UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04998
T. Rowe Price Spectrum Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Spectrum
Funds
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Spectrum
Diversified
Equity
Spectrum
Income
Spectrum
International
Equity
Portfolio
of
Investments
Spectrum
Diversified
Equity
Spectrum
Income
Spectrum
International
Equity
Statement
of
Assets
and
Liabilities
Spectrum
Diversified
Equity
Spectrum
Income
Spectrum
International
Equity
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRSGX
Spectrum
Diversified
Equity
Fund
–
.
TSVPX
Spectrum
Diversified
Equity
Fund–
.
I Class
RPSIX
Spectrum
Income
Fund
–
.
TSPNX
Spectrum
Income
Fund–
.
I Class
PSILX
Spectrum
International
Equity
Fund
–
.
TSINX
Spectrum
International
Equity
Fund–
.
I Class
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
Certain
mutual
fund
accounts
that
are
assessed
an
annual
account
service
fee
can
also
save
money
by
switching
to
e-delivery.
T.
ROWE
PRICE
Spectrum
Funds
Market
Commentary
Dear
Shareholder
Most
major
global
stock
and
bond
indexes
produced
positive
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
June
30,
2023.
Despite
turmoil
in
the
banking
sector
and
a
protracted
debt
ceiling
standoff,
markets
were
resilient
as
growth
remained
positive
in
the
major
economies
and
corporate
earnings
results
came
in
stronger
than
expected.
For
the
six-month
period,
the
technology-oriented
Nasdaq
Composite
Index
gained
more
than
30%,
the
strongest
result
of
the
major
benchmarks,
as
tech
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
applications.
Growth
stocks
outperformed
value
shares,
and
developed
market
stocks
generally
outpaced
their
emerging
market
counterparts.
Currency
movements
were
mixed
over
the
period,
although
a
weaker
dollar
versus
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities.
Within
the
S&P
500
Index,
the
information
technology,
communication
services,
and
consumer
discretionary
sectors
were
all
lifted
by
the
tech
rally
and
recorded
significant
gains.
Conversely,
the
defensive
utilities
sector
had
the
weakest
returns
in
the
growth-focused
environment,
and
the
energy
sector
also
lost
ground
amid
declining
oil
prices.
The
financials
sector
partly
recovered
from
the
failure
of
three
large
regional
banks
during
the
period
but
still
finished
with
modest
losses.
Cheaper
oil
contributed
to
slowing
inflation,
although
core
inflation
readings—
which
exclude
volatile
food
and
energy
prices—remained
stubbornly
high.
In
response,
the
Federal
Reserve
raised
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.00%
to
5.25%
by
early
May,
the
highest
level
since
2007.
The
Fed
held
rates
steady
at
its
June
meeting,
but
policymakers
indicated
that
two
more
rate
hikes
could
come
by
the
end
of
the
year.
In
the
fixed
income
market,
returns
were
generally
positive
across
most
sectors
as
investors
benefited
from
the
higher
interest
rates
that
have
become
available
over
the
past
year.
Investment-grade
corporate
bonds
were
supported
by
generally
solid
balance
sheets
and
were
among
the
strongest
performers.
Global
economies
and
markets
showed
surprising
resilience
in
recent
months,
but,
moving
into
the
second
half
of
2023,
we
believe
investors
could
face
potential
challenges.
The
impact
of
the
Fed’s
rate
hikes
has
yet
to
be
fully
felt
in
the
economy,
and
while
the
regional
banking
turmoil
appears
to
have
been
contained
by
the
swift
actions
of
regulators,
it
could
weigh
on
credit
conditions.
Moreover,
market
consensus
still
seems
to
point
to
a
coming
recession,
although
hopes
have
emerged
that
such
a
downturn
could
be
more
modest.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission
(SEC)
adopted
new
rules
in
January
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new
report
regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
changes
to
come.
While
semiannual
fund
letters
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Spectrum
Funds
Portfolio
Summary
SECURITY
DIVERSIFICATION
Spectrum
Diversified
Equity
Fund
SECURITY
DIVERSIFICATION
Spectrum
Income
Fund
GEOGRAPHIC
DIVERSIFICATION
Spectrum
International
Equity
Fund
PORTFOLIO
HIGHLIGHTS
LARGEST
HOLDINGS
(Of
the
combined
underlying
funds
at
6/30/23)
Spectrum
Diversified
Equity
Fund
Percent
of
Net
Assets
6/30/23
Microsoft
5.0%
Apple
3.6
Amazon.com
2.2
Alphabet
2.2
NVIDIA
1.7
Visa
1.2
UnitedHealth
Group
1.2
Meta
Platforms
0.9
Elevance
Health
0.9
Eli
Lilly
and
Co
0.8
Total
19.7%
LARGEST
HOLDINGS
(Of
the
combined
underlying
funds
at
6/30/23)
Spectrum
International
Equity
Fund
Percent
of
Net
Assets
6/30/23
Taiwan
Semiconductor
Manufacturing
2.9%
Samsung
Electronics
2.3
ASML
Holding
2.0
AstraZeneca
1.3
Roche
Holding
1.3
Unilever
1.2
Tencent
Holdings
1.1
Alibaba
Group
Holding
1.0
Siemens
1.0
Novo
Nordisk
0.9
Total
15.0%
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
PORTFOLIO
HIGHLIGHTS
TARGET
ALLOCATIONS
FOR
UNDERLYING
FUNDS
Spectrum
Diversified
Equity
Fund
Minimum–
Maximum
Target
at
12/31/22
Target
at
6/30/23
Blue
Chip
Growth
Fund
5%–25%
10.01%
10.42%
Dividend
Growth
Fund
5–25
12.57
12.15
Emerging
Markets
Stock
Fund
0–10
2.28
2.28
Equity
Income
Fund
5–25
10.42
10.42
Growth
Stock
Fund
5–25
10.01
10.42
International
Discovery
Fund
0–10
2.17
2.17
International
Stock
Fund
0–20
5.08
5.08
International
Value
Equity
Fund
0–20
5.15
5.15
Mid-Cap
Growth
Fund
0–15
4.03
4.03
Mid-Cap
Value
Fund
0–15
3.64
3.64
New
Horizons
Fund
0–15
3.11
3.11
Real
Assets
Fund
0–10
5.00
5.00
Small-Cap
Value
Fund
0–15
3.55
3.55
U.S.
Large-Cap
Core
Fund
5–25
12.57
12.15
Value
Fund
5–25
10.42
10.42
Target
allocations
may
not
total
100%
due
to
rounding.
The
funds
are
currently
invested
in
the
Z
Class
of
each
underlying
Price
fund.
