Registration Nos. 033-10992/811-4998
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
Post-Effective Amendment No. 45 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 49 /X/
T. ROWE PRICE SPECTRUM FUND, INC.
Exact Name of Registrant as Specified in Charter
100 East Pratt Street, Baltimore, Maryland 21202
Address of
Principal Executive Offices
410-345-2000
Registrant’s Telephone Number, Including Area Code
David Oestreicher
100
East Pratt Street, Baltimore, Maryland 21202
Name and Address of Agent for Service
It is proposed that this filing will become effective (check appropriate box):
/X/ Immediately upon filing pursuant to paragraph (b)
// On (date) pursuant to paragraph (b)
// 60 days after filing pursuant to paragraph (a)(1)
// On (date) pursuant to paragraph (a)(1)
// 75 days after filing pursuant to paragraph (a)(2)
// On (date) pursuant to paragraph (a)(2) of Rule 485
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If appropriate, check the following box:
// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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EXHIBITS
Exhibit | Exhibit No. |
XBRL Instance Document | EX-101.INS |
XBRL Taxonomy Extension Schema Document | EX-101.SCH |
XBRL Taxonomy Extension Calculation Linkbase Document | EX-101.CAL |
XBRL Taxonomy Extension Definition Linkbase Document | EX-101.DEF |
XBRL Taxonomy Extension Labels Linkbase Document | EX-101.LAB |
XBRL Taxonomy Extension Presentation Linkbase Document | EX-101.PRE |
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Signatures
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this May 13, 2020.
T. ROWE PRICE SPECTRUM FUND, INC.
/s/David Oestreicher
By: David Oestreicher
Director and Executive Vice President
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:
Signature | Title | Date |
/s/David Oestreicher | Director (Principal Executive Officer) | May 13, 2020 |
David Oestreicher | and Executive Vice President | |
/s/Alan S. Dupski | Treasurer | May 13, 2020 |
Alan S. Dupski | (Principal Financial Officer) | |
and Vice President | ||
* | ||
Teresa Bryce Bazemore | Director | May 13, 2020 |
* | ||
Ronald J. Daniels | Director | May 13, 2020 |
* | ||
Bruce W. Duncan | Director | May 13, 2020 |
* | ||
Robert J. Gerrard, Jr. | Chairman of the Board | May 13, 2020 |
and Director | ||
* | ||
Paul F. McBride | Director | May 13, 2020 |
* | ||
Cecilia E. Rouse | Director | May 13, 2020 |
* | ||
John G. Schreiber | Director | May 13, 2020 |
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/s/Robert W. Sharps | Director and Vice President | May 13, 2020 |
Robert W. Sharps | ||
*/s/David Oestreicher | Attorney-In-Fact | May 13, 2020 |
David Oestreicher |
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T. ROWE PRICE BALANCED FUND, INC.
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.
T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.
T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.
T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.
T. ROWE PRICE CORPORATE INCOME FUND, INC.
T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.
T. ROWE PRICE DIVIDEND GROWTH FUND, INC.
T. ROWE PRICE EQUITY INCOME FUND, INC.
T. ROWE PRICE EQUITY SERIES, INC.
T. ROWE PRICE FINANCIAL SERVICES FUND, INC.
T. ROWE PRICE FIXED INCOME SERIES, INC.
T. ROWE PRICE FLOATING RATE FUND, INC.
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.
T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.
T. ROWE PRICE GNMA FUND, INC.
T. ROWE PRICE GOVERNMENT MONEY FUND, INC.
T. ROWE PRICE GROWTH & INCOME FUND, INC.
T. ROWE PRICE GROWTH STOCK FUND, INC.
T. ROWE PRICE HEALTH SCIENCES FUND, INC.
T. ROWE PRICE HIGH YIELD FUND, INC.
T. ROWE PRICE INDEX TRUST, INC.
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.
T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. ROWE PRICE INTERNATIONAL SERIES, INC.
T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.
T. ROWE PRICE MID-CAP GROWTH FUND, INC.
T. ROWE PRICE MID-CAP VALUE FUND, INC.
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.
T. ROWE PRICE NEW AMERICA
GROWTH FUND, INC.
T. ROWE PRICE NEW ERA FUND, INC.
T. ROWE PRICE NEW HORIZONS FUND, INC.
T. ROWE PRICE NEW INCOME FUND, INC.
T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.
T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.
