
5.55%,
6/15/39 (1)
120,000‌
120‌
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
182,960‌
152‌
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66 (1)
88,570‌
77‌
WB
Commercial
Mortgage
Trust,
Series 2024-HQ,
Class
A,
ARM,
6.134%,
3/15/40 (1)
200,000‌
200‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
370,000‌
366‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2025-5C6,
Class
A3,
5.186%,
10/15/58
100,000‌
103‌
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$9,520)
9,251‌
PRIVATE
INVESTMENT
COMPANIES
3.5%
Blackstone
Partners
Offshore
Fund,
Series
E1 (5)(7)
47,699‌
135,947‌
Total
Private
Investment
Companies
(Cost
$102,104)
135,947‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
1.6%
U.S.
Government
Agency
Obligations
1.3%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
28,880‌
28‌
3.00%,
12/1/42
-
4/1/43
153,983‌
143‌
3.50%,
8/1/42
-
3/1/46
374,066‌
357‌
4.00%,
10/1/40
-
12/1/41
80,695‌
78‌
4.50%,
6/1/39
-
5/1/42
108,620‌
110‌
5.00%,
12/1/36
-
8/1/40
32,205‌
34‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
48
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
5.50%,
1/1/40
65‌
-‌
6.00%,
3/1/33
-
8/1/38
29,153‌
30‌
7.00%,
6/1/32
320‌
-‌
Federal
Home
Loan
Mortgage,
ARM
RFUCCT1Y
+
1.815%,
6.525%,
1/1/37
1,886‌
2‌
RFUCCT1Y
+
1.934%,
6.933%,
2/1/37
1,563‌
2‌
Federal
Home
Loan
Mortgage,
CMO,
IO
2.00%,
2/25/51
683,186‌
91‌
2.50%,
7/25/50
1,356,315‌
233‌
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
34,197‌
31‌
2.00%,
8/1/36
-
9/1/52
2,397,415‌
2,003‌
2.50%,
3/1/42
-
4/1/52
976,577‌
851‌
3.00%,
5/1/31
-
1/1/52
879,698‌
810‌
3.50%,
6/1/35
-
11/1/50
342,902‌
326‌
4.00%,
8/1/37
-
5/1/52
274,255‌
266‌
4.50%,
5/1/50
-
10/1/53
616,308‌
606‌
5.00%,
9/1/52
-
10/1/55
903,572‌
907‌
5.50%,
8/1/53
-
10/1/55
2,109,653‌
2,152‌
6.00%,
6/1/53
-
8/1/55
2,192,401‌
2,255‌
6.50%,
8/1/54
-
9/1/55
775,737‌
807‌
7.00%,
6/1/54
65,402‌
69‌
Federal
National
Mortgage
Assn.
3.00%,
2/1/44
2,812‌
3‌
3.50%,
6/1/42
-
5/1/46
206,648‌
197‌
4.00%,
11/1/40
75,501‌
75‌
Federal
National
Mortgage
Assn.,
ARM
RFUCCT1Y
+
1.77%,
6.645%,
12/1/35
579‌
1‌
RFUCCT1Y
+
1.892%,
6.392%,
12/1/35
474‌
-‌
Federal
National
Mortgage
Assn.,
CMO,
IO
2.00%,
4/25/52
229,626‌
29‌
2.50%,
5/25/47
759,852‌
100‌
6.50%,
2/25/32
404‌
-‌
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
5/1/37
-
1/1/42
378,648‌
329‌
2.00%,
9/1/36
-
6/1/52
8,042,495‌
6,736‌
2.50%,
8/1/30
-
6/1/52
6,064,086‌
5,267‌
3.00%,
1/1/27
-
4/1/51
2,668,649‌
2,470‌
3.50%,
2/1/35
-
7/1/50
1,215,925‌
1,164‌
4.00%,
7/1/35
-
12/1/52
1,643,890‌
1,602‌
4.50%,
7/1/39
-
2/1/54
1,241,916‌
1,237‌
5.00%,
7/1/34
-
11/1/53
1,379,647‌
1,393‌
5.50%,
9/1/34
-
11/1/55
2,425,301‌
2,473‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
49
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
6.00%,
2/1/33
-
7/1/55
2,358,995‌
2,439‌
6.50%,
7/1/32
-
8/1/55
1,081,083‌
1,123‌
UMBS,
TBA (14)
2.00%,
12/1/40
-
12/1/55
3,155,000‌
2,575‌
2.50%,
12/1/55
2,200,000‌
1,871‌
3.00%,
12/1/55
885,000‌
786‌
3.50%,
12/1/55
2,700,000‌
2,497‌
4.00%,
12/1/55
1,055,000‌
1,005‌
4.50%,
12/1/55
310,000‌
303‌
5.00%,
12/1/55
445,000‌
444‌
48,310‌
U.S.
Government
Obligations
0.3%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
5/20/37
116,147‌
105‌
2.00%,
1/20/51
-
3/20/52
1,844,796‌
1,536‌
2.50%,
8/20/50
-
3/20/52
2,091,456‌
1,816‌
3.00%,
9/15/42
-
6/20/52
1,551,584‌
1,408‌
3.50%,
12/20/42
-
7/20/52
1,187,503‌
1,111‌
4.00%,
7/20/42
-
10/20/52
980,709‌
943‌
4.50%,
11/20/39
-
4/20/53
873,009‌
868‌
5.00%,
7/20/39
-
6/20/49
389,662‌
398‌
5.50%,
1/20/36
-
3/20/49
203,687‌
209‌
6.00%,
12/20/38
-
11/20/52
251,787‌
259‌
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
21,028‌
19‌
3.50%,
10/20/50
135,000‌
116‌
Government
National
Mortgage
Assn.,
CMO,
IO
2.00%,
12/20/50
-
2/20/51
4,057,553‌
475‌
2.50%,
6/20/51
1,958,231‌
278‌
3.50%,
5/20/43
18,333‌
3‌
4.00%,
2/20/43
10,185‌
2‌
Government
National
Mortgage
Assn.,
TBA (14)
4.50%,
12/20/54
385,000‌
376‌
5.00%,
12/20/55
1,250,000‌
1,248‌
5.50%,
12/20/55
1,170,000‌
1,182‌
6.00%,
12/20/55
140,000‌
143‌
12,495‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$62,359)
60,805‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
50
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
2.0%
U.S.
Treasury
Obligations
2.0%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
555,000‌
359‌
U.S.
Treasury
Bonds,
3.375%,
8/15/42
4,135,000‌
3,563‌
U.S.
Treasury
Bonds,
3.875%,
2/15/43
2,195,000‌
2,014‌
U.S.
Treasury
Bonds,
4.00%,
11/15/42
4,305,000‌
4,022‌
U.S.
Treasury
Bonds,
4.125%,
8/15/44
1,320,000‌
1,238‌
U.S.
Treasury
Bonds,
4.125%,
8/15/53
1,250,000‌
1,140‌
U.S.
Treasury
Bonds,
4.25%,
2/15/54
2,760,000‌
2,571‌
U.S.
Treasury
Bonds,
4.25%,
8/15/54 (15)
3,760,000‌
3,501‌
U.S.
Treasury
Bonds,
4.375%,
8/15/43
2,235,000‌
2,179‌
U.S.
Treasury
Bonds,
4.50%,
2/15/44 (15)
6,220,000‌
6,146‌
U.S.
Treasury
Bonds,
4.50%,
11/15/54
2,790,000‌
2,710‌
U.S.
Treasury
Bonds,
4.625%,
11/15/44
3,285,000‌
3,287‌
U.S.
Treasury
Bonds,
4.625%,
2/15/55 (15)
2,360,000‌
2,340‌
U.S.
Treasury
Bonds,
4.75%,
11/15/43
835,000‌
852‌
U.S.
Treasury
