0000871839-20-000001.txt : 20200211 0000871839-20-000001.hdr.sgml : 20200211 20200211092443 ACCESSION NUMBER: 0000871839-20-000001 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20200211 DATE AS OF CHANGE: 20200211 EFFECTIVENESS DATE: 20200211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Balanced Fund, Inc. CENTRAL INDEX KEY: 0000871839 IRS NUMBER: 521725684 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-38791 FILM NUMBER: 20594382 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 BALANCED FUND INC DATE OF NAME CHANGE: 19920717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Growth Stock Fund, Inc. CENTRAL INDEX KEY: 0000080257 IRS NUMBER: 520655816 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-10780 FILM NUMBER: 20594359 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 GROWTH STOCK FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Small-Cap Stock Fund, Inc. CENTRAL INDEX KEY: 0000075170 IRS NUMBER: 231622210 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-12171 FILM NUMBER: 20594375 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STRET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-2000 MAIL ADDRESS: STREET 1: 100 EAST PRATT STRET CITY: BALTIMORE STATE: MD ZIP: 21202 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE SMALL CAP STOCK FUND INC DATE OF NAME CHANGE: 19980513 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE OTC FUND INC DATE OF NAME CHANGE: 19930210 FORMER COMPANY: FORMER CONFORMED NAME: OVER THE COUNTER SECURITIES GROUP INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price New Horizons Fund, Inc. CENTRAL INDEX KEY: 0000080248 IRS NUMBER: 520791372 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-18099 FILM NUMBER: 20594370 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 NEW HORIZONS FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price New Era Fund, Inc. CENTRAL INDEX KEY: 0000216907 IRS NUMBER: 520888855 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-29866 FILM NUMBER: 20594369 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 NEW ERA FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE ROWE INFLATION FUND INC DATE OF NAME CHANGE: 19690617 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Small-Cap Value Fund, Inc. CENTRAL INDEX KEY: 0000834798 IRS NUMBER: 521575325 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-43237 FILM NUMBER: 20594379 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 SMALL CAP VALUE FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price International Funds, Inc. CENTRAL INDEX KEY: 0000313212 IRS NUMBER: 521175211 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-65539 FILM NUMBER: 20594364 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 INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL TRUST DATE OF NAME CHANGE: 19900301 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19890914 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Growth & Income Fund, Inc. CENTRAL INDEX KEY: 0000706211 IRS NUMBER: 521268241 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-79190 FILM NUMBER: 20594358 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 GROWTH & INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price New America Growth Fund, Inc. CENTRAL INDEX KEY: 0000773485 IRS NUMBER: 521416752 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-99122 FILM NUMBER: 20594368 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: T. Rowe Price New America Growth Fund DATE OF NAME CHANGE: 20051028 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE NEW AMERICA GROWTH FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE COMMON STOCK FUND DATE OF NAME CHANGE: 19851003 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Equity Income Fund, Inc. CENTRAL INDEX KEY: 0000775688 IRS NUMBER: 521424600 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-00070 FILM NUMBER: 20594354 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: T. Rowe Price Equity Income Fund DATE OF NAME CHANGE: 20051018 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE EQUITY INCOME FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Capital Appreciation Fund, Inc. CENTRAL INDEX KEY: 0000793347 IRS NUMBER: 521465786 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-05646 FILM NUMBER: 20594350 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: T. Rowe Price Capital Appreciation Fund DATE OF NAME CHANGE: 20051018 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE CAPITAL APPRECIATION FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE CAPITAL ADVANTAGE FUND DATE OF NAME CHANGE: 19860629 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-10992 FILM NUMBER: 20594376 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Science & Technology Fund, Inc. CENTRAL INDEX KEY: 0000819930 IRS NUMBER: 521533832 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-16567 FILM NUMBER: 20594374 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 SCIENCE & TECHNOLOGY FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Institutional International Funds, Inc. CENTRAL INDEX KEY: 0000852254 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-29697 FILM NUMBER: 20594363 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: T ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 20011217 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Index Trust, Inc. CENTRAL INDEX KEY: 0000858581 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-32859 FILM NUMBER: 20594361 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 INDEX TRUST INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE INSTITUTIONAL EQUITY FUNDS INC DATE OF NAME CHANGE: 19900227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Mid-Cap Growth Fund, Inc. CENTRAL INDEX KEY: 0000887147 IRS NUMBER: 521784828 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-47806 FILM NUMBER: 20594365 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 MID CAP GROWTH FUND INC DATE OF NAME CHANGE: 19920717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Dividend Growth Fund, Inc. CENTRAL INDEX KEY: 0000894024 IRS NUMBER: 521805594 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-49187 FILM NUMBER: 20594353 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 DIVIDEND GROWTH FUND INC DATE OF NAME CHANGE: 19921112 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Blue Chip Growth Fund, Inc. CENTRAL INDEX KEY: 0000902259 IRS NUMBER: 521827505 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-49581 FILM NUMBER: 20594349 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 BLUE CHIP GROWTH FUND INC DATE OF NAME CHANGE: 19930426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Value Fund, Inc. CENTRAL INDEX KEY: 0000927845 IRS NUMBER: 521892646 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-54963 FILM NUMBER: 20594378 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 VALUE FUND INC DATE OF NAME CHANGE: 19940803 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price U.S. Equity Research Fund, Inc. CENTRAL INDEX KEY: 0000931151 IRS NUMBER: 521905304 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-56015 FILM NUMBER: 20594351 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: T. Rowe Price Capital Opportunity Fund, Inc. DATE OF NAME CHANGE: 20190523 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price U.S. Equity Research Fund, Inc. DATE OF NAME CHANGE: 20190523 FORMER COMPANY: FORMER CONFORMED NAME: T. Rowe Price Capital Opportunity Fund, Inc. DATE OF NAME CHANGE: 20051018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Health Sciences Fund, Inc. CENTRAL INDEX KEY: 0001002624 IRS NUMBER: 521952906 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-63759 FILM NUMBER: 20594360 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 HEALTH SCIENCES FUND INC DATE OF NAME CHANGE: 19980513 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE HEALTH & LIFE SCIENCES FUND INC DATE OF NAME CHANGE: 19951023 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Mid-Cap Value Fund, Inc. CENTRAL INDEX KEY: 0001012678 IRS NUMBER: 521977812 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-02993 FILM NUMBER: 20594366 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 MID CAP VALUE FUND INC DATE OF NAME CHANGE: 19960425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Institutional Equity Funds, Inc. CENTRAL INDEX KEY: 0001012968 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-04753 FILM NUMBER: 20594362 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: T ROWE PRICE INSTITUTIONAL EQUITY FUNDS INC DATE OF NAME CHANGE: 20011105 FORMER COMPANY: FORMER CONFORMED NAME: INSTITUTIONAL DOMESTIC EQUITY FUNDS INC DATE OF NAME CHANGE: 19960428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Financial Services Fund, Inc. CENTRAL INDEX KEY: 0001019286 IRS NUMBER: 522024849 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-09551 FILM NUMBER: 20594355 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 FINANCIAL SERVICES FUND INC DATE OF NAME CHANGE: 19960720 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. CENTRAL INDEX KEY: 0001267862 IRS NUMBER: 421615933 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-109958 FILM NUMBER: 20594352 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: T ROWE PRICE DIVERSIFIED MID CAP GROWTH FUND INC DATE OF NAME CHANGE: 20031022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Global Real Estate Fund, Inc. CENTRAL INDEX KEY: 0001440930 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-153130 FILM NUMBER: 20594356 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price U.S. Large-Cap Core Fund, Inc. CENTRAL INDEX KEY: 0001462712 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-158764 FILM NUMBER: 20594377 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Real Assets Fund, Inc. CENTRAL INDEX KEY: 0001486048 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-166395 FILM NUMBER: 20594372 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-4981 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Multi-Sector Account Portfolios, Inc. CENTRAL INDEX KEY: 0001533490 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0212 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-178660 FILM NUMBER: 20594367 BUSINESS ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 BUSINESS PHONE: 410-345-4981 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Quantitative Management Funds, Inc. CENTRAL INDEX KEY: 0001038469 IRS NUMBER: 522044216 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-26323 FILM NUMBER: 20594371 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: T. Rowe Price Diversified Small-Cap Growth Fund, Inc. DATE OF NAME CHANGE: 20051018 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE DIVERSIFIED SMALL CAP GROWTH FUND INC DATE OF NAME CHANGE: 19970430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Communications & Technology Fund, Inc. CENTRAL INDEX KEY: 0000910671 IRS NUMBER: 521840883 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-27963 FILM NUMBER: 20594381 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: T. Rowe Price Media & Telecommunications Fund, Inc. DATE OF NAME CHANGE: 20051028 FORMER COMPANY: FORMER CONFORMED NAME: PRICE T ROWE MEDIA & TELECOMMUNICATIONS FUND INC DATE OF NAME CHANGE: 19980513 FORMER COMPANY: FORMER CONFORMED NAME: NEW AGE MEDIA FUND INC DATE OF NAME CHANGE: 19930827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Real Estate Fund, Inc. CENTRAL INDEX KEY: 0001046404 IRS NUMBER: 522070587 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-36137 FILM NUMBER: 20594373 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 REAL ESTATE FUND INC DATE OF NAME CHANGE: 19970919 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Global Technology Fund, Inc. CENTRAL INDEX KEY: 0001116626 IRS NUMBER: 522024849 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-40086 FILM NUMBER: 20594357 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: T ROWE PRICE GLOBAL TECHNOLOGY FUND INC DATE OF NAME CHANGE: 20000614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Retirement Funds, Inc. CENTRAL INDEX KEY: 0001177017 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-92380 FILM NUMBER: 20594380 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: T ROWE PRICE RETIREMENT FUNDS INC DATE OF NAME CHANGE: 20020702 0000075170 S000002120 T. Rowe Price Small-Cap Stock Fund, Inc. C000005508 T. Rowe Price Small-Cap Stock Fund, Inc. OTCFX C000005509 T. Rowe Price Small-Cap Stock Fund-Advisor Class PASSX C000159682 T. Rowe Price Small-Cap Stock Fund-I Class OTIIX 0000080248 S000002106 T. Rowe Price New Horizons Fund, Inc. C000005478 T. Rowe Price New Horizons Fund, Inc. PRNHX C000159684 T. Rowe Price New Horizons Fund-I Class PRJIX 0000080257 S000002087 T. Rowe Price Growth Stock Fund, Inc. C000005453 T. Rowe Price Growth Stock Fund, Inc. PRGFX C000005454 T. Rowe Price Growth Stock Fund-Advisor Class TRSAX C000005455 T. Rowe Price Growth Stock Fund-R Class RRGSX C000159680 T. Rowe Price Growth Stock Fund-I Class PRUFX 0000216907 S000002105 T. Rowe Price New Era Fund, Inc. C000005477 T. Rowe Price New Era Fund, Inc. PRNEX C000166331 T. Rowe Price New Era Fund-I Class TRNEX 0000313212 S000001489 T. Rowe Price International Bond Fund C000004007 T. Rowe Price International Bond Fund RPIBX C000004008 T. Rowe Price International Bond Fund-Advisor Class PAIBX C000159126 T. Rowe Price International Bond Fund-I Class RPISX 0000313212 S000001490 T. Rowe Price Emerging Markets Bond Fund C000004009 T. Rowe Price Emerging Markets Bond Fund PREMX C000159127 T. Rowe Price Emerging Markets Bond Fund-Advisor Class PAIKX C000159128 T. Rowe Price Emerging Markets Bond Fund-I Class PRXIX 0000313212 S000032784 T. Rowe Price Emerging Markets Local Currency Bond Fund C000101161 T. Rowe Price Emerging Markets Local Currency Bond Fund Advisor Class PAELX C000102979 T. Rowe Price Emerging Markets Local Currency Bond Fund PRELX C000166322 T. Rowe Price Emerging Markets Local Currency Bond Fund-I Class TEIMX 0000313212 S000037100 T. Rowe Price Emerging Markets Corporate Bond Fund C000114216 T. Rowe Price Emerging Markets Corporate Bond Fund-Advisor Class PACEX C000114217 T. Rowe Price Emerging Markets Corporate Bond Fund TRECX C000166323 T. Rowe Price Emerging Markets Corporate Bond Fund-I Class TECIX 0000313212 S000042685 T. Rowe Price Global Industrials Fund C000131942 T. Rowe Price Global Industrials Fund RPGIX C000190555 T. Rowe Price Global Industrials Fund- I Class TRGAX 0000313212 S000047982 T. Rowe Price Global High Income Bond Fund C000151115 T. Rowe Price Global High Income Bond Fund RPIHX C000151116 T. Rowe Price Global High Income Bond Fund-Advisor Class PAIHX C000159133 T. Rowe Price Global High Income Bond Fund-I Class RPOIX 0000313212 S000047983 T. Rowe Price Dynamic Global Bond Fund C000151117 T. Rowe Price Dynamic Global Bond Fund RPIEX C000151118 T. Rowe Price Dynamic Global Bond Fund-Advisor Class PAIEX C000159134 T. Rowe Price Dynamic Global Bond Fund-I Class RPEIX 0000313212 S000053738 T. Rowe Price Global Consumer Fund C000168913 T. Rowe Price Global Consumer Fund PGLOX 0000313212 S000058280 T. Rowe Price International Bond Fund (USD Hedged) C000191032 T. Rowe Price International Bond Fund (USD Hedged) TNIBX C000191033 T. Rowe Price International Bond Fund (USD Hedged)-Advisor Class TTABX C000191034 T. Rowe Price International Bond Fund (USD Hedged)-I Class TNBMX 0000313212 S000063538 T. Rowe Price Dynamic Credit Fund C000205922 T. Rowe Price Dynamic Credit Fund RPIDX C000205923 T. Rowe Price Dynamic Credit Fund-I Class RPELX 0000706211 S000002086 T. Rowe Price Growth & Income Fund, Inc. C000005452 T. Rowe Price Growth & Income Fund, Inc. PRGIX C000177201 T. Rowe Price Growth & Income Fund-I Class TGTIX 0000773485 S000002104 T. Rowe Price New America Growth Fund C000005476 T. Rowe Price New America Growth Fund PRWAX C000012105 T. Rowe Price New America Growth Fund-Advisor Class PAWAX C000166319 T. Rowe Price New America Growth Fund-I Class PNAIX 0000775688 S000002076 T. Rowe Price Equity Income Fund C000005436 T. Rowe Price Equity Income Fund PRFDX C000005437 T. Rowe Price Equity Income Fund-Advisor Class PAFDX C000005438 T. Rowe Price Equity Income Fund-R Class RRFDX C000166330 T. Rowe Price Equity Income Fund-I Class REIPX 0000793347 S000002070 T. Rowe Price Capital Appreciation Fund C000005427 T. Rowe Price Capital Appreciation Fund PRWCX C000005428 T. Rowe Price Capital Appreciation Fund-Advisor Class PACLX C000166317 T. Rowe Price Capital Appreciation Fund-I Class TRAIX 0000808303 S000002122 Spectrum Income Fund C000005512 Spectrum Income Fund RPSIX 0000808303 S000002123 Spectrum Growth Fund C000005513 Spectrum Growth Fund PRSGX 0000808303 S000002124 Spectrum International Fund C000005514 Spectrum International Fund PSILX 0000819930 S000002119 T. Rowe Price Science & Technology Fund, Inc. C000005506 T. Rowe Price Science & Technology Fund, Inc. PRSCX C000005507 T. Rowe Price Science & Technology Fund-Advisor Class PASTX C000169947 T. Rowe Price Science & Technology Fund-I Class TSNIX 0000834798 S000002121 T. Rowe Price Small-Cap Value Fund, Inc. C000005510 T. Rowe Price Small-Cap Value Fund, Inc. PRSVX C000005511 T. Rowe Price Small-Cap Value Fund-Advisor Class PASVX C000159683 T. Rowe Price Small-Cap Value Fund-I Class PRVIX 0000852254 S000014469 T. Rowe Price Institutional Emerging Markets Bond Fund C000039420 T. Rowe Price Institutional Emerging Markets Bond Fund TREBX 0000858581 S000002089 T. Rowe Price Equity Index 500 Fund C000005457 T. Rowe Price Equity Index 500 Fund PREIX C000159677 T. Rowe Price Equity Index 500 Fund-I Class PRUIX 0000858581 S000002090 T. Rowe Price Extended Equity Market Index Fund C000005458 T. Rowe Price Extended Equity Market Index Fund PEXMX 0000858581 S000002091 T. Rowe Price Total Equity Market Index Fund C000005459 T. Rowe Price Total Equity Market Index Fund POMIX 0000858581 S000051326 T. Rowe Price Mid-Cap Index Fund C000161835 T. Rowe Price Mid-Cap Index Fund C000161836 T. Rowe Price Mid-Cap Index Fund-I Class 0000858581 S000051327 T. Rowe Price Small-Cap Index Fund C000161837 T. Rowe Price Small-Cap Index Fund C000161838 T. Rowe Price Small-Cap Index Fund-I Class 0000871839 S000002068 T. Rowe Price Balanced Fund, Inc. C000005423 T. Rowe Price Balanced Fund, Inc. RPBAX C000166328 T. Rowe Price Balanced Fund-I Class RBAIX 0000887147 S000002102 T. Rowe Price Mid-Cap Growth Fund, Inc. C000005470 T. Rowe Price Mid-Cap Growth Fund, Inc. RPMGX C000005471 T. Rowe Price Mid-Cap Growth Fund-Advisor Class PAMCX C000005472 T. Rowe Price Mid-Cap Growth Fund-R Class RRMGX C000159676 T. Rowe Price Mid-Cap Growth Fund-I Class RPTIX 0000894024 S000002075 T. Rowe Price Dividend Growth Fund, Inc. C000005435 T. Rowe Price Dividend Growth Fund, Inc. PRDGX C000012104 T. Rowe Price Dividend Growth Fund-Advisor Class TADGX C000166314 T. Rowe Price Dividend Growth Fund-I Class PDGIX 0000902259 S000002069 T. Rowe Price Blue Chip Growth Fund, Inc. C000005424 T. Rowe Price Blue Chip Growth Fund, Inc. TRBCX C000005425 T. Rowe Price Blue Chip Growth Fund-Advisor Class PABGX C000005426 T. Rowe Price Blue Chip Growth Fund-R Class RRBGX C000166329 T. Rowe Price Blue Chip Growth Fund-I Class TBCIX 0000910671 S000002101 T. Rowe Price Communications & Technology Fund C000005469 T. Rowe Price Communications & Technology Fund PRMTX C000169955 T. Rowe Price Communications & Technology Fund-I Class TTMIX 0000927845 S000002125 T. Rowe Price Value Fund, Inc. C000005515 T. Rowe Price Value Fund, Inc. TRVLX C000005516 T. Rowe Price Value Fund-Advisor Class PAVLX C000159681 T. Rowe Price Value Fund-I Class TRPIX 0000931151 S000002071 T. Rowe Price U.S. Equity Research Fund C000005429 T. Rowe Price U.S. Equity Research Fund PRCOX C000005430 T. Rowe Price U.S. Equity Research Fund-Advisor Class PACOX C000005431 T. Rowe Price U.S. Equity Research Fund-R Class RRCOX C000177207 T. Rowe Price U.S. Equity Research Fund-I Class PCCOX 0001002624 S000002088 T. Rowe Price Health Sciences Fund, Inc. C000005456 T. Rowe Price Health Sciences Fund, Inc. PRHSX C000169937 T. Rowe Price Health Sciences Fund-I Class THISX 0001012678 S000002103 T. Rowe Price Mid-Cap Value Fund, Inc. C000005473 T. Rowe Price Mid-Cap Value Fund, Inc. TRMCX C000005474 T. Rowe Price Mid-Cap Value Fund-Advisor Class TAMVX C000005475 T. Rowe Price Mid-Cap Value Fund-R Class RRMVX C000159685 T. Rowe Price Mid-Cap Value Fund-I Class TRMIX 0001012968 S000002092 T. Rowe Price Institutional Mid-Cap Equity Growth Fund C000005460 T. Rowe Price Institutional Mid-Cap Equity Growth Fund PMEGX 0001012968 S000002093 T. Rowe Price Institutional Large-Cap Value Fund C000005461 T. Rowe Price Institutional Large-Cap Value Fund TILCX 0001012968 S000002094 T. Rowe Price Institutional Small-Cap Stock Fund C000005462 T. Rowe Price Institutional Small-Cap Stock Fund TRSSX 0001012968 S000002095 T. Rowe Price Institutional Large-Cap Growth Fund C000005463 T. Rowe Price Institutional Large-Cap Growth Fund TRLGX 0001012968 S000002096 T. Rowe Price Institutional Large-Cap Core Growth Fund C000005464 T. Rowe Price Institutional Large-Cap Core Growth Fund TPLGX 0001019286 S000002084 T. Rowe Price Financial Services Fund, Inc. C000005450 T. Rowe Price Financial Services Fund, Inc. PRISX C000177205 T. Rowe Price Financial Services Fund--I Class TFIFX 0001038469 S000002074 T. Rowe Price QM U.S. Small-Cap Growth Equity Fund C000005434 T. Rowe Price QM U.S. Small-Cap Growth Equity Fund PRDSX C000169956 T. Rowe Price QM U.S. Small-Cap Growth Equity Fund-I Class TQAIX C000170855 T. Rowe Price QM U.S. Small-Cap Growth Equity Fund-Advisor Class TQAAX 0001038469 S000052903 T. Rowe Price QM Global Equity Fund C000166436 T. Rowe Price QM Global Equity Fund TQGEX C000166437 T. Rowe Price QM Global Equity Fund-Advisor Class TQGAX C000166438 T. Rowe Price QM Global Equity Fund-I Class TQGIX 0001038469 S000052904 T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund C000166439 T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund TQSMX C000166440 T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund-Advisor Class TQSAX C000166441 T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund-I Class TQSIX 0001038469 S000052905 T. Rowe Price QM U.S. Value Equity Fund C000166442 T. Rowe Price QM U.S. Value Equity Fund TQMVX C000166443 T. Rowe Price QM U.S. Value Equity Fund-Advisor Class TQVAX C000166444 T. Rowe Price QM U.S. Value Equity Fund-I Class TQVIX 0001046404 S000002107 T. Rowe Price Real Estate Fund, Inc. C000005479 T. Rowe Price Real Estate Fund, Inc. TRREX C000005480 T. Rowe Price Real Estate Fund-Advisor Class PAREX C000166334 T. Rowe Price Real Estate Fund-I Class TIRRX 0001116626 S000002085 T. Rowe Price Global Technology Fund, Inc. C000005451 T. Rowe Price Global Technology Fund, Inc. PRGTX C000177214 T. Rowe Price Global Technology Fund-I Class PGTIX 0001177017 S000057717 T. Rowe Price Retirement Income 2020 Fund C000186128 T. Rowe Price Retirement Income 2020 Fund TRLAX 0001267862 S000002073 T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. C000005433 T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. PRDMX C000190557 T. Rowe Price Diversified Mid-Cap Growth Fund- I Class RPTTX 0001440930 S000024038 T. Rowe Price Global Real Estate Fund, Inc. C000070253 T. Rowe Price Global Real Estate Fund, Inc. TRGRX C000070254 T. Rowe Price Global Real Estate Fund-Advisor Class PAGEX C000177202 T. Rowe Price Global Real Estate Fund-I Class TIRGX 0001462712 S000026126 T. Rowe Price U.S. Large-Cap Core Fund, Inc. C000078270 T. Rowe Price U.S. Large-Cap Core Fund, Inc. TRULX C000078271 T. Rowe Price U.S. Large-Cap Core Fund-Advisor Class PAULX C000177203 T. Rowe Price U.S. Large-Cap Core Fund-I Class RCLIX 0001486048 S000029428 T. Rowe Price Real Assets Fund, Inc. C000090373 T. Rowe Price Real Assets Fund, Inc. PRAFX C000159678 T. Rowe Price Real Assets Fund-I Class PRIKX 0001533490 S000036336 T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio C000111135 T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio 0001533490 S000036337 T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio C000111136 T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio 497 1 combin-cles752_fallcycles752.htm Untitled Document
  

  

STATEMENT OF ADDITIONAL INFORMATION

 

This is the Statement of Additional Information (“SAI”) for all of the funds listed below. It is divided into two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains information that generally applies to all of the mutual funds sponsored and managed by T. Rowe Price Associates, Inc. (“Price Funds”).

The date of this Statement of Additional Information is February 11, 2020.

  

T. ROWE PRICE BALANCED FUND, INC.

 

T. Rowe Price Balanced Fund

RPBAX

T. Rowe Price Balanced Fund—I Class

RBAIX

T. ROWE PRICE BLUE CHIP GROWTH FUND, INC.

 

T. Rowe Price Blue Chip Growth Fund

TRBCX

T. Rowe Price Blue Chip Growth Fund—Advisor Class

PABGX

T. Rowe Price Blue Chip Growth Fund—I Class

TBCIX

T. Rowe Price Blue Chip Growth Fund—R Class

RRBGX

T. ROWE PRICE CAPITAL APPRECIATION FUND, INC.

 

T. Rowe Price Capital Appreciation Fund

PRWCX

T. Rowe Price Capital Appreciation Fund—Advisor Class

PACLX

T. Rowe Price Capital Appreciation Fund—I Class

TRAIX

T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC.

 

T. Rowe Price Communications & Technology Fund

PRMTX

T. Rowe Price Communications & Technology Fund—I Class

TTMIX

T. ROWE PRICE CORPORATE INCOME FUND, INC.

 

T. Rowe Price Corporate Income Fund

PRPIX

T. Rowe Price Corporate Income Fund—I Class

TICCX

T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC.

 

T. Rowe Price Credit Opportunities Fund

PRCPX

T. Rowe Price Credit Opportunities Fund—Advisor Class

PAOPX

T. Rowe Price Credit Opportunities Fund—I Class

TCRRX

T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.

 

T. Rowe Price Diversified Mid-Cap Growth Fund

PRDMX

T. Rowe Price Diversified Mid-Cap Growth Fund—I Class

RPTTX

T. ROWE PRICE DIVIDEND GROWTH FUND, INC.

 

T. Rowe Price Dividend Growth Fund

PRDGX

T. Rowe Price Dividend Growth Fund—Advisor Class

TADGX

T. Rowe Price Dividend Growth Fund—I Class

PDGIX

C00-042 02/11/20

  

T. ROWE PRICE EQUITY INCOME FUND, INC.

 

T. Rowe Price Equity Income Fund

PRFDX

T. Rowe Price Equity Income Fund—Advisor Class

PAFDX

T. Rowe Price Equity Income Fund—I Class

REIPX

T. Rowe Price Equity Income Fund—R Class

RRFDX

T. ROWE PRICE FINANCIAL SERVICES FUND, INC.

 

T. Rowe Price Financial Services Fund

PRISX

T. Rowe Price Financial Services Fund—I Class

TFIFX

T. ROWE PRICE FLOATING RATE FUND, INC.

 

T. Rowe Price Floating Rate Fund

PRFRX

T. Rowe Price Floating Rate Fund—Advisor Class

PAFRX

T. Rowe Price Floating Rate Fund—I Class

TFAIX

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

 

T. Rowe Price Global Allocation Fund

RPGAX

T. Rowe Price Global Allocation Fund—Advisor Class

PAFGX

T. Rowe Price Global Allocation Fund—I Class

TGAFX

T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC.

 

T. Rowe Price Global Multi-Sector Bond Fund

PRSNX

T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class

PRSAX

T. Rowe Price Global Multi-Sector Bond Fund—I Class

PGMSX

T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC.

 

T. Rowe Price Global Real Estate Fund

TRGRX

T. Rowe Price Global Real Estate Fund—Advisor Class

PAGEX

T. Rowe Price Global Real Estate Fund—I Class

TIRGX

T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC.

 

T. Rowe Price Global Technology Fund

PRGTX

T. Rowe Price Global Technology Fund—I Class

PGTIX

T. ROWE PRICE GNMA FUND, INC.

 

T. Rowe Price GNMA Fund

PRGMX

T. Rowe Price GNMA Fund—I Class

PRXAX

T. ROWE PRICE GOVERNMENT MONEY FUND, INC.

 

T. Rowe Price Government Money Fund

PRRXX

T. Rowe Price Government Money Fund—I Class

TTGXX

T. ROWE PRICE GROWTH & INCOME FUND, INC.

 

T. Rowe Price Growth & Income Fund

PRGIX

T. Rowe Price Growth & Income Fund—I Class

TGTIX

T. ROWE PRICE GROWTH STOCK FUND, INC.

 

T. Rowe Price Growth Stock Fund

PRGFX

T. Rowe Price Growth Stock Fund—Advisor Class

TRSAX

T. Rowe Price Growth Stock Fund—I Class

PRUFX

T. Rowe Price Growth Stock Fund—R Class

RRGSX

T. ROWE PRICE HEALTH SCIENCES FUND, INC.

 

T. Rowe Price Health Sciences Fund

PRHSX

T. Rowe Price Health Sciences Fund—I Class

THISX

2

  

T. ROWE PRICE HIGH YIELD FUND, INC.

 

T. Rowe Price High Yield Fund

PRHYX

T. Rowe Price High Yield Fund—Advisor Class

PAHIX

T. Rowe Price High Yield Fund—I Class

PRHIX

T. Rowe Price U.S. High Yield Fund

TUHYX

T. Rowe Price U.S. High Yield Fund—Advisor Class

TUHAX

T. Rowe Price U.S. High Yield Fund—I Class

TUHIX

T. ROWE PRICE INDEX TRUST, INC.

 

T. Rowe Price Equity Index 500 Fund

PREIX

T. Rowe Price Equity Index 500 Fund—I Class

PRUIX

T. Rowe Price Extended Equity Market Index Fund

PEXMX

T. Rowe Price Mid-Cap Index Fund

—

T. Rowe Price Mid-Cap Index Fund—I Class

—

T. Rowe Price Small-Cap Index Fund

—

T. Rowe Price Small-Cap Index Fund—I Class

—

T. Rowe Price Total Equity Market Index Fund

POMIX

T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC.

 

T. Rowe Price Inflation Protected Bond Fund

PRIPX

T. Rowe Price Inflation Protected Bond Fund—I Class

TIIPX

T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. (“INSTITUTIONAL EQUITY FUNDS”)

 

T. Rowe Price Institutional Large-Cap Core Growth Fund

TPLGX

T. Rowe Price Institutional Large-Cap Growth Fund

TRLGX

T. Rowe Price Institutional Large-Cap Value Fund

TILCX

T. Rowe Price Institutional Mid-Cap Equity Growth Fund

PMEGX

T. Rowe Price Institutional Small-Cap Stock Fund

TRSSX

T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.

 

T. Rowe Price Institutional Cash Reserves Fund

ICFXX

T. Rowe Price Institutional Core Plus Fund

TICPX

T. Rowe Price Institutional Floating Rate Fund

RPIFX

T. Rowe Price Institutional Floating Rate Fund—F Class

PFFRX

T. Rowe Price Institutional High Yield Fund

TRHYX

T. Rowe Price Institutional Long Duration Credit Fund

RPLCX

T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.