T. ROWE PRICE REAL ASSETS FUND, INC.
T. ROWE PRICE REAL ESTATE FUND, INC.
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC.
T. ROWE PRICE RETIREMENT FUNDS, INC.
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.
T. ROWE PRICE SHORT-TERM BOND FUND, INC.
Page 7
T. ROWE PRICE SMALL-CAP STOCK FUND, INC.
T. ROWE PRICE SMALL-CAP VALUE FUND, INC.
T. ROWE PRICE SPECTRUM FUND, INC.
T. ROWE PRICE STATE TAX-FREE FUNDS, INC.
T. ROWE PRICE SUMMIT FUNDS, INC.
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC.
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC.
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.
T. ROWE PRICE TAX-FREE INCOME FUND, INC.
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
T. ROWE PRICE TOTAL RETURN FUND, INC.
T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.
T. ROWE PRICE U.S. TREASURY FUNDS, INC.
T. ROWE PRICE VALUE FUND, INC.
POWER OF ATTORNEY
RESOLVED, that the Corporation does hereby constitute and authorize Darrell N. Braman, Catherine D. Mathews, Margery K. Neale, and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation, to be offered by the Corporation, and the registration of the Corporation under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation on its behalf, and to sign the names of each of such directors and officers on his or her behalf as such director or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation of the Corporation.
IN WITNESS WHEREOF, the above named Corporations have caused these presents to be signed and the same attested by its Assistant Secretary, each thereunto duly authorized by its Board of Directors, and each of the undersigned has hereunto set his or her hand and seal as of the day set opposite his or her name.
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/s/David Oestreicher | ||
David Oestreicher /s/Catherine D. Mathews | Executive Vice President (Principal Executive Officer) Director | April 29, 2019 |
Catherine D. Mathews /s/Teresa Bryce Bazemore | Treasurer (Principal Financial Officer) Vice President | April 29, 2019 |
Teresa Bryce Bazemore /s/Ronald J. Daniels | Director | April 29, 2019 |
Ronald J. Daniels /s/Bruce W. Duncan | Director | April 29, 2019 |
Bruce W. Duncan /s/Robert J. Gerrard, Jr. | Director | April 29, 2019 |
Robert J. Gerrard, Jr. /s/Paul F. McBride | Director | April 29, 2019 |
Paul F. McBride /s/Cecilia E. Rouse | Director | April 29, 2019 |
Cecilia E. Rouse /s/John G. Schreiber | Director | April 29, 2019 |
John G. Schreiber /s/Robert W. Sharps | Director | April 29, 2019 |
Robert W. Sharps | Director | April 29, 2019 |
(Signatures Continued)
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ATTEST:
/s/Shannon Hofher Rauser
Shannon Hofher Rauser, Assistant Secretary |
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Spectrum Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
T. ROWE PRICE Spectrum Growth Fund SUMMARY | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objective(s) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund seeks long-term capital appreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
and growth of income with current income a secondary objective. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees and Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees and Expenses of the Fund Shareholder fees (fees paid directly from your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Portfolio Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 19.3% of the average value of its portfolio. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Risks, and Performance Principal Investment Strategies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments. The fund, which normally invests in a variety of domestic and international equity funds and, from time to time, a money market fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from good performance in particular market segments over time. The fund can invest in funds holding U.S. and international stocks; stocks of companies involved in activities related to commodities and other real assets; small-cap, mid-cap, and large-cap stocks; and growth and value stocks. Within the ranges shown in the following table, the portfolio manager decides how much of the fund’s assets to allocate to underlying fund investments based on the outlook for, and on the relative valuations of, the underlying funds and the various markets in which they invest. Asset Allocation Ranges for Underlying Funds
The fund may sell shares of the underlying funds for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater during periods of market disruption or volatility, are summarized as follows: Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective. Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objectives as intended could cause the fund to underperform similarly managed funds. Stock exposure An underlying stock fund’s share price can fall because of weakness in the overall stock markets, a particular industry, or specific holdings. Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of an underlying stock fund may decline due to general weakness or volatility in the stock markets, adverse conditions impacting a particular industry or market sector, or factors affecting an investment style or market capitalization targeted by the fund. International investing Investing in funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets. Emerging markets Investing in funds that hold securities of issuers in emerging market countries involve greater risk and overall volatility than investing in funds that hold securities of issuers in the U.S. and developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Market capitalization Because the fund invests in certain funds that focus on a particular market capitalization, its share price may be negatively affected if investing in that market capitalization falls out of favor. Small- and mid-cap companies often have less experienced management, more limited financial resources, and less publicly available information than larger companies, and tend to be more sensitive to changes in overall economic conditions. As a result, investments in small-cap and mid-cap companies are likely to be more volatile than investments in larger companies. However, larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes. Investment style Because the fund invests in certain funds that focus on growth stocks and certain funds that focus on value stocks, its share price may be negatively affected if either investing approach falls out of favor. Growth stocks tend to be more volatile than the overall stock market and are more sensitive to changes in current or expected earnings. Value stocks carry the risk that investors will not recognize their intrinsic value for a long time or that they are actually appropriately priced at a low level. Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend. Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
