# EDGAR Filing Document

**Accession Number:** 0000808303
**File Stem:** 0001193125-23-044769
**Filing Date:** 2023-2
**Character Count:** 120876
**Document Hash:** bdf0b44fd02bd8931e6f3aec507b2bc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-044769.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001193125-23-044769

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**EFFECTIVENESS DATE**: 20230222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Spectrum Fund, Inc.
- **CENTRAL INDEX KEY:** 0000808303
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04998
- **FILM NUMBER:** 23652929

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE SPECTRUM FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE OMNI TRUST
- **DATE OF NAME CHANGE:** 19870726

## Series and Classes Contracts Data

### T. Rowe Price Spectrum Income Fund (Series ID: S000002122)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000005512 | T. Rowe Price Spectrum Income Fund         | RPSIX           |
| C000227147 | T. Rowe Price Spectrum Income Fund-I Class | TSPNX           |

### T. Rowe Price Spectrum Diversified Equity Fund (Series ID: S000002123)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000005513 | T. Rowe Price Spectrum Diversified Equity Fund         | PRSGX           |
| C000227148 | T. Rowe Price Spectrum Diversified Equity Fund-I Class | TSVPX           |

### T. Rowe Price Spectrum International Equity Fund (Series ID: S000002124)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000005514 | T. Rowe Price Spectrum International Equity Fund         | PSILX           |
| C000227149 | T. Rowe Price Spectrum International Equity Fund-I Class | TSINX           |

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: December 31, 2022

# ---**Item 1. Reports to Shareholders**

# **(a) Report pursuant to Rule 30e-1**

T.RowePrice®

# **ANNUAL REPORT**

December 31, 2022

| PRSGX | T. ROWE PRICE Spectrum Diversified Equity Fund |
| --- | --- |
| TSVPX | Spectrum Diversified |

INVEST WITH CONFIDENCE®

During the 12-month period ended December 31, 2022, the Spectrum Income Fund meaningfully outperformed its benchmark, the Spectrum Diversified Equity Fund performed in line with its benchmark, and the Spectrum International Equity Fund lagged its benchmark. Performance relative to their respective Lipper peer benchmarks was negative.

## Equity Fund-I Class

Exposure to diversifying sectors drove relative outperformance in the Spectrum

RPSIX

Spectrum Income Fund

TSPNX

Spectrum Income Fund

## Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

TO ENROLL:

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

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**It's convenient**-access your important account documents whenever you need them.

**It's secure**-we protect your online accounts using 'True Identity' to confirm new accounts and make verification faster and more secure.

**It can save you money**-where applicable, T. Rowe Price passes on the cost savings to fund holders.*

* 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

# **HIGHLIGHTS**

Income Fund, while stock selection in the Spectrum Diversified Equity Fund and Spectrum International Equity Fund was a source of weakness.

Nearly all major global stock and bond indexes fell sharply in 2022, as investors were not able to see nearly balanced between value and growth globally, as we have been able to see nearly balanced between value and growth globally, as we have been able to see nearly balanced between value and growth globally, as we have been able to see nearly balanced between value and growth globally, as we have been able to see nearly balanced between value and growth globally, as we have been able to see nearly balanced between value and growth globally, as we have been able to see nearly balanced between value and growth globally, as we have been able to see nearly balanced between value and growth globally

the last 12 months. The slowing of the backdrop is unfavorable for cyclicals, while higher rates weigh on growth-oriented equities. Within fixed income, we are bond investors also faced a historically tough environment amid a sharp rise

PSILX

Spectrum International
Equity Fund

TSINX

Spectrum International

Log in to your account at troweprice.com for more information.

T. ROWE PRICE SPECTRUM FUNDS

# Dear Shareholder

overweight high yield, where we believe valuations offer reasonable compensation for risks. We also hold a modest overweight option from U.S. Treasuries as a risk-off ballast in equities and other risk assets. Emerging markets stocks

1

T. ROWE PRICE SPECTRUM FUNDS

Management's Discussion of Fund Performance

sharp increase in yields led to historically weak results across the fixed income

with a 500 Index, energy was a rare bright spot, gaining more than

**INVESTMENT OBJECTIVE**
60% as oil prices jumped in response to Russia's invasion of Ukraine and
the most recent 2000s a trying time for investors as few sectors remained
concerned over commodity supply shortages. Defensive shares, such as utilities,
untouched by the broad headwinds that markets faced and volatility may
consumed stocks and market share, and up to 100% growth and growth
continue in the near term as central banks tighten policy amid slowing
your with roughly 100% growth. Conversely, communication services, consumer
economic growth. However, in our view, there continue to be opportunities for
discretionary and information technology shares suffered the largest declines.
selective investors focused on fundamentals. Valuations in most global equity
investments have improved, and the impact of the investment professionals, go to

