T. ROWE PRICE SPECTRUM GROWTH FUND
September 30, 2019 (Unaudited)

	$ Value	$ Purchase	$ Sales		$ Value
Portfolio of Investments(1)	12/31/18	Cost	Cost	Shares	9/30/19
(Cost and value in $000s)
EQUITY MUTUAL FUNDS 100.0%
T. Rowe Price Funds:
Equity Income Fund	407,048	31,265	31,342	14,989,338	476,061
Growth Stock Fund	416,692	10,908	30,041	6,996,121	474,967
Blue Chip Growth Fund(2)	416,550	7,909	16,540	4,138,693	472,473
Value Fund	413,940	1,353	28,751	12,770,227	471,604
International Stock Fund	397,703	10,737	42,813	24,862,494	429,873
International Value Equity Fund	412,525	1,261	74,632	29,205,668	386,683
New Horizons Fund(2)	124,976	422	9,671	2,411,232	146,868
Mid-Cap Growth Fund	125,976	412	9,755	1,541,256	145,217
International Discovery Fund	123,334	4,300	4,435	2,216,326	138,033
Small-Cap Value Fund	118,430	1,402	7,643	2,845,370	134,045
Mid-Cap Value Fund	116,447	2,393	8,087	4,599,394	124,460
Emerging Markets Stock Fund	116,198	10,594	18,392	2,916,614	123,169
Real Assets Fund	75,903	241	6,607	6,942,123	78,932
Total Equity Mutual Funds (Cost $1,930,356)					3,602,385
Total Investments in Securities 100.0%
(Cost $1,930,356)				$                                        3,602,385
Other Assets Less Liabilities 0.0%					—
Net Assets 100.0%				$	3,602,385

(1) Each underlying Price Fund is an affiliated company; the fund is invested in the
Investor Class of each underlying Price Fund. Additional information about each
underlying Price Fund is available by calling 1-877-495-1138 and at
www.troweprice.com.
(2) Non-income producing

The accompanying notes are an integral part of this Portfolio of Investments. 

T. ROWE PRICE SPECTRUM GROWTH FUND

Affiliated Companies
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined
by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the
outstanding voting securities, or a company that is under common ownership or control. The
following securities were considered affiliated companies for all or some portion of the nine
months ended September 30, 2019. Net realized gain (loss), investment income, and change in
net unrealized gain/loss reflect all activity for the period then ended.

				Change in Net
		Net Realized Gain		Unrealized		Investment
Affiliate		(Loss)		Gain/Loss		Income
T. Rowe Price Funds:
Blue Chip Growth Fund	$	14,606	$	64,554	$	—
Emerging Markets Stock Fund		1,179		14,769		—
Equity Income Fund		(2,221)		69,090		7,930
Growth Stock Fund		2,405		77,408		—
International Discovery Fund		133		14,834		—
International Stock Fund		(4,487)		64,246		—
International Value Equity Fund		(9,109)		47,529		—
Mid-Cap Growth Fund		544		28,584		—
Mid-Cap Value Fund		(996)		13,707		—
New Horizons Fund		1,725		31,141		—
Real Assets Fund		221		9,395		—
Small-Cap Value Fund		(391)		21,856		—
Value Fund		(525)		85,062		—
Totals	$	3,084#	$	542,175	$	7,930+

# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $7,930 of income distributions from underlying Price Funds.

The accompanying notes are an integral part of this Portfolio of Investments. 

T. ROWE PRICE SPECTRUM GROWTH FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS

T. Rowe Price Spectrum Growth Fund (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act)
as an open-end management investment company and follows accounting and reporting guidance of the Financial
Accounting Standards Board Accounting Standards Codification Topic 946. The accompanying Portfolio of Investments
was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For
additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the
fund’s most recent semiannual or annual shareholder report and its prospectus.

VALUATION

The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each
day the NYSE is open for business. Each fund’s financial instruments 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. Investments in the underlying Price Funds are valued at their closing net asset
value per share on the day of valuation.

The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been delegated
certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are appropriately
priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the Valuation
Committee develops and oversees pricing-related policies and procedures and approves all fair value determinations.
Specifically, the Valuation Committee establishes procedures to value securities; determines pricing techniques, sources,
and persons eligible to effect fair value pricing actions; oversees the selection, services, and performance of pricing vendors;
oversees valuation-related business continuity practices; and provides guidance on internal controls and valuation-related
matters. The Valuation Committee reports to the Board and has representation from legal, portfolio management and
trading, operations, risk management, and the fund’s treasurer.

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)

Level 3 - unobservable inputs

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. On September 30, 2019, all of the investments in underlying Price
Funds were classified as Level 1, based on the inputs used to determine their fair values.