Notes,
0.625%,
11/30/27
3,030,000‌
2,863‌
U.S.
Treasury
Notes,
1.375%,
10/31/28
2,355,000‌
2,217‌
U.S.
Treasury
Notes,
2.75%,
8/15/32
2,515,000‌
2,363‌
U.S.
Treasury
Notes,
3.50%,
9/30/29
1,340,000‌
1,338‌
U.S.
Treasury
Notes,
3.875%,
12/31/27
4,860,000‌
4,896‌
U.S.
Treasury
Notes,
3.875%,
4/30/30 (15)
4,605,000‌
4,661‌
U.S.
Treasury
Notes,
3.875%,
8/15/34
965,000‌
961‌
U.S.
Treasury
Notes,
4.00%,
10/31/29
1,630,000‌
1,656‌
U.S.
Treasury
Notes,
4.00%,
3/31/30
2,400,000‌
2,441‌
U.S.
Treasury
Notes,
4.25%,
1/31/30
2,505,000‌
2,571‌
U.S.
Treasury
Notes,
4.25%,
11/15/34
1,175,000‌
1,202‌
U.S.
Treasury
Notes,
4.375%,
11/30/28
1,265,000‌
1,296‌
U.S.
Treasury
Notes,
4.375%,
12/31/29
2,230,000‌
2,298‌
U.S.
Treasury
Notes,
4.375%,
11/30/30
2,485,000‌
2,570‌
U.S.
Treasury
Notes,
4.375%,
5/15/34
935,000‌
967‌
U.S.
Treasury
Notes,
4.625%,
9/30/28
3,490,000‌
3,596‌
U.S.
Treasury
Notes,
4.625%,
2/15/35
875,000‌
919‌
74,737‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$74,527)
74,737‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
51
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
3.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.02% (4)(16)
114,492,987‌
114,493‌
Total
Short-Term
Investments
(Cost
$114,493)
114,493‌
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.2%
Money
Market
Funds 0.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99% (4)(16)
5,945,694‌
5,946‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,946‌
Total
Securities
Lending
Collateral
(Cost
$5,946)
5,946‌
Total
Investments
in
Securities
99.8%
of
Net
Assets
(Cost
$2,528,321)
$
3,827,680‌
‡
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
$47,736
and
represents
1.2%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2025.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
SEC
30-day
yield
(4)
Affiliated
Companies
(5)
Non-income
producing
(6)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2025.
(7)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(8)
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.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
52
.
.
.
.
.
.
.
.
.
.
(9)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$12,304
and
represents
0.3%
of
net
assets.
(10)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(11)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(12)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(13)
Perpetual
security
with
no
stated
maturity
date.
(14)
See
Note
4.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$12,430
and
represents
0.3%
of
net
assets.
(15)
At
November
30,
2025,
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
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
PLN
WIBOR
Six
month
PLN
WIBOR
(Warsaw
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
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HKD
Hong
Kong
Dollar
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
53
.
.
.
.
.
.
.
.
.
.
HUF
Hungarian
Forint
ICP
Chilean
Average
Chamber
Index
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
OTC
Over-the-counter
PIK
Payment-in-kind
PLN
Polish
Zloty
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RFUCCT1Y
Twelve
month
FTSE
USD
IBOR
Consumer
Cash
Fallback
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
54
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written (0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
S&P
500
Index,
Put,
12/19/25
@
$6,325.00
347
237,663
(337‌)
UBS
Investment
Bank
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
12/19/25
@
$81.00
2,876
23,293
(36‌)
UBS
Investment
Bank
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
12/19/25
@
$79.00
2,876
23,293
(34‌)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
12/19/25
@
$80.00
2,871
23,252
(287‌)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
12/19/25
@
$80.00
2,871
23,252
(86‌)
Total
Options
Written
(Premiums
$(1,612))
$
(780‌)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
55
(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%
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Markit
CDX.
NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
12,460
487
464
23‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
464
23‌
Total
Return
Swaps
0.0%
JPMorgan
Chase,
Receive
Underlying
Reference:
Apollo
Debt
Solutions
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
62
1
1
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Ares
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
96
2
1
1‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Ares
Strategic
Income
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
22
-
-
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Bain
Capital
Specialty
Finance
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
21
-
-
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Blackstone
Secured
Lending
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
28
-
-
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
152
5
4
1‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Credit
Income