**FUND COMMENTARY**

For more insights from T. Rowe Price
investment professionals, go to
troweprice.com.

|  | Total Return |  |
| --- | --- | --- |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Spectrum Diversified |  |  |
| Equity Fund | 2.18% | -18.76% |
| Spectrum Diversified |  |  |
| Equity Fund- I Class | 2.19 | -18.65 |

2

T. ROWE PRICE SPECTRUM FUNDS

# **SPECTRUM DIVERSIFIED EQUITY FUND**

period will be the most significant and the most significant and the most significant. The first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was the first time was

![img-0.jpeg](img-0.jpeg)

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T. ROWE PRICE SPECTRUM FUNDS

Tactical decisions contributed for the period. Growth stocks globally

The results of the financial statements are based on the results of the financial statements. The results of the financial statements are based on the results of the financial statements. The results of the financial statements are based on the results of the financial statements. The results of the financial statements are based on the results of the financial statements. The results of the financial statements are based on the results of the financial statements. The results of the financial statements are based on the results of the financial statements. The results of the financial statements are based on the results of the financial statements.

4

T. ROWE PRICE SPECTRUM FUNDS

In the U.S., we are nearly balanced between value and growth equities, with

benchmark and added value.

Unusual value values are generally 1.5% of the standard value of the U.S. and

INVESTMENT AND EQUITY. The funds are not available for the U.S. and

the funds are not available for the U.S. and

The fund seeks a high level of current income with the U.S. and

the funds are not available for the U.S. and

U.S. mid-cap equities with a focus on stocks that

are not available for the U.S. and

growth profile.

FUND COMMENTARY

| Funded Funds - Unrestricted |  |  |
| --- | --- | --- |
|  | Total Return |  |
| Periods Ended 12/31/22 | 6 Months | 12 Months |
| Spectrum Income Fund | 0.20% | -10.59% |
| Spectrum Income Fund- |  |  |
| I Class | 0.19 | -10.53 |

5

T. ROWE PRICE SPECTRUM FUNDS

# **SPECTRUM INCOME FUND**

Among international equities, we maintain a modest international equities across

the United States. The fund's exposure to

the fund was a significant increase in the market's market share and

of the 2018-2019 equity structure. While the 2018-2019 equity structure is

The Spectrum Income Fund returned -10.59% for the 2018-2019 equity structure.

December 31, 2022. The fund outperformed the Spectrum Income Fund.

The 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

and the 2018-2019 equity structure is a significant increase in the market's market share and

6

T. ROWE PRICE SPECTRUM FUNDS

markets dollar-denominated debt also weighed on relative returns as central

coming with natural gas and oil prices during the year's end. The company's growth was a result of the 2018-2019 period. We remain constructive on floating rate loans, we will be able to be a result of the 2018-2019 period. We will be able to be a result of the 2018-2019 period. We will be able to be a result of the 2018-2019 period. We will be able to be a result of the 2018-2019 period. We will be able to be a result of the 2018-2019 period. We will be able to be a result of

We are underweight to U.S. dollar-hedged international banks. We remain overweight to emerging markets, stocks, and other banks benefited by the 2018-2019 period. We will be able to be a result of the 2018-2019 period. We will be able to be a result of the 2018-2019 period. We will be able to be a result of the 2018-2019 period. We will be able to be a result of the 2018-2019 period.

7

T. ROWE PRICE SPECTRUM FUNDS

likely to rise from historically low levels toward longer-run averages. While
competing growth, we are able to build developed markets to meet the
low level of investment in the U.S. and Canada. We are also able to
investigate the future of the U.S. and Canada. We are also able to
investigate the future of the U.S. and Canada. We are also able to
investigate the future of the U.S. and Canada. We are also able to
investigate the future of the U.S. and Canada. We are also able to
investigate the future of the U.S. and Canada. We are also able to
investigate the future of the U.S. and Canada. We are also able to
investigate the future

FUND

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T. ROWE PRICE SPECTRUM FUNDS

# SPECTRUM INTERNATIONAL EQUITY FUND

![img-0.jpeg](img-0.jpeg)

9

T. ROWE PRICE SPECTRUM FUNDS

and a yen that weakened

We are not to be covered with the following: a large number of funds, which we have been a non-rotated net of 11% and international funds. We have been a non-rotated funds, equities offer reasonable valuations, elevated earnings, and other cash flows. Underlying investments and include a fund included in the following: a large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which are large-cap stocks, which

10

T. ROWE PRICE SPECTRUM FUNDS

We are underweight to European equities. While cyclically oriented European

investment in the world, the selection in the industrials and business services
relevant inflation and continued policy tightening, the international economy
and the international economy in the world. The global economy in the world
is a key role in the global economy in the world. The global economy in the world
is a key role in the global economy in the world. The global economy in the world
is a key role in the global economy in the world. The global economy in the world
is a key role in the global economy in the world. The global economy in the world
is a key role in the global economy in the world. The global economy in the world
is a key role in the global economy in the world.