 

T. Rowe Price Institutional Africa & Middle East Fund

TRIAX

T. Rowe Price Institutional Emerging Markets Bond Fund

TREBX

T. Rowe Price Institutional Emerging Markets Equity Fund

IEMFX

T. Rowe Price Institutional Frontier Markets Equity Fund

PRFFX

T. Rowe Price Institutional Global Value Equity Fund

PRIGX

T. Rowe Price Institutional International Core Equity Fund

TRCEX

T. Rowe Price Institutional International Disciplined Equity Fund (formerly T. Rowe Price Institutional International Concentrated Equity Fund)

RPICX

T. Rowe Price Institutional International Growth Equity Fund

PRFEX

T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.

 

T. Rowe Price Intermediate Tax-Free High Yield Fund

PRIHX

3

  

T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class

PRAHX

T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class

TFHAX

T. ROWE PRICE INTERNATIONAL FUNDS, INC.

 

T. Rowe Price Africa & Middle East Fund

TRAMX

T. Rowe Price Africa & Middle East Fund—I Class

PRAMX

T. Rowe Price Asia Opportunities Fund

TRAOX

T. Rowe Price Asia Opportunities Fund—Advisor Class

PAAOX

T. Rowe Price Asia Opportunities Fund—I Class

TRASX

T. Rowe Price China Evolution Equity Fund

TCELX

T. Rowe Price China Evolution Equity Fund—I Class

TRCLX

T. Rowe Price Dynamic Credit Fund

RPIDX

T. Rowe Price Dynamic Credit Fund—I Class

RPELX

T. Rowe Price Dynamic Global Bond Fund

RPIEX

T. Rowe Price Dynamic Global Bond Fund—Advisor Class

PAIEX

T. Rowe Price Dynamic Global Bond Fund—I Class

RPEIX

T. Rowe Price Emerging Europe Fund

TREMX

T. Rowe Price Emerging Europe Fund—I Class

TTEEX

T. Rowe Price Emerging Markets Bond Fund

PREMX

T. Rowe Price Emerging Markets Bond Fund—Advisor Class

PAIKX

T. Rowe Price Emerging Markets Bond Fund—I Class

PRXIX

T. Rowe Price Emerging Markets Corporate Bond Fund

TRECX

T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class

PACEX

T. Rowe Price Emerging Markets Corporate Bond Fund—I Class

TECIX

T. Rowe Price Emerging Markets Discovery Stock Fund (formerly T. Rowe Price Emerging Markets Value Stock Fund)

PRIJX

T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class (formerly T. Rowe Price Emerging Markets Value Stock Fund—Advisor Class)

PAIJX

T. Rowe Price Emerging Markets Discovery Stock Fund—I Class (formerly T. Rowe Price Emerging Markets Value Stock Fund—I Class)

REVIX

T. Rowe Price Emerging Markets Local Currency Bond Fund

PRELX

T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class

PAELX

T. Rowe Price Emerging Markets Local Currency Bond Fund—I Class

TEIMX

T. Rowe Price Emerging Markets Stock Fund

PRMSX

T. Rowe Price Emerging Markets Stock Fund—I Class

PRZIX

T. Rowe Price European Stock Fund

PRESX

T. Rowe Price European Stock Fund—I Class

TEUIX

T. Rowe Price Global Consumer Fund

PGLOX

T. Rowe Price Global Growth Stock Fund

RPGEX

T. Rowe Price Global Growth Stock Fund—Advisor Class

PAGLX

T. Rowe Price Global Growth Stock Fund—I Class

RGGIX

T. Rowe Price Global High Income Bond Fund

RPIHX

T. Rowe Price Global High Income Bond Fund—Advisor Class

PAIHX

T. Rowe Price Global High Income Bond Fund—I Class

RPOIX

T. Rowe Price Global Industrials Fund

RPGIX

T. Rowe Price Global Industrials Fund—I Class

TRGAX

4

  

T. Rowe Price Global Stock Fund

PRGSX

T. Rowe Price Global Stock Fund—Advisor Class

PAGSX

T. Rowe Price Global Stock Fund—I Class

TRGLX

T. Rowe Price International Bond Fund

RPIBX

T. Rowe Price International Bond Fund—Advisor Class

PAIBX

T. Rowe Price International Bond Fund—I Class

RPISX

T. Rowe Price International Bond Fund (USD Hedged)

TNIBX

T. Rowe Price International Bond Fund (USD Hedged)—Advisor Class

TTABX

T. Rowe Price International Bond Fund (USD Hedged)—I Class

TNBMX

T. Rowe Price International Bond Fund (USD Hedged)—Z Class

—

T. Rowe Price International Disciplined Equity Fund (formerly T. Rowe Price International Concentrated Equity Fund)

PRCNX

T. Rowe Price International Disciplined Equity Fund—Advisor Class (formerly T. Rowe Price International Concentrated Equity Fund—Advisor Class)

PRNCX

T. Rowe Price International Disciplined Equity Fund—I Class (formerly T. Rowe Price International Concentrated Equity Fund—I Class)

RICIX

T. Rowe Price International Discovery Fund

PRIDX

T. Rowe Price International Discovery Fund—I Class

TIDDX

T. Rowe Price International Stock Fund

PRITX

T. Rowe Price International Stock Fund—Advisor Class

PAITX

T. Rowe Price International Stock Fund—I Class

PRIUX

T. Rowe Price International Stock Fund—R Class

RRITX

T. Rowe Price International Value Equity Fund

TRIGX

T. Rowe Price International Value Equity Fund—Advisor Class

PAIGX

T. Rowe Price International Value Equity Fund—I Class

TRTIX

T. Rowe Price International Value Equity Fund—R Class

RRIGX

T. Rowe Price Japan Fund

PRJPX

T. Rowe Price Japan Fund—I Class

RJAIX

T. Rowe Price Latin America Fund

PRLAX

T. Rowe Price Latin America Fund—I Class

RLAIX

T. Rowe Price New Asia Fund

PRASX

T. Rowe Price New Asia Fund —I Class

PNSIX

T. Rowe Price Overseas Stock Fund

TROSX

T. Rowe Price Overseas Stock Fund—Advisor Class

PAEIX

T. Rowe Price Overseas Stock Fund—I Class

TROIX

T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.

 

T. Rowe Price International Equity Index Fund

PIEQX

T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC.

 

T. Rowe Price Limited Duration Inflation Focused Bond Fund

TRBFX

T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class

TRLDX

T. ROWE PRICE MID-CAP GROWTH FUND, INC.

 

T. Rowe Price Mid-Cap Growth Fund

RPMGX

T. Rowe Price Mid-Cap Growth Fund—Advisor Class

PAMCX

T. Rowe Price Mid-Cap Growth Fund—I Class

RPTIX

T. Rowe Price Mid-Cap Growth Fund—R Class

RRMGX

5

  

T. ROWE PRICE MID-CAP VALUE FUND, INC.

 

T. Rowe Price Mid-Cap Value Fund

TRMCX

T. Rowe Price Mid-Cap Value Fund—Advisor Class

TAMVX

T. Rowe Price Mid-Cap Value Fund—I Class

TRMIX

T. Rowe Price Mid-Cap Value Fund—R Class

RRMVX

T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (“MULTI-SECTOR ACCOUNT PORTFOLIOS”)

 

T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio

—

T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio

—

T. Rowe Price Floating Rate Multi-Sector Account Portfolio

—

T. Rowe Price High Yield Multi-Sector Account Portfolio

—

T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio

—

T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio

—

T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.

 

T. Rowe Price Multi-Strategy Total Return Fund

TMSRX

T. Rowe Price Multi-Strategy Total Return Fund—Advisor Class

TMSAX

T. Rowe Price Multi-Strategy Total Return Fund—I Class

TMSSX

T. ROWE PRICE NEW AMERICA GROWTH FUND, INC.

 

T. Rowe Price New America Growth Fund

PRWAX

T. Rowe Price New America Growth Fund—Advisor Class

PAWAX

T. Rowe Price New America Growth Fund—I Class

PNAIX

T. ROWE PRICE NEW ERA FUND, INC.

 

T. Rowe Price New Era Fund

PRNEX

T. Rowe Price New Era Fund—I Class

TRNEX

T. ROWE PRICE NEW HORIZONS FUND, INC.

 

T. Rowe Price New Horizons Fund

PRNHX

T. Rowe Price New Horizons Fund—I Class

PRJIX

T. ROWE PRICE NEW INCOME FUND, INC.

 

T. Rowe Price New Income Fund

PRCIX

T. Rowe Price New Income Fund—Advisor Class

PANIX

T. Rowe Price New Income Fund—I Class

PRXEX

T. Rowe Price New Income Fund—R Class

RRNIX

T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.

 

T. Rowe Price QM Global Equity Fund

TQGEX

T. Rowe Price QM Global Equity Fund—Advisor Class

TQGAX

T. Rowe Price QM Global Equity Fund—I Class

TQGIX

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund

TQSMX

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

TQSAX

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—I Class

TQSIX

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund

PRDSX

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—Advisor Class

TQAAX

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—I Class

TQAIX

6

  

T. Rowe Price QM U.S. Value Equity Fund

TQMVX

T. Rowe Price QM U.S. Value Equity Fund—Advisor Class

TQVAX

T. Rowe Price QM U.S. Value Equity Fund—I Class

TQVIX

T. ROWE PRICE REAL ASSETS FUND, INC.

 

T. Rowe Price Real Assets Fund

PRAFX

T. Rowe Price Real Assets Fund—I Class

PRIKX

T. ROWE PRICE REAL ESTATE FUND, INC.

 

T. Rowe Price Real Estate Fund

TRREX

T. Rowe Price Real Estate Fund—Advisor Class

PAREX

T. Rowe Price Real Estate Fund—I Class

TIRRX

T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (“TRP RESERVE FUNDS”)

 

T. Rowe Price Government Reserve Fund

—

T. Rowe Price Short-Term Fund

—

T. Rowe Price Short-Term Government Fund

—

T. Rowe Price Treasury Reserve Fund

—

T. ROWE PRICE RETIREMENT FUNDS, INC. (“RETIREMENT FUNDS”)

 

T. Rowe Price Retirement 2005 Fund

TRRFX

T. Rowe Price Retirement 2005 Fund—Advisor Class

PARGX

T. Rowe Price Retirement 2005 Fund—R Class

RRTLX

T. Rowe Price Retirement 2010 Fund

TRRAX

T. Rowe Price Retirement 2010 Fund—Advisor Class

PARAX

T. Rowe Price Retirement 2010 Fund—R Class

RRTAX

T. Rowe Price Retirement 2015 Fund

TRRGX

T. Rowe Price Retirement 2015 Fund—Advisor Class

PARHX

T. Rowe Price Retirement 2015 Fund—R Class

RRTMX

T. Rowe Price Retirement 2020 Fund

TRRBX

T. Rowe Price Retirement 2020 Fund—Advisor Class

PARBX

T. Rowe Price Retirement 2020 Fund—R Class

RRTBX

T. Rowe Price Retirement 2025 Fund

TRRHX

T. Rowe Price Retirement 2025 Fund—Advisor Class

PARJX

T. Rowe Price Retirement 2025 Fund—R Class

RRTNX

T. Rowe Price Retirement 2030 Fund

TRRCX

T. Rowe Price Retirement 2030 Fund—Advisor Class

PARCX

T. Rowe Price Retirement 2030 Fund—R Class

RRTCX

T. Rowe Price Retirement 2035 Fund

TRRJX

T. Rowe Price Retirement 2035 Fund—Advisor Class

PARKX

T. Rowe Price Retirement 2035 Fund—R Class

RRTPX

T. Rowe Price Retirement 2040 Fund

TRRDX

T. Rowe Price Retirement 2040 Fund—Advisor Class

PARDX

T. Rowe Price Retirement 2040 Fund—R Class

RRTDX

T. Rowe Price Retirement 2045 Fund

TRRKX

T. Rowe Price Retirement 2045 Fund—Advisor Class

PARLX

T. Rowe Price Retirement 2045 Fund—R Class

RRTRX

T. Rowe Price Retirement 2050 Fund

TRRMX

7

  

T. Rowe Price Retirement 2050 Fund—Advisor Class

PARFX

T. Rowe Price Retirement 2050 Fund—R Class

RRTFX

T. Rowe Price Retirement 2055 Fund

TRRNX

T. Rowe Price Retirement 2055 Fund—Advisor Class

PAROX

T. Rowe Price Retirement 2055 Fund—R Class

RRTVX

T. Rowe Price Retirement 2060 Fund

TRRLX

T. Rowe Price Retirement 2060 Fund—Advisor Class

TRRYX

T. Rowe Price Retirement 2060 Fund—R Class

TRRZX

T. Rowe Price Retirement Balanced Fund

TRRIX

T. Rowe Price Retirement Balanced Fund—Advisor Class

PARIX

T. Rowe Price Retirement Balanced Fund—R Class

RRTIX

T. Rowe Price Retirement I 2005 Fund—I Class

TRPFX

T. Rowe Price Retirement I 2010 Fund—I Class

TRPAX

T. Rowe Price Retirement I 2015 Fund—I Class

TRFGX

T. Rowe Price Retirement I 2020 Fund—I Class

TRBRX

T. Rowe Price Retirement I 2025 Fund—I Class

TRPHX

T. Rowe Price Retirement I 2030 Fund—I Class

TRPCX

T. Rowe Price Retirement I 2035 Fund—I Class

TRPJX

T. Rowe Price Retirement I 2040 Fund—I Class

TRPDX

T. Rowe Price Retirement I 2045 Fund—I Class

TRPKX

T. Rowe Price Retirement I 2050 Fund—I Class

TRPMX

T. Rowe Price Retirement I 2055 Fund—I Class

TRPNX

T. Rowe Price Retirement I 2060 Fund—I Class

TRPLX

T. Rowe Price Retirement Balanced I Fund—I Class

TRPTX

T. Rowe Price Retirement Income 2020 Fund

TRLAX

T. Rowe Price Target 2005 Fund

TRARX

T. Rowe Price Target 2005 Fund—Advisor Class

PANRX

T. Rowe Price Target 2005 Fund—I Class

TFRRX

T. Rowe Price Target 2010 Fund

TRROX

T. Rowe Price Target 2010 Fund—Advisor Class

PAERX

T. Rowe Price Target 2010 Fund—I Class

TORFX

T. Rowe Price Target 2015 Fund

TRRTX

T. Rowe Price Target 2015 Fund—Advisor Class

PAHRX

T. Rowe Price Target 2015 Fund—I Class

TTRTX

T. Rowe Price Target 2020 Fund

TRRUX

T. Rowe Price Target 2020 Fund—Advisor Class

PAIRX

T. Rowe Price Target 2020 Fund—I Class

TTURX

T. Rowe Price Target 2025 Fund

TRRVX

T. Rowe Price Target 2025 Fund—Advisor Class

PAJRX

T. Rowe Price Target 2025 Fund—I Class

TRVVX

T. Rowe Price Target 2030 Fund

TRRWX

T. Rowe Price Target 2030 Fund—Advisor Class

PAKRX

T. Rowe Price Target 2030 Fund—I Class

TWRRX

T. Rowe Price Target 2035 Fund

RPGRX

8

  

T. Rowe Price Target 2035 Fund—Advisor Class

PATVX

T. Rowe Price Target 2035 Fund—I Class

TPGPX

T. Rowe Price Target 2040 Fund

TRHRX

T. Rowe Price Target 2040 Fund—Advisor Class

PAHHX

T. Rowe Price Target 2040 Fund—I Class

TRXRX

T. Rowe Price Target 2045 Fund

RPTFX

T. Rowe Price Target 2045 Fund—Advisor Class

PAFFX

T. Rowe Price Target 2045 Fund—I Class

TRFWX

T. Rowe Price Target 2050 Fund

TRFOX

T. Rowe Price Target 2050 Fund—Advisor Class

PAOFX

T. Rowe Price Target 2050 Fund—I Class

TOORX

T. Rowe Price Target 2055 Fund

TRFFX

T. Rowe Price Target 2055 Fund—Advisor Class

PAFTX

T. Rowe Price Target 2055 Fund—I Class

TRPPX

T. Rowe Price Target 2060 Fund

TRTFX

T. Rowe Price Target 2060 Fund—Advisor Class

TRTGX

T. Rowe Price Target 2060 Fund—I Class

TTOIX

T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC.

 

T. Rowe Price Science & Technology Fund

PRSCX

T. Rowe Price Science & Technology Fund—Advisor Class

PASTX

T. Rowe Price Science & Technology Fund—I Class

TSNIX

T. ROWE PRICE SHORT-TERM BOND FUND, INC.

 

T. Rowe Price Short-Term Bond Fund

PRWBX

T. Rowe Price Short-Term Bond Fund—Advisor Class

PASHX

T. Rowe Price Short-Term Bond Fund—I Class

TBSIX

T. Rowe Price Ultra Short-Term Bond Fund

TRBUX

T. Rowe Price Ultra Short-Term Bond Fund—I Class

TRSTX

T. ROWE PRICE SMALL-CAP STOCK FUND, INC.

 

T. Rowe Price Small-Cap Stock Fund

OTCFX

T. Rowe Price Small-Cap Stock Fund—Advisor Class

PASSX

T. Rowe Price Small-Cap Stock Fund—I Class

OTIIX

T. ROWE PRICE SMALL-CAP VALUE FUND, INC.

 

T. Rowe Price Small-Cap Value Fund

PRSVX

T. Rowe Price Small-Cap Value Fund—Advisor Class

PASVX

T. Rowe Price Small-Cap Value Fund—I Class

PRVIX

T. ROWE PRICE SPECTRUM FUND, INC. (“SPECTRUM FUNDS”)

 

Spectrum Growth Fund

PRSGX

Spectrum Income Fund

RPSIX

Spectrum International Fund

PSILX

T. ROWE PRICE SPECTRUM FUNDS II, INC. (“SPECTRUM FUNDS II”)

 

T. Rowe Price Spectrum Conservative Allocation Fund (formerly T. Rowe Price Personal Strategy Income Fund)

PRSIX

T. Rowe Price Spectrum Conservative Allocation Fund—I Class (formerly T. Rowe Price Personal Strategy Income Fund—I Class)

PPIPX

9

  

T. Rowe Price Spectrum Moderate Allocation Fund (formerly T. Rowe Price Personal Strategy Balanced Fund)

TRPBX

T. Rowe Price Spectrum Moderate Allocation Fund—I Class (formerly T. Rowe Price Personal Strategy Balanced Fund—I Class)

TPPAX

T. Rowe Price Spectrum Moderate Growth Allocation Fund (formerly T. Rowe Price Personal Strategy Growth Fund)

TRSGX

T. Rowe Price Spectrum Moderate Growth Allocation Fund—I Class (formerly T. Rowe Price Personal Strategy Growth Fund)

TGIPX

T. ROWE PRICE STATE TAX-FREE FUNDS, INC.

 

T. Rowe Price California Tax-Free Bond Fund

PRXCX

T. Rowe Price California Tax-Free Bond Fund—I Class

TCFEX

T. Rowe Price California Tax-Free Money Fund

PCTXX

T. Rowe Price California Tax-Free Money Fund—I Class

TCBXX

T. Rowe Price Georgia Tax-Free Bond Fund

GTFBX

T. Rowe Price Georgia Tax-Free Bond Fund—I Class

TBGAX

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund

PRMDX

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund—I Class

TRMUX

T. Rowe Price Maryland Tax-Free Bond Fund

MDXBX

T. Rowe Price Maryland Tax-Free Bond Fund—I Class

TFBIX

T. Rowe Price Maryland Tax-Free Money Fund

TMDXX

T. Rowe Price Maryland Tax-Free Money Fund—I Class

TWNXX

T. Rowe Price New Jersey Tax-Free Bond Fund

NJTFX

T. Rowe Price New Jersey Tax-Free Bond Fund—I Class

TRJIX

T. Rowe Price New York Tax-Free Bond Fund

PRNYX

T. Rowe Price New York Tax-Free Bond Fund—I Class

TRYIX

T. Rowe Price New York Tax-Free Money Fund

NYTXX

T. Rowe Price New York Tax-Free Money Fund—I Class

TRNXX

T. Rowe Price Virginia Tax-Free Bond Fund

PRVAX

T. Rowe Price Virginia Tax-Free Bond Fund—I Class

TFBVX

T. ROWE PRICE SUMMIT FUNDS, INC. (“SUMMIT INCOME FUNDS”)

 

T. Rowe Price Cash Reserves Fund

TSCXX

T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (“SUMMIT MUNICIPAL FUNDS”)

 

T. Rowe Price Summit Municipal Income Fund

PRINX

T. Rowe Price Summit Municipal Income Fund—Advisor Class

PAIMX

T. Rowe Price Summit Municipal Income Fund—I Class

PRIMX

T. Rowe Price Summit Municipal Intermediate Fund

PRSMX

T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class

PAIFX

T. Rowe Price Summit Municipal Intermediate Fund—I Class

PRTMX

T. Rowe Price Summit Municipal Money Market Fund

TRSXX

T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (“TAX-EFFICIENT FUNDS”)

 

T. Rowe Price Tax-Efficient Equity Fund

PREFX

T. Rowe Price Tax-Efficient Equity Fund—I Class

TEEFX

T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC.

 

T. Rowe Price Tax-Exempt Money Fund

PTEXX

T. Rowe Price Tax-Exempt Money Fund—I Class

TERXX

10

  

T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC.

 

T. Rowe Price Tax-Free High Yield Fund

PRFHX

T. Rowe Price Tax-Free High Yield Fund—Advisor Class

PATFX

T. Rowe Price Tax-Free High Yield Fund—I Class

PTYIX

T. ROWE PRICE TAX-FREE INCOME FUND, INC.

 

T. Rowe Price Tax-Free Income Fund

PRTAX

T. Rowe Price Tax-Free Income Fund—Advisor Class

PATAX

T. Rowe Price Tax-Free Income Fund—I Class

TFILX

T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.

 

T. Rowe Price Tax-Free Short-Intermediate Fund

PRFSX

T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class

PATIX

T. Rowe Price Tax-Free Short-Intermediate Fund—I Class

TTSIX

T. ROWE PRICE TOTAL RETURN FUND, INC.

 

T. Rowe Price Total Return Fund

PTTFX

T. Rowe Price Total Return Fund—Advisor Class

PTATX

T. Rowe Price Total Return Fund—I Class

PTKIX

T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC.

 

T. Rowe Price U.S. Bond Enhanced Index Fund

PBDIX

T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC. (FORMERLY T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.)

 

T. Rowe Price U.S. Equity Research Fund (formerly T. Rowe Price Capital Opportunity Fund)

PRCOX

T. Rowe Price U.S. Equity Research Fund—Advisor Class (formerly T. Rowe Price Capital Opportunity Fund—Advisor Class)

PACOX

T. Rowe Price U.S. Equity Research Fund—I Class (formerly T. Rowe Price Capital Opportunity Fund—I Class)

PCCOX

T. Rowe Price U.S. Equity Research Fund—R Class (formerly T. Rowe Price Capital Opportunity Fund—R Class)

RRCOX

T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC.

 

T. Rowe Price U.S. Large-Cap Core Fund

TRULX

T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class

PAULX

T. Rowe Price U.S. Large-Cap Core Fund—I Class

RCLIX

T. ROWE PRICE U.S. TREASURY FUNDS, INC. (“U.S. TREASURY FUNDS”)

 

U.S. Treasury Intermediate Fund

PRTIX

U.S. Treasury Intermediate Fund—I Class

PRKIX

U.S. Treasury Long-Term Fund

PRULX

U.S. Treasury Long-Term Fund—I Class

PRUUX

U.S. Treasury Money Fund

PRTXX

U.S. Treasury Money Fund—I Class

TRGXX

T. ROWE PRICE VALUE FUND, INC.

 

T. Rowe Price Value Fund

TRVLX

T. Rowe Price Value Fund—Advisor Class

PAVLX

T. Rowe Price Value Fund—I Class

TRPIX

11

Mailing Address:

T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, Maryland 21202
1-800-638-5660

This SAI is not a prospectus but should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. Rowe Price Investment Services, Inc. (“Investment Services”).

Each fund’s financial statements for its most recent fiscal period and the Report of Independent Registered Public Accounting Firm are included in each fund’s annual or semiannual report and incorporated by reference into this SAI. China Evolution Equity Fund, China Evolution Equity Fund—I Class, Dynamic Credit Fund, Dynamic Credit Fund—I Class, International Bond Fund (USD Hedged)—Z Class, Short-Term Government Fund, Summit Municipal Income Fund—I Class, and Summit Municipal Intermediate Fund—I Class have not been in operation long enough to have complete financial statements.

If you would like a prospectus or an annual or semiannual shareholder report for a fund, please visit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.

12

PART I – TABLE OF CONTENTS

Page

  

Management of the Funds

18

Principal Holders of Securities

107

Investment Management Agreements

220

Third-Party Arrangements

259

Distributor for the Funds

267

Page

  

Portfolio Transactions

271

Securities Lending Activities

299

Independent Registered Public Accounting Firm

305

Part II

306

References to the following are as indicated:

Fitch Ratings, Inc. (“Fitch”)

Internal Revenue Code of 1986, as amended (“Code”)

Internal Revenue Service (“IRS”)

Investment Company Act of 1940, as amended (“1940 Act”)

Moody’s Investors Service, Inc. (“Moody’s”)

Securities Act of 1933, as amended (“1933 Act”)

Securities and Exchange Commission (“SEC”)

Securities Exchange Act of 1934, as amended (“1934 Act”)

S&P Global Ratings (“S&P”)

T. Rowe Price Associates, Inc. (“T. Rowe Price” or “Price Associates”)

T. Rowe Price Hong Kong Limited (“Price Hong Kong”)

T. Rowe Price Japan, Inc. (“Price Japan”)

T. Rowe Price International Ltd (“T. Rowe Price International” or “Price International Ltd”)

T. Rowe Price Singapore Private Ltd. (“Price Singapore”)

While many Price Funds are offered in more than one share class, not all funds are offered in the share classes described below. The front cover of each Price Fund’s prospectus indicates which share classes are available for the fund.

Investor Class

The Investor Class is available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly through T. Rowe Price or through a financial intermediary. A Price Fund (other than an institutional fund) that does not indicate a specific share class after its name is considered to be the Investor Class of that fund.

I Class

The I Class generally requires a $1 million initial investment minimum, although the minimum generally is waived for financial intermediaries, retirement plans, and certain institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority. I Class shares are generally designed to be sold to retirement plans, financial intermediaries, and other institutional investors, as well as individuals meeting the investment minimum or other specific criteria. The I Class may be purchased directly through T. Rowe Price or through a financial intermediary.

Advisor Class

The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and financial advisors. The Advisor Class must be purchased through an eligible intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.

R Class

The R Class is designed to be sold only through various third-party intermediaries that offer employer-sponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others. The R Class must be purchased through an eligible intermediary (except for

13

certain retirement plans held directly with T. Rowe Price). The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.

Institutional Funds

Most of the T. Rowe Price institutional funds are available only in a single share class (referred to as the “Institutional Class”). The Institutional Class (other than their F Class shares) generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts, and certain other accounts. The Institutional Class is designed for institutional investors, which typically include, but are not limited to: corporations, endowments and foundations, charitable trusts, investment companies and other pooled vehicles, defined benefit and defined contribution retirement plans, broker-dealers, registered investment advisers, banks and bank trust programs, and Section 529 college savings plans. Institutional funds may be purchased directly through T. Rowe Price or through a financial intermediary.

F Class

The F Class is a separate share class of certain institutional funds and is designed to be sold only through financial advisors and certain third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services. F Class shares are not intended to be offered by intermediaries through a mutual fund “supermarket” platform. The F Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.

Z Class

The Z Class is only available to funds advised by T. Rowe Price and other advisory clients of T. Rowe Price or its affiliates that are subject to a contractual fee for investment management services. The Z Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.

Mid-Cap Index Fund, Multi-Sector Account Portfolios, Small-Cap Index Fund, and TRP Reserve Funds

These funds are not available for direct purchase by members of the public. Shares of these funds may only be purchased by or on behalf of mutual funds, Section 529 college savings plans, or certain institutional client accounts for which T. Rowe Price or one of its affiliates has discretionary investment authority.

PART I

Below is a table showing the prospectus and shareholder report dates for each fund. Each prospectus and shareholder report includes information on all share classes available for a fund. The table also lists each fund’s category, which should be used to identify groups of funds that are referenced throughout this SAI. The prospectus date shown for each fund reflects the date that the prospectus will be annually updated once the fund has been in operation at its fiscal year-end.