PORTFOLIO
HIGHLIGHTS
TARGET
ALLOCATIONS
FOR
UNDERLYING
FUNDS
Spectrum
Income
Fund
Minimum–
Maximum
Target
at
12/31/22
Target
at
6/30/23
Corporate
Income
Fund
0%–10%
4.50%
4.50%
Dynamic
Global
Bond
Fund
0–10
4.25
4.25
Emerging
Markets
Bond
Fund
0–20
8.50
8.50
Emerging
Markets
Local
Currency
Bond
Fund
0–10
4.00
4.50
Equity
Income
Fund
5–25
11.00
11.25
Floating
Rate
Fund
0–10
7.00
6.00
GNMA
Fund
5–20
9.00
9.50
High
Yield
Fund
5–25
15.25
15.50
Inflation
Protected
Bond
Fund
0–10
0.00
0.00
International
Bond
Fund
0–15
4.00
5.50
International
Bond
Fund
(USD
Hedged)
0–20
6.50
4.50
Limited
Duration
Inflation
Focused
Bond
Fund
0–10
2.00
1.50
New
Income
Fund
10–30
13.75
13.75
Short-Term
Bond
Fund
0–15
2.50
2.50
U.S.
Treasury
Intermediate
Index
Fund
0–10
0.00
0.00
U.S.
Treasury
Long-Term
Index
Fund
0–15
5.00
5.50
Ultra
Short-Term
Bond
Fund
0–10
0.00
0.00
Cash
and
Collateral
0–25
2.75
2.75
Target
allocations
may
not
total
100%
due
to
rounding.
The
funds
are
currently
invested
in
the
Z
Class
of
each
underlying
Price
fund.
PORTFOLIO
HIGHLIGHTS
TARGET
ALLOCATIONS
FOR
UNDERLYING
FUNDS
Spectrum
International
Equity
Fund
Minimum–
Maximum
Target
at
12/31/22
Target
at
6/30/23
Africa
&
Middle
East
Fund
0%–15%
0.58%
0.51%
Emerging
Europe
Fund
0–15
0.13
0.17
Emerging
Markets
Discovery
Stock
Fund
0–10
6.34
6.24
Emerging
Markets
Stock
Fund
0–10
4.36
4.23
European
Stock
Fund
0–30
15.32
15.95
International
Discovery
Fund
0–20
4.20
3.99
International
Stock
Fund
0–55
18.13
18.36
International
Value
Equity
Fund
0–35
18.63
18.85
Japan
Fund
0–30
5.50
5.35
Latin
America
Fund
0–15
1.09
1.08
New
Asia
Fund
0–20
12.14
11.65
Overseas
Stock
Fund
0–35
13.58
13.62
Target
allocations
may
not
total
100%
due
to
rounding.
The
funds
are
currently
invested
in
the
Z
Class
of
each
underlying
Price
fund.
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
two
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
and
the
I
Class
shares
are
also
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
"Expenses
Paid
During
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
SPECTRUM
DIVERSIFIED
EQUITY
FUND
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period*
1/1/23
to
6/30/23
Investor
Class
Actual
$1,000.00
$1,123.40
$3.84
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.17
3.66
I
Class
Actual
1,000.00
1,125.00
3.06
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.92
2.91
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.73%,
and
the
2
I Class
was
0.58%.
SPECTRUM
INCOME
FUND
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period*
1/1/23
to
6/30/23
Investor
Class
Actual
$1,000.00
$1,031.10
$3.12
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.72
3.11
I
Class
Actual
1,000.00
1,031.80
2.37
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.46
2.36
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.62%,
and
the
2
I Class
was
0.47%.
FUND
EXPENSE
EXAMPLE
(continued)
SPECTRUM
INTERNATIONAL
EQUITY
FUND
Beginning
Account
Value
1/1/23
Ending
Account
Value
6/30/23
Expenses
Paid
During
Period*
1/1/23
to
6/30/23
Investor
Class
Actual
$1,000.00
$1,098.50
$4.63
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,020.38
4.46
I
Class
Actual
1,000.00
1,098.30
3.85
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.12
3.71
*
Expenses
are
equal
to
the
fund’s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(181),
and
divided
by
the
days
in
the
year
(365)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.89%,
and
the
2
I Class
was
0.74%.
FUND
EXPENSE
EXAMPLE
(continued)
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
20.18
$
27.42
$
2
4.25
$
23.29
$
20.00
$
24.36
Investment
activities
Net
investment
income
(loss)
(1)(2)
(0.02)
0.12
0.16
0.19
0.29
0.26
Net
realized
and
unrealized
gain/loss
2.51
(5.27)
4.81
4.04
5.11
(2.37)
Total
from
investment
activities
2.49
(5.15)
4.97
4.23
5.40
(2.11)
Distributions
Net
investment
income
—
(0.14)
(0.17)
(0.20)
(0.30)
(0.27)
Net
realized
gain
—
(1.95)
(1.63)
(3.07)
(1.81)
(1.98)
Total
distributions
—
(2.09)
(1.80)
(3.27)
(2.11)
(2.25)
NET
ASSET
VALUE
End
of
period
$
22.67
$
20.18
$
27.42
$
24.25
$
23.29
$
20.00
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)(4)
12.34%
(18.76)%
20.58%
18.38%
27.03%
(8.53)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
payments
by
Price
Associates
(4)
0.73%
(5)
0.73%
0.57%
0.00%
0.00%
0.00%
Net
expenses
after
payments
by
Price
Associates
(4)
0.73%
(5)
0.73%
0.57%
0.00%
0.00%
0.00%
Weighted
average
net
expenses
of
underlying
Price
Funds
(6)
0.00%
(5)
0.00%
0.14%
0.73%
0.76%
0.77%
Effective
net
expenses
0.73%
(5)
0.73%
0.71%
0.73%
0.76%
0.77%
Net
investment
income
(loss)
(4)
(0.22)%
(5)
0.51%
0.58%
0.82%
1.25%
1.05%
Portfolio
turnover
rate
(4)
2.1%
11.1%
8.6%
12.9%
19.3%
10.8%
Net
assets,
end
of
period
(in
millions)
$1,990
$1,848
$4,156
$3,991
$3,795
$3,266
0%
0%
0%
0%
0%
0%
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
Effective
March
24,
2021,
the
fund
began
charging
an
all-inclusive
management
fee
based
on
the
class'
average
daily
net
assets.
On
that
same
date,
the
fund
converted
its
investments
from
each
underlying
Price
Fund’s
Investor
Class
to
its
Z
Class,
which
has
a
net
expense
ratio
of
less
than
0.01%.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
The
fund's
total
return
may
be
higher
or
lower
than
the
investment
results
of
the
individual
underlying
Price
Funds.
(4)
Reflects
the
activity
of
the
fund,
and
does
not
include
the
activity
of
the
underlying
Price
Funds.
However,
investment
performance
of
the
fund
is
directly
related
to
the
investment
performance
of
the
underlying
Price
Funds
in
which
it
invests.
(5)
Annualized
(6)
Reflects
the
indirect
expense
impact
to
the
fund
from
its
investment
in
the
underlying
Price
Funds,
based
on
the
actual
expense
ratio
of
each
underlying
Price
Fund
weighted
for
the
fund's
relative
average
investment
therein.
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
(1)
6
Months
.
Ended
6/30/23
.
.
Year
Ended
12/31/22
5/3/21
(1)
Through
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
20.08
$
27.36
$
27.19
Investment
activities
Net
investment
income
(loss)
(2)(3)
(0.01)
0.25
0.26
Net
realized
and
unrealized
gain/loss
2.52
(5.36)
1.78
Total
from
investment
activities
2.51
(5.11)
2.04
Distributions
Net
investment
income
—
(0.22)
(0.24)
Net
realized
gain
—
(1.95)
(1.63)
Total
distributions
—
(2.17)
(1.87)
NET
ASSET
VALUE
End
of
period
$
22.59
$
20.08
$
27.36
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
(1)
6
Months
.