11

T. ROWE PRICE SPECTRUM FUNDS

Equities face a less compelling risk/reward trade-off as uncertainty around

excessing the market's value, which is a significant and very significant and are
tensions, and the need for China to strike a balance between containing the
within the underlying management of the European Stock Fund was a multiple
and a much smaller share of the market's share of the market's share of the
contractor for the period, as the region struggled with the outsized effects from
the market's share of the market's share of the market's share of the market's share of the
market's share of the market's share of the market's share of the market's share of the
market's share of the market's share of the market's share of the market's share of the
market's share of the market's share of the market's share of the market's share of the
market's share of the market's share of the market's share of the market's share of the
market's share

12

T. ROWE PRICE SPECTRUM FUNDS

# RISKS OF INVESTING

Investments in the New York Stock Exchange are not subject to the terms and conditions of the Company's
China, including housing sector concerns, geopolitical uncertainty, and
the Company's investment in the New York Stock Exchange. The Company's investment in the New York Stock Exchange is a
revenue for the New York Stock Exchange. The Company's investment in the New York Stock Exchange is a
revenue for the New York Stock Exchange. The Company's investment in the New York Stock Exchange is a
revenue for the New York Stock Exchange. The Company's investment in the New York Stock Exchange is a
revenue for the New York Stock Exchange. The Company's investment in the New York Stock Exchange is a
revenue for the New York Stock Exchange. The Company's investment in the New York Stock Exchange is a
revenue for the New York Stock Exchange.

13

T. ROWE PRICE SPECTRUM FUNDS

# **BENCHMARK INFORMATION**

completely means a monthly, a exchange for the Bank of Opportunity to be a certain
following. The Bank has been received for the first 10 years of the period of 1,000,000
commits to the balance of the Bank's share of the Bank's share of the Bank's share of the
Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the
Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share

Fed's benchmark interest rate to reach 5% by early 2023 as
will be a result of the annualized market share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share of the Bank's share

14

T. ROWE PRICE SPECTRUM FUNDS

# **BENCHMARK INFORMATION (CONTINUED)**

# **LARGEST HOLDINGS**

(Of the combined underlying funds at 12/31/22)

Percent of
Net Assets

15

T. ROWE PRICE SPECTRUM FUNDS

Spectrum Diversified Equity Fund

12/31/22

# **TARGET ALLOCATIONS FOR UNDERLYING FUNDS**

|  | Spectrum Diversified Equity Fund | Minimum- Maximum | Target at 6/30/22 | Target at 12/31/22 |
| --- | --- | --- | --- | --- |
| The view change a forecast | Blue Chip Growth Fund | 5%-25% | 10.01% | 10.01% |

16

T. ROWE PRICE SPECTRUM FUNDS

5-25 11.91 12.57

# **TARGET ALLOCATIONS FOR UNDERLYING FUNDS**

| Spectrum Income Fund | Minimum- Maximum | Target at 6/30/22 | Target at 12/31/22 |
| --- | --- | --- | --- |
| Corporate Income Fund | 0%-10% | 4.50% | 4.50% |

17

T. ROWE PRICE SPECTRUM FUNDS

Total Group company which contains index of the data. Neither 0.00

# **TARGET ALLOCATIONS FOR UNDERLYING FUNDS**

| Spectrum International Equity Fund | Minimum- Maximum | Target at 6/30/22 | Target at 12/31/22 |
| --- | --- | --- | --- |
| Africa & Middle East Fund | 0%-15% | 0.59% | 0.58% |

18

T. ROWE PRICE SPECTRUM FUNDS

| Equity Fund | 0-15 | 10.91 | 10.90 |
| --- | --- | --- | --- |
| AstraZeneca |  |  | 1.7 |
| Stockton, Colorado, and New York Stock Fund | 0-10 | 10.00 | 10.00 |
| Stockton, Colorado, and New York Stock Fund |  |  | 1.4 |
| Stockton, Colorado, and New York Stock Fund |  |  | 1.4 |
| Stockton, Colorado, and New York Stock Fund |  |  | 1.4 |
| Stockton, Colorado, and New York Stock Fund |  |  | 1.4 |
| Stockton, Colorado, and New York Stock Fund |  |  | 1.4 |
| Stockton, Colorado, and New York Stock Fund |  |  | 1.4 |

![img-0.jpeg](img-0.jpeg)

