T. ROWE PRICE SPECTRUM INTERNATIONAL FUND
September 30, 2019 (Unaudited)

	$ Value	$ Purchase	$ Sales		$ Value
Portfolio of Investments(1)	12/31/18	Cost	Cost	Shares	9/30/19
(Cost and value in $000s)
EQUITY MUTUAL FUNDS 100.0%
T. Rowe Price Funds:
International Stock Fund	317,851	27,962	38,104	20,830,711	360,163
International Value Equity Fund	338,684	17,674	81,038	23,899,036	316,423
European Stock Fund	219,613	2,241	16,593	11,781,584	240,226
New Asia Fund	173,873	1,802	14,355	10,594,928	186,683
Overseas Stock Fund	101,640	23,697	9,287	12,440,680	129,632
Japan Fund	67,253	675	4,527	5,135,391	72,768
International Discovery Fund	46,560	8,210	3,675	909,510	56,644
Emerging Markets Stock Fund	85,972	7,392	56,060	1,110,063	46,878
Emerging Markets Discovery Stock
Fund	—	37,720	1,289	2,797,381	35,247
Latin America Fund	17,954	182	2,155	770,443	18,622
Emerging Europe Fund	8,872	91	861	645,614	9,613
Africa & Middle East Fund	7,238	71	523	794,881	6,892
Total Equity Mutual Funds (Cost $1,219,051)					1,479,791
Total Investments in Securities 100.0%
(Cost $1,219,051)				$	1,479,791
Other Assets Less Liabilities 0.0%					1
Net Assets 100.0%				$	1,479,792

(1) Each underlying Price Fund is an affiliated company; the fund is invested in the
Investor Class of each underlying Price Fund. Additional information about each
underlying Price Fund is available by calling 1-877-495-1138 and at
www.troweprice.com.

The accompanying notes are an integral part of this Portfolio of Investments. 

T.      ROWE PRICE SPECTRUM INTERNATIONAL FUND

Affiliated Companies
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined
by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the
outstanding voting securities, or a company that is under common ownership or control. The
following securities were considered affiliated companies for all or some portion of the nine
months ended September 30, 2019. Net realized gain (loss), investment income, and change in
net unrealized gain/loss reflect all activity for the period then ended.

				Change in Net
		Net Realized Gain		Unrealized		Investment
Affiliate		(Loss)		Gain/Loss		Income
T. Rowe Price Funds:
Africa & Middle East Fund	$	(21)	$	106	$	—
Emerging Europe Fund		(218)		1,511		—
Emerging Markets Discovery
Stock Fund		(24)		(1,184)		—
Emerging Markets Stock Fund		1,429		9,574		—
European Stock Fund		(819)		34,965		—
International Discovery Fund		(125)		5,549		—
International Stock Fund		(3,384)		52,454		—
International Value Equity Fund		(9,005)		41,103		—
Japan Fund		252		9,367		—
Latin America Fund		(854)		2,641		—
New Asia Fund		(1,826)		25,363		—
Overseas Stock Fund		(1,094)		13,582		—
Totals	$	(15,689)#	$	195,031	$	—+

# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $0 of income distributions from underlying Price Funds.

The accompanying notes are an integral part of this Portfolio of Investments. 

T. ROWE PRICE SPECTRUM INTERNATIONAL FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS

T. Rowe Price Spectrum International Fund (the fund) is registered under the Investment Company Act of 1940 (the
1940 Act) as an open-end management investment company and follows accounting and reporting guidance of the
Financial Accounting Standards Board Accounting Standards Codification Topic 946. The accompanying Portfolio of
Investments was prepared in accordance with accounting principles generally accepted in the United States of America
(GAAP). For additional information on the fund’s significant accounting policies and investment related disclosures,
please refer to the fund’s most recent semiannual or annual shareholder report and its prospectus.

VALUATION

The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET, each
day the NYSE is open for business. Each fund’s financial instruments are reported at fair value, which GAAP defines as
the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Investments in the underlying Price Funds are valued at their closing net asset
value per share on the day of valuation.

The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been delegated
certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are appropriately
priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the Valuation
Committee develops and oversees pricing-related policies and procedures and approves all fair value determinations.
Specifically, the Valuation Committee establishes procedures to value securities; determines pricing techniques, sources,
and persons eligible to effect fair value pricing actions; oversees the selection, services, and performance of pricing vendors;
oversees valuation-related business continuity practices; and provides guidance on internal controls and valuation-related
matters. The Valuation Committee reports to the Board and has representation from legal, portfolio management and
trading, operations, risk management, and the fund’s treasurer.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP
establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at
the reporting date

Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not
limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or
similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)

Level 3 - unobservable inputs

Observable inputs are developed using market data, such as publicly available information about actual events or
transactions, and reflect the assumptions that market participants would use to price the financial instrument.
Unobservable inputs are those for which market data are not available and are developed using the best information
available about the assumptions that market participants would use to price the financial instrument. GAAP requires
valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value
hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are
not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the
degree of judgment used in determining those values. On September 30, 2019, all of the investments in underlying Price
Funds were classified as Level 1, based on the inputs used to determine their fair values.