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
94
1
1
-‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
56
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Blue
Owl
Credit
Income
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
58
1
1
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Carlyle
Secured
Lending
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
20
-
-
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Goldman
Sachs
Private
Credit
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
31
-
-
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Hercules
Capital
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
27
1
1
-‌
JPMorgan
Chase,
Receive
Underlying
Reference:
HPS
Corporate
Lending
Fund
at
Maturity,
Pay
Variable
4.435%
(SOFR
+
0.48%)
at
Maturity,
2/23/26
30
1
1
-‌
Total
Bilateral
Total
Return
Swaps
10
2‌
Total
Bilateral
Swaps
474
25‌
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S45,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
20,073
490
464
26‌
Protection
Sold
(Relevant
Credit:
Oracle,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
*
622
(5)
7
(12‌)
Protection
Sold
(Relevant
Credit:
SES,
Baa3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/30
(EUR)
*
330
(14)
(11)
(3‌)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
11‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
57
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Interest
Rate
Swaps
(0.0)%
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.520%
Semi-Annually,
Pay
Variable
(0.755)%
(ICP)
Semi-Annually,
10/2/27
(CLP)
3,251,625
4
-
4‌
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.533%
Semi-Annually,
Pay
Variable
(0.768)%
(ICP)
Semi-Annually,
10/1/27
(CLP)
2,932,966
5
-
5‌
5
Year
Interest
Rate
Swap,
Pay
Fixed
4.218%
Annually,
Receive
Variable
4.840%
(6M
PLN
WIBOR)
Semi-
Annually,
7/22/30
(PLN)
5,627
(22)
-
(22‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
4.228%
Annually,
Receive
Variable
4.840%
(6M
PLN
WIBOR)
Semi-
Annually,
7/21/30
(PLN)
5,321
(22)
-
(22‌)
Total
Centrally
Cleared
Interest
Rate
Swaps
(35‌)
Total
Centrally
Cleared
Swaps
(24‌)
Net
payments
(receipts)
of
variation
margin
to
date
20‌
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(4‌)
*
Credit
ratings
as
of
November
30,
2025.
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
$39.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
58
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
1/16/26
MXN
11,400‌
USD
613‌
$
7‌
Bank
of
America
1/16/26
USD
617‌
MXN
11,400‌
(3‌)
Bank
of
America
1/23/26
CHF
414‌
USD
523‌
(4‌)
Bank
of
America
2/20/26
USD
633‌
GBP
480‌
(3‌)
Barclays
Bank
2/20/26
USD
629‌
GBP
480‌
(6‌)
Deutsche
Bank
1/16/26
USD
216‌
HUF
73,300‌
(7‌)
Goldman
Sachs
2/20/26
USD
873‌
EUR
755‌
(7‌)
Morgan
Stanley
2/20/26
USD
342‌
EUR
294‌
-‌
RBC
Dominion
Securities
1/23/26
USD
868‌
CHF
690‌
3‌
RBC
Dominion
Securities
1/26/26
USD
635‌
CAD
885‌
-‌
RBC
Dominion
Securities
2/6/26
CLP
346,965‌
USD
368‌
6‌
Standard
Chartered
1/26/26
USD
801‌
CAD
1,115‌
-‌
State
Street
1/16/26
HUF
38,850‌
USD
116‌
2‌
State
Street
1/16/26
USD
1,558‌
HUF
529,545‌
(47‌)
State
Street
2/20/26
EUR
256‌
USD
296‌
2‌
State
Street
2/20/26
USD
128‌
EUR
110‌
-‌
Toronto-Dominion
Bank
1/26/26
USD
631‌
CAD
885‌
(4‌)
Toronto-Dominion
Bank
2/20/26
USD
3,401‌
EUR
2,918‌
1‌
UBS
Investment
Bank
1/23/26
CHF
276‌
USD
348‌
(2‌)
UBS
Investment
Bank
2/20/26
USD
877‌
EUR
755‌
(3‌)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(65‌)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
59
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
25
Euro
BOBL
contracts
12/25
(3,422)
$
(5‌)
Short,
12
Euro
BTP
contracts
12/25
(1,690)
(38‌)
Short,
6
Euro
BUND
contracts
12/25
(897)
(6‌)
Short,
74
MSCI
EAFE
Index
contracts
12/25
(10,430)
(99‌)
Short,
126
S&P
500
E-Mini
Index
contracts
12/25
(43,215)
(1,489‌)
Short,
5
Government
of
Canada
five
year
bond
contracts
3/26
(409)
(1‌)
Long,
224
U.S.
Treasury
Notes
five
year
contracts
3/26
24,587
12‌
Long,
26
U.S.
Treasury
Notes
ten
year
contracts
3/26
2,947
-‌
Long,
124
U.S.
Treasury
Notes
two
year
contracts
3/26
25,899
(7‌)
Short,
50
Ultra
U.S.
Treasury
Bonds
contracts
3/26
(6,047)
(39‌)
Short,
30
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/26
(3,486)
(2‌)
Net
payments
(receipts)
of
variation
margin
to
date
1,443‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(231‌)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
60
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
November
30,
2025.
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
Emerging
Markets
Bond
Fund
-
I
Class,
5.70%
$
-‌
$
2,676‌
$
1,140‌
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
4.71%
-‌
(51‌)
319‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
(382‌)
44,363‌
-‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.75%
-‌
(38‌)
605‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.34%
-‌
421‌
1,314‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.20%
-‌
286‌
1,444‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.11%
-‌
(227‌)
612‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
(12,965‌)
10,896‌
4,010‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
2,345‌
33,352‌
-‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.62%
-‌
2,906‌
1,348‌
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
-‌
-‌
154‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
-‌
-‌
1,951‌++
Totals
$
(11,002‌)#
$
94,584‌
$
12,897‌+
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
61
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
5/31/25
Purchase
Cost
Sales
Cost
Value
11/30/25
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
5.70%
$
35,031‌
$
1,134‌
$
-‌
$
38,841‌
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
4.71%
7,289‌
310‌
-‌
7,548‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
210,065‌
-‌
8,382‌
246,046‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
6.75%
16,494‌
603‌
-‌
17,059‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.34%
36,624‌
3,222‌
-‌
40,267‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.20%
77,347‌
5,436‌
-‌
83,069‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
4.11%
15,337‌
595‌
-‌
15,705‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
71,333‌
4,010‌
81,965‌
4,274‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
187,102‌
-‌
16,331‌
204,123‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.62%
63,216‌
1,326‌
-‌
67,448‌
T.
Rowe
Price
Government
Reserve
Fund,
4.02%
15,454‌
¤
¤
114,493‌
T.
Rowe
Price
Treasury
Reserve
Fund,
3.99%
96,218‌
¤
¤
5,946‌
Total
$
844,819‌^
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
62
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4.
+
Investment
income
comprised
$12,897
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
$772,837.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
63
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,528,321)
$
3,827,680‌
Receivable
for
shares
sold
10,176‌
Dividends
and
interest
receivable
4,861‌
Foreign
currency
(cost
$3,436)
3,443‌
Receivable
for
investment
securities
sold
1,632‌
Bilateral
swap
premiums
paid
474‌
Cash
53‌
Unrealized
gain
on
bilateral
swaps
25‌
Unrealized
gain
on
forward
currency
exchange
contracts
21‌
Other
assets
13,868‌
Total
assets
3,862,233‌
Liabilities
Payable
for
investment
securities
purchased
16,088‌
Obligation
to
return
securities
lending
collateral
5,946‌
Investment
management
fees
payable
1,385‌
Options
written
(premiums
$1,612)
780‌
Payable
for
shares
redeemed
460‌
Variation
margin
payable
on
futures
contracts
231‌
Due
to
affiliates
105‌
Unrealized
loss
on
forward
currency
exchange
contracts
86‌
Variation
margin
payable
on
centrally
cleared
swaps
4‌
Payable
to
directors
2‌
Other
liabilities
267‌
Total
liabilities
25,354‌
NET
ASSETS
$
3,836,879‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2025
Unaudited
Statement
of
Assets
and
Liabilities
64
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
1,490,855‌
Paid-in
capital
applicable
to
84,958,350
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
2,346,024‌
NET
ASSETS
$
3,836,879‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,264,795;
Shares
outstanding:
28,025,001)
$
45.13‌
I
Class
(Net
assets:
$2,572,084;
Shares
outstanding:
56,933,349)
$
45.18‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Statement
of
Operations
65
($000s)
6
Months
Ended
11/30/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$4)
$
29,232‌
.
Interest
5,476‌
Securities
lending
43‌
Total
income
34,751‌
Expenses
Investment
management
10,772‌
Shareholder
servicing
Investor
Class
$
996‌
I
Class
114‌
1,110‌
Prospectus
and
shareholder
reports
Investor
Class
19‌
I
Class
6‌
25‌
Custody
and
accounting
231‌
Legal
and
audit
61‌
Registration
30‌
Directors
6‌
Miscellaneous
17‌
Waived
/
paid
by
Price
Associates
(2,677‌)
Total
expenses
9,575‌
Net
investment
income
25,176‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Statement
of
Operations
66
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Realized
and
Unrealized
Gain
/
Loss
-
Net
realized
gain
(loss)
Securities
107,177‌
Futures
(4,081‌)
Swaps
(32‌)
Options
written
5,079‌
Forward
currency
exchange
contracts
(155‌)
Foreign
currency
transactions
20‌
Net
realized
gain
108,008‌
Change
in
net
unrealized
gain
/
loss
Securities
267,779‌
Futures
(1,506‌)
Swaps
(165‌)
Options
written
670‌
Forward
currency
exchange
contracts
(8‌)
TBA
Sales
Commitments
(10‌)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(7‌)
Change
in
net
unrealized
gain
/
loss
266,753‌
Net
realized
and
unrealized
gain
/
loss
374,761‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
399,937‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Statement
of
Changes
in
Net
Assets
67
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/25
Year
Ended
5/31/25
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
25,176‌
$
55,450‌
Net
realized
gain
108,008‌
182,509‌
Change
in
net
unrealized
gain
/
loss
266,753‌
56,491‌
Increase
in
net
assets
from
operations
399,937‌
294,450‌
Distributions
to
shareholders
Net
earnings
Investor
Class
-‌
(77,672‌)
I
Class
-‌
(140,749‌)