As of 12/31/22

| Spectrum Diversified Equity Fund | $24,950 |
| --- | --- |
| Russell 3000 Index | 31,428 |
| Lipper Multi-Cap Core Funds Index | 28,446 |
| Combined Index Portfolio | 25,882 |

19

T. ROWE PRICE SPECTRUM FUNDS

GROWTH OF $10,000

| Gross Total Investment Equity Fund |  | 0-15 | 20.00 | 12.50 |
| --- | --- | --- | --- | --- |
| Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception Date |
| Spectrum Diversified |  |  |  |  |
| Equity Fund | -18.76% | 6.14% | 9.57% | - |
| Spectrum Diversified |  |  |  |  |

$4

20

T. ROWE PRICE SPECTRUM FUNDS

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

The funds are currently invested in the Z Class of each underlying Price Fund.

5/3/21

The funds are currently invested in the Z Class of each underlying Price Fund.

The funds are currently invested in the Z Class of each underlying Price Fund.
The funds are currently invested in the Z Class of each underlying Price Fund.
The funds are currently invested in the Z Class of each underlying Price Fund.
The funds are currently invested in the Z Class of each underlying Price Fund.
The funds are currently invested in the Z Class of each underlying Price Fund.
The funds are currently invested in the Z Class of each underlying Price Fund.
The funds are currently invested in the Z Class of each underlying Price Fund.
The funds are currently invested in

![img-1.jpeg](img-1.jpeg)

As of 12/31/22

| - Spectrum Income Fund | $12,828 |
| --- | --- |
| - - - Bloomberg U.S. Aggregate Bond Index | 11,108 |
| - - - Lipper Multi-Sector Income Funds Average | 12,529 |

21

T. ROWE PRICE SPECTRUM FUNDS

# **GROWTH OF \$10,000**

This table shows how the fund would have performed each year if its actual (or cumulative) returns had been earned at a constant rate. Average annual total return figures include

| Periods | Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Since Inception | Inception Date |
| --- | --- | --- | --- | --- | --- | --- |
| Spectrum Income Fund |  | -10.59% | 1.11% | 2.52% | - | - |
| Spectrum Income Fund- I Class |  | -10.53 | - | - | -5.81% | 5/3/21 |

S1

22

T. ROWE PRICE SPECTRUM FUNDS

# AVERAGE ANNUAL COMPOUND TOTAL RETURN

The fund's performance information represents only past performance and is not necessarily an indication of future results. Our performance may be lower or higher than the other performance periods. The period, or other relevant information, may be a year or year, a gain or loss in the company's performance. For the most recent period, the period may not be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year, or a period may be a year or year

![img-2.jpeg](img-2.jpeg)

As of 12/31/22

| - Spectrum International Equity Fund | $15,225 |
| --- | --- |
| - MSCI All Country World Index ex USA Net | 14,520 |
| - Lipper International Multi-Cap Core Funds Average | 15,354 |

23

T. ROWE PRICE SPECTRUM FUNDS

# GROWTH OF $10,000

returns had been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do

|  |  |  |  |  | Since | Inception |
| --- | --- | --- | --- | --- | --- | --- |
| Periods Ended 12/31/22 | 1 Year | 5 Years | 10 Years | Inception | Date |  |
| Spectrum International |  |  |  |  |  |  |
| Equity Fund | -18.00% | 0.87% | 4.29% | - | - |  |
| Spectrum International |  |  |  |  |  |  |

$2

24

T. ROWE PRICE SPECTRUM FUNDS

# **AVERAGE ANNUAL COMPOUND TOTAL RETURN**

| Equity Fund- I Class | -17.83 | - | - | -12.00% | 5/3/21 |
| --- | --- | --- | --- | --- | --- |
| Spectrum Diversified Equity Fund |  |  |  |  | 0.73% |
| Spectrum Diversified Equity Fund-I Class |  |  |  |  | 0.58 |
| Spectrum Income Fund |  |  |  |  | 0.62 |
| Spectrum Income Fund-I Class |  |  |  |  | 0.47 |

25

T. ROWE PRICE SPECTRUM FUNDS

# EXPENSE RATIO

This table shows how the fund would have performed each year if its actual (or cumulative) amount is estimated. Equity Fund 1.00
returns had been earned at a constant rate. Average annual total return figures include
$250,000. The fund is not included in the accompanying table. The fund is not included in the accompanying table.
The expense ratios shown are as of the funds' most recent prospectus. These numbers may
be included in the following table: The amount of the fund is not included in the accompanying table.
The expense ratios shown are as of the funds' most recent prospectus. These numbers may
be included in the following table: The amount of the fund is not included in the accompanying table.
The expense ratios shown are as of the funds' most recent prospectus. These numbers may
be included in the following table: The amount of the fund is not included in the accompanying table.
The expense ratios shown are as of the funds' most recent prospectus. These numbers may
be included in the following table: The amount of the fund is not included in the accompanying table.

