T.

ROWE

PRICE

Spectrum

International

Equity

Fund

March

31,

2022

(Unaudited)

1

Portfolio

of

Investments

(1)

(1)

$

Value

12/31/21

$

Purchase

Cost

$

Sales

Cost

Shares

$

Value

3/31/22

(Cost

and

value

in

$000s)

EQUITY

MUTUAL

FUNDS

100.1%

T.

Rowe

Price

Funds:

International

Value

Equity

Fund 

474,599

1,284

50,754

27,058,663‌

405,609‌

International

Stock

Fund 

371,629

21,042

14,432

19,129,725‌

352,561‌

European

Stock

Fund 

336,466

879

12,447

12,025,789‌

284,771‌

New

Asia

Fund 

281,356

761

11,815

12,948,543‌

235,534‌

Overseas

Stock

Fund 

189,602

10,524

6,864

14,621,902‌

182,481‌

Emerging

Markets

Discovery

Stock

Fund 

124,617

347

5,048

8,076,065‌

109,592‌

Japan

Fund 

131,542

334

6,262

7,480,538‌

105,251‌

International

Discovery

Fund (2)

102,008

260

4,219

1,171,534‌

80,812‌

Emerging

Markets

Stock

Fund 

75,928

5,708

3,734

1,746,919‌

70,628‌

Latin

America

Fund 

17,701

50

1,436

970,004‌

20,904‌

Africa

&

Middle

East

Fund 

10,071

29

319

929,731‌

10,897‌

Emerging

Europe

Fund 

12,566

26

516

734,150‌

2,041‌

Total

Equity

Mutual

Funds

(Cost

$1,478,130)

1,861,081‌

Total

Investments

in

Securities

100.1%

(Cost

$1,478,130)

$

1,861,081‌

Other

Assets

Less

Liabilities

(0.1)%

(1,425‌)

Net

Assets

100.0%

$

1,859,656‌

(1)

Each

underlying

Price

Fund

is

an

affiliated

company;

the

fund

is

invested

in

the Z

Class

of

each

underlying

Price

Fund,

except

for

the

Transition

Fund,

if

held,

which

is

a

single

class

fund.

Additional

information

about

each underlying

Price

Fund

is

available

by

calling

1-877-495-1138

and

at www.troweprice.com.

(2)

Non-income

producing

T.

ROWE

PRICE

Spectrum

International

Equity

Fund

2

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

March

31,

2022.

Net

realized

gain

(loss),

investment

income,

and

change

in

net

unrealized

gain/loss

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Funds:

Africa

&

Middle

East

Fund 

$

57‌

$

1,116‌

$

—‌

Emerging

Europe

Fund 

(170‌)

(10,035‌)

—‌

Emerging

Markets

Discovery

Stock

Fund 

(433‌)

(10,324‌)

—‌

Emerging

Markets

Stock

Fund 

(915‌)

(7,274‌)

—‌

European

Stock

Fund 

(795‌)

(40,127‌)

—‌

International

Discovery

Fund 

(708‌)

(17,237‌)

—‌

International

Stock

Fund 

(574‌)

(25,678‌)

—‌

International

Value

Equity

Fund 

1,689‌

(19,520‌)

—‌

Japan

Fund 

(1,656‌)

(20,363‌)

—‌

Latin

America

Fund 

(761‌)

4,589‌

—‌

New

Asia

Fund 

(1,607‌)

(34,768‌)

—‌

Overseas

Stock

Fund 

61‌

(10,781‌)

—‌

Totals

$

(5,812‌)#

$

(190,402‌)

$

—‌+

#

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.

T.

ROWE

PRICE

Spectrum

International

Equity

Fund

Unaudited

Notes

to

Portfolio

of

Investments

3

T.

Rowe

Price

Spectrum

International

Equity

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s

most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION 

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

The

fund’s

financial

instruments

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

Investments

in

the

underlying

Price

Funds

are

valued

at

their

closing

net

asset

value

per

share

on

the

day

of

valuation.

The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments; determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions; evaluates

the service

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed; and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters. 

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1 – quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2 – inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

T.

ROWE

PRICE

Spectrum

International

Equity

Fund

4

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3 – unobservable

inputs

(including

the

fund's

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

On

March

31,

2022,

all

of

the

fund's

financial

instruments

were

classified

as

Level

1,

based

on

the

inputs

used

to

determine

their

fair

values.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result, Russian-related

stocks

and

debt

have

since

suffered

significant

declines

in

value.

The

duration

of

the

coronavirus

outbreak

and

the

Russian-Ukraine

conflict,

and

their

effects

on

the

financial

markets,

cannot

be

determined

with

certainty.

The fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

these

events.

F118-054Q1

03/22