T.
ROWE
PRICE
Spectrum
Income
Fund
September
30,
2023
(Unaudited)
1
Portfolio
of
Investments
(1)
(1)
$
Value
12/31/22
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
9/30/23
(Cost
and
value
in
$000s)
BOND
MUTUAL
FUNDS
87.1%
T.
Rowe
Price
Funds:
High
Yield
Fund
913,054
54,469
118,067
155,416,973
876,552
New
Income
Fund
810,714
35,635
43,583
100,258,938
772,996
GNMA
Fund
528,565
82,977
28,933
73,143,133
563,202
Emerging
Markets
Bond
Fund
523,709
27,134
94,637
56,478,451
469,901
Floating
Rate
Fund
400,629
38,612
91,284
39,337,488
361,905
U.S.
Treasury
Long-Term
Index
Fund
286,062
75,602
40,385
41,960,762
297,082
Dynamic
Global
Bond
Fund
247,549
67,574
8,004
36,672,931
288,616
International
Bond
Fund
235,304
99,694
52,013
41,426,204
278,798
International
Bond
Fund
(USD
Hedged)
375,461
9,939
157,397
32,479,267
260,484
Short-Term
Bond
Fund
156,097
104,789
12,614
55,546,338
248,848
Corporate
Income
Fund
256,204
10,564
13,487
32,869,446
248,164
Emerging
Markets
Local
Currency
Bond
Fund
240,365
29,837
56,122
47,488,956
223,673
Limited
Duration
Inflation
Focused
Bond
Fund
113,438
567
27,247
19,327,807
90,261
U.S.
Treasury
Intermediate
Index
Fund
466
13
–
93,115
457
Dynamic
Credit
Fund
–
251
–
28,023
251
Total
Bond
Mutual
Funds
(Cost
$5,597,870)
4,981,190
EQUITY
MUTUAL
FUNDS
10.4%
T.
Rowe
Price
Funds:
Equity
Income
Fund
670,730
22,101
72,822
18,570,654
593,332
Total
Equity
Mutual
Funds
(Cost
$308,800)
593,332
SHORT-TERM
INVESTMENTS
2.6%
Money
Market
Funds
2.6%
T.
Rowe
Price
U.S.
Treasury
Money
Fund,
5.41% (2)
172,382
119,180
144,282
147,280,133
147,280
Total
Short-Term
Investments
(Cost
$147,280)
147,280
Total
Investments
in
Securities
100.1%
(Cost
$6,053,950)
$
5,721,802
Other
Assets
Less
Liabilities
(0.1)%
(3,370)
Net
Assets
100.0%
$
5,718,432
T.
ROWE
PRICE
Spectrum
Income
Fund
2
(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)
Seven-day
yield
T.
ROWE
PRICE
Spectrum
Income
Fund
3
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,
2023.
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:
Corporate
Income
Fund
$
(2,437)
$
(5,117)
$
9,178
Dynamic
Credit
Fund
—
—
—
Dynamic
Global
Bond
Fund
(991)
(18,503)
9,139
Emerging
Markets
Bond
Fund
(24,548)
13,695
24,573
Emerging
Markets
Local
Currency
Bond
Fund
(8,714)
9,593
13,581
Equity
Income
Fund
13,662
(26,677)
13,146
Floating
Rate
Fund
(5,460)
13,948
26,620
GNMA
Fund
(3,898)
(19,407)
15,145
High
Yield
Fund
(13,824)
27,096
49,851
International
Bond
Fund
(13,127)
(4,187)
6,935
International
Bond
Fund
(USD
Hedged)
(26,086)
32,481
7,207
Limited
Duration
Inflation
Focused
Bond
Fund
(2,229)
3,503
—
New
Income
Fund
(4,035)
(29,770)
25,399
Short-Term
Bond
Fund
(456)
576
4,008
U.S.
Treasury
Intermediate
Index
Fund
—
(22)
13
U.S.
Treasury
Long-Term
Index
Fund
(12,155)
(24,197)
7,940
U.S.
Treasury
Money
Fund,
5.41%
—
—
6,786
Totals
$
(104,298)#
$
(26,988)
$
219,521+
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$219,521
of
income
distributions
from
underlying
Price
Funds.
T.
ROWE
PRICE
Spectrum
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
4
T.
Rowe
Price
Spectrum
Income
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
Fair
Value
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).
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)
Level
3 – unobservable
inputs
(including
the
Valuation Designee’s
assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Spectrum
Income
Fund
5
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
Investments
in
the
underlying
Price
Funds
are
valued
at
their
closing
net
asset
value
per
share
on
the
day
of
valuation.
Valuation
Inputs
On
September
30,
2023,
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
the 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.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
T.
ROWE
PRICE
Spectrum
Income
Fund
6
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F88-054Q3
09/23