      

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Africa & Middle East Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Asia Opportunities Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Balanced Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Blue Chip Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

California Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

California Tax-Free Money Fund

State Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Capital Appreciation Fund

Equity

Dec 31

Dec 31

June 30

May 1

Cash Reserves Fund

Taxable Money

Oct 31

Oct 31

Apr 30

March 1

China Evolution Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Communications & Technology Fund

Equity

Dec 31

Dec 31

June 30

May 1

Corporate Income Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Credit Opportunities Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Diversified Mid-Cap Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Dividend Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Dynamic Credit Fund

Taxable Bond

Dec 31

Dec 31

June 30

May 1

Dynamic Global Bond Fund

Taxable Bond

Dec 31

Dec 31

June 30

May 1

Emerging Europe Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

14

      

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Emerging Markets Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Corporate Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Corporate Multi-Sector Account Portfolio

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Discovery Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Emerging Markets Local Currency Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Local Multi-Sector Account Portfolio

International Bond

Dec 31

Dec 31

June 30

May 1

Emerging Markets Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Equity Income Fund

Equity

Dec 31

Dec 31

June 30

May 1

Equity Index 500 Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

European Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Extended Equity Market Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Financial Services Fund

Equity

Dec 31

Dec 31

June 30

May 1

Floating Rate Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Floating Rate Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Georgia Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Global Allocation Fund

Asset Allocation

Oct 31

Oct 31

Apr 30

March 1

Global Consumer Fund

Equity

Dec 31

Dec 31

June 30

May 1

Global Growth Stock Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Global High Income Bond Fund

Taxable Bond

Dec 31

Dec 31

June 30

May 1

Global Industrials Fund

Equity

Dec 31

Dec 31

June 30

May 1

Global Multi-Sector Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Global Real Estate Fund

Equity

Dec 31

Dec 31

June 30

May 1

Global Stock Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Global Technology Fund

Equity

Dec 31

Dec 31

June 30

May 1

GNMA Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Government Money Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Government Reserve Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Growth & Income Fund

Equity

Dec 31

Dec 31

June 30

May 1

Growth Stock Fund

Equity

Dec 31

Dec 31

June 30

May 1

Health Sciences Fund

Equity

Dec 31

Dec 31

June 30

May 1

High Yield Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

High Yield Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Inflation Protected Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Africa & Middle East Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Cash Reserves Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Institutional Core Plus Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Emerging Markets Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

Institutional Emerging Markets Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Floating Rate Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Frontier Markets Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Global Value Equity Fund

Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional High Yield Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional International Core Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional International Disciplined Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

15

      

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Institutional International Growth Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Institutional Large-Cap Core Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Large-Cap Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Large-Cap Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Long Duration Credit Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Institutional Mid-Cap Equity Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Institutional Small-Cap Stock Fund

Equity

Dec 31

Dec 31

June 30

May 1

Intermediate Tax-Free High Yield Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

International Bond Fund

International Bond

Dec 31

Dec 31

June 30

May 1

International Bond Fund (USD Hedged)

International Bond

Dec 31

Dec 31

June 30

May 1

International Disciplined Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Discovery Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Equity Index Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

International Value Equity Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Investment-Grade Corporate Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Japan Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Latin America Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

Limited Duration Inflation Focused Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Maryland Short-Term Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Maryland Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Maryland Tax-Free Money Fund

State Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Mid-Cap Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Mid-Cap Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Mortgage-Backed Securities Multi-Sector Account Portfolio

Taxable Bond

Feb 28

Feb 28

Aug 30

July 1

Multi-Strategy Total Return Fund

Asset Allocation

Oct 31

Oct 31

Apr 30

March 1

New America Growth Fund

Equity

Dec 31

Dec 31

June 30

May 1

New Asia Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

New Era Fund

Equity

Dec 31

Dec 31

June 30

May 1

New Horizons Fund

Equity

Dec 31

Dec 31

June 30

May 1

New Income Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

New Jersey Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

New York Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

New York Tax-Free Money Fund

State Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Overseas Stock Fund

International Equity

Oct 31

Oct 31

Apr 30

March 1

QM Global Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

QM U.S. Small & Mid-Cap Core Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

QM U.S. Small-Cap Growth Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

QM U.S. Value Equity Fund

Equity

Dec 31

Dec 31

June 30

May 1

Real Assets Fund

Equity

Dec 31

Dec 31

June 30

May 1

Real Estate Fund

Equity

Dec 31

Dec 31

June 30

May 1

Retirement 2005 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2010 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2015 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2020 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

16

      

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Retirement 2025 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2030 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2035 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2040 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2045 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2050 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2055 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement 2060 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement Balanced Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Retirement Income 2020 Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Science & Technology Fund

Equity

Dec 31

Dec 31

June 30

May 1

Short-Term Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Short-Term Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Short-Term Government Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Small-Cap Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Small-Cap Stock Fund

Equity

Dec 31

Dec 31

June 30

May 1

Small-Cap Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Spectrum Conservative Allocation Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Spectrum Growth Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Spectrum Income Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Spectrum International Fund

Asset Allocation

Dec 31

Dec 31

June 30

May 1

Spectrum Moderate Allocation Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Spectrum Moderate Growth Allocation Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Summit Municipal Income Fund

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Intermediate Fund

Tax-Free Bond

Oct 31

Oct 31

Apr 30

March 1

Summit Municipal Money Market Fund

Tax-Free Money

Oct 31

Oct 31

Apr 30

March 1

Target 2005 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2010 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2015 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2020 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2025 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2030 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2035 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2040 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2045 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2050 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2055 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Target 2060 Fund

Asset Allocation

May 31

May 31

Nov 30

Oct 1

Tax-Efficient Equity Fund

Equity

Feb 28

Feb 28

Aug 30

July 1

Tax-Exempt Money Fund

Tax-Free Money

Feb 28

Feb 28

Aug 30

July 1

Tax-Free High Yield Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Tax-Free Income Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Tax-Free Short-Intermediate Fund

Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

Total Equity Market Index Fund

Index Equity

Dec 31

Dec 31

June 30

May 1

Total Return Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

Treasury Reserve Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

U.S. Bond Enhanced Index Fund

Index Bond

Oct 31

Oct 31

Apr 30

March 1

U.S. Equity Research Fund

Equity

Dec 31

Dec 31

June 30

May 1

U.S. High Yield Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

U.S. Large-Cap Core Fund

Equity

Dec 31

Dec 31

June 30

May 1

U.S. Treasury Intermediate Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

U.S. Treasury Long-Term Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

U.S. Treasury Money Fund

Taxable Money

May 31

May 31

Nov 30

Oct 1

Ultra Short-Term Bond Fund

Taxable Bond

May 31

May 31

Nov 30

Oct 1

17

      

Fund

Fund Category

Fiscal
Year-End

Annual Report
Date

Semiannual
Report Date

Prospectus
Date

Value Fund

Equity

Dec 31

Dec 31

June 30

May 1

Virginia Tax-Free Bond Fund

State Tax-Free Bond

Feb 28

Feb 28

Aug 30

July 1

MANAGEMENT OF THE FUNDS

The officers and directors of the Price Funds are listed on the following pages. Unless otherwise noted, the address of each officer and director is 100 East Pratt Street, Baltimore, Maryland 21202.

Each fund is overseen by a Board of Directors (“Board”) that meets regularly to review a wide variety of matters affecting or potentially affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Boards elect the funds’ officers and are responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland, and other applicable laws. At least 75% of each Board’s members are considered to be independent as defined in Section 2(19) of the 1940 Act, of the Boards of T. Rowe Price and its affiliates. The directors who are also employees or officers of T. Rowe Price are considered to be inside or interested directors because of their relationships with T. Rowe Price and its affiliates. Each inside director and officer (except as indicated in the tables setting forth the directors’ and officers’ principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards held five regularly scheduled formal meetings during calendar year 2018. Although the Boards have direct responsibility over various matters (such as approval of advisory contracts and review of fund performance), each Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Boards. The Boards believe that a committee structure is an effective means to permit directors to focus on particular operations or issues affecting the funds, including risk oversight. Each Board currently has three standing committees, a Joint Nominating and Governance Committee, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs.

Robert J. Gerrard, Jr., an independent director, began serving as the Chairman of the Board of each Price Fund on July 25, 2018. The Chairman presides at all shareholder meetings, meetings of the Boards, and all executive sessions of the independent directors. He also reviews and provides guidance on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. Prior to July 25, 2018, Edward C. Bernard, who was an inside director, served as the Chairman of the Board of each fund, and the independent directors had designated a Lead Independent Director (who functioned as a liaison between the Chairman and the other independent directors). Until Mr. Gerrard was appointed Chairman, John G. Schreiber had served as interim Lead Independent Director of each Board. Each fund’s Board has determined that its leadership and committee structure is appropriate because the Board believes that it sets the proper tone for the relationship between the fund, on the one hand, and T. Rowe Price or its affiliates and the fund’s other principal service providers, on the other, and facilitates the exercise of the Board’s independent judgment in evaluating and managing the relationships. In addition, the structure efficiently allocates responsibility among committees and the full Board. The same independent directors currently serve on the Boards of all of the Price Funds. This approach is designed to provide effective governance by exposing the independent directors to a wider range of business issues and market trends, allowing the directors to better share their knowledge, background, and experience and permitting the Boards to operate more efficiently, particularly with respect to matters common to all Price Funds.

The Joint Nominating and Governance Committee, which was previously named the Committee of Independent Directors, consists of all of the independent directors of the funds, and is responsible for, among other things, seeking, reviewing, and selecting candidates to fill independent director vacancies on each fund’s Board; periodically evaluating the compensation payable to the independent directors; and performing certain functions with respect to the governance of the funds. The Chairman of the Board of the Price Funds serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for independent directors. Nominees, like current directors, will be considered based on the ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the funds’ management and counsel and the various service providers to the funds; and to exercise reasonable business judgment in the performance of their duties as directors. Nominees will be considered in light of their individual experience, qualifications, attributes, or skills. Nominees will also be considered

18

based on their independence from T. Rowe Price and other principal service providers. Other than executive sessions in connection with Board meetings, the Committee of Independent Directors (which was renamed the Joint Nominating and Governance Committee on July 25, 2018) formally met one time in 2018.

The Joint Audit Committee consists of only independent directors. The current members of the committee are Teresa Bryce Bazemore, Ronald J. Daniels, Robert J. Gerrard, Jr., and John G. Schreiber. Ms. Bazemore serves as chairman of the committee and is considered an “audit committee financial expert,” as defined by the SEC. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds three regular meetings during each fiscal year. Two of the meetings include the attendance of the independent registered public accounting firm of the Price Funds as the Joint Audit Committee reviews: (1) the services provided; (2) the findings of the most recent audits; (3) management’s response to the findings of the most recent audits; (4) the scope of the audits to be performed; (5) the accountants’ fees; (6) the qualifications, independence, and performance of the independent registered public accounting firm; and (7) any accounting questions relating to particular areas of the Price Funds’ operations, accounting service provider performance, or the operations of parties dealing with the Price Funds, as circumstances indicate. A third meeting is devoted primarily to a review of the risk management program of the funds’ investment adviser. The Joint Audit Committee met five times in 2018.

The Executive Committee, which consists of each fund’s interested directors, has been authorized by the Boards to exercise all powers of the Boards of the funds in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Executive Committee must be approved in advance by one independent director and reviewed after the fact by the full Board. The Executive Committee for each fund does not hold regularly scheduled meetings. The Executive Committee was not called upon to take any action on behalf of any funds during 2018.

From time to time, the independent directors may create a special committee (“Special Committee”) or an ad hoc working group comprised of independent directors, whose purpose is to review certain limited topics that require in-depth consideration outside of the Boards’ regular review.

Like other mutual funds, the Price Funds are subject to various risks, including investment, compliance, operational, and valuation risks, among others. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. The Board, directly or through its committees, interacts with and reviews reports from, among others, the investment adviser or its affiliates, the funds’ Chief Compliance Officer, the funds’ independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks faced by the funds and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from the Chief Risk Officer and members of the adviser’s Risk and Operational Steering Committee on the significant risks inherent to the adviser’s business, including aggregate investment risks, reputational risk, business continuity risk, technology and cyber-security risk, and operational risk. The actual day-to-day risk management functions with respect to the funds are subsumed within the responsibilities of the investment adviser, its affiliates that serve as investment subadvisers to the funds, and other service providers (depending on the nature of the risk) that carry out the funds’ investment management and business affairs. Although the risk management policies of T. Rowe Price and its affiliates, and the funds’ other service providers, are reasonably designed to be effective, those policies and their implementation vary among service providers over time, and there is no guarantee that they will always be effective. An investment in a Price Fund may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers or trading counterparties. Although the funds attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result. Processes and controls developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks may be simply beyond any control of the funds, T. Rowe Price and its affiliates, or other service providers.

Each director’s experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, have led to the conclusion that each director should serve on the Boards of the Price Funds. Attributes common to all directors include the ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the funds’ management and counsel and the various service providers to the funds; and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the actual service and

19

commitment of the directors during their tenure on the funds’ Boards is taken into consideration in concluding that each should continue to serve. A director’s ability to perform his or her duties effectively may have been attained through his or her educational background or professional training; business, consulting, public service, or academic positions; experience from service as a director of the Price Funds, public companies, nonprofit entities, or other organizations; or other experiences. Each director brings a diverse perspective to the Boards.

At a special joint shareholder meeting held on July 25, 2018 (the “Shareholder Meeting”), shareholders of all Price Funds elected four directors to each fund’s Board, two inside directors and two independent directors. Shareholders elected (1) Teresa Bryce Bazemore and Ronald J. Daniels, each of whom had been serving as an independent director on the Boards of all of the Price Funds, to continue serving on the Boards of all of the Price Funds; (2) Edward A. Wiese, who had been serving as an inside director for all of the domestic fixed income Price Funds, to continue serving on the Boards of the domestic fixed income funds; (3) Robert W. Sharps, who had been serving as an inside director for all of the equity and international fixed income Price Funds, to continue to serving on the Boards of the equity and international fixed income funds; and (4) David Oestreicher to begin serving as an inside director on the Boards of all of the Price Funds. The remaining directors were not nominated for election at the Shareholder Meeting as they were previously elected by each fund’s shareholders at a shareholder meeting held on October 22, 2013. It was agreed at the Shareholder Meeting that all of the remaining directors, other than Edward C. Bernard, would continue serving on the Boards. At the conclusion of a meeting of the Boards that immediately followed the Shareholder Meeting, Mr. Bernard resigned from his role as director and Chairman of the Boards and the Board appointed Robert J. Gerrard, Jr., independent director, as Chairman of the Board of all Price Funds for a 5 year term.

Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each current director, as well as former directors who served on the Board during 2018, that led to the conclusion that he or she should serve as a director.

Edward C. Bernard (served as Chairman of the Boards until July 25, 2018) served as an inside director and Chairman of the Board of all the Price Funds from 2006 until July 25, 2018. Mr. Bernard resigned from his role as a director and Chairman of the Boards of all the Price Funds on July 25, 2018, and he retired from T. Rowe Price on December 31, 2018. He also served as a director and nonexecutive vice-chairman of the board of T. Rowe Price Group, Inc. until April 2019. Mr. Bernard has more than 30 years of experience in the investment management industry, all of which have been with T. Rowe Price. In addition to his responsibilities with T. Rowe Price and the Price Funds, Mr. Bernard served until 2018 on the Board of Governors of the Investment Company Institute (“ICI”), the national trade association for the mutual fund industry, and he served as its chairman (from 2009 to 2011) and vice chairman (from 2011 through 2013).

Teresa Bryce Bazemore has more than 25 years of experience as a senior executive in the mortgage banking field, including building both mortgage insurance and services businesses. From July 2008 through April 2017, Ms. Bazemore served as the President of Radian Guaranty where she oversaw the strategic planning, business development, and operations of the mortgage insurance business line. Prior to Radian Guaranty, she was Senior Vice President, General Counsel, and Secretary for Nexstar Financial Corporation, and General Counsel of the mortgage banking line of business at Bank of America. Ms. Bazemore currently serves on the Board of Directors of the Federal Home Loan Bank of Pittsburgh and of Chimera Investment Corporation and on the Advisory Board of the University of Virginia Center for Politics. She has been an independent director of the Price Funds since January 2018 and became the chairman of the Joint Audit Committee in August 2019.

Ronald J. Daniels is the 14th president of Johns Hopkins University, a position he has held since 2009. In that role, he serves as the chair of the Executive Committee of Johns Hopkins Medicine and is a professor in the Department of Political Science. Previously, he was provost and professor of law at the University of Pennsylvania and dean and James M. Tory Professor of Law at the University of Toronto. He has been an independent director of the Price Funds since January 2018 and he became a member of the Joint Audit Committee in August 2019.

Bruce W. Duncan has substantial experience in the field of commercial real estate. He currently serves as chairman of the Board of First Industrial Realty Trust, and he served as president until September 2016 and chief executive officer until December 2016. In November 2018, Mr. Duncan became a senior advisor to KKR. In May 2016, Mr. Duncan became a member of the board of Boston Properties, and he is currently a member of the nominating and governance committee and the compensation committee of Boston Properties. In September 2016, Mr. Duncan became a member of the board of Marriott International, Inc. and is currently a member of the audit committee of Marriott International, Inc. He has been

20

an independent director of the Price Funds since October 2013; in September 2014, he became a member of the Joint Audit Committee; and served as chairman of the Joint Audit Committee from July 2017 to August 2019.

Robert J. Gerrard, Jr. was appointed as Chairman of the Boards of all Price Funds effective July 25, 2018. He has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and served as the Chairman of the Joint Audit Committee from September 2014 to July 2017. He became Chairman of the Price Funds in July 2018 and became a member of the Joint Audit Committee in August 2019. He has substantial legal and business experience in the industries relating to communications and interactive data services. He has served on the board and compensation committee for Syniverse Holdings and served as general counsel to Scripps Networks.

Paul F. McBride has served in various management and senior leadership roles with the Black & Decker Corporation and General Electric Company. He led businesses in the materials, industrial, and consumer durable segments, and has significant global experience. He serves on the advisory board of Vizzia Technologies as well as Gilman School and Bridges Baltimore. He has been an independent director of the Price Funds since October 2013 and served as a member of the Joint Audit Committee from September 2014 to August 2019.

David Oestreicher was elected as an inside director of all Price Funds on July 25, 2018. He is the chief legal counsel for T. Rowe Price and a member of the firm’s management committee. David serves as a member of the ICI Mutual Insurance Company Board of Governors, a member of its executive committee and chairman of its risk management committee. He also serves as a director on the board of the Investment Adviser Association and previously served as the chairman of its legal and regulatory committee. In addition, he previously served as the chairman of the international committee of the ICI. Before joining T. Rowe Price in 1997, Mr. Oestreicher was special counsel in the Division of Market Regulation with the SEC.

Cecilia E. Rouse has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013) and served as a member of the Joint Audit Committee from September 2014 to August 2019. Dr. Rouse has extensive experience in the fields of higher education and economic research. She has served in a variety of roles at Princeton University, including as a dean, professor, and leader of economic research. She has also served on the boards of: MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor; the National Bureau of Economic Research, a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals; the Council on Foreign Relations, a United States nonprofit think tank specializing in U.S. foreign policy and international affairs; and The Pennington School, an independent co-educational school. She is, or has been, a member of numerous entities, including the American Economic Association, National Academy of Education, and the Association of Public Policy and Management Policy Council.

John G. Schreiber has been an independent director of the Price Funds for more than 20 years and served as a member of the Joint Audit Committee until September 2015. He has significant experience investing in real estate transactions and brings substantial financial services and investment management experience to the Boards. He is the president of Centaur Capital Partners, Inc. and a retired partner and co-founder of Blackstone Real Estate Advisors. He previously served as chairman and chief executive officer of JMB Urban Development Co. and executive vice president of JMB Realty Corporation. Mr. Schreiber currently serves on the boards of JMB Realty Corporation, Brixmor Property Group, Hilton Worldwide, and is a trustee of Loyola University of Chicago. He is a past board member of Urban Shopping Centers, Inc., Host Hotels & Resorts, Inc., The Rouse Company, General Growth Properties, AMLI Residential Properties Trust, Blackstone Mortgage Trust, Invitation Homes, and Hudson Pacific Properties.

Robert W. Sharps has been an inside director of the domestic equity and international Price Funds since April 2017 and was appointed as an inside director of all other Price Funds effective January 1, 2019. Mr. Sharps served as the co-head of Global Equities at T. Rowe Price until February 2018, at which point he became the Head of Investments. He has served as the Group Chief Investment Officer for T. Rowe Price since April 2017. He is also a member of the T. Rowe Price Management Committee, Management Compensation Committee, International Steering Committee, Equity Steering Committee, Asset Allocation Committee, Product Strategy Committee, and Fixed Income Steering Committee, and he serves as the chair of the Investment Management Steering Committee. Prior to joining T. Rowe Price in 1997, Mr. Sharps was a senior consultant at KPMG Peat Marwick. In addition to his various offices held with T. Rowe Price and its affiliates, Mr. Sharps is a Chartered Financial Analyst.

21

Mark R. Tercek (served as an independent director until February 15, 2019) served as an independent director of the Price Funds from 2009, and as a member of the Joint Audit Committee from July 2017, until his resignation from the Board and the Joint Audit Committee on February 15, 2019. Mark Tercek is CEO (2008 to present) of The Nature Conservancy (TNC), the global conservation organization known for its intense focus on collaboration and getting things done for the benefit of people and nature. He is the author of the Washington Post and Publisher’s Weekly bestselling book Nature’s Fortune: How Business and Society Thrive by Investing in Nature. Mark was Partner and Managing Director for Goldman Sachs (1984 to 2008), where he spent 24 years and launched the firm’s Environmental Markets Group. Inspired by the opportunity to help businesses, governments and environmental organizations work together in new, innovative ways, Mark left Goldman Sachs in 2008 to head up The Nature Conservancy. Mark served on the New York State 2100 Commission, which was created in the wake of Superstorm Sandy to advise Governor Andrew Cuomo and the state on how to make infrastructure more resilient to future storms. Mark is a member of several boards and councils, including the President’s Advisory Council for Resources for the Future, the Nicholas Institute for Environmental Policy Solutions, Harvard Business School's Social Enterprise Initiative, the China Council for International Cooperation on Environment and Development (CCICED), the Rockefeller Foundation Economic Council on Planetary Health, Acumen, the Science for Nature and People Partnership (SNAPP), and NatureVest. He also serves on the Williams College Board of Trustees. Mark earned an M.B.A. from Harvard in 1984 and a B.A. from Williams College in 1979.

Edward A. Wiese (served as an inside director of the domestic fixed income Price Funds until December 31, 2018) served as an inside director of the domestic fixed income Price Funds from 2015 until his resignation from the Board effective December 31, 2018. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He previously served as the director of fixed income for T. Rowe Price and as the chairman of the T. Rowe Price Fixed Income Steering Committee until December 2018, and served as a portfolio manager for various short-term bond and low-duration domestic bond strategies until December 2016. Mr. Wiese expects to retire from T. Rowe Price in 2019.

In addition, the following tables provide biographical information for the directors, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years.

Independent Directors(a)

   

Name, Year of Birth, and Number
of Portfolios in Fund Complex
Overseen by Director

Principal Occupation(s)
During Past Five Years

Directorships of Public
Companies and Other Investment Companies During Past Five Years

Teresa Bryce Bazemore

1959

186 portfolios

President, Radian Guaranty (2008 to 2017); Chief Executive Officer, Bazemore Consulting LLC (2018 to present)

Chimera Investment Corporation (2017 to present); Federal Home Loan Bank of Pittsburgh (2017 to present)

Ronald J. Daniels

1959

186 portfolios

President, The Johns Hopkins University(b) and Professor, Political Science Department, The Johns Hopkins University (2009 to present)

Lyndhurst Holdings (2015 to present)

Bruce W. Duncan

1951

186 portfolios

Chief Executive Officer and Director (January 2009 to December 2016), Chairman of the Board (January 2016 to present), and President (January 2009 to September 2016), First Industrial Realty Trust, owner and operator of industrial properties; Chairman of the Board (2005 to September 2016) and Director (1999 to September 2016), Starwood Hotels & Resorts, a hotel and leisure company; Member, Investment Company Institute Board of Governors (2017 to present); Member, Independent Directors Council Governing Board (2017 to present); Senior Advisor, KKR (November 2018 to present)

First Industrial Realty Trust (January 2016 to present); Starwood Hotels & Resorts (1999 to September 2016); Boston Properties (May 2016 to present); Marriott International, Inc. (September 2016 to present)

Robert J. Gerrard, Jr.

1952

186 portfolios

Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to January 2016)

Chairman of the Board, all funds (since July 2018)

None

22

   

Name, Year of Birth, and Number
of Portfolios in Fund Complex
Overseen by Director

Principal Occupation(s)
During Past Five Years

Directorships of Public
Companies and Other Investment Companies During Past Five Years

Paul F. McBride

1956

186 portfolios

Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018)

None

Cecilia E. Rouse, Ph.D.

1963

186 portfolios

Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Director, MDRC, a nonprofit education and social policy research organization (2011 to present); Member of National Academy of Education (2010 to present); Research Associate of Labor Studies Program at the National Bureau of Economic Research (2011 to 2015); Board Member of the National Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession of the American Economic Association (2012 to 2018); Vice President (2015 to 2016), Board Member, American Economic Association (2018 to present)

None

John G. Schreiber

1946

186 portfolios

Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Cofounder, Partner, and Cochairman of the Investment Committee, Blackstone Real Estate Advisors, L.P. (1992 to 2015); Director, Blackstone Mortgage Trust, a real estate finance company (2012 to 2016); Director and Chairman of the Board, Brixmor Property Group, Inc. (2013 to present); Director, Hilton Worldwide (2007 to present); Director, Hudson Pacific Properties (2014 to 2016); Director, Invitation Homes (2014 to 2017); Director, JMB Realty Corporation (1980 to present)

Blackstone Mortgage Trust (2012 to 2016); Hilton Worldwide (2007 to present); Brixmor Property Group, Inc. (2013 to present); Hudson Pacific Properties (2014 to 2016)

Mark R. Tercek(c)

1957

0 portfolios

President and Chief Executive Officer, The Nature Conservancy (2008 to present)

None

(a) All information about the independent directors was current as of February 19, 2019, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.

(b) William J. Stromberg, President and Chief Executive Officer of T. Rowe Price Group, Inc. (the parent company of the Price Funds’ investment adviser), has served on the Board of Trustees of Johns Hopkins University since 2014.

(c) Effective February 15, 2019, Mr. Tercek resigned from his role as independent director of the Price Funds.

Inside Directors(a)

The following persons are considered inside directors of the funds because they also serve as employees of T. Rowe Price or its affiliates. No more than two inside directors serve as directors of any fund.

The Boards invite nominations from the funds’ investment adviser for persons to serve as inside directors, and the Board reviews and approves these nominations. Each of the current inside directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. Edward C. Bernard, who retired from T. Rowe Price on December 31, 2018, had served as a director of all Price Funds and had been chairman of the Board for all Price Funds since 2006. On July 25, 2018, Mr. Bernard resigned from his role as a director of all Price Funds upon the election of David Oestreicher to ensure that each Board has only two interested directors. He also resigned from his role as Chairman of the Boards of all Price Funds and was replaced by Robert J. Gerrard, Jr., an independent director. Robert W. Sharps has served as inside director of the domestic fixed income Price Funds since January 1, 2019, and all other Price Funds since April 1, 2017. For each fund, the two inside directors serve as members of the fund’s Executive Committee. In addition, specific experience with respect to the inside directors’ occupations and directorships of public companies and other investment companies are set forth in the following table.

23

   

Name, Year of Birth, and Number
of Portfolios in Fund Complex
Overseen by Director

Principal Occupation(s)
During Past Five Years

Directorships of
Public Companies

David Oestreicher

1967

186 portfolios

Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President and Secretary, T. Rowe Price, Price Hong Kong, and T. Rowe Price International; Vice President, Price Japan and Price Singapore

Principal Executive Officer and Executive Vice President, all funds

None

Robert W. Sharps, CFA, CPA*

1971

186 portfolios

Vice President and Director, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Trust Company

President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, Multi-Strategy Total Return Fund, New America Growth Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II

None

* Mr. Sharps replaced Edward A. Wiese as director of the domestic fixed income Price Funds effective January 1, 2019.

(a) All information about the inside directors was current as of December 31, 2018, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.

Funds-of-Funds Arrangements

The Board is responsible for overseeing the business and affairs of the T. Rowe Price Funds-of-Funds, which consist of the following: Spectrum Growth Fund, Spectrum Income Fund, and Spectrum International Fund (collectively, the “Spectrum Funds”); Retirement 2005 Fund, Retirement 2010 Fund, Retirement 2015 Fund, Retirement 2020 Fund, Retirement 2025 Fund, Retirement 2030 Fund, Retirement 2035 Fund, Retirement 2040 Fund, Retirement 2045 Fund, Retirement 2050 Fund, Retirement 2055 Fund, Retirement 2060 Fund, and Retirement Balanced Fund, and their respective share classes (collectively, the “RDFs”); Retirement I 2005 Fund, Retirement I 2010 Fund, Retirement I 2015 Fund, Retirement I 2020 Fund, Retirement I 2025 Fund, Retirement I 2030 Fund, Retirement I 2035 Fund, Retirement I 2040 Fund, Retirement I 2045 Fund, Retirement I 2050 Fund, Retirement I 2055 Fund, Retirement I 2060 Fund, and Retirement Balanced I Fund (collectively the, “Retirement I Funds”); Retirement Income 2020 Fund; and Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, and Target 2060 Fund, and their respective share classes (collectively, the “TRFs”). The Spectrum Funds, RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually as a “Fund-of-Funds,” and where the policies that apply to the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are identical, the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs may be referred to collectively as “Target Date Funds.”

In generally exercising their responsibilities, the Boards, among other things, will refer to the policies, conditions, and guidelines included in an Exemptive Application (and accompanying Notice and Order) originally granted by the SEC in connection with the creation and operation of the Spectrum Funds. The RDFs rely on this same Exemptive Application and Order because the order was designed to cover any Fund-of-Funds arrangements that operate in a similar manner to the Spectrum Funds. The Retirement I Funds, Retirement Income 2020 Fund, and TRFs do not rely on this Exemptive Order since they bear their own operating expenses and do not operate in a similar manner to the other Funds-of-Funds.

In connection with the Exemptive Order, the various Price Funds in which the Funds-of-Funds invest (collectively, the “underlying Price Funds”) have entered into Special Servicing Agreements with T. Rowe Price and each respective Spectrum Fund and/or RDF in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Spectrum Fund and/or RDF invests will bear its proportionate share of the expenses of that Fund-of-Funds if, and to the extent that, the underlying Price Fund’s savings from the operation of the Spectrum Fund or RDF exceeds these expenses. Pursuant to the Exemptive Order and Special Servicing Agreement, T. Rowe Price has agreed to bear any expenses of the Spectrum Fund or RDF that exceed the estimated savings to the underlying Price Funds. As a result, these Funds-of-Funds do not pay an investment management fee and will effectively pay no operating expenses at the Fund-of-Fund level, although shareholders of these Funds-of-Funds will still indirectly bear their proportionate share

24

of the expenses of each underlying Price Fund in which the Funds-of-Funds invest. The Retirement I Funds, Retirement Income 2020 Fund, and TRFs also do not pay an investment management fee and will indirectly bear their proportionate share of the expenses of each underlying Price Fund in which they invest. However, the Retirement I Funds, Retirement Income 2020 Fund, and TRFs pay their own operating expenses at the Fund-of-Fund level.

A majority of the directors of the Funds-of-Funds are independent of T. Rowe Price and its affiliates. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the underlying Price Funds. Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of the Funds-of-Funds believe they have structured the Funds-of-Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price Fund, or the reverse could occur. If such a possibility arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.

Term of Office and Length of Time Served

The directors serve until retirement, resignation, or election of a successor. The following table shows the year from which each director has served on each fund’s Board (or that of the corporation of which the fund is a part).

          

Corporation

Number of Portfolios

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Balanced Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Blue Chip Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Capital Appreciation Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Communications & Technology Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Corporate Income Fund

1

2018

2018

2013

2013

2013

2013

1995

2009

Credit Opportunities Fund

1

2018

2018

2014

2014

2014

2014

2014

2014

Diversified Mid-Cap Growth Fund

1

2018

2018

2013

2012

2013

2012

2003

2009

Dividend Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Equity Income Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Financial Services Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Floating Rate Fund

1

2018

2018

2013

2013

2013

2013

2011

2011

Global Allocation Fund

1

2018

2018

2013

2013

2013

2013

2013

2013

Global Multi-Sector Bond Fund

1

2018

2018

2013

2013

2013

2013

2008

2009

Global Real Estate Fund

1

2018

2018

2013

2012

2013

2012

2008

2009

Global Technology Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

GNMA Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Government Money Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Growth & Income Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Growth Stock Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Health Sciences Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

High Yield Fund

2

2018

2018

2013

2013

2013

2013

1992

2009

Index Trust

5

2018

2018

2013

2012

2013

2012

2001

2009

Inflation Protected Bond Fund

1

2018

2018

2013

2013

2013

2013

2002

2009

Institutional Equity Funds

5

2018

2018

2013

2012

2013

2012

2001

2009

25

          

Corporation

Number of Portfolios

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Institutional Income Funds

5

2018

2018

2013

2013

2013

2013

2002

2009

Institutional International Funds

8

2018

2018

2013

2012

2013

2012

2001

2009

Intermediate Tax-Free High Yield Fund

1

2018

2018

2014

2014

2014

2014

2014

2014

International Funds

27

2018

2018

2013

2012

2013

2012

2001

2009

International Index Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Limited Duration Inflation Focused Bond Fund

1

2018

2018

2013

2013

2013

2013

2006

2009

Mid-Cap Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Mid-Cap Value Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Multi-Sector Account Portfolios

6

2018

2018

2013

2013

2013

2013

2012

2012

Multi-Strategy Total Return Fund

1

2018

2018

2017

2017

2017

2017

2017

2017

New America Growth Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

New Era Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

New Horizons Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

New Income Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Quantitative Management Funds

4

2018

2018

2013

2012

2013

2012

2001

2009

Real Assets Fund

1

2018

2018

2013

2012

2013

2012

2010

2010

Real Estate Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

TRP Reserve Funds

4

2018

2018

2013

2013

2013

2013

1997

2009

Retirement Funds

39

2018

2018

2013

2012

2013

2012

2002

2009

Science & Technology Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Short-Term Bond Fund

2

2018

2018

2013

2013

2013

2013

1992

2009

Small-Cap Stock Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Small-Cap Value Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

Spectrum Fund

3

2018

2018

2013

2012

2013

2012

2001

2009

Spectrum Funds II

3

2018

2018

2013

2012

2013

2012

2001

2009

State Tax-Free Funds

10

2018

2018

2013

2013

2013

2013

1992

2009

Summit Income Funds

1

2018

2018

2013

2013

2013

2013

1993

2009

Summit Municipal Funds

3

2018

2018

2013

2013

2013

2013

1993

2009

Tax-Efficient Funds

1

2018

2018

2013

2012

2013

2012

2001

2009

Tax-Exempt Money Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Tax-Free High Yield Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Tax-Free Income Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Tax-Free Short-Intermediate Fund

1

2018

2018

2013

2013

2013

2013

1992

2009

Total Return Fund

1

2018

2018

2016

2016

2016

2016

2016

2016

U.S. Bond Enhanced Index Fund

1

2018

2018

2013

2013

2013

2013

2000

2009

U.S. Equity Research Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

U.S. Large-Cap Core Fund

1

2018

2018

2013

2012

2013

2012

2009

2009

26

          

Corporation

Number of Portfolios

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

U.S. Treasury Funds

3

2018

2018

2013

2013

2013

2013

1992

2009

Value Fund

1

2018

2018

2013

2012

2013

2012

2001

2009

* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.