Ended
6/30/23
.
.
Year
Ended
12/31/22
5/3/21
(1)
Through
12/31/21
Ratios/Supplemental
Data
Total
return
(3)(4)(5)
12.50%
(18.65)%
7.61%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
payments
by
Price
Associates
(5)
0.58%
(6)
0.58%
0.58%
(6)
Net
expenses
after
payments
by
Price
Associates
(5)
0.58%
(6)
0.58%
0.58%
(6)
Net
investment
income
(loss)
(5)
(0.07)%
(6)
1.07%
1.38%
(6)
Portfolio
turnover
rate
(5)
2.1%
11.1%
8.6%
Net
assets,
end
of
period
(in
millions)
$1,705
$1,560
$371
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
The
fund's
total
return
may
be
higher
or
lower
than
the
investment
results
of
the
individual
underlying
Price
Funds.
(5)
Reflects
the
activity
of
the
fund,
and
does
not
include
the
activity
of
the
underlying
Price
Funds.
However,
investment
performance
of
the
fund
is
directly
related
to
the
investment
performance
of
the
underlying
Price
Funds
in
which
it
invests.
(6)
Annualized
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
10.94
$
12.83
$
13.00
$
12.73
$
11.86
$
12.75
Investment
activities
Net
investment
income
(1)(2)
0.23
0.34
0.33
0.34
0.40
0.41
Net
realized
and
unrealized
gain/loss
0.11
(1.69)
—
(3)
0.41
0.95
(0.74)
Total
from
investment
activities
0.34
(1.35)
0.33
0.75
1.35
(0.33)
Distributions
Net
investment
income
(0.23)
(0.39)
(0.34)
(0.38)
(0.41)
(0.42)
Net
realized
gain
—
(0.15)
(0.16)
(0.10)
(0.07)
(0.14)
Total
distributions
(0.23)
(0.54)
(0.50)
(0.48)
(0.48)
(0.56)
NET
ASSET
VALUE
End
of
period
$
11.05
$
10.94
$
12.83
$
13.00
$
12.73
$
11.86
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(4)(5)
3.11%
(10.59)%
2.59%
6.06%
11.55%
(2.62)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
payments
by
Price
Associates
(5)
0.62%
(6)
0.62%
0.45%
0.00%
0.00%
0.00%
Net
expenses
after
payments
by
Price
Associates
(5)
0.62%
(6)
0.62%
0.45%
0.00%
0.00%
0.00%
Weighted
average
net
expenses
of
underlying
Price
Funds
(7)
0.00%
(6)
0.00%
0.14%
0.65%
0.63%
0.62%
Effective
net
expenses
0.62%
(6)
0.62%
0.59%
0.65%
0.63%
0.62%
Net
investment
income
(5)
4.26%
(6)
2.88%
2.52%
2.77%
3.17%
3.30%
Portfolio
turnover
rate
(5)
7.6%
20.7%
15.1%
29.9%
24.1%
22.8%
Net
assets,
end
of
period
(in
millions)
$1,935
$1,983
$4,778
$6,890
$6,895
$6,389
0%
0%
0%
0%
0%
0%
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
Effective
March
24,
2021,
the
fund
began
charging
an
all-inclusive
management
fee
based
on
the
class'
average
daily
net
assets.
On
that
same
date,
the
fund
converted
its
investments
from
each
underlying
Price
Fund’s
Investor
Class
to
its
Z
Class,
which
has
a
net
expense
ratio
of
less
than
0.01%.
(3)
Amounts
round
to
less
than
$0.01
per
share.
(4)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
The
fund's
total
return
may
be
higher
or
lower
than
the
investment
results
of
the
individual
underlying
Price
Funds.
(5)
Reflects
the
activity
of
the
fund,
and
does
not
include
the
activity
of
the
underlying
Price
Funds.
However,
investment
performance
of
the
fund
is
directly
related
to
the
investment
performance
of
the
underlying
Price
Funds
in
which
it
invests.
(6)
Annualized
(7)
Reflects
the
indirect
expense
impact
to
the
fund
from
its
investment
in
the
underlying
Price
Funds,
based
on
the
actual
expense
ratio
of
each
underlying
Price
Fund
weighted
for
the
fund's
relative
average
investment
therein.
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
(1)
6
Months
.
Ended
6/30/23
.
.
Year
Ended
12/31/22
5/3/21
(1)
Through
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
10.94
$
12.84
$
13.10
Investment
activities
Net
investment
income
(2)(3)
0.24
0.38
0.24
Net
realized
and
unrealized
gain/loss
0.11
(1.72)
(0.09)
(4)
Total
from
investment
activities
0.35
(1.34)
0.15
Distributions
Net
investment
income
(0.24)
(0.41)
(0.25)
Net
realized
gain
—
(0.15)
(0.16)
Total
distributions
(0.24)
(0.56)
(0.41)
NET
ASSET
VALUE
End
of
period
$
11.05
$
10.94
$
12.84
Ratios/Supplemental
Data
Total
return
(3)(5)(6)
3.18%
(10.53)%
1.16%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
payments
by
Price
Associates
(6)
0.47%
(7)
0.47%
0.47%
(7)
Net
expenses
after
payments
by
Price
Associates
(6)
0.47%
(7)
0.47%
0.47%
(7)
Net
investment
income
(6)
4.44%
(7)
3.33%
2.79%
(7)
Portfolio
turnover
rate
(6)
7.6%
20.7%
15.1%
Net
assets,
end
of
period
(in
millions)
$4,025
$3,945
$2,422
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
The
fund's
total
return
may
be
higher
or
lower
than
the
investment
results
of
the
individual
underlying
Price
Funds.
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(6)
Reflects
the
activity
of
the
fund,
and
does
not
include
the
activity
of
the
underlying
Price
Funds.
However,
investment
performance
of
the
fund
is
directly
related
to
the
investment
performance
of
the
underlying
Price
Funds
in
which
it
invests.
(7)
Annualized
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
NET
ASSET
VALUE
Beginning
of
period
$
12.39
$
16.12
$
15.90
$
14.08
$
11.66
$
14.61
Investment
activities
Net
investment
income
(loss)
(1)(2)
(0.06)
0.14
0.20
0.12
0.27
0.23
Net
realized
and
unrealized
gain/loss
1.28
(3.04)
0.58
1.84
2.64
(2.40)
Total
from
investment
activities
1.22
(2.90)
0.78
1.96
2.91
(2.17)
Distributions
Net
investment
income
—
(0.18)
(0.21)
(0.12)
(0.28)
(0.23)
Net
realized
gain
—
(0.65)
(0.35)
(0.02)
(0.21)
(0.55)
Total
distributions
—
(0.83)
(0.56)
(0.14)
(0.49)
(0.78)
NET
ASSET
VALUE
End
of
period
$
13.61
$
12.39
$
16.12
$
15.90
$
14.08
$
11.66
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
6/30/23
..
Year
..
..
Ended
.