SPECTRUM GROWTH FUND Calendar Year Returns | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The following table shows the average annual total returns for the fund, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Total Returns Periods ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Updated performance information is available through troweprice.com. |
Label | Element | Value |
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Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | T. Rowe Price Spectrum Fund, Inc. |
Prospectus Date | rr_ProspectusDate | May 01, 2020 |
Document Creation Date | dei_DocumentCreationDate | Apr. 30, 2020 |
Label | Element | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Registrant Name | dei_EntityRegistrantName | T. Rowe Price Spectrum Fund, Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus Date | rr_ProspectusDate | May 01, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectrum Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | T. ROWE PRICE Spectrum Income Fund SUMMARY | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective(s) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The fund seeks a high level of current income with moderate share price fluctuation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense [Heading] | rr_ExpenseHeading | Fees and Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees Caption [Text] | rr_ShareholderFeesCaption | Fees and Expenses of the Fund Shareholder fees (fees paid directly from your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 24.1% of the average value of its portfolio. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 24.10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Investments, Risks, and Performance Principal Investment Strategies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock |
The fund broadly diversifies its assets among a set of T. Rowe Price mutual funds representing specific market segments. The fund, which normally invests in a variety of domestic and international bond funds, a money market fund, and an income-oriented stock fund, seeks to maintain broad exposure to several markets in an attempt to reduce the impact of markets that are declining and to benefit from good performance in particular market segments over time. The fund can invest in funds holding high-quality domestic and foreign bonds, high-yield bonds (“junk” bonds), short- and long-term securities, dividend-paying stocks and other instruments (such as bank loans). Within the ranges shown in the following table, the portfolio manager decides how much of the fund’s assets to allocate to underlying fund investments based on the outlook for, and on the relative valuations of, the underlying funds and the various markets in which they invest. Asset Allocation Ranges for Underlying Funds
The fund may sell shares of the underlying funds for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities. |
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Risk [Heading] | rr_RiskHeading | Principal Risks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater during periods of market disruption or volatility, are summarized as follows: Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Asset allocation The fund’s overall level of risk will directly correspond to the risks of the underlying funds in which it invests. By investing in many underlying funds, the fund has partial exposure to the risks of different areas of the market. However, the selection of the underlying funds and the allocation of the fund’s assets among the various asset classes, market sectors, and investment styles represented by those underlying funds could cause the fund to underperform other funds with a similar benchmark or investment objective. Investments in other funds The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objectives as intended could cause the fund to underperform similarly managed funds. Bond exposure An underlying bond fund’s share price can fall because of various factors affecting bonds or due to general weakness in the overall bond markets. The fund invests in underlying funds with varying levels of credit risk, interest rate risk, and liquidity risk. At times, participants in bond markets may develop concerns about the ability of certain issuers to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall bond markets and the related derivatives markets, which could hamper an underlying fund’s ability to sell the bonds in which it invests or to find and purchase suitable investments. Interest rates The prices of, and the income generated by, bonds and other debt instruments held by an underlying fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, underlying bond funds with longer weighted average maturities and durations carry greater interest rate risk. Prepayments and extensions Underlying funds that invest in mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Junk investing Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose an underlying fund to greater volatility and credit risk than investments in securities that are rated investment-grade. Issuers of junk bonds and loans are usually not as strong financially and are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Credit quality An issuer of a debt instrument held by an underlying fund could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in underlying funds that hold securities that are not considered investment-grade. Holdings that are rated below investment grade carry greater risk of default and erratic price swings due, in part, to potentially adverse changes in the credit quality of the issuer. International investing Investing in funds that hold the securities of non-U.S. issuers involves special risks not typically associated with investing in funds that hold securities of U.S. issuers. Non-U.S. securities tend to be more volatile and have lower overall liquidity than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, investments outside the U.S. are subject to settlement practices and regulatory and financial reporting standards that differ from those of the U.S. The risks of investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets. Emerging markets Investing in funds that hold securities of issuers in emerging market countries involve greater risk and overall volatility than investing in funds that hold securities of issuers in the U.S. and developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to the risks normally associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on an underlying fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Bank loans Underlying funds that invest in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. An underlying fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price and have