         

Corporation

Number of Portfolios

Inside Directors

Oestreicher

Sharps

Balanced Fund

1

2018

2017

Blue Chip Growth Fund

1

2018

2017

Capital Appreciation Fund

1

2018

2017

Communications & Technology Fund

1

2018

2017

Corporate Income Fund

1

2018

2019

Credit Opportunities Fund

1

2018

2019

Diversified Mid-Cap Growth Fund

1

2018

2017

Dividend Growth Fund

1

2018

2017

Equity Income Fund

1

2018

2017

Financial Services Fund

1

2018

2017

Floating Rate Fund

1

2018

2019

Global Allocation Fund

1

2018

2017

Global Multi-Sector Bond Fund

1

2018

2019

Global Real Estate Fund

1

2018

2017

Global Technology Fund

1

2018

2017

GNMA Fund

1

2018

2019

Government Money Fund

1

2018

2019

Growth & Income Fund

1

2018

2017

Growth Stock Fund

1

2018

2017

Health Sciences Fund

1

2018

2017

High Yield Fund

2

2018

2019

Index Trust

5

2018

2017

Inflation Protected Bond Fund

1

2018

2019

Institutional Equity Funds

5

2018

2017

Institutional Income Funds

5

2018

2019

Institutional International Funds

8

2018

2017

Intermediate Tax-Free High Yield Fund

1

2018

2019

International Funds

27

2018

2017

International Index Fund

1

2018

2017

Limited Duration Inflation Focused Bond Fund

1

2018

2019

Mid-Cap Growth Fund

1

2018

2017

Mid-Cap Value Fund

1

2018

2017

27

         

Corporation

Number of Portfolios

Inside Directors

Oestreicher

Sharps

Multi-Sector Account Portfolios

6

2018

2019

Multi-Strategy Total Return Fund

1

2018

2017

New America Growth Fund

1

2018

2017

New Era Fund

1

2018

2017

New Horizons Fund

1

2018

2017

New Income Fund

1

2018

2019

Quantitative Management Funds

4

2018

2017

Real Assets Fund

1

2018

2017

Real Estate Fund

1

2018

2017

TRP Reserve Funds

4

2018

2019

Retirement Funds

39

2018

2017

Science & Technology Fund

1

2018

2017

Short-Term Bond Fund

2

2018

2019

Small-Cap Stock Fund

1

2018

2017

Small-Cap Value Fund

1

2018

2017

Spectrum Fund

3

2018

2017

Spectrum Funds II

3

2018

2017

State Tax-Free Funds

10

2018

2019

Summit Income Funds

1

2018

2019

Summit Municipal Funds

3

2018

2019

Tax-Efficient Funds

1

2018

2017

Tax-Exempt Money Fund

1

2018

2019

Tax-Free High Yield Fund

1

2018

2019

Tax-Free Income Fund

1

2018

2019

Tax-Free Short-Intermediate Fund

1

2018

2019

Total Return Fund

1

2018

2019

U.S. Bond Enhanced Index Fund

1

2018

2019

U.S. Equity Research Fund

1

2018

2017

U.S. Large-Cap Core Fund

1

2018

2017

U.S. Treasury Funds

3

2018

2019

Value Fund

1

2018

2017

28

Below is a table that sets forth certain information, as of January 31, 2020, concerning each person deemed to be an officer of the Price Funds.

Officers

   

Fund

Name

Position Held
With Fund

All funds

David Oestreicher

Director, Principal Executive Officer, and Executive Vice President

 

Catherine D. Mathews

Principal Financial Officer, Vice President, and Treasurer

 

John R. Gilner

Chief Compliance Officer

 

Darrell N. Braman

Vice President and Secretary

 

Gary J. Greb

Vice President

 

Paul J. Krug

Vice President

 

Megan Warren

Vice President

 

Alan S. Dupski

Assistant Treasurer

 

Shannon Hofher Rauser

Assistant Secretary

Below is a table that sets forth certain information, organized by fund, concerning each person deemed to be an officer of each fund. Information is provided as of February 1, 2020.

     

Fund

Name

Position Held
With Fund

Balanced Fund

Charles M. Shriver

President

 

 

 

Kimberly E. DeDominicis

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Robert M. Larkins

Vice President

 

 

 

Wyatt A. Lee

Vice President

 

 

 

Raymond A. Mills

Vice President

 

 

 

Sebastien Page

Vice President

 

 

 

Larry J. Puglia

Vice President

 

 

 

Guido F. Stubenrauch

Vice President

 

 

 

Toby M. Thompson

Vice President

 

 

 

Mark J. Vaselkiv

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

29

     

Fund

Name

Position Held
With Fund

Blue Chip Growth Fund

Larry J. Puglia

President

 

 

 

Jason R. Adams

Vice President

 

 

 

Ziad Bakri

Vice President

 

 

 

Peter J. Bates

Vice President

 

 

 

Eric L. DeVilbiss

Vice President

 

 

 

Greg Dunham

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Thomas J. Huber

Vice President

 

 

 

George A. Marzano

Vice President

 

 

 

Vivek Rajeswaran

Vice President

 

 

 

David L. Rowlett

Vice President

 

 

 

Robert W. Sharps

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Alan Tu

Vice President

 

 

 

Justin P. White

Vice President

 

 

 

Rouven J. Wool-Lewis

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Capital Appreciation Fund

David R. Giroux

President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Jon M. Friar

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Nina P. Jones

Vice President

 

 

 

Vidya Kadiyam

Vice President

 

 

 

Paul M. Massaro

Vice President

 

 

 

Sudhir Nanda

Vice President

 

 

 

Adam Poussard

Vice President

 

 

 

Jeffrey Rottinghaus

Vice President

 

 

 

Farris G. Shuggi

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Tamara P. Wiggs

Vice President

 

 

 

John M. Williams

Vice President

 

 

 

Ashley R. Woodruff

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

30

     

Fund

Name

Position Held
With Fund

Communications & Technology Fund

Paul D. Greene II

President

 

 

 

Paul Y. Cho

Vice President

   

Greg Dunham

Vice President

 

 

 

David J. Eiswert

Vice President

 

 

 

Joseph B. Fath

Vice President

 

 

 

Jacqueline L. Liu

Vice President

 

 

 

Jennifer Martin

Vice President

 

 

 

Daniel Martino

Vice President

 

 

 

Philip A. Nestico

Vice President

 

 

 

James Stillwagon

Vice President

 

 

 

Verena E. Wachnitz

Vice President

 

 

 

Justin P. White

Vice President

 

 

 

Christopher S. Whitehouse

Vice President

 

 

 

Ernest C. Yeung

Vice President

 

 

 

Wenli Zheng

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Corporate Income Fund

Steve Boothe

Co-President

 

 

 

Lauren T. Wagandt

Co-President

 

 

 

Michael P. Daley

Vice President

 

 

 

Michael J. Grogan

Vice President

 

 

 

Michael Lambe

Vice President

 

 

 

Matthew Lawton

Vice President

 

 

 

Samy B. Muaddi

Vice President

 

 

 

Alexander S. Obaza

Vice President

 

 

 

Miso Park

Vice President

 

 

 

Theodore E. Robson

Vice President

 

 

 

Elliot J. Shue

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Scott D. Solomon

Vice President

 

 

 

Robert D. Thomas

Vice President

 

 

 

Wesley Ross Trowbridge

Vice President

 

 

 

Bineesha Wickremarachchi

Vice President

 

 

 

J. Howard Woodward

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Credit Opportunities Fund

Rodney M. Rayburn

President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Carson R. Dickson

Vice President

 

 

 

Daniel Fox

Vice President

 

 

 

Michael T. Hyland

Vice President

 

 

 

Brian A. Rubin

Vice President

 

 

 

Reena Tilva

Vice President

 

 

 

Michael J. Trivino

Vice President

 

 

 

David A. Yatzeck

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

31

     

Fund

Name

Position Held
With Fund

Diversified Mid-Cap Growth Fund

Donald J. Peters

President

 

 

 

Donald J. Easley

Executive Vice President

 

 

 

Jason R. Adams

Vice President

 

 

 

Kennard W. Allen

Vice President

 

 

 

Brian W.H. Berghuis

Vice President

 

 

 

Anne Daub

Vice President

 

 

 

Eric L. DeVilbiss

Vice President

 

 

 

Matt Mahon

Vice President

 

 

 

Sudhir Nanda

Vice President

 

 

 

Christian M. O’Neill

Vice President

 

 

 

John F. Wakeman

Vice President

 

 

 

Ashley R. Woodruff

Vice President

 

 

 

Rouven J. Wool-Lewis

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Dividend Growth Fund

Thomas J. Huber

President

 

 

 

Jason R. Adams

Vice President

 

 

 

Peter J. Bates

Vice President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Jon M. Friar

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Jeffrey Rottinghaus

Vice President

 

 

 

Weijie Si

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

John M. Williams

Vice President

 

 

 

Jon D. Wood

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Equity Income Fund

John D. Linehan

President

 

 

 

Jason R. Adams

Vice President

 

 

 

Vinit Agrawal

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Jon R. Hussey

Vice President

 

 

 

Shinwoo Kim

Vice President

 

 

 

Matt Mahon

Vice President

 

 

 

Daniel Martino

Vice President

 

 

 

George A. Marzano

Vice President

 

 

 

Heather K. McPherson

Vice President

 

 

 

Melanie A. Rizzo

Vice President

 

 

 

Farris G. Shuggi

Vice President

 

 

 

Matthew J. Snowling

Vice President

 

 

 

Preeta Ragavan

Vice President

 

 

 

James Stillwagon

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

32

     

Fund

Name

Position Held
With Fund

Financial Services Fund

Gabriel Solomon

President

 

 

 

Jon B. Casper

Vice President

 

 

 

Vincent M. DeAugustino

Vice President

 

 

 

Christopher T. Fortune

Vice President

 

 

 

Jon M. Friar

Vice President

 

 

 

Nina P. Jones

Vice President

 

 

 

Takanori Kobayashi

Vice President

 

 

 

Gregory Locraft

Vice President

 

 

 

Joseph R. Mlinac

Vice President

 

 

 

Matthew J. Snowling

Vice President

 

 

 

Mitchell J.K. Todd

Vice President

 

 

 

Susan G. Troll

Vice President

 

 

 

Zenon Voyiatzis

Vice President

 

 

 

Tamara P. Wiggs

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Floating Rate Fund

Paul M. Massaro

President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Brian E. Burns

Vice President

 

 

 

Michael F. Connelly

Vice President

 

 

 

Stephen M. Finamore

Vice President

 

 

 

Justin T. Gerbereux

Vice President

 

 

 

David R. Giroux

Vice President

 

 

 

Michael J. McGonigle

Vice President

 

 

 

Brian A. Rubin

Vice President

 

 

 

Michael J. Trivino

Vice President

 

 

 

Mark J. Vaselkiv

Vice President

 

 

 

Rebecca Willey

Assistant Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Global Allocation Fund

Charles M. Shriver

President

 

 

 

Stephen L. Bartolini

Vice President

 

 

 

Robert L. Harlow

Vice President

 

 

 

Stefan Hubrich

Vice President

 

 

 

Robert M. Larkins

Vice President

 

 

 

Sean P. McWilliams

Vice President

 

 

 

Robert A. Panariello

Vice President

 

 

 

Toby M. Thompson

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

33

     

Fund

Name

Position Held
With Fund

Global Multi-Sector Bond Fund

Kenneth A. Orchard

President

 

 

 

Steve Boothe

Vice President

 

 

 

Christopher P. Brown, Jr.

Vice President

 

 

 

Michael J. Conelius

Vice President

 

 

 

Michael F. Connelly

Vice President

 

 

 

Michael Della Vedova

Vice President

 

 

 

Quentin S. Fitzsimmons

Vice President

 

 

 

Arif Husain

Vice President

 

 

 

Keir R. Joyce

Vice President

 

 

 

Andrew J. Keirle

Vice President

 

 

 

Samy B. Muaddi

Vice President

 

 

 

Saurabh Sud

Vice President

 

 

 

Ju Yen Tan

Vice President

 

 

 

Susan G. Troll

Vice President

 

 

 

J. Howard Woodward

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Global Real Estate Fund

Nina P. Jones

President

 

 

 

Harishankar Balkrishna

Vice President

 

 

 

Richard N. Clattenburg

Vice President

 

 

 

Jai Kapadia

Vice President

 

 

 

Takanori Kobayashi

Vice President

 

 

 

Robert J. Marcotte

Vice President

 

 

 

Raymond A. Mills

Vice President

 

 

 

Philip A. Nestico

Vice President

 

 

 

Dante Pearson

Vice President

 

 

 

Preeta Ragavan

Vice President

 

 

 

Pavel Vedrov

Vice President

 

 

 

Marta Yago

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Global Technology Fund

Alan Tu

President

 

 

 

Kennard W. Allen

Vice President

 

 

 

Christopher W. Carlson

Vice President

 

 

 

Greg Dunham

Vice President

 

 

 

David J. Eiswert

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Jacqueline L. Liu

Vice President

 

 

 

Jennifer Martin

Vice President

 

 

 

Heather K. McPherson

Vice President

 

 

 

Tobias F. Mueller

Vice President

 

 

 

Dominic Rizzo

Vice President

 

 

 

Emily C. Scudder

Vice President

 

 

 

Joshua K. Spencer

Vice President

 

 

 

Anthony B. Wang

Vice President

 

 

 

Thomas H. Watson

Vice President

 

 

 

Alison Mei Ling Yip

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

34

     

Fund

Name

Position Held
With Fund

GNMA Fund

Keir R. Joyce

President

 

 

 

Joseph Anastasio

Vice President

 

 

 

Anil K. Andhavarapu

Vice President

 

 

 

Brian J. Brennan

Vice President

 

 

 

Christopher P. Brown, Jr.

Vice President

 

 

 

Ramon R. de Castro

Vice President

 

 

 

Steven M. Kohlenstein

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Reilly Kevin McCarthy

Assistant Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Government Money Fund

Joseph K. Lynagh

President

 

 

 

Colin T. Bando

Vice President

 

 

 

M. Helena Condez

Vice President

 

 

 

Stephanie A. Gentile

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Cheryl A. Mickel

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Growth & Income Fund

Jeffrey Rottinghaus

President

 

 

 

Peter J. Bates

Vice President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Joseph B. Fath

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Heather K. McPherson

Vice President

 

 

 

Jason Nogueira

Vice President

 

 

 

David L. Rowlett

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

35

     

Fund

Name

Position Held
With Fund

Growth Stock Fund

Joseph B. Fath

President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Eric L. DeVilbiss

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Greg Dunham

Vice President

 

 

 

David J. Eiswert

Vice President

 

 

 

Jon M. Friar

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Daniel Martino

Vice President

 

 

 

David L. Rowlett

Vice President

 

 

 

Robert W. Sharps

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Justin P. White

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Health Sciences Fund

Ziad Bakri

President

 

 

 

Anne Daub

Vice President

 

 

 

Melissa C. Gallagher

Vice President

 

 

 

John Hall

Vice President

 

 

 

Jeffrey Holford

Vice President

 

 

 

Rachel D. Jonas

Vice President

 

 

 

Adam Poussard

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Jon D. Wood

Vice President

 

 

 

Rouven J. Wool-Lewis

Vice President

 

 

 

Nina Xu

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

36

     

Fund

Name

Position Held
With Fund

High Yield Fund

Andrew C. McCormick

President

 

 

High Yield Fund (a)

Kevin P. Loome

Executive Vice President

 

 

U.S. High Yield Fund (b)

Rodney M. Rayburn

Executive Vice President

 

 

 

Mark J. Vaselkiv

Executive Vice President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Michael F. Connelly

Vice President

 

 

 

Michael Della Vedova

Vice President

 

 

 

Charles Devereux

Vice President

 

 

 

Carson R. Dickson

Vice President

 

 

 

Devon Everhart

Vice President

 

 

 

Matthew Fanandakis

Vice President

 

 

 

Stephen M. Finamore

Vice President

 

 

 

Daniel Fox

Vice President

 

 

 

Justin T. Gerbereux

Vice President

 

 

 

Gregg Gola

Vice President

 

 

 

Michael T. Hyland

Vice President

 

 

 

Paul M. Massaro

Vice President

 

 

 

Brian A. Rubin

Vice President

 

 

 

Reena Tilva

Vice President

 

 

 

Michael J. Trivino

Vice President

 

 

 

Douglas Zinser

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Index Trust

Alexa M. Gagliardi

President

 

 

Equity Index 500 Fund

E. Frederick Bair

Vice President

 

 

Extended Equity Market Index Fund

Neil Smith

Vice President

 

 

Mid-Cap Index Fund

Craig A. Thiese

Vice President

 

 

Small-Cap Index Fund

Michael T. Wehn

Vice President

 

 

Total Equity Market Index Fund

 

 

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Inflation Protected Bond Fund

Stephen L. Bartolini

President

 

 

 

Brian J. Brennan

Vice President

 

 

 

Geoffrey M. Hardin

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Michael F. Reinartz

Vice President

 

 

 

Michael K. Sewell

Vice President

 

 

 

Christopher J. Temple

Vice President

 

 

 

Susan G. Troll

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

37

      

Fund

Name

Position Held
With Fund

Institutional Equity Funds

Robert W. Sharps

President

 

 

Institutional Large-Cap Core Growth Fund

Francisco M. Alonso

Executive Vice President

 

 

Institutional Large-Cap Growth Fund

Brian W.H. Berghuis

Executive Vice President

 

 

Institutional Large-Cap Value Fund

Mark S. Finn

Executive Vice President

 

 

Institutional Mid-Cap Equity Growth Fund

Ann M. Holcomb

Executive Vice President

 

 

Institutional Small-Cap Stock Fund

John D. Linehan

Executive Vice President

 

 

 

Heather K. McPherson

Executive Vice President

 

 

 

Joshua Nelson

Executive Vice President

 

 

 

Jason B. Polun

Executive Vice President

 

 

 

Larry J. Puglia

Executive Vice President

 

 

 

Taymour R. Tamaddon

Executive Vice President

 

 

 

Thomas H. Watson

Executive Vice President

 

 

 

Curt J. Organt

Vice President

 

 

 

Ken D. Uematsu

Vice President

   

J. David Wagner

Vice President

 

 

 

John F. Wakeman

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Institutional Income Funds

Paul M. Massaro

President

 

 

Institutional Cash Reserves Fund

Brian J. Brennan

Executive Vice President

 

 

Institutional Core Plus Fund

Robert M. Larkins

Executive Vice President

 

 

Institutional Floating Rate Fund

Joseph K. Lynagh

Executive Vice President

 

 

Institutional High Yield Fund

Rodney M. Rayburn

Executive Vice President

 

 

Institutional Long Duration Credit Fund

Colin T. Bando

Vice President

 

 

 

Stephen L. Bartolini

Vice President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Steve Boothe

Vice President

 

 

 

Christopher P. Brown, Jr.

Vice President

 

 

 

Brian E. Burns

Vice President

 

 

 

M. Helena Condez

Vice President

 

 

 

Michael J. Conelius

Vice President

 

 

 

Michael F. Connelly

Vice President

 

 

 

Michael P. Daley

Vice President

 

 

 

Stephen M. Finamore

Vice President

 

 

 

Stephanie A. Gentile

Vice President

 

 

 

Justin T. Gerbereux

Vice President

 

 

 

David R. Giroux

Vice President

 

 

 

Michael J. Grogan

Vice President

 

 

 

Keir R. Joyce

Vice President

 

 

 

Michael Lambe

Vice President

 

 

 

Matthew Lawton

Vice President

 

 

 

Yongheon Lee

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Michael J. McGonigle

Vice President

 

 

 

Cheryl A. Mickel

Vice President

 

 

 

Samy B. Muaddi

Vice President

 

 

 

Alexander S. Obaza

Vice President

38

     

Fund

Name

Position Held
With Fund

 

 

 

Miso Park

Vice President

 

 

 

Theodore E. Robson

Vice President

 

 

 

Brian A. Rubin

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

Ju Yen Tan

Vice President

 

 

 

Christopher J. Temple

Vice President

 

 

 

Michael J. Trivino

Vice President

 

 

 

Susan G. Troll

Vice President

 

 

 

Lauren T. Wagandt

Vice President

 

 

 

Bineesha Wickremarachchi

Vice President

 

 

 

J. Howard Woodward

Vice President

 

 

 

Rebecca Willey

Assistant Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Institutional International Funds

Christopher D. Alderson

President

 

 

Institutional Africa & Middle East Fund

Oliver D.M. Bell

Executive Vice President

 

 

Institutional Emerging Markets Bond Fund

R. Scott Berg

Executive Vice President

 

 

Institutional Emerging Markets Equity Fund

Richard N. Clattenburg

Executive Vice President

 

 

Institutional Frontier Markets Equity Fund

Michael J. Conelius

Executive Vice President

 

 

Institutional Global Value Equity Fund

David J. Eiswert

Executive Vice President

 

 

Institutional International Core Equity Fund

Sebastien Mallet

Executive Vice President

 

 

Institutional International Disciplined Equity Fund

Raymond A. Mills

Executive Vice President

 

 

Institutional International Growth Equity Fund

Joshua Nelson

Executive Vice President

 

 

 

Jason Nogueira

Executive Vice President

 

 

 

Gonzalo Pangaro

Executive Vice President

 

 

 

Federico Santilli

Executive Vice President

 

 

 

Ulle Adamson

Vice President

 

 

 

Roy H. Adkins

Vice President

 

 

 

Kennard W. Allen

Vice President

 

 

 

Paulina Amieva

Vice President

 

 

 

Malik S. Asif

Vice President

 

 

 

Ziad Bakri

Vice President

 

 

 

Harishankar Balkrishna

Vice President

 

 

 

Sheena L. Barbosa

Vice President

 

 

 

Peter J. Bates

Vice President

 

 

 

Steve Boothe

Vice President

 

 

 

Peter I. Botoucharov

Vice President

 

 

 

Tala Boulos

Vice President

 

 

 

Carolyn Hoi Che Chu

Vice President

 

 

 

Archibald Ciganer

Vice President

 

 

 

Richard de los Reyes

Vice President

 

 

 

Iona Dent

Vice President

 

 

 

Maria Elena Drew

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Bridget A. Ebner

Vice President

39

     

Fund

Name

Position Held
With Fund

 

 

 

Mark S. Finn

Vice President

 

 

 

Aaron Gifford

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Benjamin Griffiths

Vice President

 

 

 

Richard L. Hall

Vice President

 

 

 

Amanda B. Hall

Vice President

 

 

 

Nabil Hanano

Vice President

 

 

 

Jeffrey Holford

Vice President

 

 

 

Stefan Hubrich

Vice President

 

 

 

Arif Husain

Vice President

 

 

 

Randal S. Jenneke

Vice President

 

 

 

Nina P. Jones

Vice President

 

 

 

Yoichiro Kai

Vice President

 

 

 

Jai Kapadia

Vice President

 

 

 

Andrew J. Keirle

Vice President

 

 

 

Christopher J. Kushlis

Vice President

 

 

 

Mark J. Lawrence

Vice President

 

 

 

Johannes Loefstrand

Vice President

 

 

 

Anh Lu

Vice President

 

 

 

Jennifer Martin

Vice President

 

 

 

Daniel Martino

Vice President

 

 

 

Eric C. Moffett

Vice President

 

 

 

Tobias F. Mueller

Vice President

 

 

 

Sudhir Nanda

Vice President

 

 

 

Kenneth A. Orchard

Vice President

 

 

 

Oluwaseun A. Oyegunle

Vice President

 

 

 

Sebastian Schrott

Vice President

 

 

 

Robert W. Sharps

Vice President

 

 

 

Bin Shen

Vice President

 

 

 

John C.A. Sherman

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

Scott D. Solomon

Vice President

 

 

 

Joshua K. Spencer

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Dean Tenerelli

Vice President

 

 

 

Eric L. Veiel

Vice President

 

 

 

Rupinder Vig

Vice President

 

 

 

Zenon Voyiatzis

Vice President

 

 

 

Verena E. Wachnitz

Vice President

 

 

 

Dai Wang

Vice President

 

 

 

Christopher S. Whitehouse

Vice President

 

 

 

Marta Yago

Vice President

 

 

 

Ernest C. Yeung

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

40

     

Fund

Name

Position Held
With Fund

Intermediate Tax-Free High Yield Fund

James M. Murphy

President

 

 

 

R. Lee Arnold, Jr.

Executive Vice President

 

 

 

Colin T. Bando

Vice President

 

 

 

Daniel Chihorek

Vice President

 

 

 

Sarah J. Engle

Vice President

 

 

 

Dylan Jones

Vice President

 

 

 

Marcy M. Lash

Vice President

 

 

 

Konstantine B. Mallas

Vice President

 

 

 

Hugh D. McGuirk

Vice President

 

 

 

Linda A. Murphy

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

International Funds

Christopher D. Alderson

President

 

 

Africa & Middle East Fund

Ulle Adamson

Executive Vice President

 

 

Asia Opportunities Fund

Peter J. Bates

Executive Vice President

 

 

China Evolution Equity Fund

Oliver D.M. Bell

Executive Vice President

 

 

Dynamic Credit Fund

R. Scott Berg

Executive Vice President

 

 

Dynamic Global Bond Fund

Archibald Ciganer

Executive Vice President

 

 

Emerging Europe Fund

Richard N. Clattenburg

Executive Vice President

 

 

Emerging Markets Bond Fund

Michael J. Conelius

Executive Vice President

 

 

Emerging Markets Corporate Bond Fund

Michael Della Vedova

Executive Vice President

 

 

Emerging Markets Discovery Stock Fund

David J. Eiswert

Executive Vice President

 

 

Emerging Markets Local Currency Bond Fund

Arif Husain

Executive Vice President

 

 

Emerging Markets Stock Fund

Andrew J. Keirle

Executive Vice President

 

 

European Stock Fund

Anh Lu

Executive Vice President

 

 

Global Consumer Fund

Raymond A. Mills

Executive Vice President

 

 

Global Growth Stock Fund

Eric C. Moffett

Executive Vice President

 

 

Global High Income Bond Fund

Samy B. Muaddi

Executive Vice President

 

 

Global Industrials Fund

Joshua Nelson

Executive Vice President

 

 

Global Stock Fund

Jason Nogueira

Executive Vice President

 

 

International Bond Fund

Kenneth A. Orchard

Executive Vice President

 

 

International Bond Fund (USD Hedged)

Gonzalo Pangaro

Executive Vice President

 

 

International Disciplined Equity Fund

Federico Santilli

Executive Vice President

 

 

International Discovery Fund

Saurabh Sud

Executive Vice President

 

 

International Stock Fund

Dean Tenerelli

Executive Vice President

 

 

International Value Equity Fund

Justin Thomson

Executive Vice President

 

 

Japan Fund

Mark J. Vaselkiv

Executive Vice President

 

 

Latin America Fund

Verena E. Wachnitz

Executive Vice President

 

 

New Asia Fund

Ernest C. Yeung

Executive Vice President

 

 

Overseas Stock Fund

Mariel Abreu

Vice President

 

 

 

Jason R. Adams

Vice President

 

 

 

Roy H. Adkins

Vice President

 

 

 

Syed H. Ali

Vice President

 

 

 

Kennard W. Allen

Vice President

 

 

 

Paulina Amieva

Vice President

 

 

 

Malik S. Asif

Vice President

 

 

 

Ziad Bakri

Vice President

41

     

Fund

Name

Position Held
With Fund

 

 

 

Harishankar Balkrishna

Vice President

 

 

 

Sheena L. Barbosa

Vice President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Luis M. Baylac

Vice President

 

 

 

Timothy F. Bei

Vice President

 

 

 

Steve Boothe

Vice President

 

 

 

Peter I. Botoucharov

Vice President

 

 

 

Tala Boulos

Vice President

 

 

 

Christopher P. Brown, Jr.