12/31/22
12/31/21
12/31/20
12/31/19
12/31/18
Ratios/Supplemental
Data
Total
return
(2)(3)(4)
9.85%
(18.00)%
4.97%
13.95%
25.00%
(14.81)%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
payments
by
Price
Associates
(4)
0.89%
(5)
0.89%
0.69%
0.00%
0.00%
0.00%
Net
expenses
after
payments
by
Price
Associates
(4)
0.89%
(5)
0.89%
0.69%
0.00%
0.00%
0.00%
Weighted
average
net
expenses
of
underlying
Price
Funds
(6)
0.00%
(5)
0.00%
0.21%
0.91%
0.90%
0.90%
Effective
net
expenses
0.89%
(5)
0.89%
0.90%
0.91%
0.90%
0.90%
Net
investment
income
(loss)
(4)
(0.89)%
(5)
0.99%
1.18%
0.92%
2.06%
1.63%
Portfolio
turnover
rate
(4)
2.2%
10.2%
9.5%
8.5%
12.7%
15.0%
Net
assets,
end
of
period
(in
millions)
$660
$627
$1,903
$2,008
$1,607
$1,386
0%
0%
0%
0%
0%
0%
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
Effective
March
24,
2021,
the
fund
began
charging
an
all-inclusive
management
fee
based
on
the
class'
average
daily
net
assets.
On
that
same
date,
the
fund
converted
its
investments
from
each
underlying
Price
Fund’s
Investor
Class
to
its
Z
Class,
which
has
a
net
expense
ratio
of
less
than
0.01%.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
The
fund's
total
return
may
be
higher
or
lower
than
the
investment
results
of
the
individual
underlying
Price
Funds.
(4)
Reflects
the
activity
of
the
fund,
and
does
not
include
the
activity
of
the
underlying
Price
Funds.
However,
investment
performance
of
the
fund
is
directly
related
to
the
investment
performance
of
the
underlying
Price
Funds
in
which
it
invests.
(5)
Annualized
(6)
Reflects
the
indirect
expense
impact
to
the
fund
from
its
investment
in
the
underlying
Price
Funds,
based
on
the
actual
expense
ratio
of
each
underlying
Price
Fund
weighted
for
the
fund's
relative
average
investment
therein.
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
(1)
6
Months
.
Ended
6/30/23
.
.
Year
Ended
12/31/22
5/3/21
(1)
Through
12/31/21
NET
ASSET
VALUE
Beginning
of
period
$
12.31
$
16.07
$
16.98
Investment
activities
Net
investment
income
(loss)
(2)(3)
(0.05)
0.25
0.38
Net
realized
and
unrealized
gain/loss
1.26
(3.12)
(0.66)
(4)
Total
from
investment
activities
1.21
(2.87)
(0.28)
Distributions
Net
investment
income
—
(0.24)
(0.28)
Net
realized
gain
—
(0.65)
(0.35)
Total
distributions
—
(0.89)
(0.63)
NET
ASSET
VALUE
End
of
period
$
13.52
$
12.31
$
16.07
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
(1)
6
Months
.
Ended
6/30/23
.
.
Year
Ended
12/31/22
5/3/21
(1)
Through
12/31/21
Ratios/Supplemental
Data
Total
return
(3)(5)(6)
9.83%
(17.83)%
(1.61)%
Ratios
to
average
net
assets:
(3)
Gross
expenses
before
payments
by
Price
Associates
(6)
0.74%
(7)
0.74%
0.74%
(7)
Net
expenses
after
payments
by
Price
Associates
(6)
0.74%
(7)
0.74%
0.74%
(7)
Net
investment
income
(loss)
(6)
(0.74)%
(7)
1.91%
3.34%
(7)
Portfolio
turnover
rate
(6)
2.2%
10.2%
9.5%
Net
assets,
end
of
period
(in
millions)
$845
$818
$224
0%
0%
0%
(1)
Inception
date
(2)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(3)
See
Note
5
for
details
of
expense-related
arrangements
with
Price
Associates.
(4)
The
amount
presented
is
inconsistent
with
the
fund's
aggregate
gains
and
losses
because
of
the
timing
of
sales
and
redemptions
of
fund
shares
in
relation
to
fluctuating
market
values
for
the
investment
portfolio.
(5)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
The
fund's
total
return
may
be
higher
or
lower
than
the
investment
results
of
the
individual
underlying
Price
Funds.
(6)
Reflects
the
activity
of
the
fund,
and
does
not
include
the
activity
of
the
underlying
Price
Funds.
However,
investment
performance
of
the
fund
is
directly
related
to
the
investment
performance
of
the
underlying
Price
Funds
in
which
it
invests.
(7)
Annualized
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
June
30,
2023
(Unaudited)
Portfolio
of
Investments
(1)
(1)
$
Value
12/31/22
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
6/30/23
(Cost
and
value
in
$000s)
EQUITY
MUTUAL
FUNDS
100.1%
T.
Rowe
Price
Funds:
U.S.
Large-Cap
Core
Fund
429,178
5,036
33,609
13,744,040
450,530
Dividend
Growth
Fund
433,861
6,960
16,574
6,605,889
450,059
Blue
Chip
Growth
Fund (2)
317,913
1,529
30,213
2,868,354
404,954
Growth
Stock
Fund (2)
316,062
2,529
29,900
4,829,160
397,392
Equity
Income
Fund
375,297
20,577
16,187
11,578,125
384,046
Value
Fund
379,688
4,030
19,980
9,466,556
380,840
International
Value
Equity
Fund
186,613
15
16,872
12,039,047
186,726
International
Stock
Fund
180,603
15
15,695
10,089,581
186,254
Real
Assets
Fund
169,666
12,015
5,322
13,159,693
180,025
Mid-Cap
Growth
Fund
131,110
2,012
5,621
1,438,254
145,508
Mid-Cap
Value
Fund
130,921
11
7,614
4,355,832
134,944
Small-Cap
Value
Fund
125,152
4,760
5,201
2,607,531
130,298
New
Horizons
Fund (2)
90,956
8,009
2,053
2,073,929
112,759
Emerging
Markets
Stock
Fund
71,489
6,757
5,005
2,191,311
78,317
International
Discovery
Fund (2)
72,003
6
3,328
1,213,307
74,994
Total
Equity
Mutual
Funds
(Cost
$2,080,985)
3,697,646
Total
Investments
in
Securities
100.1%
of
Net
Assets
(Cost
$2,080,985)
$
3,697,646
(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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
June
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:
Blue
Chip
Growth
Fund
$
(4,865)
$
115,725
$
—
Dividend
Growth
Fund
674
25,812
3,924
Emerging
Markets
Stock
Fund
(1,817)
5,076
—
Equity
Income
Fund
1,832
4,359
5,097
Growth
Stock
Fund
(6,894)
108,701
—
International
Discovery
Fund
(833)
6,313
—
International
Stock
Fund
(325)
21,331
—
International
Value
Equity
Fund
5,057
16,970
—
Mid-Cap
Growth
Fund
(741)
18,007
—
Mid-Cap
Value
Fund
336
11,626
—
New
Horizons
Fund
(672)
15,847
—
Real
Assets
Fund
(568)
3,666
—
Small-Cap
Value
Fund
66
5,587
—
U.S.