Decrease
in
net
assets
from
distributions
-‌
(218,421‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
32,566‌
93,516‌
I
Class
154,610‌
533,940‌
Distributions
reinvested
Investor
Class
-‌
75,718‌
I
Class
-‌
138,032‌
Shares
redeemed
Investor
Class
(118,487‌)
(380,188‌)
I
Class
(163,440‌)
(344,753‌)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(94,751‌)
116,265‌
Net
Assets
Increase
during
period
305,186‌
192,294‌
Beginning
of
period
3,531,693‌
3,339,399‌
End
of
period
$
3,836,879‌
$
3,531,693‌
*Share
information
(000s)
Shares
sold
Investor
Class
757‌
2,314‌
I
Class
3,546‌
13,225‌
Distributions
reinvested
Investor
Class
-‌
1,951‌
I
Class
-‌
3,559‌
Shares
redeemed
Investor
Class
(2,740‌)
(9,419‌)
I
Class
(3,816‌)
(8,590‌)
Increase
(decrease)
in
shares
outstanding
(2,253‌)
3,040‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
68
T.
Rowe
Price
Spectrum
Funds
II,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Spectrum
Moderate
Growth
Allocation
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks the
highest
total
return
over
time
consistent
with
a
primary
emphasis
on
capital
growth
and
a
secondary
emphasis
on
income.
The
fund
has two classes
of
shares:
the
Spectrum
Moderate
Growth
Allocation
Fund
(Investor
Class)
and
the
Spectrum
Moderate
Growth
Allocation
Fund-I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from
other
investment
companies
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
69
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor's
interest
in
the
net
assets
of
the
fund
is
represented
by
fund
shares.
The
fund's
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
-
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
70
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund's
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund's
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund's
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund's
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
-
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
-
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
71
Level
3
-
unobservable
inputs
(including
the Valuation
Designee's assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund's portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decides 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 Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
72
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
or how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
are
generally 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
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund's
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee's
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee's
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee's
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
the
greatest
weight
to
actual
prices
in
arm's
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
73
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
74
Valuation
Inputs
The
following
table
summarizes
the
fund's
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2025
(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
$
-‌
$
238,166‌
$
-‌
$
238,166‌
Bond
Funds
269,937‌
-‌
-‌
269,937‌
Common
Stocks
1,967,432‌
627,787‌
4,174‌
2,599,393‌
Convertible
Preferred
Stocks
1,717‌
-‌
7,638‌
9,355‌
Equity
Funds
454,443‌
-‌
-‌
454,443‌
Private
Investment
Companies
-‌
-‌
135,947‌
135,947‌
Short-Term
Investments
114,493‌
-‌
-‌
114,493‌
Securities
Lending
Collateral
5,946‌
-‌
-‌
5,946‌
Total
Securities
2,813,968‌
865,953‌
147,759‌
3,827,680‌
Swaps*
-‌
534‌
-‌
534‌
Forward
Currency
Exchange
Contracts
-‌
21‌
-‌
21‌
Futures
Contracts*
12‌
-‌
-‌
12‌
Total
$
2,813,980‌
$
866,508‌
$
147,759‌
$
3,828,247‌
Liabilities
Options
Written
$
-‌
$
780‌
$
-‌
$
780‌
Swaps*
-‌
59‌
-‌
59‌
Forward
Currency
Exchange
Contracts
-‌
86‌
-‌
86‌
Futures
Contracts*
1,686‌
-‌
-‌
1,686‌
Total
$
1,686‌
$
925‌
$
-‌
$
2,611‌
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
75
Following
is
a
reconciliation
of
the
fund's
Level
3
holdings
for
the
six
months ended
November
30,
2025.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
November
30,
2025,
totaled $5,299,000 for
the
six
months ended
November
30,
2025.
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
Designee 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.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
5/31/25
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
11/30/25
Investment
in
Securities
Common
Stocks
$
1,868‌
$
416‌
$
2,088‌
$
(198‌)
$
4,174‌
Convertible
Bonds
150‌
(26‌)
-‌
(124‌)
-‌
Convertible
Preferred
Stocks
5,467‌
1,651‌
981‌
(461‌)
7,638‌
Private
Investment
Companies
72,838‌
4,609‌
62,000‌
(3,500‌)
135,947‌
Total
$
80,323‌
$
6,650‌
$
65,069‌
$
(4,283‌)
$
147,759‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
76
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$4,174
Recent
comparable
transaction
price(s)
-#
-#
-#
-#
Discount
for
dilution
15%
15%
Decrease
Market
comparable
Private