Vice President

 

 

 

Sheldon Chan

Vice President

 

 

 

Andrew Chang

Vice President

 

 

 

William Chen

Vice President

 

 

 

Carolyn Hoi Che Chu

Vice President

 

 

 

Michael F. Connelly

Vice President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Richard de los Reyes

Vice President

 

 

 

Iona Dent

Vice President

 

 

 

Maria Elena Drew

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Bridget A. Ebner

Vice President

 

 

 

Dawei Feng

Vice President

 

 

 

Ryan W Ferro

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Quentin S. Fitzsimmons

Vice President

 

 

 

Melissa C. Gallagher

Vice President

 

 

 

Justin T. Gerbereux

Vice President

 

 

 

Aaron Gifford

Vice President

 

 

 

Vishnu V. Gopal

Vice President

 

 

 

Joel Grant

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Benjamin Griffiths

Vice President

 

 

 

Gianluca Guicciardi

Vice President

 

 

 

Richard L. Hall

Vice President

 

 

 

Nabil Hanano

Vice President

 

 

 

Daniel B. Hirsch

Vice President

 

 

 

Jeffrey Holford

Vice President

 

 

 

Stefan Hubrich

Vice President

 

 

 

Hiromasa Ikeda

Vice President

 

 

 

Tetsuji Inoue

Vice President

 

 

 

Michael D. Jacobs

Vice President

 

 

 

Randal S. Jenneke

Vice President

 

 

 

Prashant G. Jeyaganesh

Vice President

 

 

 

Nina P. Jones

Vice President

 

 

 

Yoichiro Kai

Vice President

 

 

 

Jacob H. Kann

Vice President

 

 

 

Jai Kapadia

Vice President

42

      

Fund

Name

Position Held
With Fund

 

 

 

Takanori Kobayashi

Vice President

 

 

 

Christopher J. Kushlis

Vice President

 

 

 

Shengrong Lau

Vice President

 

 

 

Mark J. Lawrence

Vice President

 

 

 

Jacqueline L. Liu

Vice President

 

 

 

Johannes Loefstrand

Vice President

 

 

 

Sebastien Mallet

Vice President

 

 

 

Jennifer Martin

Vice President

 

 

 

Ryan Martyn

Vice President

 

 

 

Jihong Min

Vice President

 

 

 

Ivan Morozov

Vice President

 

 

 

Tobias F. Mueller

Vice President

 

 

 

Philip A. Nestico

Vice President

 

 

 

Michael Niedzielski

Vice President

 

 

 

Sridhar Nishtala

Vice President

 

 

 

Curt J. Organt

Vice President

 

 

 

Paul T. O’Sullivan

Vice President

 

 

 

Oluwaseun A. Oyegunle

Vice President

 

 

 

Vivek Rajeswaran

Vice President

 

 

 

Todd Reese

Vice President

 

 

 

Melanie A. Rizzo

Vice President

 

 

 

David L. Rowlett

Vice President

 

 

 

Nikolaj Schmidt

Vice President

 

 

 

Sebastian Schrott

Vice President

 

 

 

Robert W. Sharps

Vice President

 

 

 

Bin Shen

Vice President

 

 

 

John C.A. Sherman

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

Scott D. Solomon

Vice President

 

 

 

Joshua K. Spencer

Vice President

 

 

 

David Stanley

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Ju Yen Tan

Vice President

 

 

 

Sin Dee Tan

Vice President

 

 

 

Siby Thomas

Vice President

 

 

 

Rupinder Vig

Vice President

 

 

 

Willem Visser

Vice President

 

 

 

Kes Visuvalingam

Vice President

 

 

 

Chris Vost

Vice President

 

 

 

Zenon Voyiatzis

Vice President

 

 

 

David J. Wallack

Vice President

 

 

 

Dai Wang

Vice President

 

 

 

Hiroshi Watanabe

Vice President

 

 

 

Clive M. Williams

Vice President

 

 

 

J. Howard Woodward

Vice President

 

 

 

Marta Yago

Vice President

43

     

Fund

Name

Position Held
With Fund

 

 

 

Benjamin T. Yeagle

Vice President

 

 

 

Alison Mei Ling Yip

Vice President

 

 

 

Eric Yuan

Vice President

 

 

 

Wenli Zheng

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

International Index Fund

Neil Smith

President

 

 

International Equity Index Fund

E. Frederick Bair

Vice President

   

Alexa M. Gagliardi

Vice President

 

 

 

Craig A. Thiese

Vice President

   

Ken D. Uematsu

Vice President

 

 

 

Michael T. Wehn

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Limited Duration Inflation Focused Bond Fund

Stephen L. Bartolini

President

 

 

 

Brian J. Brennan

Vice President

 

 

 

Jerome A. Clark

Vice President

 

 

 

Geoffrey M. Hardin

Vice President

 

 

 

Wyatt A. Lee

Vice President

 

 

 

Michael F. Reinartz

Vice President

 

 

 

Michael K. Sewell

Vice President

 

 

 

Christopher J. Temple

Vice President

 

 

 

Susan G. Troll

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Mid-Cap Growth Fund

Brian W.H. Berghuis

President

 

 

 

John F. Wakeman

Executive Vice President

 

 

 

Kennard W. Allen

Vice President

 

 

 

Ziad Bakri

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Donald J. Easley

Vice President

 

 

 

Joseph B. Fath

Vice President

 

 

 

Robert J. Marcotte

Vice President

 

 

 

Jason Nogueira

Vice President

 

 

 

Vivek Rajeswaran

Vice President

 

 

 

Joshua K. Spencer

Vice President

 

 

 

Justin P. White

Vice President

 

 

 

Ashley R. Woodruff

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

44

     

Fund

Name

Position Held
With Fund

Mid-Cap Value Fund

David J. Wallack

President

 

 

 

Heather K. McPherson

Executive Vice President

 

 

 

Christopher W. Carlson

Vice President

 

 

 

Richard de los Reyes

Vice President

 

 

 

Vincent M. DeAugustino

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Nina P. Jones

Vice President

 

 

 

Melanie A. Rizzo

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

J. David Wagner

Vice President

 

 

 

Justin P. White

Vice President

 

 

 

John M. Williams

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Multi-Sector Account Portfolios

Andrew C. McCormick

President

 

 

Emerging Markets Corporate Multi-Sector Account Portfolio

Steve Boothe

Executive Vice President

 

 

Emerging Markets Local Multi-Sector Account Portfolio

Keir R. Joyce

Executive Vice President

 

 

Floating Rate Multi-Sector Account Portfolio

Andrew J. Keirle

Executive Vice President

 

 

High Yield Multi-Sector Account Portfolio

Paul M. Massaro

Executive Vice President

 

 

Investment-Grade Corporate Multi-Sector Account Portfolio

Samy B. Muaddi

Executive Vice President

 

 

Mortgage-Backed Securities Multi-Sector Account Portfolio

Mark J. Vaselkiv

Executive Vice President

 

 

 

Mariel Abreu

Vice President

 

 

 

Roy H. Adkins

Vice President

 

 

 

Joseph Anastasio

Vice President

 

 

 

Anil K. Andhavarapu

Vice President

 

 

 

Stephen L. Bartolini

Vice President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Peter I. Botoucharov

Vice President

 

 

 

Tala Boulos

Vice President

 

 

 

Brian J. Brennan

Vice President

 

 

 

Christopher P. Brown, Jr.

Vice President

 

 

 

Brian E. Burns

Vice President

 

 

 

Sheldon Chan

Vice President

 

 

 

Carolyn Hoi Che Chu

Vice President

 

 

 

Michael J. Conelius

Vice President

 

 

 

Michael F. Connelly

Vice President

 

 

 

Michael P. Daley

Vice President

 

 

 

Ramon R. de Castro

Vice President

 

 

 

Stephen M. Finamore

Vice President

 

 

 

Justin T. Gerbereux

Vice President

 

 

 

Aaron Gifford

Vice President

 

 

 

David R. Giroux

Vice President

 

 

 

Michael J. Grogan

Vice President

 

 

 

Richard L. Hall

Vice President

 

 

 

Arif Husain

Vice President

 

 

 

Keir R. Joyce

Vice President

45

     

Fund

Name

Position Held
With Fund

 

 

 

Steven M. Kohlenstein

Vice President

 

 

 

Christopher J. Kushlis

Vice President

 

 

 

Michael Lambe

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Michael J. McGonigle

Vice President

 

 

 

Ivan Morozov

Vice President

 

 

 

Alexander S. Obaza

Vice President

 

 

 

Kenneth A. Orchard

Vice President

 

 

 

Miso Park

Vice President

 

 

 

Theodore E. Robson

Vice President

 

 

 

Brian A. Rubin

Vice President

 

 

 

Michael K. Sewell

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

David Stanley

Vice President

 

 

 

Ju Yen Tan

Vice President

 

 

 

Siby Thomas

Vice President

 

 

 

Robert D. Thomas

Vice President

 

 

 

Michael J. Trivino

Vice President

 

 

 

Wesley Ross Trowbridge

Vice President

 

 

 

Willem Visser

Vice President

 

 

 

Lauren T. Wagandt

Vice President

 

 

 

Bineesha Wickremarachchi

Vice President

 

 

 

J. Howard Woodward

Vice President

 

 

 

Rebecca Willey

Assistant Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Multi-Strategy Total Return Fund

Richard de los Reyes

Co-President

 

 

 

Stefan Hubrich

Co-President

 

 

 

David R. Giroux

Vice President

 

 

 

Arif Husain

Vice President

 

 

 

John D. Linehan

Vice President

 

 

 

Sebastien Page

Vice President

 

 

 

Robert W. Sharps

Vice President

 

 

 

Justin Thomson

Vice President

 

 

 

Mark J. Vaselkiv

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

46

     

Fund

Name

Position Held
With Fund

New America Growth Fund

Justin P. White

President

 

 

 

Jason R. Adams

Vice President

 

 

 

Ziad Bakri

Vice President

 

 

 

Brian W.H. Berghuis

Vice President

 

 

 

Eric L. DeVilbiss

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

David L. Rowlett

Vice President

 

 

 

Taymour R. Tamaddon

Vice President

 

 

 

Craig A. Thiese

Vice President

 

 

 

Thomas H. Watson

Vice President

 

 

 

Ashley R. Woodruff

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

New Era Fund

Shawn T. Driscoll

President

 

 

 

Richard de los Reyes

Vice President

 

 

 

Donald J. Easley

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Jon R. Hussey

Vice President

 

 

 

Shinwoo Kim

Vice President

 

 

 

Matt Mahon

Vice President

 

 

 

Ryan Martyn

Vice President

 

 

 

Heather K. McPherson

Vice President

 

 

 

Christian M. O’Neill

Vice President

 

 

 

John C. Qian

Vice President

 

 

 

Vivek Rajeswaran

Vice President

 

 

 

Thomas A. Shelmerdine

Vice President

 

 

 

Craig A. Thiese

Vice President

 

 

 

David J. Wallack

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

New Horizons Fund

Joshua K. Spencer

President

 

 

 

Francisco M. Alonso

Vice President

 

 

 

Ziad Bakri

Vice President

 

 

 

Brian W.H. Berghuis

Vice President

 

 

 

Christopher W. Carlson

Vice President

 

 

 

Eric L. DeVilbiss

Vice President

 

 

 

Greg Dunham

Vice President

 

 

 

Jon M. Friar

Vice President

 

 

 

Curt J. Organt

Vice President

 

 

 

Alexander P. Roik

Vice President

 

 

 

Justin Thomson

Vice President

 

 

 

Alan Tu

Vice President

 

 

 

J. David Wagner

Vice President

 

 

 

Ashley R. Woodruff

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

47

                  

Fund

Name

Position Held
With Fund

New Income Fund

Stephen L. Bartolini

President

 

 

 

Steve Boothe

Vice President

 

 

 

Brian J. Brennan

Vice President

 

 

 

Christopher P. Brown, Jr.

Vice President

 

 

 

Geoffrey M. Hardin

Vice President

 

 

 

Robert M. Larkins

Vice President

 

 

 

Matthew Lawton

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Susan G. Troll

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Quantitative Management Funds

Sudhir Nanda

President

 

 

QM Global Equity Fund

Prashant G. Jeyaganesh

Executive Vice President

 

 

QM U.S. Small & Mid-Cap Core Equity Fund

Farris G. Shuggi

Executive Vice President

 

 

QM U.S. Small-Cap Growth Equity Fund

George Gao

Vice President

 

 

QM U.S. Value Equity Fund

Vidya Kadiyam

Vice President

 

 

 

Navneesh Malhan

Vice President

 

 

 

Rinald Murataj

Vice President

 

 

 

Jordan S. Pryor

Vice President

 

 

 

Erik M. von Heijne

Vice President

 

 

 

Anthony Zhu

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

48

     

Fund

Name

Position Held
With Fund

Real Assets Fund

Richard Coghlan

Co-President

 

 

 

Christopher Faulkner-MacDonagh

Co-President

 

 

 

E. Frederick Bair

Vice President

 

 

 

Stephen L. Bartolini

Vice President

 

 

 

Richard de los Reyes

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Matthew A. Howell

Vice President

 

 

 

Nina P. Jones

Vice President

 

 

 

Sebastien Page

Vice President

 

 

 

Robert A. Panariello

Vice President

 

 

 

Daniel O. Shackelford

Vice President

 

 

 

Charles M. Shriver

Vice President

 

 

 

J. Zachary Wood

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Real Estate Fund

Nina P. Jones

President

 

 

 

Thomas J. Huber

Vice President

 

 

 

Philip A. Nestico

Vice President

 

 

 

Dante Pearson

Vice President

 

 

 

Jane K. Rivers

Vice President

 

 

 

Theodore E. Robson

Vice President

 

 

 

Weijie Si

Vice President

 

 

 

Brian Solomon

Vice President

 

 

 

Preeta Ragavan

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

TRP Reserve Investment Funds

Joseph K. Lynagh

President

 

 

Government Reserve Fund

Colin T. Bando

Vice President

 

 

Short-Term Fund

M. Helena Condez

Vice President

 

 

Short-Term Government Fund

Stephanie A. Gentile

Vice President

 

 

Treasury Reserve Fund

Alan D. Levenson

Vice President

 

 

 

Cheryl A. Mickel

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

49

     

Fund

Name

Position Held
With Fund

Retirement Funds

Jerome A. Clark

Co-President

 

 

Retirement 2005 Fund

Wyatt A. Lee

Co-President

  

Retirement 2010 Fund

Kimberly E. DeDominicis

Co-President

  

Retirement 2015 Fund

Andrew G. Jacobs van Merlen

Co-President

 

 

Retirement 2020 Fund

Christopher D. Alderson

Vice President

 

 

Retirement 2025 Fund

Francisco M. Alonso

Vice President

 

 

Retirement 2030 Fund

Mark S. Finn

Vice President

 

 

Retirement 2035 Fund

David R. Giroux

Vice President

 

 

Retirement 2040 Fund

Arif Husain

Vice President

 

 

Retirement 2045 Fund

Sebastien Page

Vice President

 

 

Retirement 2050 Fund

Robert A. Panariello

Vice President

 

 

Retirement 2055 Fund

Robert W. Sharps

Vice President

 

 

Retirement 2060 Fund

Charles M. Shriver

Vice President

 

 

Retirement Balanced Fund

Guido F. Stubenrauch

Vice President

 

 

Retirement I 2005 Fund—I Class

Justin Thomson

Vice President

 

 

Retirement I 2010 Fund—I Class

James A. Tzitzouris Jr.

Vice President

 

 

Retirement I 2015 Fund—I Class

Mark J. Vaselkiv

Vice President

 

 

Retirement I 2020 Fund—I Class

  

 

 

Retirement I 2025 Fund—I Class

 

 

 

 

Retirement I 2030 Fund—I Class

 

 

 

 

Retirement I 2035 Fund—I Class

 

 

 

 

Retirement I 2040 Fund—I Class

 

 

 

 

Retirement I 2045 Fund—I Class

 

 

 

 

Retirement I 2050 Fund—I Class

 

 

 

 

Retirement I 2055 Fund—I Class

 

 

 

 

Retirement I 2060 Fund—I Class

 

 

 

 

Retirement Balanced I Fund—I Class

 

 

 

 

Retirement Income 2020 Fund

 

 

 

 

Target 2005 Fund

 

 

  

Target 2010 Fund

  

 

 

Target 2015 Fund

 

 

 

 

Target 2020 Fund

 

 

 

 

Target 2025 Fund

 

 

 

 

Target 2030 Fund

 

 

 

 

Target 2035 Fund

 

 

 

 

Target 2040 Fund

 

 

 

 

Target 2045 Fund

 

 

 

 

Target 2050 Fund

 

 

 

 

Target 2055 Fund

 

 

 

 

Target 2060 Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(For remaining officers, refer to the “All funds” table)

 

50

     

Fund

Name

Position Held
With Fund

Science & Technology Fund

Kennard W. Allen

President

 

 

 

Brian W.H. Berghuis

Vice President

 

 

 

Greg Dunham

Vice President

 

 

 

David J. Eiswert

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Jacqueline L. Liu

Vice President

 

 

 

Tobias F. Mueller

Vice President

 

 

 

Dominic Rizzo

Vice President

 

 

 

Emily C. Scudder

Vice President

 

 

 

Joshua K. Spencer

Vice President

 

 

 

Alan Tu

Vice President

 

 

 

Anthony B. Wang

Vice President

 

 

 

Thomas H. Watson

Vice President

 

 

 

Alison Mei Ling Yip

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Short-Term Bond Fund

Cheryl A. Mickel

President

 

 

Ultra Short-Term Bond Fund

Joseph K. Lynagh

Executive Vice President

 

 

 

Michael F. Reinartz

Executive Vice President

 

 

 

Stephen L. Bartolini

Vice President

 

 

 

Jason T. Collins

Vice President

 

 

 

M. Helena Condez

Vice President

 

 

 

Michael P. Daley

Vice President

 

 

 

Levent Demirekler

Vice President

 

 

 

Stephanie A. Gentile

Vice President

 

 

 

Charles B. Hill

Vice President

 

 

 

Keir R. Joyce

Vice President

 

 

 

Steven M. Kohlenstein

Vice President

 

 

 

Alexander S. Obaza

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Tyrone Smith

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Small-Cap Stock Fund

Francisco M. Alonso

President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Christopher T. Fortune

Vice President

 

 

 

John Hall

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Robert J. Marcotte

Vice President

 

 

 

Curt J. Organt

Vice President

 

 

 

Charles G. Pepin

Vice President

 

 

 

Robert T. Quinn, Jr.

Vice President

 

 

 

Alexander P. Roik

Vice President

 

 

 

Joshua K. Spencer

Vice President

 

 

 

J. David Wagner

Vice President

 

 

 

Rouven J. Wool-Lewis

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

51

     

Fund

Name

Position Held
With Fund

Small-Cap Value Fund

J. David Wagner

President

 

 

 

Francisco M. Alonso

Vice President

 

 

 

Christopher T. Fortune

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Jon R. Hussey

Vice President

 

 

 

Curt J. Organt

Vice President

 

 

 

Robert T. Quinn, Jr.

Vice President

 

 

 

Vivek Rajeswaran

Vice President

 

 

 

Alexander P. Roik

Vice President

 

 

 

Farris G. Shuggi

Vice President

 

 

 

Preeta Ragavan

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Spectrum Funds

Charles M. Shriver

President

 

 

Spectrum Growth Fund

Christopher D. Alderson

Vice President

 

 

Spectrum Income Fund

Francisco M. Alonso

Vice President

 

 

Spectrum International Fund

Stephen L. Bartolini

Vice President

 

 

 

Kimberly E. DeDominicis

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

David R. Giroux

Vice President

 

 

 

Arif Husain

Vice President

 

 

 

Wyatt A. Lee

Vice President

 

 

 

Sebastien Page

Vice President

 

 

 

Robert A. Panariello

Vice President

 

 

 

Robert W. Sharps

Vice President

 

 

 

Guido F. Stubenrauch

Vice President

 

 

 

Toby M. Thompson

Vice President

 

 

 

Justin Thomson

Vice President

 

 

 

Mark J. Vaselkiv

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Spectrum Funds II

Charles M. Shriver

President

  

Spectrum Conservative Allocation Fund

Christopher D. Alderson

Vice President

  

Spectrum Moderate Allocation Fund

Francisco M. Alonso

Vice President

  

Spectrum Moderate Growth Allocation Fund

E. Frederick Bair

Vice President

   

Jerome A. Clark

Vice President

   

Kimberly E. DeDominicis

Vice President

  

 

Mark S. Finn

Vice President

  

 

David R. Giroux

Vice President

  

 

Arif Husain

Vice President

  

 

Wyatt A. Lee

Vice President

  

 

Raymond A. Mills

Vice President

  

 

Sebastien Page

Vice President

  

 

Robert A. Panariello

Vice President

  

 

Larry J. Puglia

Vice President

  

 

Robert W. Sharps

Vice President

  

 

Guido F. Stubenrauch

Vice President

  

 

Toby M. Thompson

Vice President

52

     

Fund

Name

Position Held
With Fund

  

 

Justin Thomson

Vice President

  

 

Mark J. Vaselkiv

Vice President

  

 

(For remaining officers, refer to the “All funds” table)

 

State Tax-Free Funds

Hugh D. McGuirk

President

 

 

California Tax-Free Bond Fund

Charles B. Hill

Executive Vice President

 

 

California Tax-Free Money Fund

Joseph K. Lynagh

Executive Vice President

 

 

Georgia Tax-Free Bond Fund

Konstantine B. Mallas

Executive Vice President

 

 

Maryland Short-Term Tax-Free Bond Fund

Austin Applegate

Vice President

 

 

Maryland Tax-Free Bond Fund

Colin T. Bando

Vice President

 

 

Maryland Tax-Free Money Fund

Daniel Chihorek

Vice President

 

 

New Jersey Tax-Free Bond Fund

M. Helena Condez

Vice President

 

 

New York Tax-Free Bond Fund

Sarah J. Engle

Vice President

 

 

New York Tax-Free Money Fund

Alisa Fiumara-Yoch

Vice President

 

 

Virginia Tax-Free Bond Fund

Stephanie A. Gentile

Vice President

 

 

 

Dylan Jones

Vice President

 

 

 

Marcy M. Lash

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

James T. Lynch

Vice President

 

 

 

Linda A. Murphy

Vice President

 

 

 

James M. Murphy

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

Timothy G. Taylor

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Summit Income Funds

Joseph K. Lynagh

President

 

 

Cash Reserves Fund

Colin T. Bando

Vice President

 

 

 

M. Helena Condez

Vice President

 

 

 

Stephanie A. Gentile

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Cheryl A. Mickel

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

53

     

Fund

Name

Position Held
With Fund

Summit Municipal Funds

Hugh D. McGuirk

President

 

 

Summit Municipal Income Fund

Charles B. Hill

Executive Vice President

 

 

Summit Municipal Intermediate Fund

Joseph K. Lynagh

Executive Vice President

 

 

Summit Municipal Money Market Fund

Konstantine B. Mallas

Executive Vice President

 

 

 

Austin Applegate

Vice President

 

 

 

R. Lee Arnold, Jr.

Vice President

 

 

 

Colin T. Bando

Vice President

 

 

 

Daniel Chihorek

Vice President

 

 

 

M. Helena Condez

Vice President

 

 

 

Sarah J. Engle

Vice President

 

 

 

Stephanie A. Gentile

Vice President

 

 

 

Dylan Jones

Vice President

 

 

 

Marcy M. Lash

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

James T. Lynch

Vice President

 

 

 

Cheryl A. Mickel

Vice President

 

 

 

Linda A. Murphy

Vice President

 

 

 

James M. Murphy

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

Robert D. Thomas

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Tax-Efficient Funds

Donald J. Peters

President

 

 

Tax-Efficient Equity Fund

Kennard W. Allen

Vice President

 

 

 

Ziad Bakri

Vice President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Greg Dunham

Vice President

 

 

 

Donald J. Easley

Vice President

 

 

 

Weijie Si

Vice President

 

 

 

Matthew J. Snowling

Vice President

 

 

 

Alan Tu

Vice President

 

 

 

Mark R. Weigman

Vice President

 

 

 

Nina Xu

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Tax-Exempt Money Fund

Joseph K. Lynagh

President

 

 

 

Colin T. Bando

Vice President

 

 

 

M. Helena Condez

Vice President

 

 

 

Stephanie A. Gentile

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

54

     

Fund

Name

Position Held
With Fund

Tax-Free High Yield Fund

James M. Murphy

President

 

 

 

R. Lee Arnold, Jr.

Executive Vice President

 

 

 

Colin T. Bando

Vice President

 

 

 

Daniel Chihorek

Vice President

 

 

 

Sarah J. Engle

Vice President

 

 

 

Charles B. Hill

Vice President

 

 

 

Marcy M. Lash

Vice President

 

 

 

Konstantine B. Mallas

Vice President

 

 

 

Hugh D. McGuirk

Vice President

 

 

 

Linda A. Murphy

Vice President

 

 

 

Timothy G. Taylor

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Tax-Free Income Fund

Konstantine B. Mallas

President

 

 

 

R. Lee Arnold, Jr.

Vice President

 

 

 

Sarah J. Engle

Vice President

 

 

 

Charles B. Hill

Vice President

 

 

 

Marcy M. Lash

Vice President

 

 

 

James T. Lynch

Vice President

 

 

 

Hugh D. McGuirk

Vice President

 

 

 

James M. Murphy

Vice President

 

 

 

Timothy G. Taylor

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Tax-Free Short-Intermediate Fund

Charles B. Hill

President

 

 

 

Austin Applegate

Vice President

 

 

 

Alisa Fiumara-Yoch

Vice President

 

 

 

Dylan Jones

Vice President

 

 

 

Marcy M. Lash

Vice President

 

 

 

Joseph K. Lynagh

Vice President

 

 

 

James T. Lynch

Vice President

 

 

 

Hugh D. McGuirk

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Total Return Fund

Christopher P. Brown, Jr.

President

 

 

 

Stephen L. Bartolini

Vice President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Brian J. Brennan

Vice President

 

 

 

Oliver Gjoneski

Vice President

 

 

 

Robert M. Larkins

Vice President

 

 

 

Yongheon Lee

Vice President

 

 

 

Kenneth A. Orchard

Vice President

 

 

 

Saurabh Sud

Vice President

 

 

 

Christopher J. Temple

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

55

     

Fund

Name

Position Held
With Fund

U.S. Bond Enhanced Index Fund

Robert M. Larkins

President

 

 

 

Stephen L. Bartolini

Vice President

 

 

 

Brian J. Brennan

Vice President

 

 

 

Christopher P. Brown, Jr.

Vice President

 

 

 

Amit S. Deshpande

Vice President

 

 

 

Yongheon Lee

Vice President

 

 

 

Lauren T. Wagandt

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

U.S. Equity Research Fund

Ann M. Holcomb

Co-President

 

 

 

Joshua Nelson

Co-President

 

 

 

Jason B. Polun

Co-President

 

 

 

Thomas H. Watson

Co-President

 

 

 

Kennard W. Allen

Vice President

 

 

 

Peter J. Bates

Vice President

 

 

 

Christopher W. Carlson

Vice President

 

 

 

Ira W. Carnahan

Vice President

 

 

 

Donald J. Easley

Vice President

 

 

 

Joseph B. Fath

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Jon M. Friar

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Jason Nogueira

Vice President

 

 

 

Jeffrey Rottinghaus

Vice President

 

 

 

Matthew J. Snowling

Vice President

   

Ken D. Uematsu

Vice President

 

 

 

John F. Wakeman

Vice President

 

 

 

Justin P. White

Vice President

 

 

 

Rouven J. Wool-Lewis

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

U.S. Large-Cap Core Fund

Jeffrey Rottinghaus

President

 

 

 

Peter J. Bates

Vice President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Shawn T. Driscoll

Vice President

 

 

 

Joseph B. Fath

Vice President

 

 

 

Mark S. Finn

Vice President

 

 

 

Paul D. Greene II

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Heather K. McPherson

Vice President

 

 

 

Jason Nogueira

Vice President

 

 

 

David L. Rowlett

Vice President

 

 

 

Gabriel Solomon

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

56

     

Fund

Name

Position Held
With Fund

U.S. Treasury Funds

Brian J. Brennan

President

 

 

U.S. Treasury Intermediate Fund

Joseph K. Lynagh

Executive Vice President

 

 

U.S. Treasury Long-Term Fund

Colin T. Bando

Vice President

 

 

U.S. Treasury Money Fund

Stephen L. Bartolini

Vice President

 

 

 

M. Helena Condez

Vice President

 

 

 

Stephanie A. Gentile

Vice President

 

 

 

Geoffrey M. Hardin

Vice President

 

 

 

Keir R. Joyce

Vice President

 

 

 

Alan D. Levenson

Vice President

 

 

 

Cheryl A. Mickel

Vice President

 

 

 

Michael K. Sewell

Vice President

 

 

 

Chen Shao

Vice President

 

 

 

Jeanny Silva

Vice President

 

 

 

Douglas D. Spratley

Vice President

 

 

 

Christopher J. Temple

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

Value Fund

Mark S. Finn

President

 

 

 

Peter J. Bates

Vice President

 

 

 

Jason A. Bauer

Vice President

 

 

 

Andrew S. Davis

Vice President

 

 

 

Vincent M. DeAugustino

Vice President

 

 

 

Joel Grant

Vice President

 

 

 

Ryan S. Hedrick

Vice President

 

 

 

Jon R. Hussey

Vice President

 

 

 

John D. Linehan

Vice President

 

 

 

Daniel Martino

Vice President

 

 

 

Heather K. McPherson

Vice President

 

 

 

Christian M. O’Neill

Vice President

 

 

 

Weijie Si

Vice President

 

 

 

Tamara P. Wiggs

Vice President

 

 

 

Jon D. Wood

Vice President

 

 

 

(For remaining officers, refer to the “All funds” table)

 

(a) Certain officers of the corporation do not serve as officers with respect to the fund; the High Yield Fund’s officers are Andrew C. McCormick, Jason A. Bauer, Michael F. Connelly, Michael Della Vedova, Carson R. Dickson, Stephen M. Finamore, Daniel Fox, Justin T. Gerbereux, Michael T. Hyland, Paul M. Massaro, Rodney M. Rayburn, Brian A. Rubin, Reena Tilva, Michael J. Trivino, and Mark J. Vaselkiv.

(b) Certain officers of the corporation do not serve as officers with respect to the fund; the U.S. High Yield Fund’s officers are Andrew C. McCormick, Charles Devereux, Devon Everhart, Matthew Fanandakis, Gregg Gola, Kevin P. Loome, and Douglas Zinser.

Below is a table that sets forth certain information, as of August 31, 2019, regarding each person deemed to be an officer of the Price Funds.

Officers

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Mariel Abreu, 1981

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, International Funds and Multi-Sector Account Portfolios

57

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Jason R. Adams, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Equity Income Fund, International Funds, and New America Growth Fund

Ulle Adamson, CFA, 1979

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, International Funds; Vice President, Institutional International Funds

Roy H. Adkins, 1970

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

Vinit Agrawal, 1987

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Equity Income Fund

Christopher D. Alderson, 1962

Director and Vice President, T. Rowe Price International; Vice President, Price Hong Kong, Price Singapore, and T. Rowe Price Group, Inc.

 

President, Institutional International Funds and International Funds; Vice President, Retirement Funds, Spectrum Funds, and Spectrum Funds II

Syed H. Ali, 1970

Vice President, Price Singapore and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Kennard W. Allen, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Science & Technology Fund; Vice President, Diversified Mid-Cap Growth Fund, Global Technology Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, Tax-Efficient Funds, and U.S. Equity Research Fund

Francisco M. Alonso, 1978

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, New Horizons Fund, Retirement Funds, Small-Cap Value Fund, Spectrum Funds, and Spectrum Funds II

Paulina Amieva, 1981

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Institutional International Funds and International Funds

Joseph Anastasio, 1986

Vice President, T. Rowe Price; formerly Vice President, RC Capital Markets (to 2018); Vice President, Nomura Securities International (to 2017)

 

Vice President, GNMA Fund and Multi-Sector Account Portfolios

Anil K. Andhavarapu, 1980

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, GNMA Fund and Multi-Sector Account Portfolios

Austin Applegate, 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund

R. Lee Arnold, Jr., CFA, CPA, 1970

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, Summit Municipal Funds, and Tax-Free Income Fund

Malik S. Asif, 1981

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

E. Frederick Bair, CFA, CPA, 1969

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Index Trust, International Index Fund, Real Assets Fund, and Spectrum Funds II

Ziad Bakri, M.D., CFA, 1980

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds

Harishankar Balkrishna, 1983

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds

Colin T. Bando, CFA, 1987

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Government Money Fund, Institutional Income Funds, Intermediate Tax-Free High Yield Fund, Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, and U.S. Treasury Funds

Sheena L. Barbosa, 1983

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, Institutional International Funds and International Funds

58

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Stephen L. Bartolini, CFA, 1977

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, and New Income Fund; Vice President, Global Allocation Fund, Institutional Income Funds, Multi-Sector Account Portfolios, Real Assets Fund, Short-Term Bond Fund, Spectrum Funds, Total Return Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds

Peter J. Bates, CFA, 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, U.S. Equity Research Fund, U.S. Large-Cap Core Fund, and Value Fund

Jason A. Bauer, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, Multi-Sector Account Portfolios, Total Return Fund, and Value Fund

Luis M. Baylac, 1982

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds

Timothy F. Bei, 1973

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Oliver D.M. Bell, 1969

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, Institutional International Funds and International Funds

R. Scott Berg, CFA, 1972

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.

 

Executive Vice President, Institutional International Funds and International Funds

Brian W.H. Berghuis, CFA, 1958

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund

Steve Boothe, CFA, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Co-President, Corporate Income Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and New Income Fund

Peter I. Botoucharov, 1965

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

Tala Boulos, 1984

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

Darrell N. Braman, 1963

Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.