Large-Cap
Core
Fund
514
49,925
—
Value
Fund
(170)
17,102
—
Totals
$
(8,406)#
$
426,047
$
9,021+
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$9,021
of
income
distributions
from
underlying
Price
Funds.
T.
ROWE
PRICE
Spectrum
Income
Fund
June
30,
2023
(Unaudited)
Portfolio
of
Investments
(1)
(1)
$
Value
12/31/22
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
6/30/23
(Cost
and
value
in
$000s)
BOND
MUTUAL
FUNDS
85.9%
T.
Rowe
Price
Funds:
High
Yield
Fund
913,054
37,565
47,183
163,547,883
928,952
New
Income
Fund
810,714
20,756
29,721
99,925,676
802,403
GNMA
Fund
528,565
42,640
18,893
69,016,799
556,275
Emerging
Markets
Bond
Fund
523,709
18,815
39,072
60,411,847
520,750
Floating
Rate
Fund
400,629
29,826
68,424
40,748,546
372,442
International
Bond
Fund
235,304
94,560
11,678
45,064,662
318,157
U.S.
Treasury
Long-Term
Index
Fund
286,062
27,147
15,064
38,236,554
310,099
International
Bond
Fund
(USD
Hedged)
375,461
7,721
140,545
33,968,967
276,168
Emerging
Markets
Local
Currency
Bond
Fund
240,365
25,181
8,305
55,099,829
273,846
Dynamic
Global
Bond
Fund
247,549
37,620
7,887
32,876,053
261,693
Corporate
Income
Fund
256,204
7,359
8,528
32,971,390
258,825
Short-Term
Bond
Fund
156,097
3,309
10,313
33,364,045
149,471
Limited
Duration
Inflation
Focused
Bond
Fund
113,438
549
25,790
19,614,503
91,404
U.S.
Treasury
Intermediate
Index
Fund
466
9
–
92,229
469
Total
Bond
Mutual
Funds
(Cost
$5,625,640)
5,120,954
EQUITY
MUTUAL
FUNDS
11.0%
T.
Rowe
Price
Funds:
Equity
Income
Fund
670,730
17,906
43,755
19,732,743
654,535
Total
Equity
Mutual
Funds
(Cost
$333,672)
654,535
SHORT-TERM
INVESTMENTS
3.2%
Money
Market
Funds
3.2%
T.
Rowe
Price
U.S.
Treasury
Money
Fund,
5.11% (2)
172,382
83,813
67,864
188,331,425
188,331
Total
Short-Term
Investments
(Cost
$188,331)
188,331
Total
Investments
in
Securities
100.1%
of
Net
Assets
(Cost
$6,147,643)
$
5,963,820
(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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
June
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
$
(1,501)
$
3,790
$
6,002
Dynamic
Global
Bond
Fund
(971)
(15,589)
6,312
Emerging
Markets
Bond
Fund
(10,657)
17,298
16,265
Emerging
Markets
Local
Currency
Bond
Fund
(1,441)
16,605
8,917
Equity
Income
Fund
(200)
9,654
8,951
Floating
Rate
Fund
(4,399)
10,411
17,824
GNMA
Fund
(2,454)
3,963
9,871
High
Yield
Fund
(5,973)
25,516
32,950
International
Bond
Fund
(2,765)
(29)
4,324
International
Bond
Fund
(USD
Hedged)
(23,521)
33,531
5,005
Limited
Duration
Inflation
Focused
Bond
Fund
(2,128)
3,207
—
New
Income
Fund
(2,533)
654
16,614
Short-Term
Bond
Fund
(369)
378
2,558
U.S.
Treasury
Intermediate
Index
Fund
—
(6)
9
U.S.
Treasury
Long-Term
Index
Fund
(6,797)
11,954
5,084
U.S.
Treasury
Money
Fund,
5.11%
—
—
4,334
Totals
$
(65,709)#
$
121,337
$
145,020+
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$145,020
of
income
distributions
from
underlying
Price
Funds.
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
June
30,
2023
(Unaudited)
Portfolio
of
Investments
(1)
(1)
$
Value
12/31/22
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
6/30/23
(Cost
and
value
in
$000s)
EQUITY
MUTUAL
FUNDS
100.1%
T.
Rowe
Price
Funds:
International
Value
Equity
Fund
274,927
8,042
22,381
18,821,597
291,923
International
Stock
Fund
259,620
9,407
20,362
15,006,849
277,026
European
Stock
Fund
218,242
2,876
13,617
9,927,763
238,366
Overseas
Stock
Fund
194,637
2,547
14,013
16,710,247
204,701
New
Asia
Fund
180,188
2,327
14,992
10,734,335
174,433
Emerging
Markets
Discovery
Stock
Fund
93,148
3,182
11,455
7,059,137
92,404
Japan
Fund (2)
79,012
1,001
8,600
6,405,432
78,338
Emerging
Markets
Stock
Fund
62,754
2,802
9,988
1,688,542
60,349
International
Discovery
Fund (2)
58,890
763
5,120
968,118
59,839
Latin
America
Fund
14,806
186
2,105
819,824
17,413
Africa
&
Middle
East
Fund
7,898
99
487
771,173
7,858
Emerging
Europe
Fund
2,004
–
–
776,839
2,812
Total
Equity
Mutual
Funds
(Cost
$1,157,954)
1,505,462
Total
Investments
in
Securities
100.1%
of
Net
Assets
(Cost
$1,157,954)
$
1,505,462
(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
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
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
six
months
ended
June
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
$
61
$
348
$
—
Emerging
Europe
Fund
—
808
—
Emerging
Markets
Discovery
Stock
Fund
(1,148)
7,529
—
Emerging
Markets
Stock
Fund
(1,802)
4,781
—
European
Stock
Fund
2,696
30,865
—
International
Discovery
Fund
(849)
5,306
—
International
Stock
Fund
1,994
28,361
—
International
Value
Equity
Fund
1,630
31,335
—
Japan
Fund
(2,995)
6,925
—
Latin
America
Fund
(1,031)
4,526
—
New
Asia
Fund
(1,927)
6,910
—
Overseas
Stock
Fund
309
21,530
—
Totals
$
(3,062)#
$
149,224
$
—+
#
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
Diversified
Equity
Fund
June
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$2,080,985)
$
3,697,646
Receivable
for
investment
securities
sold
1,500
Receivable
for
shares
sold
219
Total
assets
3,699,365
Liabilities
Investment
management
and
administrative
fees
payable
2,169
Payable
for
shares
redeemed
1,719
Total
liabilities
3,888
NET
ASSETS
$
3,695,477
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
1,675,761
Paid-in
capital
applicable
to
163,272,510
shares
of
$0.01
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
2,019,716
NET
ASSETS
$
3,695,477
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,990,351;
Shares
outstanding:
87,785,723)
$
22.67
I
Class
(Net
assets:
$1,705,126;
Shares
outstanding:
75,486,787)
$
22.59
T.
