T.
ROWE
PRICE
Spectrum
Income
Fund
March
31,
2022
(Unaudited)
1
Portfolio
of
Investments
(1)
(1)
$
Value
12/31/21
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
3/31/22
(Cost
and
value
in
$000s)
BOND
MUTUAL
FUNDS
86.7%
T.
Rowe
Price
Funds:
New
Income
Fund
1,176,631
9,055
68,238
116,313,897
1,049,151
High
Yield
Fund
1,111,794
18,327
50,376
162,418,633
1,019,989
Floating
Rate
Fund
531,048
47,333
4,082
60,163,467
567,341
Emerging
Markets
Bond
Fund
565,979
23,343
5,325
54,163,043
530,798
GNMA
Fund
528,571
5,063
9,670
57,057,111
498,109
International
Bond
Fund
(USD
Hedged)
389,322
3,211
14,023
38,200,850
364,436
International
Bond
Fund
373,953
5,579
23
42,051,827
356,179
Dynamic
Global
Bond
Fund
291,370
8,294
7,133
30,725,535
300,496
Corporate
Income
Fund
352,389
3,957
29,869
33,907,991
300,425
Emerging
Markets
Local
Currency
Bond
Fund
270,114
5,173
3,525
48,977,883
255,664
U.S.
Treasury
Long-Term
Index
Fund
205,062
69,407
4,276
23,913,766
249,421
Limited
Duration
Inflation
Focused
Bond
Fund
218,797
921
5,095
40,924,503
214,035
Short-Term
Bond
Fund
212,530
2,719
4,928
44,010,771
204,650
U.S.
Treasury
Intermediate
Index
Fund
531
1
–
89,260
501
Total
Bond
Mutual
Funds
(Cost
$5,976,758)
5,911,195
EQUITY
MUTUAL
FUNDS
11.3%
T.
Rowe
Price
Funds:
Equity
Income
Fund
828,138
4,174
69,706
20,840,434
766,928
Total
Equity
Mutual
Funds
(Cost
$355,740)
766,928
SHORT-TERM
INVESTMENTS
2.1%
T.
Rowe
Price
Funds:
U.S.
Treasury
Money
Fund,
0.31% (2)
148,829
62,106
65,289
145,645,766
145,646
Total
Short-Term
Investments
(Cost
$145,646)
145,646
Total
Investments
in
Securities
100.1%
(Cost
$6,478,144)
$
6,823,769
Other
Assets
Less
Liabilities
(0.1)%
(3,725)
Net
Assets
100.0%
$
6,820,044
T.
ROWE
PRICE
Spectrum
Income
Fund
2
(1)
Each
underlying
Price
Fund
is
an
affiliated
company;
the
fund
is
invested
in
the Z
Class
of
each
underlying
Price
Fund,
except
for
the
Transition
Fund,
if
held,
which
is
a
single
class
fund.
Additional
information
about
each underlying
Price
Fund
is
available
by
calling
1-877-495-1138
and
at www.troweprice.com.
(2)
Seven-day
yield
T.
ROWE
PRICE
Spectrum
Income
Fund
3
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
2022.
Net
realized
gain
(loss),
investment
income,
and
change
in
net
unrealized
gain/loss
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Funds:
Corporate
Income
Fund
$
(2,289)
$
(26,052)
$
2,376
Dynamic
Global
Bond
Fund
(317)
7,965
1,910
Emerging
Markets
Bond
Fund
(670)
(53,199)
7,332
Emerging
Markets
Local
Currency
Bond
Fund
(531)
(16,098)
3,795
Equity
Income
Fund
13,185
4,322
4,174
Floating
Rate
Fund
(250)
(6,958)
6,066
GNMA
Fund
(413)
(25,855)
2,119
High
Yield
Fund
(476)
(59,756)
15,221
International
Bond
Fund
(3)
(23,330)
1,976
International
Bond
Fund
(USD
Hedged)
(517)
(14,074)
2,036
Limited
Duration
Inflation
Focused
Bond
Fund
(234)
(588)
—
New
Income
Fund
(3,790)
(68,297)
5,437
Short-Term
Bond
Fund
3
(5,671)
746
U.S.
Treasury
Intermediate
Index
Fund
—
(31)
2
U.S.
Treasury
Long-Term
Index
Fund
(1,162)
(20,772)
1,044
U.S.
Treasury
Money
Fund,
0.31%
—
—
63
Totals
$
2,536#
$
(308,394)
$
54,297+
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$54,297
of
income
distributions
from
underlying
Price
Funds.
T.
ROWE
PRICE
Spectrum
Income
Fund
Unaudited
Notes
to
Portfolio
of
Investments
4
T.
Rowe
Price
Spectrum
Income
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
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.
Investments
in
the
underlying
Price
Funds
are
valued
at
their
closing
net
asset
value
per
share
on
the
day
of
valuation.
The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments; determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions; evaluates
the service
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed; and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Spectrum
Income
Fund
5
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3 – unobservable
inputs
(including
the
fund's
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
On
March
31,
2022,
all
of
the
fund's
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result, Russian-related
stocks
and
debt have
since
suffered
significant
declines
in
value.
The
duration
of
the
coronavirus
outbreak
and
the
Russian-Ukraine
conflict,
and
their
effects
on
the
financial
markets,
cannot
be
determined
with
certainty.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
these
events.
F88-054Q1
03/22