T. Rowe Price Spectrum Conservative Allocation Fund I Class PPIPX Strategy

The investment seeks the highest total return over time consistent with a primary emphasis on income and a secondary emphasis on capital growth. The fund invests in a diversified portfolio typically consisting of approximately 40% of its net assets in stocks; 50% of its net assets in bonds, money market securities, and cash reserves; and 10% of its net assets in alternative investments. Under normal conditions, its allocation to the broad asset classes will be within the following ranges: stocks (30-50%); bonds, money markets securities, and cash reserves (40-60%); and alternative investments (0-15%).