company
valuation
-#
-#
-#
Enterprise
value
to
sales
multiple
1.0x
-
2.0x
1.1x
Increase
Enterprise
value
to
gross
profit
multiple
4.9x
4.9x
Increase
Discount
for
lack
of
recoverability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$7,638
Recent
comparable
transaction
price(s)
-#
-#
-#
-#
Private
company
valuation
-#
-#
-#
Discount
for
uncertainty
5%
5%
Decrease
Discount
for
dilution
15%
15%
Decrease
Market
comparable
Premium
for
liquidation
preference
-#
-#
-#
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
77
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Probability
for
potential
outcome
25%
-
50%
33%
Increase
Enterprise
value
to
sales
multiple
1.0x
-
30.7x
10.9x
Increase
Sales
growth
rate
15%
-
111%
54%
Increase
Enterprise
value
to
gross
profit
multiple
2.0x
-
32.3x
21.0x
Increase
Gross
profit
growth
rate
18%
-
116%
90%
Increase
Enterprise
value
to
EBITDA
multiple
19.6x
19.6x
Increase
Price-to-
earnings
multiple
61.1x
61.1x
Increase
Premium
to
public
company
multiples
1%
-
79%
31%
Increase
Cost
of
capital
30%
-
40%
35%
Decrease
Rate
of
return
29%
-
35%
32%
Decrease
Discount
to
public
company
multiples
20%
-
40%
27%
Decrease
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
recoverability
100%
100%
Decrease
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
78
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee's
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund's
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
-#
-#
-#
Risk-free
rate
4%
-
5%
5%
Increase
Volatility
45%
-
58%
55%
Increase
Private
Investment
Companies
$135,947
Rollforward
of
Investee
NAV
Estimated
return
0.13%
0.13%
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
79
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund's
derivative
instruments
held
as
of
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
$
21‌
Foreign
exchange
derivatives
Forwards
21‌
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps
525‌
*
Total
$
567‌
*
Liabilities
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
$
142‌
Foreign
exchange
derivatives
Forwards
86‌
Credit
derivatives
Centrally
Cleared
Swaps,
Options
Written
458‌
Equity
derivatives
Futures,
Options
Written
1,925‌
Total
$
2,611‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
80
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Inflation
derivatives
$
-‌
$
-‌
$
-‌
$
-‌
$
(31‌)
$
(31‌)
Interest
rate
derivatives
(153‌)
-‌
663‌
-‌
(358‌)
152‌
Foreign
exchange
derivatives
-‌
-‌
-‌
(155‌)
-‌
(155‌)
Credit
derivatives
(26‌)
446‌
-‌
-‌
357‌
777‌
Equity
derivatives
(47‌)
4,633‌
(4,744‌)
-‌
-‌
(158‌)
Total
$
(226‌)
$
5,079‌
$
(4,081‌)
$
(155‌)
$
(32‌)
$
585‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
81
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
-‌
$
-‌
$
-‌
$
-‌
$
6‌
$
6‌
Interest
rate
derivatives
39‌
-‌
(209‌)
-‌
(8‌)
(178‌)
Foreign
exchange
derivatives
-‌
-‌
-‌
(8‌)
-‌
(8‌)
Credit
derivatives
-‌
(218‌)
-‌
-‌
(163‌)
(381‌)
Equity
derivatives
21‌
888‌
(1,297‌)
-‌
-‌
(388‌)
Total
$
60‌
$
670‌
$
(1,506‌)
$
(8‌)
$
(165‌)
$
(949‌)
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
82
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs), with
a
Credit
Support
Annex
(CSA),
if
any,
that
governs
the
collateralization
process, or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
such
as
Additional
Termination
Events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund's
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements,
such
as
a
CSA, whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund's
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund's
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund's
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
November
30,
2025,
securities
valued
at $1,070,000 had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2025,
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
83
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $470,000 cash. As
of
November
30,
2025,
securities
valued
at $5,059,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund's
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund's
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund's
total
return;
and
the
potential
for
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risks.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rates,
security
prices,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
84
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
2%
and
4%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
credit
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
options)
or
through
a
central
clearinghouse
(exchange-
traded
options).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
call
and
put
index
options
give
the
holder
the
right,
but
not
the
obligation,
to
receive
cash
equal
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
and
the
exercise
price
of
the
option.
In
return
for
a
premium
paid,
options
on
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
85
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