ROWE
PRICE
Spectrum
Income
Fund
June
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$6,147,643)
$
5,963,820
Receivable
for
investment
securities
sold
2,121
Receivable
for
shares
sold
1,650
Total
assets
5,967,591
Liabilities
Investment
management
and
administrative
fees
payable
3,468
Payable
for
shares
redeemed
2,660
Other
liabilities
1,253
Total
liabilities
7,381
NET
ASSETS
$
5,960,210
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
(463,778)
Paid-in
capital
applicable
to
539,316,928
shares
of
$0.01
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
6,423,988
NET
ASSETS
$
5,960,210
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,934,721;
Shares
outstanding:
175,128,738)
$
11.05
I
Class
(Net
assets:
$4,025,489;
Shares
outstanding:
364,188,190)
$
11.05
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
June
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Assets
Investments
in
securities,
at
value
(cost
$1,157,954)
$
1,505,462
Receivable
for
investment
securities
sold
456
Receivable
for
shares
sold
317
Total
assets
1,506,235
Liabilities
Investment
management
and
administrative
fees
payable
1,101
Payable
for
shares
redeemed
771
Total
liabilities
1,872
NET
ASSETS
$
1,504,363
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
223,210
Paid-in
capital
applicable
to
110,941,426
shares
of
$0.01
par
value
capital
stock
outstanding;
2,000,000,000
shares
of
the
Corporation
authorized
1,281,153
NET
ASSETS
$
1,504,363
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$659,567;
Shares
outstanding:
48,471,737)
$
13.61
I
Class
(Net
assets:
$844,796;
Shares
outstanding:
62,469,689)
$
13.52
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Investment
Income
(Loss)
Income
distributions
from
underlying
Price
Funds
$
9,021
Investment
management
and
administrative
expense
11,611
Net
investment
loss
(2,590)
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
Sales
of
underlying
Price
Funds
(8,406)
Change
in
net
unrealized
gain
/
loss
on
underlying
Price
Funds
426,047
Net
realized
and
unrealized
gain
/
loss
417,641
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
415,051
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Investment
Income
(Loss)
Income
distributions
from
underlying
Price
Funds
$
145,020
Investment
management
and
administrative
expense
15,373
Net
investment
income
129,647
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
Sales
of
underlying
Price
Funds
(65,709)
Change
in
net
unrealized
gain
/
loss
on
underlying
Price
Funds
121,337
Net
realized
and
unrealized
gain
/
loss
55,628
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
185,275
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Investment
Income
(Loss)
Investment
management
and
administrative
expense
$
6,025
Net
investment
loss
(6,025)
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
loss
on
Sales
of
underlying
Price
Funds
(3,062)
Change
in
net
unrealized
gain
/
loss
on
underlying
Price
Funds
149,224
Net
realized
and
unrealized
gain
/
loss
146,162
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
140,137
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
$
(2,590)
$
27,166
Net
realized
gain
(loss)
(8,406)
191,771
Change
in
net
unrealized
gain
/
loss
426,047
(1,055,593)
Increase
(decrease)
in
net
assets
from
operations
415,051
(836,656)
Distributions
to
shareholders
Net
earnings
Investor
Class
–
(174,459)
I
Class
–
(153,210)
Decrease
in
net
assets
from
distributions
–
(327,669)
Capital
share
transactions
*
Shares
sold
Investor
Class
31,764
87,518
I
Class
19,519
1,513,095
Distributions
reinvested
Investor
Class
–
170,133
I
Class
–
144,169
Shares
redeemed
Investor
Class
(113,623)
(1,749,800)
I
Class
(65,886)
(119,504)
Increase
(decrease)
in
net
assets
from
capital
share
transactions
(128,226)
45,611
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Net
Assets
Increase
(decrease)
during
period
286,825
(1,118,714)
Beginning
of
period
3,408,652
4,527,366
End
of
period
$
3,695,477
$
3,408,652
*Share
information
(000s)
Shares
sold
Investor
Class
1,519
3,696
I
Class
914
62,182
Distributions
reinvested
Investor
Class
–
8,477
I
Class
–
7,216
Shares
redeemed
Investor
Class
(5,322)
(72,169)
I
Class
(3,118)
(5,267)
Increase
(decrease)
in
shares
outstanding
(6,007)
4,135
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
129,647
$
198,587
Net
realized
gain
(loss)
(65,709)
8,791
Change
in
net
unrealized
gain
/
loss
121,337
(959,179)
Increase
(decrease)
in
net
assets
from
operations
185,275
(751,801)
Distributions
to
shareholders
Net
earnings
Investor
Class
(40,632)
(122,720)
I
Class
(85,154)
(174,220)
Decrease
in
net
assets
from
distributions
(125,786)
(296,940)
Capital
share
transactions
*
Shares
sold
Investor
Class
84,676
357,401
I
Class
460,911
2,478,485
Distributions
reinvested
Investor
Class
38,072
114,789
I
Class
82,267
169,287
Shares
redeemed
Investor
Class
(190,846)
(2,728,504)
I
Class
(501,636)
(616,097)
Decrease
in
net
assets
from
capital
share
transactions
(26,556)
(224,639)
T.
ROWE
PRICE
Spectrum
Income
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Net
Assets
Increase
(decrease)
during
period
32,933
(1,273,380)
Beginning
of
period
5,927,277
7,200,657
End
of
period
$
5,960,210
$
5,927,277
*Share
information
(000s)
Shares
sold
Investor
Class
7,625
30,210
I
Class
41,603
209,884
Distributions
reinvested
Investor
Class
3,433
10,052
I
Class
7,416
15,013
Shares
redeemed
Investor
Class
(17,208)
(231,311)
I
Class
(45,294)
(53,084)
Decrease
in
shares
outstanding
(2,425)
(19,236)
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
(loss)
$
(6,025)
$
23,631
Net
realized
loss
(3,062)
(23,886)
Change
in
net
unrealized
gain
/
loss
149,224
(375,069)
Increase
(decrease)
in
net
assets
from
operations
140,137
(375,324)
Distributions
to
shareholders
Net
earnings
Investor
Class
–
(39,729)
I
Class
–
(55,936)
Decrease
in
net
assets
from
distributions
–
(95,665)
Capital
share
transactions
*
Shares
sold
Investor
Class
49,211
92,365
I
Class
25,070
923,872
Distributions
reinvested
Investor
Class
–
38,914
I
Class
–
48,903
Shares
redeemed
Investor
Class
(77,759)
(1,126,421)
I
Class
(77,226)
(188,075)
Decrease
in
net
assets
from
capital
share
transactions
(80,704)
(210,442)
T.
ROWE
PRICE
Spectrum
International
Equity
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
6/30/23
Year
Ended
12/31/22
Net
Assets
Increase
(decrease)
during
period
59,433
(681,431)
Beginning
of
period
1,444,930
2,126,361
End
of
period
$
1,504,363
$
1,444,930
*Share
information
(000s)
Shares
sold
Investor
Class
3,683
6,701
I
Class
1,893
62,860
Distributions
reinvested
Investor
Class
–
3,151
I
Class
–
3,989
Shares
redeemed
Investor
Class
(5,838)
(77,284)
I
Class
(5,859)
(14,333)
Decrease
in
shares
outstanding
(6,121)
(14,916)
T.
ROWE
PRICE
Spectrum
Funds
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Spectrum
Fund,
Inc.
