T.

ROWE

PRICE

Spectrum

Diversified

Equity

Fund

September

30,

2022

(Unaudited)

1

Portfolio

of

Investments

(1)

(1)

$

Value

12/31/21

$

Purchase

Cost

$

Sales

Cost

Shares

$

Value

9/30/22

(Cost

and

value

in

$000s)

EQUITY

MUTUAL

FUNDS

100.1%

T.

Rowe

Price

Funds:

Dividend

Growth

Fund 

544,737

9,774

40,642

6,796,264‌

404,989‌

U.S.

Large-Cap

Core

Fund 

531,758

10,075

26,228

14,375,233‌

404,232‌

Value

Fund 

558,200

76

72,975

9,576,494‌

367,067‌

Equity

Income

Fund 

560,897

8,509

108,171

11,961,557‌

363,871‌

Growth

Stock

Fund (2)

470,200

32,440

6,272

4,807,514‌

314,700‌

Blue

Chip

Growth

Fund (2)

463,924

33,583

11,370

2,809,220‌

314,043‌

International

Value

Equity

Fund 

244,089

34

24,073

13,777,544‌

164,779‌

International

Stock

Fund 

207,977

7,032

5,758

10,611,181‌

157,152‌

Real

Assets

Fund 

126,040

69,419

4,218

12,598,232‌

153,572‌

Mid-Cap

Value

Fund 

172,008

25

19,788

4,488,115‌

128,001‌

Mid-Cap

Growth

Fund (2)

163,917

16,025

7,706

1,478,871‌

125,112‌

Small-Cap

Value

Fund 

166,601

24

8,483

2,550,130‌

123,605‌

New

Horizons

Fund (2)

138,003

8,709

2,094

1,924,013‌

93,295‌

Emerging

Markets

Stock

Fund 

91,259

6,826

4,271

2,106,702‌

66,888‌

International

Discovery

Fund (2)

90,663

6,315

–

1,182,883‌

62,208‌

Total

Equity

Mutual

Funds

(Cost

$2,150,883)

3,243,514‌

Total

Investments

in

Securities

100.1%

(Cost

$2,150,883)

$

3,243,514‌

Other

Assets

Less

Liabilities

(0.1)%

(2,198‌)

Net

Assets

100.0%

$

3,241,316‌

(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

1

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,

2022.

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 

$

(2,250‌)

$

(172,094‌)

$

—‌

Dividend

Growth

Fund 

6,924‌

(108,880‌)

5,700‌

Emerging

Markets

Stock

Fund 

(1,448‌)

(26,926‌)

—‌

Equity

Income

Fund 

27,751‌

(97,364‌)

8,433‌

Growth

Stock

Fund 

(1,080‌)

(181,668‌)

—‌

International

Discovery

Fund 

—‌

(34,770‌)

—‌

International

Stock

Fund 

(607‌)

(52,099‌)

—‌

International

Value

Equity

Fund 

2,475‌

(55,271‌)

—‌

Mid-Cap

Growth

Fund 

(1,185‌)

(47,124‌)

—‌

Mid-Cap

Value

Fund 

973‌

(24,244‌)

—‌

New

Horizons

Fund 

(394‌)

(51,323‌)

—‌

Real

Assets

Fund 

(220‌)

(37,669‌)

—‌

Small-Cap

Value

Fund 

(684‌)

(34,537‌)

—‌

U.S.

Large-Cap

Core

Fund 

(1,669‌)

(111,373‌)

—‌

Value

Fund 

18,502‌

(118,234‌)

—‌

Totals

$

47,088‌#

$

(1,153,576‌)

$

14,133‌+

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$14,133

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) 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.

The

fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Investments

in

the

underlying

Price

Funds

are

valued

at

their

closing

net

asset

value

per

share

on

the

day

of

valuation.

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

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

Diversified

Equity

Fund

4

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,

2022,

all

of

the

fund's

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F89-054Q3

09/22