interest
rates
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
8%
and
19%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk,
credit
risk
and
inflation
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
86
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets'
valuation
of
credit
quality.
As
of
November
30,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $33,538,000
(0.9%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
Zero-coupon
inflation
swaps
are
agreements
to
exchange
cash
flows,
on
the
contract's
maturity
date,
based
on
the
difference
between
a
predetermined
fixed
rate
and
the
cumulative
change
in
the
consumer
price
index,
both
applied
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
87
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
zero-coupon
inflation
swaps
include
the
potential
for
unanticipated
movements
in
inflation
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
Total
return
swaps
are
agreements
in
which
one
party
makes
payments
based
on
a
set
rate,
either
fixed
or
variable,
while
the
other
party
makes
payments
based
on
the
return
of
an
underlying
asset
(reference
asset),
such
as
an
index,
equity
security,
fixed
income
security
or
commodity-based
exchange-
traded
fund,
which
includes
both
the
income
it
generates
and
any
change
in
its
value.
Risks
related
to
the
use
of
total
return
swaps
include
the
potential
for
unfavorable
changes
in
the
reference
asset,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund's
swap
investments,
and
potential
losses
in
excess
of
the
fund's
initial
investment.
During
the
six
months ended
November
30,
2025,
the
volume
of
the
fund's
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
2%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund's prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund's
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
88
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
"tranches"
or
"classes",
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
"equity"
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-than-anticipated
prepayments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
The
fund
enters
into
to-be-announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
89
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
"good
delivery"
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
"rolling"
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund's
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
November
30,
2025,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
Investment
in
Blackstone
Partners
Offshore
Fund
The
fund
invested
in
Blackstone
Partners
Offshore
Fund
Ltd.
(Blackstone
Partners),
a
multi-strategy
hedge
fund-of-funds
offered
by
Blackstone
Alternative
Asset
Management
(BAAM),
a
unit
of
Blackstone
Group
L.P.
(Blackstone).
Blackstone
Partners
provides
the
fund
exposure
to
alternative
investments
primarily
through
Blackstone
Partners'
investments
in
underlying
private
investment
funds,
and
the
underlying
funds
are
mostly
managed
by
investment
managers
unaffiliated
with
BAAM
or
Blackstone.
Blackstone
Partners
and
the
underlying
funds
may
use
leverage,
engage
in
short-selling,
and
invest
in
commodities
or
other
speculative
investments,
which
may
increase
the
risk
of
investment
loss.
Blackstone
Partners
and
the
underlying
funds
are
not
subject
to
the
same
regulatory
requirements
as
open-end
mutual
funds,
and,
therefore,
their
investments
and
related
valuations
may
not
be
as
transparent.
Ownership
interests
in
Blackstone
Partners
are
not
transferable
and
are
subject
to
various
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
In
addition,
Blackstone
Partners'
ownership
in
the
underlying
funds
may
also
be
subject
to
transfer
and
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
All
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
90
of
these
restrictions
are
subject
to
change
at
the
sole
discretion
of
Blackstone
Partners
or
an
underlying
fund's
management.
As
of
November
30,
2025,
the
fund's
investment
in
Blackstone
Partners
is
subject
to
semi-annual
redemption
with
95
days'
prior
written
notice
and
is
considered
an
illiquid
asset.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2025,
the
value
of
loaned
securities
was
$7,733,000;
the
aggregate
value
of
collateral
was
$8,165,000
and
consisted
of
cash
collateral
and
related
investments
of
$5,946,000
and
U.S.
government
securities
of
$2,219,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $713,944,000 and
$791,921,000,
respectively,
for
the
six
months ended
November
30,
2025. Purchases
and
sales
of
U.S.
government
securities
aggregated $101,345,000 and
$109,821,000,
respectively,
for
the
six
months ended
November
30,
2025.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
91
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
At
November
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$2,550,635,000.
Net
unrealized
gain
aggregated
$1,275,752,000
at
period-end,
of
which
$1,381,122,000
related
to
appreciated
investments
and