significantly longer settlement periods than more traditional investments. Bank loans often involve borrowers whose financial condition is troubled or highly leveraged, which increases an underlying fund’s risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. Dividend-paying stocks To the extent the fund invests in an underlying fund that focuses on dividend-paying stocks, it is exposed to greater volatility and the risk of stock market declines that could cause the fund to underperform funds with similar objectives. Stocks of established companies paying high dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates could cause a company to reduce or eliminate its dividend. Liquidity An underlying fund may not be able to meet requests to redeem shares without significant dilution of the remaining shareholders’ interest in the fund. A particular investment or an entire market segment may become less liquid or even illiquid, sometimes abruptly, which could limit a fund’s ability to purchase or sell holdings in a timely manner at a desired price. Reduced liquidity can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Large redemptions may also have a negative impact on an underlying fund’s overall liquidity. Money market investments An underlying money market fund may not be able to maintain a stable $1.00 share price at all times. If a money market fund fails to maintain a stable net asset value, or if there is a perceived threat that a money market fund is likely to fail to maintain a stable net asset value, the underlying fund could experience significant redemption activity. |
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Risk Lose Money [Text] | rr_RiskLoseMoney | The fund’s share price fluctuates, which means you could lose money by investing in the fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. The following table shows the average annual total returns for the fund, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | troweprice.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart [Heading] | rr_BarChartHeading | SPECTRUM INCOME FUND Calendar Year Returns | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock |
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Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Returns Periods ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Table Narrative | rr_PerformanceTableNarrativeTextBlock | The following table shows the average annual total returns for the fund, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. |
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Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | Updated performance information is available through troweprice.com. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectrum Income Fund | Spectrum Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum account fee | rr_MaximumAccountFee | $ 20 | [1],[2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management fees | rr_ManagementFeesOverAssets | [2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and service (12b-1) fees | rr_DistributionAndService12b1FeesOverAssets | [2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses | rr_OtherExpensesOverAssets | [2] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired fund fees and expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.63% | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total annual fund operating expenses | rr_ExpensesOverAssets | 0.63% | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 year | rr_ExpenseExampleYear01 | $ 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 years | rr_ExpenseExampleYear03 | 202 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 years | rr_ExpenseExampleYear05 | 351 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 years | rr_ExpenseExampleYear10 | $ 786 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2010 | rr_AnnualReturn2010 | 9.68% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | rr_AnnualReturn2011 | 4.16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | rr_AnnualReturn2012 | 10.16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | rr_AnnualReturn2013 | 3.02% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | rr_AnnualReturn2014 | 3.88% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | rr_AnnualReturn2015 | (2.02%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | rr_AnnualReturn2016 | 8.18% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | rr_AnnualReturn2017 | 7.02% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | rr_AnnualReturn2018 | (2.62%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | rr_AnnualReturn2019 | 11.55% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | Best Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Sep. 30, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 5.64% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | Worst Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | (3.56%) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 11.55% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 4.26% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 5.19% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inception date | rr_AverageAnnualReturnInceptionDate | Jun. 29, 1990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectrum Income Fund | Returns after taxes on distributions | Spectrum Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 9.97% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 2.68% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.58% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inception date | rr_AverageAnnualReturnInceptionDate | Jun. 29, 1990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectrum Income Fund | Returns after taxes on distributions and sale of fund shares | Spectrum Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 6.96% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 2.66% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.44% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inception date | rr_AverageAnnualReturnInceptionDate | Jun. 29, 1990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectrum Income Fund | Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 8.72% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 3.05% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 3.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectrum Income Fund | Lipper Multi-Sector Income Funds Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return: | rr_RiskReturnAbstract | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 9.77% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 Years | rr_AverageAnnualReturnYear05 | 3.91% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 Years | rr_AverageAnnualReturnYear10 | 5.18% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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