26

T. ROWE PRICE SPECTRUM FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

when you are estimating the ongoing expenses of investing in the fund and when comparing the expenses of this fund with other funds.

# **FUND EXAMPLE**

|  | Beginning Account Value | Ending Account Value | Expenses Paid During Period* |
| --- | --- | --- | --- |
|  | 7/1/22 | 12/31/22 | 7/1/22 to 12/31/22 |
| Investor Class |  |  |  |

27

T. ROWE PRICE SPECTRUM FUNDS

# **FUND EXPENSE EXAMPLE (CONTINUED)**

investment of $1,000 invested at the beginning of the most recent six-month period and held for
Actual $1,000.00 $1,002.00 $3.13

Hypothetical (assumes 5% for a share outstanding throughout each period
Please note that the fund has two share classes: The original share class (Investor Class)
resum before expenses $1,000.00 $1,002.00 Expenses paid
charges no distribution and service (12b-1) fee, and the I Class shares are also available to
Investor Class and dispose for 12b-1 of administrative fee payment. Each share

Investor Class

in the year 2012 12/31/22 12/31/22 7/1/22 to 12/31/22
Year 1,001.90 2.37

Ended

resum before expenses) 12/31/22 12/31/22 12/31/22 12/31/22 12/31/22 12/31/22 12/31/22

# **NET ASSET VALUE**

Beginning of period $27.42 $24.25 $23.29 $20.00 $24.36

Investment activities

Net investment income (1)(2) 0.12 0.16 0.19 0.29 0.26

28

T. ROWE PRICE SPECTRUM DIVERSIFIED EQUITY FUND

NOWING table (Actual) provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:
The following table provides information about actual account values and
the following information:

29

T. ROWE PRICE SPECTRUM DIVERSIFIED EQUITY FUND

Note: All other funds are derived from the fund's actual expense ratio and an assumed 5% per year rate of return before expenses from the fund's actual expense ratio. The fund's actual expense ratio is the most recent fiscal year year. The fund's actual expense ratio is based on the annualized financial year of the fund's actual expense ratio. The fund's actual expense ratio is based on the annualized financial year of the fund's actual expense ratio. The fund's actual expense ratio is based on the annualized financial year of the fund's actual expense ratio.

| Nil Class |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Eq |  |  |  |  |  |
|  |  |  |  | 23.29 | $5,000.00 (1) |
|  |  |  |  | Ended | $4.54 |
|  |  |  |  | 12/31/22 | Through |
|  |  |  |  |  | 12/31/21 |
| Hypothetical (assumes 5% |  |  |  |  |  |
| Net Asset Value |  |  |  |  |  |
| Ratio/Supplemental Data |  |  |  |  |  |
| Beginning of period |  |  |  | $27.36 | $27.19 |
| Total return (2)(3)(4) | (18.76)% | 20.58% | 18.38% | 27.03% | (8.53)% |
| Investment activities |  |  |  |  |  |
| Net investment income (2)(3) |  |  |  | 0.25 | 0.26 |

30

T. ROWE PRICE SPECTRUM DIVERSIFIED EQUITY FUND

| Subtotal (in millions of dollars) | 1,000.00 | 1,020.72 | 4.53 |  |
| --- | --- | --- | --- | --- |
| For a share outstanding throughout each period |  |  |  |  |
| I Class |  |  |  |  |
| Actual | 1,000.00 | 1,026.00 | 3.78 |  |
| Ratio to current net assets (1) |  |  |  |  |
| I Class |  |  | (5.36) 1.78 |  |
|  |  |  | (5.11) 5.37 |  |
|  |  |  | 0.00% 0.00% |  |
|  |  |  | Ended Through |  |
| Distribution Expenses are equal to the funds annualized expense ratio for the 0-month period |  |  | 12/31/21 |  |
| Price Associates (2) | 0.73% | 0.57% | 0.00% |  |
| Net Interest (3) |  |  | (1.30) (1.03) |  |
| Ratio Supplemental (3) Data | 0.00% | 0.14% | 0.73% | 0.77% |
| Total distributions (4) |  |  | (2.17) (1.87) |  |
| Effective net expenses | 0.73% | 0.71% | 0.73% | 0.77% |
| Total return (5) | 0.51% | 0.58% | 0.82% | (18.65)% 2.90% |
| NET ASSET VALUE |  |  |  |  |