$105,370,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
92
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.30%
of
the
fund's
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.26%
for
assets
in
excess
of
$845
billion.
The
fund's
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund's
average
daily
net
assets. At
November
30,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class's ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class's net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class's net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class's
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
93
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund's
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class's
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class's
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2025 as
indicated
in
the
table
below.
At
November
30,
2025,
there
were
no
amounts
subject
to
repayment
by
the
fund. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund's
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class.
For
the
six
months
ended
November
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$61,000
for
Price
Associates;
$574,000
for
T.
Rowe
Price
Services,
Inc.;
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.94%
0.05%
Expense
limitation
date
07/31/27
07/31/27
(Waived)/repaid
during
the
period
($000s)
$-
$-
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
94
and
$27,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Effective
November
12,
2025, cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Treasury Reserve Fund.
Prior
to
November
12,
2025,
cash
collateral
from
securities
lending,
if
any,
was
invested
in
the
T.
Rowe
Price
Government
Reserve
Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund's
net
assets.
Each
underlying
Price
Fund
is
an
open-end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
its
management
fee
charged
to
the
fund
in
an
amount
sufficient
to
fully
offset
that
portion
of
management
fees
paid
by
each
underlying
Price
Fund
related
to
the
fund's
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
six
months
ended
November
30,
2025,
are
as
follows:
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
95
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$913,000
and
$1,764,000 for
the
Investor
Class
and
I
Class,
respectively,
for
the
six
months ended
November
30,
2025.
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund's
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
November
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
Price
Associates
has voluntarily
agreed
to
reimburse
the
fund
from
its
own
resources
on
a
monthly
basis
for
the
cost
of
brokerage
commissions
embedded
in
the
cost
of
the
fund's
foreign
currency
transactions. This
agreement
may
be
rescinded
at
any
time. For
the
six
months ended
November
30,
2025,
this
reimbursement
amounted
to
$4,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class
0.64%
$
113‌
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class
0.17%
4‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
1.00%
1,283‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
46‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
97‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class
0.48%
199‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
20‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
0.99%
261‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.63%
635‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class
0.06%
19‌
Total
Management
Fee
Waived
$
2,677‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
96
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund's
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund's
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund's
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
and
regulatory
developments
(including
trading
and
tariff
arrangements),
and
public
health
epidemics
or
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-
existing
political,
social,
and
economic
risks.
The
fund's
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-638-5660
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F103-051
1/26

Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-EndManagement Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)  

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

(2)  

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(3)  

30a-2(a)

(b)      

30a-2(b)

SIGNATURES

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

T. Rowe Price Spectrum Funds II, Inc.
By

/s/ David Oestreicher

     
David Oestreicher
Principal Executive Officer
Date  January 16, 2026

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

By

/s/ David Oestreicher

     
David Oestreicher
Principal Executive Officer
Date

January 16, 2026

By

/s/ Alan S. Dupski

Alan S. Dupski
Principal Financial Officer
Date 

January 16, 2026

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