(the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
Spectrum
Diversified
Equity
Fund,
Spectrum
Income
Fund,
and
Spectrum
International
Equity
Fund
(collectively,
the
Spectrum
Funds)
are
diversified
open-end
management
investment
companies
established
by
the
corporation.
Each
Spectrum
Fund
broadly
diversifies
its
assets
within
specified
ranges
among
a
set
of
T.
Rowe
Price
mutual
funds
(underlying
Price
Funds)
representing
specific
market
segments.
Spectrum
Diversified
Equity
seeks
long-term
capital
appreciation
and
growth
of
income
with
current
income
as
a
secondary
objective.
Spectrum
Income
seeks
a
high
level
of
current
income
with
moderate
share
price
fluctuation.
Spectrum
International
Equity
seeks
long-term
capital
appreciation.
Each
fund
has
two
classes
of
shares
as
follows:
Spectrum
Diversified
Equity
Fund
(Investor
Class)
and
Spectrum
Diversified
Equity
Fund
–
I
Class
(I
Class);
Spectrum
Income
Fund
(Investor
Class)
and
Spectrum
Income
Fund
–
I
Class
(I
Class);
and
Spectrum
International
Equity
Fund
(Investor
Class)
and
Spectrum
International
Equity
Fund
–
I
Class
(I
Class).
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for financial
intermediaries,
eligible
retirement
plans
and
certain
other
accounts. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
both
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
class.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
Each fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
of
the
underlying
Price
Funds
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
of
the
underlying
Price
Funds.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses are
reported
on
the
identified
cost
basis.
Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense.
Dividends
received
from
underlying
Price
Fund
investments
are
reflected
as
dividend
income;
capital
gain
distributions
are
reflected
as
realized
gain/loss.
Income
and
capital
gain
distributions
from
the
underlying
Price
Funds
are
recorded
on
the
ex-dividend
date.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
Income
distributions,
if
any,
are
declared
by
Spectrum
Income
daily
and
paid
monthly.
Income
distributions,
if
any,
are
declared
and
paid
by
Spectrum
Diversified
Equity
and
Spectrum
International
Equity
annually.
A
capital
gain
distribution
may
also
be
declared
and
paid
by
each
fund
annually.
Class
Accounting
Investment
management
and
administrative
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of each
fund
is
represented
by
fund
shares. Each
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
Indemnification
In
the
normal
course
of
business,
the funds
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers
and/
or
private
company
investments. Each
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Each fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
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
NAV
per
share
on
the
day
of
valuation. Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
The funds'
Board
of
Directors
(the
Board) has
designated
T.
Rowe
Price
Associates,
Inc.
as
the funds'
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
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)
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
June
30,
2023,
all
of
the
fund’s
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
NOTE
3
-
INVESTMENTS
IN
UNDERLYING
PRICE
FUNDS
Purchases
and
sales
of
the
underlying
Price
Funds
during
the
six
months
ended
June
30,
2023,
were
as
follows:
NOTE
4
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since each fund
intends
to
continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its
taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/
tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
Each
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
December
31,
2022,
Spectrum
Diversified
Equity had
no available
capital
loss
carryforwards,
Spectrum
Income
had
$2,170,000
of available
capital
loss
carryforwards,
and
Spectrum
International
Equity
had
$28,430,000
of available
capital
loss
carryforwards.
At
June
30,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
and
net
unrealized
gain
(loss)
on
investments
was
as
follows:
($000s)
Spectrum
Diversified
Equity
Spectrum
Income
Spectrum
International
Equity
Purchases
$
74,261
$
454,776
$
33,232
Sales
204,768
477,313
120,058
NOTE
5
-
RELATED
PARTY
TRANSACTIONS
The
Spectrum
Funds
are
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
Price
Associates,
directly
or
through
sub-advisory
agreements
with
its
wholly
owned
subsidiaries,
also
provides
investment
management
services
to
all
the
underlying
Price
Funds.
Pursuant
to
various
service
agreements,
Price
Associates
and
its
wholly
owned
subsidiaries
provide
shareholder
servicing
and
administrative
services
as
well
as
certain
accounting,
marketing,
and
other
services
to
the
Spectrum
Funds.
Certain
officers
and
directors
of
the
Spectrum
Funds
are
also
officers
and
directors
of
Price
Associates
and
its
subsidiaries
and
of
the
underlying
Price
Funds.
Each
fund
operates
in
accordance
with
an
amended
investment
management
agreement
(amended
management
agreement),
between
the
corporation,
on
behalf
of
the
funds,
and
Price
Associates.
Under
the
amended
agreement,
the
Spectrum
Diversified
Equity
Fund
pays
a
fee
rate
of
0.73%
for
the
Investor
Class
and
0.58%
for
the
I
Class;
the
Spectrum
Income
Fund
pays
a
fee
rate
of
0.62%
for
the
Investor
Class
and
0.47%
for
the
I
Class;
and
the
Spectrum
International
Equity
Fund
pays
a
fee
rate
of
0.89%
for
the
Investor
Class
and
0.74%
for
the
I
Class,
respectively.
The
all-inclusive
management
fee
covers
investment
management
and
all
of
each
fund’s
operating
expenses
except
for
interest
expense;
expenses
related
to
borrowings,
taxes,
and
brokerage; nonrecurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses.
Differences
in
the
all-
inclusive
fees
between
certain
classes
relate
to
differences
in
expected
shareholder
servicing
expenses.
In
addition,
the funds
have
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
funds.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
($000s)
Spectrum
Diversified
Equity
Spectrum
Income
Spectrum
International
Equity
Cost
of
investments
$
2,158,570
$
6,414,521
$
1,245,773
Unrealized
appreciation
$
1,616,661
$
320,863
$
355,278
Unrealized
depreciation
(77,585)
(771,564)
(95,589)
Net
unrealized
appreciation
(depreciation)
$
1,539,076
$
(450,701)
$
259,689
administrative
services
in
its
capacity
as
the
funds’
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
funds.
Pursuant
to
the
all-inclusive
fee
arrangement
under
the
investment
management
and
administrative
agreement,
expenses
incurred
by
the
funds
pursuant
to
these
service
agreements
are
paid
by
Price
Associates.
Each
fund
may
invest
in
the
T.
Rowe
Price
Transition
Fund
(Transition
Fund)
to
facilitate
the
fund’s
transition
between
the
various
underlying
Price
Funds
as
the
fund
rebalances
its
allocation
to
the
underlying
Price
Funds.
The
Spectrum
Funds
do
not
invest
in
the
underlying
Price
Funds
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
Spectrum
Funds
may
represent
a
significant
portion
of
an
underlying
Price
Fund’s
net
assets.
At
June
30,
2023,
Spectrum
Diversified
Equity
Fund
and
Spectrum
International
Equity
Fund
held
less
than
25%
of
the
outstanding
shares
of
any
price
fund;
Spectrum
Income
Fund
held
approximately
67%
of
the
outstanding
shares
of
the
Emerging
Markets
Local
Currency
Bond
Fund,
56%
of
the
GNMA
Fund,
47%
of
the
Corporate
Income
Fund,
32%
of
the
International
Bond
Fund,
and
less
than
25%
of
any
other
underlying
Price
Fund.