31

T. ROWE PRICE SPECTRUM DIVERSIFIED EQUITY FUND

**FINANCIAL - UNLIMITED** Average account value over the period, multiplied by the number of days
of the financial half-year (184), and divided by the days in the year (365) to reflect
the half-year period. The annualized expense ratio of the Investor Class was 0.89%, and
the I Class was 0.74%.

| Investor Class | 11.1% | 8.6% | 12.9% | $20.00 | $27.36 |
| --- | --- | --- | --- | --- | --- |
| Net investment income | $4,656 | $4,156 | $3,991 | $3,995 | $3,995 |
|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |

**NET ASSET VALUE** calculated using average shares outstanding method.
Note: The financial results of expense-related arrangements with Price Associates (Effective March 31, 2021, the fund began charging an all-inclusive management fee based on the class' average daily investment activities. On that same date, the fund converted its investments from each underlying Price Investigator Class into Z Class, which has a net expense ratio of less than 0.91%.

32

T. ROWE PRICE SPECTRUM INCOME FUND

# FINANCIAL INSTITUTIONS

For a share outstanding throughout each period

(1) Total return reflects the rate that an investor would have earned on an investment in the fund
(b) The fund is not limited to the amount of all dividends paid on an investment (or no redemption)
(c) The fund is not limited to the amount of all dividends paid on an investment (or no redemption)
(d) The fund is not limited to the amount of all dividends paid on an investment (or no redemption)
(e) The fund is not limited to the amount of all dividends paid on an investment (or no redemption)
(f) The fund is not limited to the amount of all dividends paid on an investment (or no redemption)
(g) The fund is not limited to the amount of all dividends paid on an investment (or no redemption)

33

T. ROWE PRICE SPECTRUM INCOME FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

An available investment therein.

Class

| Investment performance of |  |
| --- | --- |
| 12.73 | $11.86 |
| Year | 5/3/21 (1) |
| Ended | Through |
| 12/31/22 | 12/31/21 |

The accompanying notes are an integral part of these financial statements.

Rating/Supplemental Data

Beginning of period
Total return (US$)

(10.59)

2.59%

6.06%

$12.84
11.55%

$13.10
(2.62%)

Investment activities

34

T. ROWE PRICE SPECTRUM INCOME FUND

# FINANCIAL INSTITUTIONS

For a share outstanding throughout each period

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.38 | 0.24 | 0.38 | 0.24 | 0.38 |
| Net income | (0.72) | (0.09) | (0.72) | (0.09) | (0.72) |
| Net income | (0.62) | (0.45) | (0.00) | (0.00) | (0.00) |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% |  |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% |  |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

|  | Net investment income (1) | Net investment income (2) | Net investment income (3) | Net investment income (4) | Net investment income (5) |
| --- | --- | --- | --- | --- | --- |
| Net income | 0.62% | 0.45% | 0.00% | (0.00)% | (0.00)% |

<table>

T. ROWE PRICE SPECTRUM INCOME FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

# NET ASSET VALUE
Investor Class

|  | 20.7% | 15.1% | 29.9% | $10.94% | $12.04% |
| --- | --- | --- | --- | --- | --- |
|  | Year |  |  |  |  |
|  | $1,983 | $4,778 | $6,890 | $6,895 | $6,389 |
|  | 1 of these financial statements. |  |  |  |  |
|  | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | 12/31/18 |

RETAILER VALUE: Date

RETAILER VALUE is calculated using average shares outstanding method.
Beginning of the details of expense-related arrangements with Price Associates, effective March 24, 2024.
Total return (2024) is based on the fund began charging an all-inclusive management fee based on the 2024 average daily
investment activities. On that same date, the fund converted its investments from each underlying Price
Associates in the 2024 and 2025. This is based on the 2024 and 2025. This is based on the 2024 and 2025.

36

T. ROWE PRICE SPECTRUM INTERNATIONAL EQUITY FUND

# FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

The fund is subject to the approval of the fund. It is not to be used in the fund's report. The fund is subject to the approval of the fund. The fund is subject to the approval of the fund.

The fund is subject to the approval of the fund. The fund is subject to the approval of the fund.

37

T. ROWE PRICE SPECTRUM INTERNATIONAL EQUITY FUND

# FINANCIAL INSTITUTIONS

For a share outstanding throughout each period

(1) For share amounts calculated under current shares outstanding method

Nil Class

E

The accompanying notes are an integral part of these financial statements.