 

Vice President and Secretary, all funds

Brian J. Brennan, CFA, 1964

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company

 

President, U.S. Treasury Funds; Executive Vice President, Institutional Income Funds; Vice President, GNMA Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, Total Return Fund, and U.S. Bond Enhanced Index Fund

Christopher P. Brown, Jr., CFA, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Total Return Fund; Vice President, Global Multi-Sector Bond Fund, GNMA Fund, Institutional Income Funds, International Funds, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund

Brian E. Burns, 1960

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Christopher W. Carlson, 1967

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Global Technology Fund, Mid-Cap Value Fund, New Horizons Fund, and U.S. Equity Research Fund

Ira W. Carnahan, CFA, 1963

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, U.S. Equity Research Fund

59

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Jon B. Casper, 1989

Vice President, T. Rowe Price; formerly student, The Wharton School, University of Pennsylvania (to 2016)

 

Vice President, Financial Services Fund

Sheldon Chan, 1981

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, International Funds and Multi-Sector Account Portfolios

Andrew Chang, 1983

Vice President, T. Rowe Price Group, Inc.

 

Vice President, International Funds

William Chen, 1979

Vice President, Price Hong Kong; formerly Greater China TMT and Automation Analyst, J.P. Morgan Asset Mgmt (to 2018)

 

Vice President, International Funds

Paul Y. Cho, 1986

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Communications & Technology Fund

Carolyn Hoi Che Chu, 1974

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

Archibald Ciganer, CFA, 1976

Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.

 

Executive Vice President, International Funds; Vice President, Institutional International Funds

Daniel Chihorek, 1984

Vice President, T. Rowe Price; formerly Vice President, Municipal Research Analyst, GW&K Investment Management (to 2018)

 

Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund

Jerome A. Clark, CFA, 1961

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company

 

Co-President, Retirement Funds; Vice President, Limited Duration Inflation Focused Bond Fund and Spectrum Funds II

Richard N. Clattenburg, CFA, 1979

Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International

 

Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Real Estate Fund

Richard A. Coghlan, PhD., 1961

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Co-President, Real Assets Fund

Jason T. Collins, CFA 1971

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Short-Term Bond Fund

M. Helena Condez, 1962

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds

Michael J. Conelius, CFA, 1964

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company

 

Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Michael F. Connelly, CFA, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Floating Rate Fund, Global Multi-Sector Bond Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios

Michael P. Daley, 1981

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund

Anne Daub, 1973

Vice President, T. Rowe Price; formerly Senior Analyst, Soros Fund Management LLC (to 2018); Senior Analyst, Citadel LLC (to 2017); Senior Analyst, Visium Asset Management LP (2016)

 

Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund

Andrew S. Davis, 1978

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Dividend Growth Fund, Growth & Income Fund, Growth Stock Fund, International Funds, Small-Cap Stock Fund, Tax-Efficient Funds, U.S. Large-Cap Core Fund, and Value Fund

Vincent M. DeAugustino, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Financial Services Fund, Mid-Cap Value Fund, and Value Fund

Ramon R. de Castro, 1966

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, GNMA Fund and Multi-Sector Account Portfolios

Kimberly E. DeDominicis, 1976

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International

 

Co-President, Retirement Funds, Vice President, Balanced Fund, Spectrum Funds, and Spectrum Funds II

Richard de los Reyes, 1975

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Co-President, Multi-Strategy Total Return Fund; Vice President, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, and Real Assets Fund

60

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Michael Della Vedova, 1969

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund, and High Yield Fund (serves only with respect to the High Yield Fund)

Levent Demirekler, CFA, 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Short-Term Bond Fund

Iona Dent, CFA, 1991

Employee, T. Rowe Price; formerly Associate, Equity Research, Deutsche Bank (to 2018)

 

Vice President, Institutional International Funds and International Funds

Amit S. Deshpande, CFA, FRM, 1972

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head of Investment Risk, Charles Schwab Investment Management (to 2017)

 

Vice President, U.S. Bond Enhanced Index Fund

Charles Devereux, 1969

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head Analyst, Henderson Global Investors (to 2017)

 

Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Eric L. DeVilbiss, CFA, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Growth Stock Fund, New America Growth Fund, and New Horizons Fund

Carson R. Dickson, CFA, CPA, 1976

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund)

Maria Elena Drew, 1973

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Executive Director, Goldman Sachs Asset Management (to 2017)

 

Vice President, Institutional International Funds and International Funds

Shawn T. Driscoll, 1975

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, New Era Fund; Vice President, Capital Appreciation Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, Real Assets Fund, and U.S. Large-Cap Core Fund

Greg Dunham, CFA, 1974

Vice President, T. Rowe Price and T. Rowe Price Group

 

Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds

Alan S. Dupski, CPA, 1982

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Assistant Treasurer, all funds

Donald J. Easley, CFA, 1971

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Diversified Mid-Cap Growth Fund; Vice President, Mid-Cap Growth Fund, New Era Fund, Tax-Efficient Funds, and U.S. Equity Research Fund

Bridget A. Ebner, 1970

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Institutional International Funds and International Funds

David J. Eiswert, CFA, 1972

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Institutional International Funds and International Funds; Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, and Science & Technology Fund

Sarah J. Engle, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund

Devon Everhart, CFA, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Research Analyst, Henderson Global Investors (to 2017)

 

Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Matthew Fanandakis, CFA, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Fixed Income Research Analyst, Henderson Global Investors (to 2017)

 

Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Joseph B. Fath, CPA, 1971

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Growth Stock Fund; Vice President, Communications & Technology Fund, Growth & Income Fund, Mid-Cap Growth Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund

Christopher Faulkner-MacDonagh, 1969

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Co-President, Real Assets Fund

61

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Dawei Feng, 1979

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Head of China consumer in Equity Research, Credit Lyonnais Asia-Pacific (to 2018)

 

Vice President, International Funds

Ryan W. Ferro, 1985

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Stephen M. Finamore, CFA, 1976

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios

Mark S. Finn, CFA, CPA, 1963

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Equity Income Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Retirement Funds, Spectrum Funds, Spectrum Funds II, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund

Quentin S. Fitzsimmons, 1968

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Portfolio Manager, Royal Bank of Scotland Group (to 2015)

 

Vice President, Global Multi-Sector Bond Fund and International Funds

Alisa Fiumara-Yoch, CFA, 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, State Tax-Free Funds and Tax-Free Short-Intermediate Fund

Christopher T. Fortune, 1973

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Financial Services Fund, Small-Cap Stock Fund, and Small-Cap Value Fund

Daniel Fox, CFA, 1985

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Credit Opportunities Fund and High Yield Fund

Jon M. Friar, 1982

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Capital Appreciation Fund, Dividend Growth Fund, Financial Services Fund, Growth Stock Fund, New Horizons Fund, and U.S. Equity Research Fund

Alexa M. Gagliardi, 1988

Vice President, T. Rowe Price and T. Rowe Price Trust Company

 

President, Index Trust; Vice President, International Index Fund

Melissa C. Gallagher, 1974

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Health Sciences Fund and International Funds

George Gao, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Quantitative Management Funds

Stephanie A. Gentile, CFA, 1956

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds

Justin T. Gerbereux, CFA, 1975

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios

Aaron Gifford, CFA, 1987

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Strategist, Morgan & Stanley & Co. LLC (to 2017)

 

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

John R. Gilner, 1961

Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc.

 

Chief Compliance Officer, all funds

David R. Giroux, CFA, 1975

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Capital Appreciation Fund; Vice President, Floating Rate Fund, Institutional Income Funds, Multi-Sector Account Portfolios, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II

Oliver Gjoneski, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Total Return Fund

Gregg Gola, CFA, 1965

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Trader and Analyst, Henderson Global Investors (to 2017)

 

Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Vishnu V. Gopal, 1979

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, International Funds

62

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Joel Grant, 1978

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, International Funds and Value Fund

Gary J. Greb, 1961

Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Trust Company

 

Vice President, all funds

Paul D. Greene II, 1978

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Communications & Technology Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Science & Technology Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund

Benjamin Griffiths, CFA, 1977

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

Michael J. Grogan, CFA, 1971

Vice President, T. Rowe Price and T. Rowe Price Group Inc.

 

Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Gianluca Guicciardi, 1983

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds

Amanda B. Hall, CFA, 1985

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds

John Hall, 1977

Vice President, T. Rowe Price

 

Vice President, Health Sciences Fund and Small-Cap Stock Fund

Richard L. Hall, 1979

Vice President, T. Rowe Price and T. Rowe Price Group Inc.

 

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

Nabil Hanano, CFA, 1984

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

Geoffrey M. Hardin, 1971

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, and U.S. Treasury Funds

Robert L. Harlow, CAIA, CFA, 1986

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Global Allocation Fund

Ryan S. Hedrick, CFA, 1980

Vice President, T. Rowe Price and T. Rowe Price Group Inc.

 

Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Equity Income Fund, Growth & Income Fund, Mid-Cap Value Fund, New Era Fund, Small-Cap Stock Fund, Small-Cap Value Fund, U.S. Equity Research Fund, U.S. Large-Cap Core Fund, and Value Fund

Charles B. Hill, CFA, 1961

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund

Daniel B. Hirsch, CFA, 1985

Vice President, T. Rowe Price

 

Vice President, International Funds

Ann M. Holcomb, CFA, 1972

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds

Jeffrey Holford, Ph.D., ACA, 1972

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Jeffries Financial Group (to 2018)

 

Vice President, Health Sciences Fund, Institutional International Funds, and International Funds

Matthew A. Howell, IMC, 1974

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Real Assets Fund

Thomas J. Huber, CFA, 1966

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Dividend Growth Fund; Vice President, Blue Chip Growth Fund and Real Estate Fund

Stefan Hubrich, Ph.D., CFA, 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Co-President, Multi-Strategy Total Return Fund; Vice President, Global Allocation Fund, Institutional International Funds, and International Funds

63

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Arif Husain, CFA, 1972

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional International Funds, Multi-Sector Account Portfolios, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II

Jon R. Hussey, CFA, 1982

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, University of Chicago Booth School of Business (to 2016)

 

Vice President, Equity Income Fund, New Era Fund, Small-Cap Value Fund, and Value Fund

Michael T. Hyland, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Credit Opportunities Fund and High Yield Fund

Hiromasa Ikeda, 1971

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Tetsuji Inoue, 1971

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds

Michael D. Jacobs, 1971

Vice President, Price Japan, T. Rowe Price Group, Inc., and T. Rowe Price International

 

Vice President, International Funds

Andrew G. Jacobs van Merlen, CFA, 1978

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International

 

Co-President, Retirement Funds

Randal S. Jenneke, 1971

Vice President, T. Rowe Price Group, Inc.

 

Vice President, Institutional International Funds and International Funds

Prashant G. Jeyaganesh, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Quantitative Management Funds; Vice President, International Funds

Rachel D. Jonas, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Sands Capital Management (to 2016)

 

Vice President, Health Sciences Fund

Dylan Jones, CFA, 1971

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund

Nina P. Jones, CPA, 1980

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Global Real Estate Fund and Real Estate Fund; Vice President, Capital Appreciation Fund, Financial Services Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, and Real Assets Fund

Keir R. Joyce, CFA, 1972

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, GNMA Fund; Executive Vice President and Vice President, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Short-Term Bond Fund, and U.S. Treasury Funds

Vidya Kadiyam, 1980

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Capital Appreciation Fund and Quantitative Management Funds

Yoichiro Kai, 1973

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

Jacob H. Kann, CFA, 1987

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Jai Kapadia, 1982

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds

Andrew J. Keirle, 1974

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund and Institutional International Funds

Shinwoo Kim, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Equity Income Fund and New Era Fund

Takanori Kobayashi, 1981

Vice President, Price Japan, T. Rowe Price Group, Inc., and T. Rowe Price International; formerly Research Analyst, Allianz Global Investors (to 2017)

 

Vice President, Financial Services Fund, Global Real Estate Fund, and International Funds

Steven M. Kohlenstein, CFA, 1987

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund

64

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Paul J. Krug, CPA, 1964

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, all funds

Christopher J. Kushlis, CFA, 1976

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios

Michael Lambe, CFA, 1977

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Robert M. Larkins, CFA, 1973

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, U.S. Bond Enhanced Index Fund; Executive Vice President, Institutional Income Funds; Vice President, Balanced Fund, Global Allocation Fund, New Income Fund, and Total Return Fund

Marcy M. Lash, 1963

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund

Shengrong Lau, 1982

Vice President, Price Singapore and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Mark J. Lawrence, 1970

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

Matthew Lawton, CFA, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Corporate Income Fund, Institutional Income Funds, and New Income Fund

Wyatt A. Lee, CFA, 1971

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Co-President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, Spectrum Funds, and Spectrum Funds II

Yongheon Lee, 1975

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Institutional Income Funds, Total Return Fund, and U.S. Bond Enhanced Index Fund

Alan D. Levenson, Ph.D., 1958

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, GNMA Fund, Government Money Fund, Inflation Protected Bond Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, TRP Reserve Funds, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds

John D. Linehan, CFA, 1965

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Equity Income Fund; Executive Vice President, Institutional Equity Funds; Vice President, Multi-Strategy Total Return Fund and Value Fund

Jacqueline L. Liu, 1979

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, Communications & Technology Fund, Global Technology Fund, International Funds, and Science & Technology Fund

Gregory Locraft, 1971

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Financial Services Fund

Johannes Loefstrand, 1988

Vice President, T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

Kevin P. Loome, CFA, 1967

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head of U.S. Credit, Henderson Global Investors (to 2017)

 

Executive Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Anh Lu, 1968

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Executive Vice President, International Funds; Vice President, Institutional International Funds

Joseph K. Lynagh, CFA, 1958

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Government Money Fund, TRP Reserve Funds, Summit Income Funds, and Tax-Exempt Money Fund; Executive Vice President, Institutional Income Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Municipal Funds, and U.S. Treasury Funds; Vice President, Tax-Free Short-Intermediate Fund

James T. Lynch, CFA, 1983

Vice President, T. Rowe Price

 

Vice President, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund

Matt Mahon, 1985

Vice President, T. Rowe Price and T. Rowe Price Group, Inc. formerly student, The Wharton School, University of Pennsylvania (to 2016)

 

Vice President, Diversified Mid-Cap Growth Fund, Equity Income Fund, and New Era Fund

65

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Navneesh. Malhan, CFA, 1980

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Quantitative Management Funds

Konstantine B. Mallas, 1963

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Tax-Free Income Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund

Sebastien Mallet, 1974

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, Institutional International Funds; Vice President, International Funds

Robert J. Marcotte, 1962

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Global Real Estate Fund, Mid-Cap Growth Fund, and Small-Cap Stock Fund

Jennifer Martin, 1972

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Communications & Technology Fund, Global Technology Fund, Institutional International Funds, and International Funds

Daniel Martino, CFA, 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Communications & Technology Fund, Equity Income Fund, Growth Stock Fund, Institutional International Funds, and Value Fund

Ryan Martyn, 1979

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds and New Era Fund

George A. Marzano, 1980

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Blue Chip Growth Fund and Equity Income Fund

Paul M. Massaro, CFA, 1975

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Floating Rate Fund and Institutional Income Funds; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Capital Appreciation Fund and High Yield Fund (serves only with respect to the High Yield Fund)

Catherine D. Mathews, 1963

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Principal Financial Officer, Vice President, and Treasurer, all funds

Reilly Kevin McCarthy, 1991

Assistant Vice President, T. Rowe Price

 

Assistant Vice President, GNMA Fund

Andrew C. McCormick, 1960

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, High Yield Fund and Multi-Sector Account Portfolios

Michael J. McGonigle, 1966

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Hugh D. McGuirk, CFA, 1960

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund

Heather K. McPherson, CPA, 1967

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Institutional Equity Funds and Mid-Cap Value Fund; Vice President, Equity Income Fund, Global Technology Fund, Growth & Income Fund, New Era Fund, U.S. Large-Cap Core Fund, and Value Fund

Sean P. McWilliams, 1988

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Global Allocation Fund

Cheryl A. Mickel, CFA, 1967

Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Short-Term Bond Fund; Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Summit Income Funds, Summit Municipal Funds, and U.S. Treasury Funds

Raymond A. Mills, Ph.D., CFA, 1960

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company

 

Executive Vice President, Institutional International Funds and International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Spectrum Funds II

Jihong Min, 1979

Vice President, Price Singapore and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Joseph R. Mlinac, CFA, 1983

Vice President, T. Rowe Price

 

Vice President, Financial Services Fund

Eric C. Moffett, 1974

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Executive Vice President, International Funds; Vice President, Institutional International Funds

66

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Ivan Morozov, CFA, 1987

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds and Multi-Sector Account Portfolios

Samy B. Muaddi, CFA, 1984

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, and Institutional Income Funds

Tobias F. Mueller, CFA, 1980

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Global Technology Fund, Institutional International Funds, International Funds, and Science & Technology Fund

Rinald Murataj, Ph.D., 1989

Employee, T. Rowe Price; formerly student and Alpha Researcher, Cornell University (to 2018)

 

Vice President, Quantitative Management Funds

James M. Murphy, CFA, 1967

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Income Fund

Linda A. Murphy, 1959

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund

Sudhir Nanda, Ph.D., CFA, 1959

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Quantitative Management Funds; Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, and Institutional International Funds

Joshua Nelson, 1977

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company

 

Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds, Institutional International Funds, and International Funds

Philip A. Nestico, 1976

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Communications & Technology Fund, Global Real Estate Fund, International Funds, and Real Estate Fund

Michael Niedzielski, 1979

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds

Sridhar Nishtala, 1975

Director and Vice President, Price Singapore and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Jason Nogueira, CFA, 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Institutional International Funds and International Funds; Vice President, Growth & Income Fund, Mid-Cap Growth Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund

Alexander S. Obaza, 1981

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund

Christian M. O’Neill, 1969

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Diversified Mid-Cap Growth Fund, New Era Fund, and Value Fund

Kenneth A. Orchard, 1975

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

President, Global Multi-Sector Bond Fund; Executive Vice President, International Funds; Vice President, Institutional International Funds, Multi-Sector Account Portfolios, and Total Return Fund

Curt J. Organt, CFA, 1968

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Institutional Equity Funds, International Funds, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund

Paul T. O’Sullivan, 1973

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds

Oluwaseun A. Oyegunle, CFA, 1984

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

Sebastien Page, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Balanced Fund, Multi-Strategy Total Return Fund, Real Assets Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II

Robert A. Panariello, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Global Allocation Fund, Real Assets Fund, Retirement Funds, and Spectrum Funds II

Gonzalo Pangaro, CFA, 1968

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, Institutional International Funds and International Funds

67

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Miso Park, CFA, 1982

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Dante Pearson, 1990

Vice President, T. Rowe Price; formerly Equity Analyst Intern, MFS (to 2016)

 

Vice President, Global Real Estate Fund and Real Estate Fund

Charles G. Pepin, 1966

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Small-Cap Stock Fund

Donald J. Peters, 1959

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds

Jason B. Polun, CFA, 1974

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds

Adam Poussard, 1984

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Capital Appreciation Fund and Health Sciences Fund

Jordan S. Pryor, 1991

Vice President, T. Rowe Price

 

Vice President, Quantitative Management Funds

Larry J. Puglia, CFA, CPA, 1960

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund and Spectrum Funds II

John C. Qian, 1989

Vice President, T. Rowe Price; formerly summer intern, T. Rowe Price (to 2016)

 

Vice President, New Era Fund

Robert T. Quinn, Jr., 1972

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Small-Cap Stock Fund and Small-Cap Value Fund

Preeta Ragavan, CFA, 1987

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Equity Income Fund, Global Real Estate Fund, Real Estate Fund, and Small-Cap Value Fund

Vivek Rajeswaran, 1985

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Blue Chip Growth Fund, International Funds, Mid-Cap Growth Fund, New Era Fund, and Small-Cap Value Fund

Shannon Hofher Rauser, 1987

Assistant Vice President, T. Rowe Price

 

Assistant Secretary, all funds

Rodney M. Rayburn, CFA, 1970

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Credit Opportunities Fund; Executive Vice President, High Yield Fund (serves only with respect to the High Yield Fund) and Institutional Income Funds

Todd Reese, 1990

Employee, T. Rowe Price; formerly Investment Analyst, Trian Fund Management (to 2016)

 

Vice President, International Funds

Michael F. Reinartz, CFA, 1973

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Executive Vice President, Short-Term Bond Fund; Vice President, Inflation Protected Bond Fund and Limited Duration Inflation Focused Bond Fund

Jane K. Rivers, CFA, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Real Estate Fund

Melanie A. Rizzo, 1982

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Equity Income Fund, International Funds, and Mid-Cap Value Fund

Theodore E. Robson, CFA, 1965

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Real Estate Fund

Alexander P. Roik, CFA, 1991

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund

Jeffrey Rottinghaus, CPA, 1970

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Growth & Income Fund and U.S. Large-Cap Core Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, and U.S. Equity Research Fund

David L. Rowlett, CFA, 1975

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Blue Chip Growth Fund, Growth & Income Fund, Growth Stock Fund, International Funds, New America Growth Fund, and U.S. Large-Cap Core Fund

Brian A. Rubin, CPA, 1974

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios

68

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Federico Santilli, CFA, 1974

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, Institutional International Funds and International Funds

Nikolaj Schmidt, 1975

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds

Sebastian Schrott, 1977

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Institutional International Funds and International Funds

Emily C. Scudder, CFA, CPA, 1985

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Global Technology Fund and Science & Technology Fund

Michael K. Sewell, 1982

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, and U.S. Treasury Funds

Daniel O. Shackelford, CFA, 1958

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Real Assets Fund

Chen Shao, 1980

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds

Thomas A. Shelmerdine, 1977

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, New Era Fund

Bin Shen, CFA, 1987

Employee, T. Rowe Price

 

Vice President, Institutional International Funds and International Funds

John C.A. Sherman, 1969

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Institutional International Funds and International Funds

Charles M. Shriver, CFA, 1967

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company

 

President, Balanced Fund, Global Allocation Fund, Spectrum Funds, and Spectrum Funds II; Vice President, Real Assets Fund and Retirement Funds

Elliot J. Shue, CFA, 1984

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Corporate Income Fund

Farris G. Shuggi, 1984

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Quantitative Management Funds; Vice President, Capital Appreciation Fund, Equity Income Fund, and Small-Cap Value Fund

Weijie Si, 1983

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Dividend Growth Fund, Real Estate Fund, Tax-Efficient Funds, and Value Fund

Jeanny Silva, 1975

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Corporate Income Fund, Government Money Fund, Institutional Income Funds, Multi-Sector Account Portfolios,

TRP Reserve Funds, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds

Neil Smith, 1972

Vice President, Price Hong Kong, Price Japan, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International

 

President, International Index Fund; Vice President, Index Trust

Tyrone Smith, 1977

Vice President, T. Rowe Price; formerly Fixed Income Credit Trader, Aberdeen Asset Management Inc. (to 2018)

 

Vice President, Short-Term Bond Fund

Matthew J. Snowling, CFA, 1971

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Equity Income Fund, Financial Services Fund, Tax-Efficient Funds, and U.S. Equity Research Fund

Brian Solomon, CFA, 1986

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Real Estate Fund

Gabriel Solomon, 1977

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Financial Services Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, and U.S. Large-Cap Core Fund

Scott D. Solomon, CFA, 1981

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Corporate Income Fund, Institutional International Funds, and International Funds

69

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Joshua K. Spencer, CFA, 1973

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, New Horizons Fund; Vice President, Global Technology Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, Science & Technology Fund, and Small-Cap Stock Fund

Douglas D. Spratley, CFA, 1969

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds

David Stanley, 1963

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds and Multi-Sector Account Portfolios

James Stillwagon, 1982

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Partner, Cat Rock Capital (to 2016)

 

Vice President, Communications & Technology Fund and Equity Income Fund

Guido F. Stubenrauch, CFA, 1970

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Balanced Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II

Saurabh Sud, CFA, 1985

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President at PIMCO (to 2018)

 

Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund and Total Return Fund

Taymour R. Tamaddon, CFA, 1976

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Growth Stock Fund, Health Sciences Fund, Institutional International Funds, International Funds, and New America Growth Fund

Ju Yen Tan, 1972

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios

Sin Dee Tan, CFA, 1979

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, International Funds

Timothy G. Taylor, CFA, 1975

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, State Tax-Free Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund

Christopher J. Temple, CFA, 1978

Vice President, T. Rowe Price

 

Vice President, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, Total Return Fund, and U.S. Treasury Funds

Dean Tenerelli, 1964

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, International Funds; Vice President, Institutional International Funds

Craig A. Thiese, 1975

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International

 

Vice President, Index Trust, International Index Fund, New America Growth Fund, and New Era Fund

Robert D. Thomas, 1971

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Corporate Income Fund, Multi-Sector Account Portfolios, and Summit Municipal Funds

Siby Thomas, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, International Funds and Multi-Sector Account Portfolios

Toby M. Thompson, CAIA, CFA, 1971

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Balanced Fund, Global Allocation Fund, Spectrum Funds, and Spectrum Funds II

Justin Thomson, 1968

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, International Funds; Vice President, Multi-Strategy Total Return Fund, New Horizons Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II

Reena Tilva, CFA, 1981

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President, Non-Investment Grade Credit Group, Neuberger Berman (to 2017)

 

Vice President, Credit Opportunities Fund and High Yield Fund

Mitchell J.K. Todd, 1974

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Financial Services Fund

70

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Michael J. Trivino, 1981

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios

Susan G. Troll, CPA, 1966

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Financial Services Fund, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, and New Income Fund

Wesley Ross Trowbridge, 1987

Vice President, T. Rowe Price; formerly student, The University of Chicago Booth School of Business (to 2017)

 

Vice President, Corporate Income Fund and Multi-Sector Account Portfolios

Alan Tu, 1985

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, Global Technology Fund; Vice President, Blue Chip Growth Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds

James A. Tzitzouris, Jr., Ph.D., 1974

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Retirement Funds

Ken D. Uematsu, CFA, 1966

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Institutional Equity Funds, International Index Fund, and U.S. Equity Research Fund

Mark J. Vaselkiv, 1958

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Executive Vice President, High Yield Fund (serves only with respect to the High Yield Fund), International Funds, and Multi-Sector Account Portfolios; Vice President, Balanced Fund, Floating Rate Fund, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II

Pavel Vedrov, 1990

Employee, T. Rowe Price

 

Vice President, Global Real Estate Fund

Eric L. Veiel, CFA, 1972

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Institutional International Funds

Rupinder Vig, 1979

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Partner, Egerton Capital (to 2016)

 

Vice President, Institutional International Funds and International Funds

Willem Visser, 1979

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Investment Analyst, NN Investment Partners (to 2017)

 

Vice President, International Funds and Multi-Sector Account Portfolios

Kes Visuvalingam, 1968

Vice President, T. Rowe Price Group, Inc.

 

Vice President, International Funds

Erik M. von Heijne, CFA, 1990

Vice President, T. Rowe Price

 

Vice President, Quantitative Management Funds

Chris Vost, 1989

Vice President, T. Rowe Price International

 

Vice President, International Funds

Zenon Voyiatzis, 1971

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Financial Services Fund, Institutional International Funds, and International Funds

Verena E. Wachnitz, CFA, 1978

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Executive Vice President, International Funds; Vice President, Communications & Technology Fund and Institutional International Funds

Lauren T. Wagandt, 1984

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Co-President, Corporate Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund

J. David Wagner, CFA, 1974

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Small-Cap Value Fund; Vice President, Institutional Equity Funds, Mid-Cap Value Fund, New Horizons Fund, and Small-Cap Stock Fund

John F. Wakeman, 1962

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund, Institutional Equity Funds, and U.S. Equity Research Fund,

David J. Wallack, 1960

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

President, Mid-Cap Value Fund; Vice President, International Funds and New Era Fund

71

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Anthony B. Wang, 1989

Vice President, T. Rowe Price; formerly student, Harvard Business School (to 2017)

 

Vice President, Global Technology Fund and Science & Technology Fund

Dai Wang, 1989

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, Institutional International Funds and International Funds

Megan Warren, 1968

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; formerly Executive Director, JPMorgan Chase (to 2017)

 

Vice President, all funds

Hiroshi Watanabe, CFA, 1975

Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc.

 

Vice President, International Funds

Thomas H. Watson, 1977

Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds; Vice President, Global Technology Fund, New America Growth Fund, and Science & Technology Fund

Michael T. Wehn, 1984

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Index Trust and International Index Fund

Mark R. Weigman, CFA, CIC, 1962

Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company

 

Vice President, Tax-Efficient Funds

Justin P. White, 1981

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

President, New America Growth Fund; Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Growth Stock Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, and U.S. Equity Research Fund

Christopher S. Whitehouse, 1972

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Communications & Technology Fund and Institutional International Funds

Bineesha Wickremarachchi, CFA, 1980

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Tamara P. Wiggs, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Capital Appreciation Fund, Financial Services Fund, and Value Fund

Rebecca Willey, 1987

Assistant Vice President, T. Rowe Price

 

Assistant Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios

Clive M. Williams, 1966

Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International

 

Vice President, International Funds

John M. Williams, 1982

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Capital Appreciation Fund, Dividend Growth Fund, and Mid-Cap Value Fund

J. Zachary Wood, CFA, 1972

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Real Assets Fund

Jon D. Wood, CFA, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Dividend Growth Fund, Health Sciences Fund, and Value Fund

J. Howard Woodward, CFA, 1974

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios

Ashley R. Woodruff, CFA, 1979

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund

Rouven J. Wool-Lewis, Ph.D., 1973

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Health Sciences Fund, Small-Cap Stock Fund, and U.S. Equity Research Fund

Nina Xu, 1987

Employee, T. Rowe Price

 

Vice President, Health Sciences Fund and Tax-Efficient Funds

Marta Yago, 1977

Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International

 

Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds

David A. Yatzeck, 1981

Vice President, T. Rowe Price and T. Rowe Price Group

 

Vice President, Credit Opportunities Fund

72

   

Name, Year of Birth, and Principal Occupation(s)
During Past Five Years

 

Position(s) Held With Fund(s)

Benjamin T. Yeagle, 1978

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.

 

Vice President, International Funds

Ernest C. Yeung, CFA, 1979

Director and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.

 

Executive Vice President, International Funds; Vice President, Communications & Technology Fund and Institutional International Funds

Alison Mei Ling Yip, 1966

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, Global Technology Fund, International Funds, and Science & Technology Fund

Eric Yuan, 1984

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly student, Columbia Business School (to 2016)

 

Vice President, International Funds

Wenli Zheng, 1979

Vice President, Price Hong Kong and T. Rowe Price Group, Inc.

 

Vice President, Communications & Technology Fund and International Funds

Anthony Zhu, Ph.D., 1984

Vice President, T. Rowe Price; formerly student, Columbia Business School (to 2016)

 

Vice President, Quantitative Management Funds

Douglas Zinser, 1975

Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Research Analyst, Henderson Global Investors (to 2017)

 

Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund)

Directors’ Compensation

Each independent director is paid $310,000 annually for his/her service on the Boards. The Chairman of the Boards, an independent director, receives an additional $150,000 annually for serving in this capacity. Prior to the Board appointing an independent director as Chairman of the Boards, the Board had designated a Lead Independent Director, who received an additional $150,000 annually for serving in this capacity. An independent director serving on the Joint Audit Committee receives an additional $30,000 annually for his/her service and the chairman of the Joint Audit Committee receives an additional $10,000 for his/her service. An independent director serving as a member of a Special Committee of the Independent Directors receives an additional $1,500 per meeting of the Special Committee. All of these fees are allocated to each fund on a pro-rata basis based on each fund’s net assets relative to the other funds.