Additionally, Spectrum
Income
Fund is
one
of
several
mutual
funds
in
which
certain
college
savings
plans
managed
by
Price
Associates
may
invest.
Shareholder
servicing
costs
associated
with
each
college
savings
plan
are
allocated
to Spectrum
Income
Fund
in
proportion
to
the
average
daily
value
of
its
shares
owned
by
the
college
savings
plan.
Shareholder
servicing
costs
allocated
to
the
fund
are
borne
by
Price
Associates,
pursuant
to
the
fund’s
all-inclusive
fee
agreement.
At
June
30,
2023,
approximately
65%
of
the
outstanding
shares
of
the
I
Class were
held
by
the
college
savings
plans.
NOTE
6
-
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
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 each
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.com
.
Votes
For
Votes
Withheld
Melody
Bianchetto
585,995,341
3,191,875
Mark
J.
Parrell
586,234,747
2,862,714
Kellye
L.
Walker
586,730,343
2,703,108
Eric
L.
Veiel
586,712,493
2,679,853
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
Each
year,
the
Board
of
Directors
(Board)
of
the
T.
Rowe
Price
Spectrum
Diversified
Equity
Fund,
T.
Rowe
Price
Spectrum
Income
Fund,
and
T.
Rowe
Price
Spectrum
International
Equity
Fund
(Spectrum
Funds)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
each
Spectrum
Fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser).
In
that
regard,
at
a
meeting
held
on
March
6–7,
2023
(Meeting),
the
Board,
including
all
of
the
funds’
independent
directors,
approved
the
continuation
of
the
Spectrum
Funds’
Advisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
the
approval
of
the
Advisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
Spectrum
Funds
by
the
Adviser.
These
services
included,
but
were
not
limited
to,
directing
the
funds’
investments
in
accordance
with
their
investment
programs
and
the
overall
management
of
the
funds’
portfolios,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
funds’
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
senior
management
team
and
investment
personnel
involved
in
the
management
of
the
funds,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contracts.
Investment
Performance
of
the
Funds
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
each
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2022.
Additionally,
the
Board
reviewed
each
fund’s
relative
performance
information
as
of
September
30,
2022,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contracts’
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
funds’
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
each
fund’s
performance,
length
of
each
fund’s
performance
track
record,
and
how
closely
each
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
With
respect
to
the
Spectrum
Diversified
Equity
Fund,
the
Board
noted
that,
as
of
December
31,
2022,
the
fund
lagged
its
benchmark
for
certain
performance
periods
and
the
fund’s
total
returns
ranked
in
the
fourth
quartile
for
certain
periods
when
compared
with
performance
peer
groups
selected
by
third-party
data
providers.
The
Adviser
provided
the
Board
with
information
addressing
the
fund’s
performance
relative
to
its
benchmarks
and
performance
peers
during
the
applicable
periods
and
the
primary
reasons
for
such
results.
The
Board
considered
the
Adviser’s
responses
relating
to
the
fund’s
performance
during
certain
of
the
evaluated
periods.
The
Board
concluded
that
the
information
it
considered
with
respect
to
each
of
the
Spectrum
Funds’
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contracts.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contracts
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates)
may
have
realized
from
its
relationship
with
the
funds.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-
dealers
that
execute
the
funds’
portfolio
transactions,
the
Board
noted
that
the
Adviser
bears
the
cost
of
research
services
for
all
client
accounts
that
it
advises,
including
the
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
(continued)
T.
Rowe
Price
funds.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
each
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
funds.
The
Board
also
considered
whether
the
funds
benefit
under
the
fee
levels
set
forth
in
the
Advisory
Contracts
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
each
fund’s
Advisory
Contract,
the
fund
pays
the
Adviser
an
all-inclusive
management
fee,
which
is
based
on
the
fund’s
average
daily
net
assets.
The
all-inclusive
management
fee
includes
investment
management
services
and
provides
for
the
Adviser
to
pay
all
of
the
fund’s
ordinary,
recurring
operating
expenses
except
for
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
nonrecurring,
extraordinary
expenses;
and
any
acquired
fund
fees
and
expenses.
The
Adviser
has
generally
implemented
an
all-inclusive
management
fee
structure
in
situations
where
a
fixed
total
expense
ratio
is
useful
for
purposes
of
providing
certainty
of
fees
and
expenses
for
the
investors
in
these
funds
and
historically
has
sought
to
set
the
all-inclusive
management
fee
rate
at
levels
below
the
expense
ratios
of
comparable
funds
to
take
into
account
potential
future
economies
of
scale.
The
all-inclusive
management
fee
structure
also
provides
greater
flexibility
to
make
investment
changes,
including
underlying
fund
changes,
while
maintaining
a
certain
expense
ratio
for
investors.
In
addition,
the
Board
noted
that
the
funds
potentially
share
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-
party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
funds
provide
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
funds’
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
each
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Expense
Group);
and
(ii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
each
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
each
fund’s
contractual
management
fee
rate,
actual
management
fee
rate,
and
total
expenses
(all
of
which
generally
reflect
the
all-inclusive
management
fee
rate
applicable
to
that
fund
and
do
not
deduct
the
operating
expenses
paid
by
the
Adviser
as
part
of
the
overall
management
fee)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
(continued)
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and,
where
applicable,
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
There
were
certain
funds
that
did
not
have
a
sufficient
number
of
funds
in
their
peer
group
to
rank
within
quintiles.
The
information
provided
to
the
Board
indicated
that
each
fund’s
contractual
management
fees,
actual
management
fees,
and
total
expenses
ranked
as
follows:
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
each
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
Fund
Contractual
Management
Fees
Actual
Management
Fees
Total
Expenses
Spectrum
Diversified
Equity
Fund
Third
out
of
five
funds
(Expense
Group)
Third
out
of
five
funds
(Expense
Group)
and
third
quintile
(Expense
Universe)
First
out
of
five
funds
(Expense
Group)
and
first
quintile
(Expense
Universe)
Spectrum
Income
Fund
Second
out
of
four
funds
(Expense
Group)
Second
out
of
four
funds
(Expense
Group)
and
second
out
of
four
funds
(Expense
Universe)
First
out
of
four
funds
(Expense
Group)
and
first
out
of
four
funds
(Expense
Universe)
Spectrum
International
Equity
Fund
Second
out
of
two
funds
(Expense
Group)
Fifth
out
of
five
funds
(Expense
Group)
and
fifth
out
of
five
funds
(Expense
Universe)
Second
out
of
five
funds
(Expense
Group)
and
second
out
of
five
funds
(Expense
Universe)
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
(continued)
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
funds
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
funds
under
the
Advisory
Contracts
are
reasonable.
Approval
of
the
Advisory
Contracts
As
noted,
the
Board
approved
the
continuation
of
each
fund’s
Advisory
Contract.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
funds
and
their
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENTS
(continued)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
C08-051
8/23
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
T. Rowe Price Spectrum Fund, Inc.
| | |
| By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
| Date | | August 18, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| |
| By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
| Date | | August 18, 2023 |
| | |
| |
| By | | /s/ Alan S. Dupski |
| | Alan S. Dupski |
| | Principal Financial Officer |
| |
| Date | | August 18, 2023 |