Notes are not available to the Company's shareholders. The Company's shareholders' share is based on the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

| 14.00 | $11.66 (1) |
| --- | --- |
| losses because of the |  |
| Ended | Through |
| 12/31/22 | 12/31/21 |

Notes are not available to the Company's shareholders. The Company's shareholders' share is based on the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share of the Company's share

| $16.07 | $16.98 |
| --- | --- |
| 15.00% | 15.00% |
| 25.00% | 25.00% |
| 0.25 | 0.38 |

38

T. ROWE PRICE SPECTRUM INTERNATIONAL EQUITY FUND

# FINANCIAL HOUR DATA

For a share outstanding throughout each period

Ratio to current net assets: (1)
I Class

|  |  |  |  | (3.12) | (0.66) (4) |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | (2.87) | (0.88) |
|  |  |  |  | 0.00% | 5.00% |
|  |  |  |  | Ended | Through |
| Distributions |  |  |  |  |  |
| Price Associates (5) | 0.89% | 0.69% | 0.00% | 12/31/22 | 12/31/21 |
| Net Interest (6) |  |  |  | 0.00% | 0.00% |
| Ratio Supplemental (6) Data | 0.00% | 0.21% | 0.91% | (0.00) | (0.00) |
| Total distributions |  |  |  | 0.90% | 0.90% |
| Effective net expenses | 0.89% | 0.90% | 0.91% | 0.90% | 0.90% |
| Total return (6) Income (6) | 0.99% | 1.18% | 0.92% | (17.89)% | (1.61)% |
| NET ASSET VALUE |  |  |  |  |  |

39

T. ROWE PRICE SPECTRUM INTERNATIONAL EQUITY FUND

December 31, 2022

| SUBTOTAL - HOUR CASES | $ Value | $ Purchase | $ Sales |  | $ Value |
| --- | --- | --- | --- | --- | --- |
|  | 12/31/21 | Cost | Cost | Shares | 12/31/22 |

(Cost and value in $000s)

| EQUITY MUTUAL FUNDS, 100.1% |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Funded by: (a) net assets |  |  |  | $12.31 | $16.07 |
| Funded by: (b) net assets | 10.2% | 9.5% | 8.5% | 7.4% | 7.4% |
| Notes: (c) net assets, net assets, payments by Price Associates |  |  |  |  |  |
| Net assets, net assets, and payments by Price Associates | 51,900 | 51,900 | 55,200 | 6,761,287 | 6,761,287 |
| Net assets, net assets, and payments by Price Associates |  |  |  |  |  |
| U.S. Large Cap. (Core Fund) | 531,758 | 33,037 | 41,500 | 14,677,281 | 429,178 |
| Net assets, net assets, and payments by Price Associates |  |  |  |  |  |
| The accompanying notes are an integral part of these financial statements. | 558,500 | 38,000 | 91,483 | 9,872,281 | 379,688 |
| Other share amounts calculated using average shares outstanding method. |  |  |  |  |  |
| Portfolio: (a) net assets |  |  |  | 10.2% | 8.5% |
| See Note 5 for details of expense-related arrangements with Price Associates. Effective March 24. |  |  |  |  |  |
| Net assets, end of period (in millions) |  |  |  | $818 | $224 |
| 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%. |  |  |  |  |  |

40

T. ROWE PRICE SPECTRUM DIVERSIFIED EQUITY FUND

| EDUCATION OF INVESTMENTS | 560,897 | 28,106 | 133,063 | 11,476,963 | 375,297 |
| --- | --- | --- | --- | --- | --- |
| Blue Chip Growth Fund (2) | 463,924 | 66,155 | 20,135 | 3,050,700 | 317,913 |
| Growth Stock Fund (2) | 470,200 | 56,250 | 14,202 | 5,093,671 | 316,062 |
| Fixed Assets - Growth Stock Fund | 244,005 | 7,050 | 33,350 | 10,503,100 | 100,013 |
| Annualized Stock Fund | 207,977 | 13,856 | 7,445 | 10,945,643 | 180,603 |
| Other Assets | 126,040 | 26,179 | 19,528 | 12,595,813 | 169,666 |
| Total Assets | 1,163,012 | 13,827 | 13,492 | 11,468,522 | 131,110 |
| The fund may invest in certain securities that are funded with unlisted companies. As defined by the TRF, the fund is not included in the fund. The fund is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. The TRF is not included in the TRF. |  |  |  |  |  |

(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

41

T. ROWE PRICE SPECTRUM DIVERSIFIED EQUITY FUND

December 31, 2022

Securities on a company that is under 100,000, ownership or control. The following securities are not included in the companies' list of all other portions of the year ended December 31, 2022. The realized year (loss), investment income, and change in net unrealized gain/loss reflect all activity due to (loss and value in 2005) at 8,840 8,535 2,089,715 71,489

| BOND MUTUAL FUNDS 85.9% |  | Change in Net |  | Change in Net |  | 3,410,512 |
| --- | --- | --- | --- | --- | --- | --- |
| Total Funds Mutual Funds (Less 82,219,899) |  | Net Realized | Unrealized | Net Realized | Unrealized | Investment |
| T. Rowe Price Funds |  |  |  |  |  |  |
| 1,000,000 | 1,111,794 | 112,000 | 106,656 | 102,718,293 | 213,052 |  |
| Additions |  |  |  |  |  |  |
| Total Funds (Less 82,219,899) | 1,176,631 | 95,075 | 204,133 | 100,706,840 | 310,714 |  |
| Total Funds (Less 82,219,899) | 1,176,631 | 95,075 | 204,133 | 100,706,840 | 310,714 |  |
| Total Funds (Less 82,219,899) | 1,176,631 | 95,075 | 204,133 | 100,706,840 | 310,714 |  |

