T. Rowe Price Spectrum Income Fund (RPSIX) NPORT-P T. Rowe Price Spectrum International Equity Fund (Sep 2023 report)

T.

ROWE

PRICE

Spectrum

International

Equity

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)

EQUITY

MUTUAL

FUNDS

100.1%

T.

Rowe

Price

Funds:

International

Value

Equity

Fund 

274,927

8,142

35,569

17,789,247‌

271,108‌

International

Stock

Fund 

259,620

16,504

28,291

14,864,530‌

258,791‌

European

Stock

Fund 

218,242

2,960

19,441

9,601,612‌

213,348‌

Overseas

Stock

Fund 

194,637

2,620

20,359

16,157,486‌

189,043‌

New

Asia

Fund 

180,188

2,389

21,431

10,379,907‌

157,567‌

Emerging

Markets

Discovery

Stock

Fund 

93,148

6,966

18,627

6,836,213‌

86,546‌

Japan

Fund (2)

79,012

1,028

12,152

6,193,255‌

69,488‌

International

Discovery

Fund (2)

58,890

784

7,144

936,543‌

55,134‌

Emerging

Markets

Stock

Fund 

62,754

6,574

16,481

1,632,606‌

54,431‌

Latin

America

Fund 

14,806

192

2,911

793,017‌

15,734‌

Africa

&

Middle

East

Fund 

7,898

102

690

746,229‌

7,388‌

Emerging

Europe

Fund 

2,004

—

30

775,075‌

2,938‌

Total

Equity

Mutual

Funds

(Cost

$1,112,977)

1,381,516‌

Total

Investments

in

Securities

100.1%

(Cost

$1,112,977)

$

1,381,516‌

Other

Assets

Less

Liabilities

(0.1)%

(1,037‌)

Net

Assets

100.0%

$

1,380,479‌

(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

International

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,

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:

Africa

&

Middle

East

Fund 

$

119‌

$

78‌

$

—‌

Emerging

Europe

Fund 

(23‌)

964‌

—‌

Emerging

Markets

Discovery

Stock

Fund 

(1,633‌)

5,059‌

—‌

Emerging

Markets

Stock

Fund 

(2,694‌)

1,584‌

—‌

European

Stock

Fund 

4,645‌

11,587‌

—‌

International

Discovery

Fund 

(906‌)

2,604‌

—‌

International

Stock

Fund 

3,876‌

10,958‌

—‌

International

Value

Equity

Fund 

4,569‌

23,608‌

—‌

Japan

Fund 

(3,987‌)

1,600‌

—‌

Latin

America

Fund 

(1,272‌)

3,647‌

—‌

New

Asia

Fund 

(2,625‌)

(3,579‌)

—‌

Overseas

Stock

Fund 

756‌

12,145‌

—‌

Totals

$

825‌#

$

70,255‌

$

—‌+

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

+

Investment

income

comprised

$0

of

income

distributions

from

underlying

Price

Funds.

T.

ROWE

PRICE

Spectrum

International

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

3

T.

Rowe

Price

Spectrum

International

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 

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)

T.

ROWE

PRICE

Spectrum

International

Equity

Fund

4

Level

3 – unobservable

inputs

(including

the

Valuation Designee’s

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.

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.

T.

ROWE

PRICE

Spectrum

International

Equity

Fund

5

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

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.

F118-054Q3

09/23