The following table shows the total compensation that was received by the independent directors in the calendar year 2018, unless otherwise indicated. The independent directors of the funds do not receive any pension or retirement benefits from the funds or from T. Rowe Price. In addition, the officers and inside directors of the funds do not receive any compensation or benefits from the funds for their service.

  

Directors

Total Compensation

Bazemore

$310,000

Daniels

310,000

Duncan

350,000

Gerrard

385,000

McBride

340,000

Rouse

340,000

Schreiber

397,500

Tercek*

340,000

* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.

The following table shows the amounts paid by each fund to the independent directors based on accrued compensation in the calendar year 2018, unless otherwise indicated:

         

Fund

Aggregate Compensation From Fund

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Africa & Middle East Fund

$55

$55

$62

$63

$60

$60

$75

$60

Asia Opportunities Fund

44

44

49

50

48

48

60

48

73

         

Fund

Aggregate Compensation From Fund

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Balanced Fund

1,534

1,534

1,732

1,781

1,682

1,682

2,091

1,682

Blue Chip Growth Fund

19,755

19,755

22,304

23,123

21,666

21,666

26,782

21,666

California Tax-Free Bond Fund

247

247

279

287

271

271

336

271

California Tax-Free Money Fund

21

21

23

24

23

23

28

23

Capital Appreciation Fund

11,195

11,195

12,640

13,046

12,279

12,279

15,215

12,279

Cash Reserves Fund

899

899

1,015

1,052

986

986

1,218

986

China Evolution Equity Fund(a)

2

2

2

2

2

2

2

—

Communications & Technology Fund

1,940

1,940

2,191

2,259

2,128

2,128

2,641

2,128

Corporate Income Fund

332

332

375

382

364

364

456

364

Credit Opportunities Fund

20

20

23

24

22

22

27

22

Diversified Mid-Cap Growth Fund

356

356

402

418

391

391

482

391

Dividend Growth Fund

3,368

3,368

3,803

3,922

3,694

3,694

4,579

3,694

Dynamic Credit Fund(b)

—

—

—

—

—

—

—

—

Dynamic Global Bond Fund

1,445

1,445

1,632

1,709

1,585

1,585

1,944

1,585

Emerging Europe Fund

66

66

74

75

72

72

91

72

Emerging Markets Bond Fund

2,204

2,204

2,488

2,553

2,417

2,417

3,001

2,417

Emerging Markets Corporate Bond Fund

23

23

27

27

26

26

32

26

Emerging Markets Corporate Multi-Sector Account Portfolio(c)

—

—

—

—

—

—

—

—

Emerging Markets Local Currency Bond Fund

19

19

21

22

21

21

26

21

Emerging Markets Discovery Stock Fund

217

217

245

251

238

238

295

238

Emerging Markets Local Multi-Sector Account Portfolio(c)

—

—

—

—

—

—

—

—

Emerging Markets Stock Fund

4,138

4,138

4,672

4,763

4,539

4,539

5,670

4,539

Equity Income Fund

8,062

8,062

9,103

9,342

8,843

8,843

11,004

8,843

Equity Index 500 Fund

10,565

10,565

11,929

12,255

11,588

11,588

14,411

11,588

European Stock Fund

424

424

479

487

465

465

583

465

Extended Equity Market Index Fund

330

330

373

385

362

362

450

362

Financial Services Fund

320

320

361

371

351

351

436

351

Floating Rate Fund

760

760

858

911

834

834

1,013

834

Floating Rate Multi-Sector Account Portfolio(c)

—

—

—

—

—

—

—

—

Georgia Tax-Free Bond Fund

127

127

143

148

139

139

173

139

Global Allocation Fund

185

185

209

223

203

203

246

203

Global Consumer Fund

6

6

7

7

7

7

8

7

Global Growth Stock Fund

138

138

156

161

152

152

188

152

Global High Income Bond Fund

37

37

42

43

40

40

50

40

Global Industrials Fund

9

9

11

11

10

10

13

10

74

         

Fund

Aggregate Compensation From Fund

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Global Multi-Sector Bond Fund

265

265

300

313

291

291

358

291

Global Real Estate Fund

60

60

67

68

65

65

82

65

Global Stock Fund

421

421

476

495

462

462

570

462

Global Technology Fund

2,363

2,363

2,668

2,700

2,592

2,592

3,262

2,592

GNMA Fund

492

492

556

570

540

540

672

540

Government Money Fund

3,000

3,000

3,387

3,481

3,290

3,290

4,084

3,290

Government Reserve Fund

4,756

4,756

5,370

5,583

5,217

5,217

6,443

5,217

Growth & Income Fund

716

716

808

833

785

785

974

785

Growth Stock Fund

20,030

20,030

22,615

23,253

21,969

21,969

27,314

21,969

Health Sciences Fund

4,630

4,630

5,227

5,412

5,078

5,078

6,280

5,078

High Yield Fund

2,813

2,813

3,176

3,226

3,086

3,086

3,863

3,086

High Yield Multi-Sector Account Portfolio(c)

—

—

—

—

—

—

—

—

Inflation Protected Bond Fund

173

173

196

200

190

190

238

190

Institutional Africa & Middle East Fund

70

70

79

80

76

76

96

76

Institutional Cash Reserves Fund

195

195

221

246

214

214

252

214

Institutional Core Plus Fund

148

148

167

172

162

162

201

162

Institutional Emerging Markets Bond Fund

141

141

159

166

155

155

191

155

Institutional Emerging Markets Equity Fund

684

684

773

793

751

751

934

751

Institutional Floating Rate Fund

2,037

2,037

2,299

2,374

2,234

2,234

2,766

2,234

Institutional Frontier Markets Equity Fund

23

23

26

26

26

26

32

26

Institutional Global Value Equity Fund

4

4

5

5

5

5

6

5

Institutional High Yield Fund

553

553

624

637

606

606

757

606

Institutional International Core Equity Fund

50

50

57

53

55

55

72

55

Institutional International Disciplined Equity Fund

164

164

186

184

180

180

229

180

Institutional International Growth Equity Fund

22

22

24

25

24

24

30

24

Institutional Large-Cap Core Growth Fund

1,338

1,338

1,511

1,568

1,467

1,467

1,812

1,467

Institutional Large-Cap Growth Fund

6,559

6,559

7,405

7,630

7,194

7,194

8,927

7,194

Institutional Large-Cap Value Fund

1,404

1,404

1,586

1,618

1,540

1,540

1,923

1,540

Institutional Long Duration Credit Fund

13

13

15

15

15

15

18

15

Institutional Mid-Cap Equity Growth Fund

2,666

2,666

3,010

3,106

2,924

2,924

3,627

2,924

Institutional Small-Cap Stock Fund

1,725

1,725

1,948

2,019

1,892

1,892

2,341

1,892

Intermediate Tax-Free High Yield Fund

21

21

24

24

23

23

29

23

International Bond Fund

903

903

1,019

1,008

990

990

1,260

990

75

         

Fund

Aggregate Compensation From Fund

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

International Bond Fund (USD Hedged)

1,597

1,597

1,803

1,948

1,752

1,752

2,105

1,752

International Disciplined Equity Fund

41

41

46

48

45

45

55

45

International Discovery Fund

3,257

3,257

3,677

3,762

3,572

3,572

4,458

3,572

International Equity Index Fund

225

225

254

260

247

247

307

247

International Stock Fund

5,629

5,629

6,356

6,489

6,174

6,174

7,711

6,174

International Value Equity Fund

4,932

4,932

5,569

5,674

5,410

5,410

6,765

5,410

Investment-Grade Corporate Multi-Sector Account Portfolio(c)

—

—

—

—

—

—

—

—

Japan Fund

318

318

359

367

349

349

436

349

Latin America Fund

232

232

262

264

254

254

319

254

Limited Duration Inflation Focused Bond Fund

3,157

3,157

3,564

3,663

3,463

3,463

4,303

3,463

Maryland Short-Term Tax-Free Bond Fund

67

67

76

78

74

74

92

74

Maryland Tax-Free Bond Fund

857

857

968

995

940

940

1,168

940

Maryland Tax-Free Money Fund

29

29

32

33

31

31

39

31

Mid-Cap Growth Fund

11,607

11,607

13,105

13,505

12,731

12,731

15,802

12,731

Mid-Cap Index Fund

2

2

3

3

3

3

3

3

Mid-Cap Value Fund

5,147

5,147

5,811

5,968

5,645

5,645

7,021

5,645

Mortgage-Backed Securities Multi-Sector Account Portfolio(c)

—

—

—

—

—

—

—

—

Multi-Strategy Total Return Fund

17

17

19

21

19

19

22

19

New America Growth Fund

1,794

1,794

2,026

2,096

1,968

1,968

2,436

1,968

New Asia Fund

1,127

1,127

1,272

1,290

1,236

1,236

1,550

1,236

New Era Fund

1,451

1,451

1,638

1,682

1,591

1,591

1,979

1,591

New Horizons Fund

9,046

9,046

10,213

10,593

9,921

9,921

12,267

9,921

New Income Fund

11,023

11,023

12,445

12,708

12,090

12,090

15,087

12,090

New Jersey Tax-Free Bond Fund

154

154

174

179

169

169

210

169

New York Tax-Free Bond Fund

179

179

202

207

196

196

243

196

New York Tax-Free Money Fund

22

22

24

25

24

24

29

24

Overseas Stock Fund

6,076

6,076

6,860

7,073

6,664

6,664

8,267

6,664

QM Global Equity Fund

7

7

8

8

8

8

10

8

QM U.S. Small & Mid-Cap Core Equity Fund

25

25

29

30

28

28

34

28

QM U.S. Small-Cap Growth Equity Fund

2,586

2,586

2,920

3,046

2,836

2,836

3,494

2,836

QM U.S. Value Equity Fund

8

8

9

9

9

9

11

9

Real Assets Fund

1,183

1,183

1,335

1,367

1,297

1,297

1,617

1,297

Real Estate Fund

2,052

2,052

2,317

2,362

2,251

2,251

2,813

2,251

Retirement 2005 Fund

580

580

655

668

636

636

795

636

76

         

Fund

Aggregate Compensation From Fund

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Retirement 2010 Fund

1,758

1,758

1,984

2,024

1,928

1,928

2,408

1,928

Retirement 2015 Fund

2,885

2,885

3,258

3,318

3,165

3,165

3,957

3,165

Retirement 2020 Fund

8,273

8,273

9,340

9,517

9,073

9,073

11,344

9,073

Retirement 2025 Fund

7,324

7,324

8,269

8,450

8,033

8,033

10,024

8,033

Retirement 2030 Fund

9,302

9,302

10,503

10,726

10,203

10,203

12,738

10,203

Retirement 2035 Fund

5,653

5,653

6,383

6,523

6,200

6,200

7,738

6,200

Retirement 2040 Fund

6,573

6,573

7,422

7,578

7,209

7,209

9,003

7,209

Retirement 2045 Fund

3,620

3,620

4,087

4,180

3,970

3,970

4,952

3,970

Retirement 2050 Fund

2,983

2,983

3,368

3,449

3,272

3,272

4,078

3,272

Retirement 2055 Fund

1,370

1,370

1,547

1,590

1,503

1,503

1,868

1,503

Retirement 2060 Fund

186

186

210

220

204

204

250

204

Retirement Balanced Fund

923

923

1,043

1,065

1,013

1,013

1,264

1,013

Retirement I 2005 Fund—I Class

90

90

102

106

99

99

121

99

Retirement I 2010 Fund—I Class

69

69

78

82

76

76

93

76

Retirement I 2015 Fund—I Class

195

195

220

229

214

214

263

214

Retirement I 2020 Fund—I Class

390

390

440

459

427

427

526

427

Retirement I 2025 Fund—I Class

1,351

1,351

1,525

1,592

1,481

1,481

1,822

1,481

Retirement I 2030 Fund—I Class

1,248

1,248

1,410

1,479

1,369

1,369

1,678

1,369

Retirement I 2035 Fund—I Class

1,647

1,647

1,859

1,945

1,806

1,806

2,218

1,806

Retirement I 2040 Fund—I Class

1,038

1,038

1,172

1,229

1,139

1,139

1,397

1,139

Retirement I 2045 Fund—I Class

1,275

1,275

1,439

1,504

1,398

1,398

1,718

1,398

Retirement I 2050 Fund—I Class

721

721

814

856

791

791

969

791

Retirement I 2055 Fund—I Class

709

709

800

839

777

777

953

777

Retirement I 2060 Fund—I Class

280

280

317

335

308

308

375

308

Retirement Balanced I Fund—I Class

53

53

60

64

58

58

70

58

Retirement Income 2020 Fund

10

10

11

12

11

11

14

11

Science & Technology Fund

2,174

2,174

2,454

2,520

2,384

2,384

2,969

2,384

Short-Term Fund

1,957

1,957

2,210

2,287

2,147

2,147

2,655

2,147

Short-Term Bond Fund

2,053

2,053

2,318

2,308

2,251

2,251

2,874

2,251

Short-Term Government Fund

—

—

—

—

—

—

—

—

Small-Cap Index Fund

2

2

3

3

3

3

3

3

Small-Cap Stock Fund

3,693

3,693

4,170

4,303

4,051

4,051

5,027

4,051

Small-Cap Value Fund

3,870

3,870

4,369

4,502

4,244

4,244

5,274

4,244

Spectrum Conservative Allocation Fund

826

826

933

960

906

906

1,125

906

Spectrum Growth Fund

1,429

1,429

1,613

1,654

1,567

1,567

1,951

1,567

77

         

Fund

Aggregate Compensation From Fund

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Spectrum Income Fund

2,502

2,502

2,825

2,901

2,744

2,744

3,412

2,744

Spectrum International Fund

595

595

672

688

653

653

813

653

Spectrum Moderate Allocation Fund

873

873

986

1,009

958

958

1,194

958

Spectrum Moderate Growth Allocation Fund

867

867

979

1,009

951

951

1,180

951

Summit Municipal Income Fund

621

621

701

732

681

681

838

681

Summit Municipal Intermediate Fund

2,128

2,128

2,402

2,466

2,334

2,334

2,902

2,334

Summit Municipal Money Market Fund

47

47

53

55

51

51

64

51

Target 2005 Fund

13

13

15

16

15

15

18

15

Target 2010 Fund

25

25

28

29

27

27

34

27

Target 2015 Fund

74

74

83

86

81

81

100

81

Target 2020 Fund

107

107

121

125

118

118

145

118

Target 2025 Fund

99

99

111

116

108

108

133

108

Target 2030 Fund

99

99

112

117

109

109

134

109

Target 2035 Fund

63

63

72

75

69

69

86

69

Target 2040 Fund

56

56

63

66

61

61

75

61

Target 2045 Fund

41

41

46

49

45

45

55

45

Target 2050 Fund

30

30

34

36

33

33

41

33

Target 2055 Fund

17

17

19

20

18

18

23

18

Target 2060 Fund

6

6

6

7

6

6

8

6

Tax-Efficient Equity Fund

125

125

141

148

137

137

169

137

Tax-Exempt Money Fund

133

133

150

155

146

146

180

146

Tax-Free High Yield Fund

2,030

2,030

2,292

2,355

2,227

2,227

2,770

2,227

Tax-Free Income Fund

956

956

1,080

1,107

1,049

1,049

1,306

1,049

Tax-Free Short-Intermediate Fund

744

744

840

862

816

816

1,015

816

Total Equity Market Index Fund

669

669

755

779

733

733

909

733

Total Return Fund

15

15

16

17

16

16

20

16

Treasury Reserve Fund

1,492

1,492

1,684

1,719

1,636

1,636

2,043

1,636

U.S. Bond Enhanced Index Fund

339

339

383

404

372

372

453

372

U.S. Equity Research Fund

257

257

290

303

282

282

347

282

U.S. High Yield Fund

51

51

58

61

56

56

69

56

U.S. Large-Cap Core Fund

209

209

235

243

229

229

283

229

U.S. Treasury Intermediate Fund

166

166

188

193

182

182

226

182

U.S. Treasury Long-Term Fund

1,893

1,893

2,137

2,251

2,076

2,076

2,539

2,076

U.S. Treasury Money Fund

2,409

2,409

2,720

2,803

2,643

2,643

3,282

2,643

Ultra Short-Term Bond Fund

260

260

294

315

286

286

344

286

Value Fund

9,527

9,527

10,756

11,031

10,449

10,449

13,008

10,449

Virginia Tax-Free Bond Fund

466

466

526

541

511

511

634

511

* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.

78

(a) Estimated for the period December 4, 2019, through December 31, 2019.

(b) Prior to commencement of operations.

(c) Directors’ fees were paid by T. Rowe Price on behalf of the fund.

Directors’ Holdings in the Price Funds

The following tables set forth the Price Fund holdings of the current independent and inside directors, as of December 31, 2018, unless otherwise indicated.

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Africa & Middle East Fund

None

None

None

None

None

None

None

None

Africa & Middle East Fund—I Class

None

None

None

None

None

None

None

None

Asia Opportunities Fund

None

None

None

None

None

None

None

None

Asia Opportunities Fund—Advisor Class

None

None

None

None

None

None

None

None

Asia Opportunities Fund—I Class

None

None

None

None

None

None

None

None

Balanced Fund

None

None

None

None

None

None

None

None

Balanced Fund—I Class

None

None

None

None

None

None

None

None

Blue Chip Growth Fund

Over $100,000

None

None

$10,001–$50,000

None

None

Over $100,000

None

Blue Chip Growth Fund—Advisor Class

None

None

None

None

None

None

None

None

Blue Chip Growth Fund—I Class

None

None

None

None

None

None

None

None

Blue Chip Growth Fund—R Class

None

None

None

None

None

None

None

None

California Tax-Free Bond Fund

None

None

None

None

None

None

None

None

California Tax-Free Bond Fund—I Class

None

None

None

None

None

None

None

None

California Tax-Free Money Fund

None

None

None

None

None

None

None

None

California Tax-Free Money Fund—I Class

None

None

None

None

None

None

None

None

Capital Appreciation Fund

None

None

None

Over $100,000

Over $100,000

None

None

None

Capital Appreciation Fund—Advisor Class

None

None

None

None

None

None

None

None

Capital Appreciation Fund—I Class

None

None

None

None

None

None

None

None

Cash Reserves Fund

None

None

None

None

None

None

$1-$10,000

Over $100,000

Communications &

Technology Fund

None

None

None

Over $100,000

None

None

None

None

Communications & Technology Fund—I Class

None

None

None

None

None

None

None

None

Corporate Income Fund

None

None

None

None

None

None

None

None

Corporate Income Fund—I Class

None

None

None

None

None

None

None

None

Credit Opportunities Fund

None

None

None

None

None

None

None

None

Credit Opportunities Fund—Advisor Class

None

None

None

None

None

None

None

None

Credit Opportunities Fund—I Class

None

None

None

None

None

None

None

None

Diversified Mid-Cap Growth Fund

None

None

None

$10,001-$50,000

None

None

None

None

Diversified Mid-Cap Growth Fund—I Class

None

None

None

None

None

None

None

None

Dividend Growth Fund

None

None

None

$10,001–$50,000

None

None

None

None

Dividend Growth Fund—Advisor Class

None

None

None

None

None

None

None

None

Dividend Growth Fund—I Class

None

None

None

None

None

None

None

None

79

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Dynamic Global Bond Fund

None

None

None

None

None

None

None

None

Dynamic Global Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

Dynamic Global Bond Fund—I Class

None

None

None

None

None

None

None

None

Emerging Europe Fund

None

None

None

None

None

None

None

None

Emerging Europe Fund—I Class

None

None

None

None

None

None

None

None

Emerging Markets Bond Fund

None

None

None

None

None

None

None

None

Emerging Markets Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

Emerging Markets Bond Fund—I Class

None

None

None

None

None

None

None

None

Emerging Markets Corporate Bond Fund

None

None

None

None

None

None

None

None

Emerging Markets Corporate Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

Emerging Markets Corporate Bond Fund—I Class

None

None

None

None

None

None

None

None

Emerging Markets Corporate Multi-Sector Account Portfolio

None

None

None

None

None

None

None

None

Emerging Markets Discovery Stock Fund

None

None

None

$10,001–$50,000

None

None

None

None

Emerging Markets Discovery Stock Fund—Advisor Class

None

None

None

None

None

None

None

None

Emerging Markets Discovery Stock Fund—I Class

None

None

None

None

None

None

None

None

Emerging Markets Local Currency Bond Fund

Over $100,000

None

None

None

None

None

None

None

Emerging Markets Local Currency Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

Emerging Markets Local Currency Bond Fund—I Class

None

None

None

None

None

None

None

None

Emerging Markets Local Multi-Sector Account Portfolio

None

None

None

None

None

None

None

None

Emerging Markets Stock Fund

None

None

None

$10,001–$50,000

None

None

Over $100,000

Over $100,000

Emerging Markets Stock Fund—I Class

None

None

None

None

None

None

Over $100,000

None

Equity Income Fund

None

None

None

None

None

None

None

None

Equity Income Fund—Advisor Class

None

None

None

None

None

None

None

None

Equity Income Fund—I Class

None

None

None

None

None

None

None

None

Equity Income Fund—R Class

None

None

None

None

None

None

None

None

Equity Index 500 Fund

None

None

None

None

None

None

None

None

Equity Index 500 Fund—I Class

None

None

None

None

None

None

None

None

European Stock Fund

None

None

Over $100,000

None

None

None

None

None

European Stock Fund—I Class

None

None

None

None

None

None

None

None

Extended Equity Market Index Fund

None

None

None

$1-$10,000

None

None

None

None

Financial Services Fund

None

None

None

$50,001–$100,000

None

None

None

None

Financial Services Fund—I Class

None

None

None

None

None

None

None

None

Floating Rate Fund

None

None

None

None

None

None

None

None

Floating Rate Fund—Advisor Class

None

None

None

None

None

None

None

None

Floating Rate Fund—I Class

None

None

None

None

None

None

None

None

80

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Floating Rate Multi-Sector Account Portfolio

None

None

None

None

None

None

None

None

Georgia Tax-Free Bond Fund

None

None

None

None

None

None

None

None

Georgia Tax-Free Bond Fund—I Class

None

None

None

None

None

None

None

None

Global Allocation Fund

None

None

None

None

None

None

None

None

Global Allocation Fund—Advisor Class

None

None

None

None

None

None

None

None

Global Allocation Fund—I Class

None

None

None

None

None

None

None

None

Global Consumer Fund

None

None

None

None

None

None

None

None

Global Growth Stock Fund

None

None

None

None

None

None

None

None

Global Growth Stock Fund—Advisor Class

None

None

None

None

None

None

None

None

Global Growth Stock Fund—I Class

None

None

None

None

None

None

None

None

Global High Income Bond Fund

None

None

None

None

None

None

None

None

Global High Income Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

Global High Income Bond Fund—I Class

None

None

None

None

None

None

None

None

Global Industrials Fund

None

None

None

None

None

None

None

None

Global Industrials Fund—I Class

None

None

None

None

None

None

None

None

Global Multi-Sector Bond Fund

None

None

None

None

None

None

None

None

Global Multi-Sector Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

Global Multi-Sector Bond Fund—I Class

None

None

None

None

None

None

None

None

Global Real Estate Fund

None

None

None

None

None

None

None

None

Global Real Estate Fund—Advisor Class

None

None

None

None

None

None

None

None

Global Real Estate Fund—I Class

None

None

None

None

None

None

None

None

Global Stock Fund

None

None

None

$10,001–$50,000

None

None

None

None

Global Stock Fund—Advisor Class

None

None

None

None

None

None

None

None

Global Stock Fund—I Class

None

None

None

None

None

None

None

None

Global Technology Fund

None

None

None

Over $100,000

None

None

None

None

Global Technology Fund—I Class

None

None

None

None

None

None

None

None

GNMA Fund

None

None

None

None

None

None

Over $100,000

None

GNMA Fund—I Class

None

None

None

None

None

None

None

None

Government Money Fund

None

None

None

None

None

None

$10,001–$50,000

None

Government Money Fund—I Class

None

None

None

None

None

None

None

None

Government Reserve Fund

None

None

None

None

None

None

None

None

Growth & Income Fund

None

None

None

$1-$10,000

None

None

None

None

Growth & Income Fund—I Class

None

None

None

None

None

None

Over $100,000

None

Growth Stock Fund

None

None

None

Over $100,000

None

None

None

None

Growth Stock Fund—Advisor Class

None

None

None

None

None

None

None

None

Growth Stock Fund—I Class

None

None

None

None

None

None

None

None

Growth Stock Fund—R Class

None

None

None

None

None

None

None

None

Health Sciences Fund

None

None

None

$50,001–$100,000

Over $100,000

None

None

None

81

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Health Sciences Fund—I Class

None

None

None

None

None

None

None

None

High Yield Fund

None

None

None

None

None

None

Over $100,000

None

High Yield Fund—Advisor Class

None

None

None

None

None

None

None

None

High Yield Fund—I Class

None

None

None

None

None

None

None

None

High Yield Multi-Sector Account Portfolio

None

None

None

None

None

None

None

None

Inflation Protected Bond Fund

None

None

None

None

None

None

None

None

Inflation Protected Bond Fund—I Class

None

None

None

None

None

None

None

None

Institutional Africa & Middle East Fund

None

None

None

None

None

None

None

None

Institutional Cash Reserves Fund

None

None

None

None

None

None

None

None

Institutional Core Plus Fund

None

None

None

None

None

None

None

None

Institutional Emerging Markets Bond Fund

None

None

None

None

None

None

None

None

Institutional Emerging Markets Equity Fund

None

None

None

None

None

None

None

None

Institutional Floating Rate Fund

None

None

None

None

None

None

None

None

Institutional Floating Rate Fund—F Class

None

None

None

None

None

None

None

None

Institutional Frontiers Markets Equity Fund

None

None

None

None

None

None

None

None

Institutional Global Value Equity Fund

None

None

None

None

None

None

None

None

Institutional High Yield Fund

None

None

None

None

None

None

None

None

Institutional International Core Equity Fund

None

None

None

None

None

None

None

None

Institutional International Disciplined Equity Fund

None

None

None

None

None

None

None

None

Institutional International Growth Equity Fund

None

None

None

None

None

None

None

None

Institutional Large-Cap Core Growth Fund

None

None

None

None

None

None

None

None

Institutional Large-Cap Growth Fund

None

None

None

None

None

None

None

None

Institutional Large-Cap Value Fund

None

None

None

None

None

None

None

None

Institutional Long Duration Credit Fund

None

None

None

None

None

None

None

None

Institutional Mid-Cap Equity Growth Fund

None

None

None

None

None

None

None

None

Institutional Small-Cap Stock Fund

None

None

None

None

None

None

None

None

Intermediate Tax-Free High Yield Fund

None

None

None

None

None

None

None

None

Intermediate Tax-Free High Yield Fund—Advisor Class

None

None

None

None

None

None

None

None

Intermediate Tax-Free High Yield Fund—I Class

None

None

None

None

None

None

None

None

International Bond Fund

None

None

None

None

None

None

None

None

International Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

International Bond Fund—I Class

None

None

None

None

None

None

None

None

International Bond Fund (USD Hedged)

None

None

None

None

None

None

None

None

International Bond Fund (USD Hedged)—Advisor Class

None

None

None

None

None

None

None

None

82

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

International Bond Fund (USD Hedged)—I Class

None

None

None

None

None

None

None

None

International Disciplined Equity Fund

None

None

None

None

None

None

None

None

International Disciplined Equity Fund—Advisor Class

None

None

None

None

None

None

None

None

International Disciplined Equity Fund—I Class

None

None

None

None

None

None

None

None

International Discovery Fund

None

None

None

$10,001–$50,000

None

None

None

None

International Discovery Fund—I Class

None

None

None

None

None

None

None

None

International Equity Index Fund

None

None

None

None

None

None

None

None

International Stock Fund

None

None

None

$10,001–$50,000

None

None

None

None

International Stock Fund—Advisor Class

None

None

None

None

None

None

None

None

International Stock Fund—I Class

None

None

None

None

None

None

None

None

International Stock Fund—R Class

None

None

None

None

None

None

None

None

International Value Equity Fund

None

None

None

None

None

None

None

None

International Value Equity Fund—Advisor Class

None

None

None

None

None

None

None

None

International Value Equity Fund—I Class

None

None

None

None

None

None

None

None

International Value Equity Fund—R Class

None

None

None

None

None

None

None

None

Investment Grade Multi-Sector Account Portfolio

None

None

None

None

None

None

None

None

Japan Fund

None

None

None

None

None

None

Over $100,000

None

Japan Fund—I Class

None

None

None

None

None

None

None

None

Latin America Fund

None

None

None

None

None

None

Over $100,000

None

Latin America Fund—I Class

None

None

None

None

None

None

None

None

Limited Duration Inflation Focused Bond Fund

None

None

None

None

None

None

None

None

Limited Duration Inflation Focused Bond Fund—I Class

None

None

None

None

None

None

None

None

Maryland Short-Term Tax-Free Bond Fund

None

None

None

None

None

None

None

None

Maryland Short-Term Tax-Free Bond Fund—I Class

None

None

None

None

None

None

None

None

Maryland Tax-Free Bond Fund

None

None

None

None

None

None

None

None

Maryland Tax-Free Bond Fund—I Class

None

None

None

None

None

None

None

None

Maryland Tax-Free Money Fund

None

None

None

None

None

None

None

None

Maryland Tax-Free Money Fund—I Class

None

None

None

None

None

None

None

None

Mid-Cap Growth Fund

None

None

None

$1-10,000

None

None

None

None

Mid-Cap Growth Fund—Advisor Class

None

None

None

Over $100,000

None

None

None

None

Mid-Cap Growth Fund—I Class

None

None

None

None

None

None

None

None

Mid-Cap Growth Fund—R Class

None

None

None

None

None

None

None

None

Mid-Cap Index Fund

None

None

None

None

None

None

None

None

Mid-Cap Index Fund—I Class

None

None

None

None

None

None

None

None

Mid-Cap Value Fund

None

None

None

$1-10,000

None

None

None

None

83

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Mid-Cap Value Fund—Advisor Class