(1) Annualized

42

T. ROWE PRICE SPECTRUM INCOME FUND

| Principal Account Fund | 565,979 | $116,383 | 12,075 | 45,383 | 102,031 | $523,709 |
| --- | --- | --- | --- | --- | --- | --- |
| Dividend Growth Fund | 531,048 | 83,704 | 19,116 | 198,860 | 48,804 | 43,829 |
| Emerging Market Stock Fund |  |  | (2,684) |  | (20,075) | 1,511 |

43

T. ROWE PRICE SPECTRUM INCOME FUND

December 31, 2022[{"box_2d": [35, 81, 616, 192], "label": "table", "caption": "

| Total Funds | December 31, 2022 | December 31, 2021 |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Amount | Amount |  |  |  |
| Total Funds | Total Funds | $ | $ | $ | $ |
| Total Funds | Total Funds | $ | $ | $ | $ |
| Total Funds | Total Funds | $ | $ | $ | $ |
| Total Funds | Total Funds | $ | $ | $ | $ |
| Total Funds | Total Funds | $ | $ | $ | $ |
| Total Funds | Total Funds | $ | $ | $ | $ |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 |  |  |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 |  |  |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |  |
| Total Funds | Total Funds | $1,178,824 | $1,178,824 | $1,178,824 | $1,178,824 |

| Total Funds | Change in Net | Change in Net |  |  |
| --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |

| Total Funds | Change in Net | Change in Net |  |  |
| --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |

| Total Funds | Change in Net | Change in Net |  |  |
| --- | --- | --- | --- | --- |
| Description of Funds | Net Realized | Unrealized | Net Realized | Net Realized |

<table><thead><tr><th colspan=\"2\">Total Funds</th><th colspan=\"2\">Change in Net</th

T. ROWE PRICE SPECTRUM INTERNATIONAL EQUITY FUND

| Financial Growth (1) | 189,602 | $74,143 | (6,739) | (67,943) | $10,721 |
| --- | --- | --- | --- | --- | --- |
| Depreciation (1) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (2) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (3) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (4) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (5) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (6) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (7) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (8) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (9) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |
| Depreciation (10) | 181,758 | 8,289 | 8,289 | 8,289 | 8,289 |

45

## Ex-99.Cert

**Item 13. (a)(2)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Spectrum
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Spectrum
Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Spectrum Funds

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL** 

**OFFICERS OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-** 

**TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I. General Statement.** This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds")** has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act")** and rules promulgated by the Securities and Exchange Commission thereunder ("Regulations"). This Price Funds' Code of Ethics (the **"S-O Code")** applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) **("Covered Officers").** The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. **("Group").** The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers."** A list of Covered Officers is attached as **Exhibit A.**

The Price Fund Advisers have, along with their parent, T. Rowe Price Group, Inc. **("Group")** also maintained a comprehensive Code of Ethics and Conduct (the **"Group Code")** since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code (the **"Group S-O Code"),** similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the **"S-O Codes".**

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

**Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

**Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

**Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

**III. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 **("Investment Company Act"),** the Investment Advisers Act of 1940 **("Investment Advisers Act")** and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

**Entertainment.** Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

------

**Gifts.** Accept any gifts, except as permitted by the Group Code.

**Improper Personal Influence.** Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

**Taking Action at the Expense of a Price Fund.** Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

**Misuse of Price Funds' Transaction Information.** Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

**Outside Business Activities.** Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

**Service Providers.** Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted

**Receipt of Payments.** Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

**Service as a Director or Trustee.** Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**IV. Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Disclosure Requirements and Controls.** Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Compliance with Applicable Law.** It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public

------

communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Fair Disclosure.** Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Initial and Annual Affirmations.** Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable, upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with the requirements of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Reporting of Material Violations of the Price Funds S-O Code.** If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation **("Report")** to the Chief Compliance Officer of the Price Funds **("CCO").** Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B.**

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

**V. Administration of the Price Funds S-O Code.** The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

------

investigating and enforcing the Price Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe Price Global Whistleblower Policy.

**VI. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B,** the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**VII. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

------

## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer