T.

ROWE

PRICE

Spectrum

Diversified

Equity

Fund

September

30,

2021

(Unaudited)

1

Portfolio

of

Investments

(1)

(1)

$

Value

12/31/20

$

Purchase

Cost

$

Sales

Cost

Shares

$

Value

9/30/21

(Cost

and

value

in

$000s)

EQUITY

MUTUAL

FUNDS

100.1%

T.

Rowe

Price

Funds:

Equity

Income

Fund 

475,531

23,784

35,078

14,758,287‌

534,102‌

Value

Fund 

472,366

868

29,153

10,758,518‌

528,674‌

Dividend

Growth

Fund 

454,325

7,868

14,213

7,447,629‌

502,864‌

U.S.

Large-Cap

Core

Fund *

454,644

26,852

24,531

14,062,377‌

494,855‌

Blue

Chip

Growth

Fund (2)

423,212

6,369

13,141

2,479,335‌

465,743‌

Growth

Stock

Fund (2)

431,328

909

15,742

4,171,038‌

465,530‌

International

Value

Equity

Fund 

218,255

2,490

7,722

14,974,111‌

238,238‌

International

Stock

Fund 

214,736

407

6,232

9,693,430‌

211,414‌

Small-Cap

Value

Fund 

157,220

210

15,823

2,611,859‌

166,480‌

Mid-Cap

Value

Fund 

148,866

1,081

10,200

4,719,487‌

163,341‌

Mid-Cap

Growth

Fund 

150,632

369

5,565

1,280,767‌

160,339‌

New

Horizons

Fund (2)

137,840

1,356

7,444

1,595,877‌

150,858‌

Real

Assets

Fund 

88,194

19,815

4,876

8,236,624‌

116,878‌

International

Discovery

Fund 

87,825

244

3,508

921,865‌

90,518‌

Emerging

Markets

Stock

Fund 

75,864

17,956

574

1,687,774‌

87,089‌

Total

Equity

Mutual

Funds

(Cost

$2,016,034)

4,376,923‌

Total

Investments

in

Securities

100.1%

(Cost

$2,016,034)

$

4,376,923‌

Other

Assets

Less

Liabilities

(0.1)%

(2,853‌)

Net

Assets

100.0%

$

4,374,070‌

*

Includes

previously

reported

affiliate,

Growth

and

Income

Fund,

acquired

through

a

corporate

action.

(1)

Each

underlying

Price

Fund

is

an

affiliated

company;

the

fund

is

invested

in

the Z

Class

of

each

underlying

Price

Fund,

except

for

the

Transition

Fund,

if

held,

which

is

a

single

class

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

T.

ROWE

PRICE

Spectrum

Diversified

Equity

Fund

2

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

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,

2021.

Net

realized

gain

(loss),

investment

income,

and

change

in

net

unrealized

gain/loss

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Funds:

Blue

Chip

Growth

Fund 

$

7,820‌

$

49,303‌

$

—‌

Dividend

Growth

Fund 

2,266‌

54,884‌

4,884‌

Emerging

Markets

Stock

Fund 

(50‌)

(6,157‌)

—‌

Equity

Income

Fund 

3,163‌

69,865‌

8,478‌

Growth

Stock

Fund 

15,062‌

49,035‌

—‌

International

Discovery

Fund 

1,126‌

5,957‌

—‌

International

Stock

Fund 

5,396‌

2,503‌

—‌

International

Value

Equity

Fund 

1,005‌

25,215‌

—‌

Mid-Cap

Growth

Fund 

570‌

14,903‌

—‌

Mid-Cap

Value

Fund 

1,661‌

23,594‌

—‌

New

Horizons

Fund 

466‌

19,106‌

—‌

Real

Assets

Fund 

329‌

13,745‌

—‌

Small-Cap

Value

Fund 

5,632‌

24,873‌

—‌

U.S.

Large-Cap

Core

Fund *

28,357‌

37,890‌

731‌

Value

Fund 

7,315‌

84,593‌

—‌

Totals

$

80,118‌#

$

469,309‌

$

14,093‌+

*

Includes

previously

reported

affiliate,

Growth

&

Income

Fund,

acquired

through

a

corporate

action.

#

Capital

gain

distributions

from

mutual

funds

represented

$25,248

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$14,093

of

income

distributions

from

underlying

Price

Funds.

T.

ROWE

PRICE

Spectrum

Diversified

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

3

T.

Rowe

Price

Spectrum

Diversified

Equity

Fund (the

fund),

formerly

the

T.

Rowe

Price

Spectrum

Growth

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.

The

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

policies

and

procedures

used

in

valuing

financial

instruments; determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions; evaluates

the service

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed; and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters. 

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1 – quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Spectrum

Diversified

Equity

Fund

4

Level

2 – inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3 – unobservable

inputs

(including

the

fund's

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

On

September

30,

2021,

all

of

the

fund's

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

F89-054Q3

09/21