None

None

None

None

None

None

None

None

Mid-Cap Value Fund—I Class

None

None

None

None

None

None

None

None

Mid-Cap Value Fund—R Class

None

None

None

None

None

None

None

None

Mortgage-Backed Securities Multi-Sector Account Portfolio

None

None

None

None

None

None

None

None

Multi-Strategy Total Return Fund

None

None

None

None

None

None

None

None

Multi-Strategy Total Return Fund—Advisor Class

None

None

None

None

None

None

None

None

Multi-Strategy Total Return Fund—I Class

None

None

None

None

None

None

None

None

New America Growth Fund

None

None

None

$50,001–$100,000

Over $100,000

None

None

None

New America Growth Fund—Advisor Class

None

None

None

None

None

None

None

None

New America Growth Fund—I Class

None

None

None

None

None

None

None

None

New Asia Fund

None

None

None

None

None

None

None

None

New Asia Fund—I Class

None

None

None

None

None

None

None

None

New Era Fund

None

None

None

None

None

None

$50,001-$100,000

None

New Era Fund—I Class

None

None

None

None

None

None

None

None

New Horizons Fund

None

None

None

Over $100,000

None

None

None

None

New Horizons Fund—I Class

None

None

None

None

None

None

None

None

New Income Fund

None

None

None

None

None

None

Over $100,000

None

New Income Fund—Advisor Class

None

None

None

None

None

None

None

None

New Income Fund—I Class

None

None

None

None

None

None

None

None

New Income Fund—R Class

None

None

None

None

None

None

None

None

New Jersey Tax-Free Bond Fund

None

None

None

None

None

None

None

None

New Jersey Tax-Free Bond Fund—I Class

None

None

None

None

None

None

None

None

New York Tax-Free Bond Fund

None

None

None

None

None

None

None

None

New York Tax-Free Bond Fund—I Class

None

None

None

None

None

None

None

None

New York Tax-Free Money Fund

None

None

None

None

None

None

None

None

New York Tax-Free Money Fund—I Class

None

None

None

None

None

None

None

None

Overseas Stock Fund

None

None

None

$50,001-$100,000

None

None

None

None

Overseas Stock Fund—Advisor Class

None

None

None

None

None

None

None

None

Overseas Stock Fund—I Class

None

None

None

None

None

None

None

None

QM Global Equity Fund

None

None

None

None

None

None

None

None

QM Global Equity Fund—Advisor Class

None

None

None

None

None

None

None

None

QM Global Equity Fund—I Class

None

None

None

None

None

None

None

None

QM U.S. Small & Mid-Cap Core Equity Fund

None

None

None

$10,001–$50,000

None

None

None

None

QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

None

None

None

None

None

None

None

None

QM U.S. Small & Mid-Cap Core Equity Fund—I Class

None

None

None

None

None

None

None

None

QM U.S. Small-Cap Growth Equity Fund

None

None

None

$10,001-$50,000

None

None

None

None

84

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

QM U.S. Small-Cap Growth Equity Fund—Advisor Class

None

None

None

None

None

None

None

None

QM U.S. Small-Cap Growth Equity Fund—I Class

None

None

None

None

None

None

None

None

QM U.S. Value Equity Fund

None

None

None

None

None

None

None

None

QM U.S. Value Equity Fund—Advisor Class

None

None

None

None

None

None

None

None

QM U.S. Value Equity Fund—I Class

None

None

None

None

None

None

None

None

Real Assets Fund

None

None

None

$1-$10,000

None

None

None

None

Real Assets Fund—I Class

None

None

None

None

None

None

None

None

Real Estate Fund

None

None

None

None

Over $100,000

None

None

None

Real Estate Fund—Advisor Class

None

None

None

None

None

None

None

None

Real Estate Fund—I Class

None

None

None

None

None

None

None

None

Retirement 2005 Fund

None

None

None

None

None

None

None

None

Retirement 2005 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2005 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2010 Fund

None

None

None

None

None

None

None

None

Retirement 2010 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2010 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2015 Fund

None

None

None

None

None

None

None

None

Retirement 2015 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2015 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2020 Fund

None

None

None

$10,001–$50,000

None

None

None

None

Retirement 2020 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2020 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2025 Fund

None

None

None

$50,001–$100,000

None

None

None

None

Retirement 2025 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2025 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2030 Fund

None

None

None

$10,001–$50,000

None

Over $100,000

None

None

Retirement 2030 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2030 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2035 Fund

None

None

None

$10,001–$50,000

None

None

None

None

Retirement 2035 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2035 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2040 Fund

None

None

None

$1-$10,000

None

None

None

None

Retirement 2040 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2040 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2045 Fund

None

None

None

None

None

None

None

None

Retirement 2045 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2045 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2050 Fund

None

None

None

$10,001-$50,000

None

None

None

None

85

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Retirement 2050 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2050 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2055 Fund

None

None

None

None

None

None

None

None

Retirement 2055 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2055 Fund—R Class

None

None

None

None

None

None

None

None

Retirement 2060 Fund

None

None

None

$10,001–$50,000

None

None

None

None

Retirement 2060 Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement 2060 Fund—R Class

None

None

None

None

None

None

None

None

Retirement Balanced Fund

None

None

None

None

None

None

None

None

Retirement Balanced Fund—Advisor Class

None

None

None

None

None

None

None

None

Retirement Balanced Fund—R Class

None

None

None

None

None

None

None

None

Retirement I 2005 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2010 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2015 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2020 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2025 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2030 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2035 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2040 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2045 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2050 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2055 Fund—I Class

None

None

None

None

None

None

None

None

Retirement I 2060 Fund—I Class

None

None

None

None

None

None

None

None

Retirement Balanced I Fund—I Class

None

None

None

None

None

None

None

None

Retirement Income 2020 Fund

None

None

None

None

None

None

None

None

Science & Technology Fund

None

None

None

$10,001–$50,000

None

None

None

None

Science & Technology Fund—Advisor Class

None

None

None

None

None

None

None

None

Science & Technology Fund—I Class

None

None

None

None

None

None

None

None

Short-Term Fund

None

None

None

None

None

None

None

None

Short-Term Bond Fund

None

None

None

None

None

None

Over $100,000

None

Short-Term Bond Fund—Advisor Class

None

None

None

None

None

None

None

None

Short-Term Bond Fund—I Class

None

None

None

None

None

None

None

None

Short-Term Government Fund

None

None

None

None

None

None

None

None

Small-Cap Index Fund

None

None

None

None

None

None

None

None

Small-Cap Index Fund—I Class

None

None

None

None

None

None

None

None

Small-Cap Stock Fund

None

None

None

$50,001–$100,000

None

None

None

None

Small-Cap Stock Fund—Advisor Class

None

None

None

None

None

None

None

None

Small-Cap Stock Fund—I Class

None

None

None

None

None

None

None

None

Small-Cap Value Fund

None

None

None

$1–$10,000

None

None

None

None

Small-Cap Value Fund—Advisor Class

None

None

None

None

None

None

None

None

Small-Cap Value Fund—I Class

None

None

None

None

None

None

None

None

Spectrum Conservative Allocation Fund

None

None

None

None

None

None

None

None

86

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Spectrum Conservative Allocation Fund—I Class

None

None

None

None

None

None

None

None

Spectrum Growth Fund

None

None

None

$1-$10,000

None

None

None

None

Spectrum Income Fund

None

None

None

None

None

None

None

None

Spectrum International Fund

None

None

None

None

None

None

None

None

Spectrum Moderate Allocation Fund

None

None

None

$10,001–$50,000

None

$50,001-$100,000

None

None

Spectrum Moderate Allocation Fund—I Class

None

None

None

None

None

None

None

None

Spectrum Moderate Growth Allocation Fund

None

None

None

$50,001–$100,000

None

None

None

None

Spectrum Moderate Growth Allocation Fund—I Class

None

None

None

None

None

None

None

None

Summit Municipal Income Fund

None

None

None

None

None

None

Over $100,000

None

Summit Municipal Income Fund—Advisor Class

None

None

None

None

None

None

None

None

Summit Municipal Intermediate Fund

None

None

None

None

None

None

Over $100,000

None

Summit Municipal Intermediate Fund—Advisor Class

None

None

None

None

None

None

None

None

Summit Municipal Money Market Fund

None

None

None

None

None

None

$50,001–$100,000

None

Target 2005 Fund

None

None

None

None

None

None

None

None

Target 2005 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2005 Fund—I Class

None

None

None

None

None

None

None

None

Target 2010 Fund

None

None

None

None

None

None

None

None

Target 2010 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2010 Fund—I Class

None

None

None

None

None

None

None

None

Target 2015 Fund

None

None

None

None

None

None

None

None

Target 2015 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2015 Fund—I Class

None

None

None

None

None

None

None

None

Target 2020 Fund

None

None

None

None

None

None

None

None

Target 2020 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2020 Fund—I Class

None

None

None

None

None

None

None

None

Target 2025 Fund

None

None

None

None

None

None

None

None

Target 2025 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2025 Fund—I Class

None

None

None

None

None

None

None

None

Target 2030 Fund

None

None

None

None

None

None

None

None

Target 2030 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2030 Fund—I Class

None

None

None

None

None

None

None

None

Target 2035 Fund

None

None

None

None

None

None

None

None

Target 2035 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2035 Fund—I Class

None

None

None

None

None

None

None

None

Target 2040 Fund

None

None

None

None

None

None

None

None

Target 2040 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2040 Fund—I Class

None

None

None

None

None

None

None

None

Target 2045 Fund

None

None

None

None

None

None

None

None

Target 2045 Fund—Advisor Class

None

None

None

None

None

None

None

None

87

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Target 2045 Fund—I Class

None

None

None

None

None

None

None

None

Target 2050 Fund

None

None

None

None

None

None

None

None

Target 2050 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2050 Fund—I Class

None

None

None

None

None

None

None

None

Target 2055 Fund

None

None

None

None

None

None

None

None

Target 2055 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2055 Fund—I Class

None

None

None

None

None

None

None

None

Target 2060 Fund

None

None

None

$10,001-$50,000

None

None

None

None

Target 2060 Fund—Advisor Class

None

None

None

None

None

None

None

None

Target 2060 Fund—I Class

None

None

None

None

None

None

None

None

Tax-Efficient Equity Fund

None

None

None

None

None

None

None

None

Tax-Efficient Equity Fund—I Class

None

None

None

None

None

None

None

None

Tax-Exempt Money Fund

None

None

None

None

None

None

None

None

Tax-Exempt Money Fund—I Class

None

None

None

None

None

None

None

None

Tax-Free High Yield Fund

None

None

None

None

Over $100,000

None

Over $100,000

None

Tax-Free High Yield Fund—Advisor Class

None

None

None

None

None

None

None

None

Tax-Free High Yield Fund—I Class

None

None

None

None

None

None

None

None

Tax-Free Income Fund

None

None

None

None

None

None

None

None

Tax-Free Income Fund—Advisor Class

None

None

None

None

None

None

None

None

Tax-Free Income Fund—I Class

None

None

None

None

None

None

None

None

Tax-Free Short-Intermediate Fund

None

None

None

None

None

None

None

None

Tax-Free Short-Intermediate Fund—Advisor Class

None

None

None

None

None

None

None

None

Tax-Free Short-Intermediate Fund—I Class

None

None

None

None

None

None

None

None

Total Equity Market Index Fund

None

None

None

None

None

None

None

None

Total Return Fund

None

None

None

None

None

None

None

None

Total Return Fund—Advisor Class

None

None

None

None

None

None

None

None

Total Return Fund—I Class

None

None

None

None

None

None

None

None

Treasury Reserve Fund

None

None

None

None

None

None

None

None

U.S. Bond Enhanced Index Fund

None

None

None

None

None

None

None

None

U.S. Equity Research Fund

None

None

None

$50,001–$100,000

None

None

None

None

U.S. Equity Research Fund—Advisor Class

None

None

None

None

None

None

None

None

U.S. Equity Research Fund—I Class

None

None

None

None

None

None

None

None

U.S. Equity Research Fund—R Class

None

None

None

None

None

None

None

None

U.S. High Yield Fund

None

None

None

None

None

None

None

None

U.S. High Yield Fund—Advisor Class

None

None

None

None

None

None

None

None

U.S. High Yield Fund—I Class

None

None

None

None

None

None

None

None

U.S. Large-Cap Core Fund

None

None

None

$10,001–$50,000

None

None

None

None

88

         

Aggregate
Holdings,
All Price Funds

Independent Directors

Bazemore

Daniels

Duncan

Gerrard

McBride

Rouse

Schreiber

Tercek*

Over

$100,000

None

Over

$100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

Over $100,000

U.S. Large-Cap Core Fund—Advisor Class

None

None

None

None

None

None

None

None

U.S. Large-Cap Core Fund—I Class

None

None

None

None

None

None

None

None

U.S. Treasury Intermediate Fund

None

None

None

None

None

None

Over $100,000

None

U.S. Treasury Intermediate Fund—I Class

None

None

None

None

None

None

None

None

U.S. Treasury Long-Term Fund

None

None

None

None

None

None

Over $100,000

None

U.S. Treasury Long-Term Fund—I Class

None

None

None

None

None

None

None

None

U.S. Treasury Money Fund

None

None

None

None

None

None

$1–$10,000

None

U.S. Treasury Money Fund—I Class

None

None

None

None

None

None

None

None

Ultra Short-Term Bond Fund

None

None

None

None

None

None

None

None

Ultra Short-Term Bond Fund—I Class

None

None

None

None

None

None

None

None

Value Fund

None

None

None

$50,001-$100,000

None

None

None

None

Value Fund—Advisor Class

None

None

None

None

None

None

None

None

Value Fund—I Class

None

None

None

None

None

None

Over $100,000

None

Virginia Tax-Free Bond Fund

None

None

None

None

None

None

None

None

Virginia Tax-Free Bond Fund—I Class

None

None

None

None

None

None

None

None

* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

Africa & Middle East Fund

None

None

Africa & Middle East Fund—I Class

None

None

Asia Opportunities Fund

None

None

Asia Opportunities Fund—Advisor Class

None

None

Asia Opportunities Fund—I Class

None

None

Balanced Fund

None

None

Balanced Fund—I Class

None

None

Blue Chip Growth Fund

None

None

Blue Chip Growth Fund—Advisor Class

None

None

Blue Chip Growth Fund—I Class

None

None

Blue Chip Growth Fund—R Class

None

None

California Tax-Free Bond Fund

None

None

California Tax-Free Bond Fund—I Class

None

None

California Tax-Free Money Fund

None

None

California Tax-Free Money Fund—I Class

None

None

Capital Appreciation Fund

None

Over $100,000

Capital Appreciation Fund—Advisor Class

None

None

Capital Appreciation Fund—I Class

None

None

Cash Reserves Fund

None

Over $100,000

Communications & Technology Fund

None

None

Communications & Technology Fund—I Class

None

None

Corporate Income Fund

None

None

Corporate Income Fund—I Class

None

None

Credit Opportunities Fund

None

Over $100,000

Credit Opportunities Fund—Advisor Class

None

None

Credit Opportunities Fund—I Class

None

None

Diversified Mid-Cap Growth Fund

None

None

89

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

Diversified Mid-Cap Growth Fund—I Class

None

None

Dividend Growth Fund

None

Over $100,000

Dividend Growth Fund—Advisor Class

None

None

Dividend Growth Fund—I Class

None

None

Emerging Europe Fund

None

None

Emerging Europe Fund—I Class

None

None

Emerging Markets Bond Fund

None

None

Emerging Markets Bond Fund—Advisor Class

None

None

Emerging Markets Bond Fund—I Class

None

None

Emerging Markets Corporate Bond Fund

None

None

Emerging Markets Corporate Bond Fund—Advisor Class

None

None

Emerging Markets Corporate Bond Fund—I Class

None

None

Emerging Markets Corporate Multi-Sector Account Portfolio

None

None

Emerging Markets Discovery Stock Fund

None

None

Emerging Markets Discovery Stock Fund—Advisor Class

None

None

Emerging Markets Discovery Stock Fund—I Class

None

None

Emerging Markets Local Currency Bond Fund

None

None

Emerging Markets Local Currency Bond Fund—Advisor Class

None

None

Emerging Markets Local Currency Bond Fund—I Class

None

None

Emerging Markets Local Multi-Sector Account Portfolio

None

None

Emerging Markets Stock Fund

None

None

Emerging Markets Stock Fund—I Class

None

None

Equity Income Fund

$10,001–$50,000

None

Equity Income Fund—Advisor Class

None

None

Equity Income Fund—I Class

None

None

Equity Income Fund—R Class

None

None

Equity Index 500 Fund

None

None

Equity Index 500 Fund—I Class

None

None

European Stock Fund

None

None

European Stock Fund—I Class

None

None

Extended Equity Market Index Fund

None

None

Financial Services Fund

None

None

Financial Services Fund—I Class

None

$50,001–$100,000

Floating Rate Fund

None

None

Floating Rate Fund—Advisor Class

None

None

Floating Rate Fund—I Class

None

Over $100,000

Floating Rate Multi-Sector Account Portfolio

None

None

Georgia Tax-Free Bond Fund

None

None

Georgia Tax-Free Bond Fund—I Class

None

None

Global Allocation Fund

None

Over $100,000

Global Allocation Fund—Advisor Class

None

None

Global Allocation Fund—I Class

None

None

Global Consumer Fund

None

None

Global Growth Stock Fund

None

None

Global Growth Stock Fund—Advisor Class

None

None

Global Growth Stock Fund—I Class

None

None

Global High Income Bond Fund

None

None

Global High Income Bond Fund—Advisor Class

None

None

Global High Income Bond Fund—I Class

None

None

Global Industrials Fund

None

None

Global Industrials Fund—I Class

None

None

Global Multi-Sector Bond Fund

None

None

Global Multi-Sector Bond Fund—Advisor Class

None

None

Global Multi-Sector Bond Fund—I Class

None

None

Global Real Estate Fund

None

None

Global Real Estate Fund—Advisor Class

None

None

Global Real Estate Fund—I Class

None

$10,001–$50,000

Global Stock Fund

None

None

90

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

Global Stock Fund—Advisor Class

None

None

Global Stock Fund—I Class

None

None

Global Technology Fund

None

None

Global Technology Fund—I Class

None

None

GNMA Fund

None

None

GNMA Fund—I Class

None

None

Government Money Fund

Over $100,000

$1–$10,000

Government Money Fund—I Class

None

None

Government Reserve Fund

None

None

Growth & Income Fund

None

None

Growth & Income Fund—I Class

None

None

Growth Stock Fund

None

None

Growth Stock Fund—Advisor Class

None

None

Growth Stock Fund—I Class

None

None

Growth Stock Fund—R Class

None

None

Health Sciences Fund

None

None

Health Sciences Fund—I Class

None

Over $100,000

High Yield Fund

None

Over $100,000

High Yield Fund—Advisor Class

None

None

High Yield Fund—I Class

None

None

High Yield Multi-Sector Account Portfolio

None

None

Inflation Protected Bond Fund

None

None

Inflation Protected Bond Fund—I Class

None

None

Institutional Africa & Middle East Fund

None

None

Institutional Cash Reserves Fund

None

None

Institutional Core Plus Fund

None

None

Institutional Emerging Markets Bond Fund

None

None

Institutional Emerging Markets Equity Fund

None

None

Institutional Floating Rate Fund

None

None

Institutional Floating Rate Fund—F Class

None

None

Institutional Frontiers Markets Equity Fund

None

None

Institutional Global Value Equity Fund

None

None

Institutional High Yield Fund

None

None

Institutional International Core Equity Fund

None

None

Institutional International Disciplined Equity Fund

None

None

Institutional International Growth Equity Fund

None

None

Institutional Large-Cap Core Growth Fund

None

None

Institutional Large-Cap Growth Fund

None

Over $100,000

Institutional Large-Cap Value Fund

None

None

Institutional Long Duration Credit Fund

None

None

Institutional Mid-Cap Equity Growth Fund

None

Over $100,000

Institutional Small-Cap Stock Fund

None

Over $100,000

Intermediate Tax-Free High Yield Fund

None

Over $100,000

Intermediate Tax-Free High Yield Fund—Advisor Class

None

None

Intermediate Tax-Free High Yield Fund—I Class

None

None

International Bond Fund

None

None

International Bond Fund—Advisor Class

None

None

International Bond Fund—I Class

None

None

International Bond Fund (USD Hedged)

None

None

International Bond Fund (USD Hedged)—Advisor Class

None

None

International Bond Fund (USD Hedged)—I Class

None

None

International Disciplined Equity Fund

None

None

International Disciplined Equity Fund—Advisor Class

None

None

International Disciplined Equity Fund—I Class

None

None

International Discovery Fund

None

None

International Discovery Fund—I Class

None

None

International Equity Index Fund

None

None

International Stock Fund

None

None

91

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

International Stock Fund—Advisor Class

None

None

International Stock Fund—I Class

None

None

International Stock Fund—R Class

None

None

International Value Equity Fund

None

None

International Value Equity Fund—Advisor Class

None

None

International Value Equity Fund—I Class

None

None

International Value Equity Fund—R Class

None

None

Investment Grade Multi-Sector Account Portfolio

None

None

Japan Fund

None

None

Japan Fund—I Class

None

None

Latin America Fund

None

None

Latin America Fund—I Class

None

$10,001–$50,000

Limited Duration Inflation Focused Bond Fund

None

None

Limited Duration Inflation Focused Bond Fund—I Class

None

None

Maryland Short-Term Tax-Free Bond Fund

None

Over $100,000

Maryland Short-Term Tax-Free Bond Fund—I Class

None

$50,001–$100,000

Maryland Tax-Free Bond Fund

None

Over $100,000

Maryland Tax-Free Bond Fund—I Class

None

None

Maryland Tax-Free Money Fund

None

$1–$10,000

Maryland Tax-Free Money Fund—I Class

None

None

Mid-Cap Growth Fund

None

None

Mid-Cap Growth Fund—Advisor Class

None

None

Mid-Cap Growth Fund—I Class

None

None

Mid-Cap Growth Fund—R Class

None

None

Mid-Cap Index Fund

None

None

Mid-Cap Index Fund—I Class

None

None

Mid-Cap Value Fund

None

None

Mid-Cap Value Fund—Advisor Class

None

None

Mid-Cap Value Fund—I Class

None

None

Mid-Cap Value Fund—R Class

None

None

Mortgage-Backed Securities Multi-Sector Account Portfolio

None

None

Multi-Strategy Total Return Fund

None

None

Multi-Strategy Total Return Fund—Advisor Class

None

None

Multi-Strategy Total Return Fund—I Class

None

None

New America Growth Fund

None

None

New America Growth Fund—Advisor Class

None

None

New America Growth Fund—I Class

None

Over $100,000

New Asia Fund

None

None

New Asia Fund—I Class

None

$50,001–$100,000

New Era Fund

None

None

New Era Fund—I Class

None

None

New Horizons Fund

None

None

New Horizons Fund—I Class

None

None

New Income Fund

None

None

New Income Fund—Advisor Class

None

None

New Income Fund—I Class

None

None

New Income Fund—R Class

None

None

New Jersey Tax-Free Bond Fund

None

None

New Jersey Tax-Free Bond Fund—I Class

None

None

New York Tax-Free Bond Fund

None

None

New York Tax-Free Bond Fund—I Class

None

None

New York Tax-Free Money Fund

None

None

New York Tax-Free Money Fund—I Class

None

None

Overseas Stock Fund

None

None

Overseas Stock Fund—Advisor Class

None

None

Overseas Stock Fund—I Class

None

None

QM Global Equity Fund

None

None

QM Global Equity Fund—Advisor Class

None

None

92

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

QM Global Equity Fund—I Class

None

None

QM U.S. Small & Mid-Cap Core Equity Fund

None

None

QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

None

None

QM U.S. Small & Mid-Cap Core Equity Fund—I Class

None

None

QM U.S. Small-Cap Growth Equity Fund

None

None

QM U.S. Small-Cap Growth Equity Fund—Advisor Class

None

None

QM U.S. Small-Cap Growth Equity Fund—I Class

None

None

QM U.S. Value Equity Fund

None

None

QM U.S. Value Equity Fund—Advisor Class

None

None

QM U.S. Value Equity Fund—I Class

None

None

Real Assets Fund

None

None

Real Assets Fund—I Class

None

None

Real Estate Fund

None

None

Real Estate Fund—Advisor Class

None

None

Real Estate Fund—I Class

None

None

Retirement 2005 Fund

None

None

Retirement 2005 Fund—Advisor Class

None

None

Retirement 2005 Fund—R Class

None

None

Retirement 2010 Fund

None

None

Retirement 2010 Fund—Advisor Class

None

None

Retirement 2010 Fund—R Class

None

None

Retirement 2015 Fund

None

None

Retirement 2015 Fund—Advisor Class

None

None

Retirement 2015 Fund—R Class

None

None

Retirement 2020 Fund

Over $100,000

None

Retirement 2020 Fund—Advisor Class

None

None

Retirement 2020 Fund—R Class

None

None

Retirement 2025 Fund

$10,001–$50,000

None

Retirement 2025 Fund—Advisor Class

None

None

Retirement 2025 Fund—R Class

None

None

Retirement 2030 Fund

None

None

Retirement 2030 Fund—Advisor Class

None

None

Retirement 2030 Fund—R Class

None

None

Retirement 2035 Fund

None

None

Retirement 2035 Fund—Advisor Class

None

None

Retirement 2035 Fund—R Class

None

None

Retirement 2040 Fund

None

None

Retirement 2040 Fund—Advisor Class

None

None

Retirement 2040 Fund—R Class

None

None

Retirement 2045 Fund

None

None

Retirement 2045 Fund—Advisor Class

None

None

Retirement 2045 Fund—R Class

None

None

Retirement 2050 Fund

None

None

Retirement 2050 Fund—Advisor Class

None

None

Retirement 2050 Fund—R Class

None

None

Retirement 2055 Fund

None

None

Retirement 2055 Fund—Advisor Class

None

None

Retirement 2055 Fund—R Class

None

None

Retirement 2060 Fund

None

None

Retirement 2060 Fund—Advisor Class

None

None

Retirement 2060 Fund—R Class

None

None

Retirement Balanced Fund

None

None

Retirement Balanced Fund—Advisor Class

None

None

Retirement Balanced Fund—R Class

None

None

Retirement I 2005 Fund—I Class

None

None

Retirement I 2010 Fund—I Class

None

None

Retirement I 2015 Fund—I Class

None

None

Retirement I 2020 Fund—I Class

None

None

93

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

Retirement I 2025 Fund—I Class

None

None

Retirement I 2030 Fund—I Class

None

None

Retirement I 2035 Fund—I Class

None

None

Retirement I 2040 Fund—I Class

None

None

Retirement I 2045 Fund—I Class

None

None

Retirement I 2050 Fund—I Class

None

None

Retirement I 2055 Fund—I Class

None

None

Retirement I 2060 Fund—I Class

None

None

Retirement Balanced I Fund—I Class

None

None

Retirement Income 2020 Fund

None

None

Science & Technology Fund

None

None

Science & Technology Fund—Advisor Class

None

None

Science & Technology Fund—I Class

None

None

Short-Term Fund

None

None

Short-Term Bond Fund

None

None

Short-Term Bond Fund—Advisor Class

None

None

Short-Term Bond Fund—I Class

None

None

Short-Term Government Fund

None

None

Small-Cap Index Fund

None

None

Small-Cap Index Fund—I Class

None

None

Small-Cap Stock Fund

None

None

Small-Cap Stock Fund—Advisor Class

None

None

Small-Cap Stock Fund—I Class

None

None

Small-Cap Value Fund

None

None

Small-Cap Value Fund—Advisor Class

None

None

Small-Cap Value Fund—I Class

None

None

Spectrum Conservative Allocation Fund

None

None

Spectrum Conservative Allocation Fund—I Class

None

None

Spectrum Growth Fund

None

Over $100,000

Spectrum Income Fund

None

None

Spectrum International Fund

None

None

Spectrum Moderate Allocation Fund

None

None

Spectrum Moderate Allocation Fund—I Class

None

None

Spectrum Moderate Growth Allocation Fund

None

None

Spectrum Moderate Growth Allocation Fund—I Class

None

None

Summit Municipal Income Fund

None

None

Summit Municipal Income Fund—Advisor Class

None

None

Summit Municipal Intermediate Fund

None

None

Summit Municipal Intermediate Fund—Advisor Class

None

None

Summit Municipal Money Market Fund

None

None

Target 2005 Fund

None

None

Target 2005 Fund—Advisor Class

None

None

Target 2005 Fund—I Class

None

None

Target 2010 Fund

None

None

Target 2010 Fund—Advisor Class

None

None

Target 2010 Fund—I Class

None

None

Target 2015 Fund

None

None

Target 2015 Fund—Advisor Class

None

None

Target 2015 Fund—I Class

None

None

Target 2020 Fund

None

None

Target 2020 Fund—Advisor Class

None

None

Target 2020 Fund—I Class

None

None

Target 2025 Fund

None

None

Target 2025 Fund—Advisor Class

None

None

Target 2025 Fund—I Class

None

None

Target 2030 Fund

None

None

Target 2030 Fund—Advisor Class

None

None

Target 2030 Fund—I Class

None

None

94

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

Target 2035 Fund

None

None

Target 2035 Fund—Advisor Class

None

None

Target 2035 Fund—I Class

None

None

Target 2040 Fund

None

None

Target 2040 Fund—Advisor Class

None

None

Target 2040 Fund—I Class

None

None

Target 2045 Fund

None

None

Target 2045 Fund—Advisor Class

None

None

Target 2045 Fund—I Class

None

None

Target 2050 Fund

None

None

Target 2050 Fund—Advisor Class

None

None

Target 2050 Fund—I Class

None

None

Target 2055 Fund

None

None

Target 2055 Fund—Advisor Class

None

None

Target 2055 Fund—I Class

None

None

Target 2060 Fund

None

None

Target 2060 Fund—Advisor Class

None

None

Target 2060 Fund—I Class

None

None

Tax-Efficient Equity Fund

None

$50,001–$100,000

Tax-Efficient Equity Fund—I Class

None

None

Tax-Exempt Money Fund

None

None

Tax-Exempt Money Fund—I Class

None

None

Tax-Free High Yield Fund

None

Over $100,000

Tax-Free High Yield Fund—Advisor Class

None

None

Tax-Free High Yield Fund—I Class

None

None

Tax-Free Income Fund

None

None

Tax-Free Income Fund—Advisor Class

None

None

Tax-Free Income Fund—I Class

None

None

Tax-Free Short-Intermediate Fund

None

None

Tax-Free Short-Intermediate Fund—Advisor Class

None

None

Tax-Free Short-Intermediate Fund—I Class

None

None

Total Equity Market Index Fund

None

None

Total Return Fund

None

None

Total Return Fund—Advisor Class

None

None

Total Return Fund—I Class

None

None

Treasury Reserve Fund

None

None

U.S. Bond Enhanced Index Fund

None

None

U.S. Equity Research Fund

None

None

U.S. Equity Research Fund—Advisor Class

None

None

U.S. Equity Research Fund—I Class

None

None

U.S. Equity Research Fund—R Class

None

None

U.S. High Yield Fund

None

None

U.S. High Yield Fund—Advisor Class

None

None

U.S. High Yield Fund—I Class

None

None

U.S. Large-Cap Core Fund

None

None

U.S. Large-Cap Core Fund—Advisor Class

None

None

U.S. Large-Cap Core Fund—I Class

None

None

U.S. Treasury Intermediate Fund

None

None

U.S. Treasury Intermediate Fund—I Class

None

None

U.S. Treasury Long-Term Fund

None

None

U.S. Treasury Long-Term Fund—I Class

None

None

U.S. Treasury Money Fund

$1–$10,000

Over $100,000

U.S. Treasury Money Fund—I Class

None

None

Ultra Short-Term Bond Fund

None

None

Ultra Short-Term Bond Fund—I Class

None

Over $100,000

Value Fund

None

None

Value Fund—Advisor Class

None

None

Value Fund—I Class

None

None

95

   

Aggregate Holdings,
All Price Funds

Inside Directors

Oestreicher

Sharps

Over $100,000

Over $100,000

Virginia Tax-Free Bond Fund

None

None

Virginia Tax-Free Bond Fund—I Class

None

None

Portfolio Managers’ Holdings in the Price Funds

The following tables set forth ranges of holdings for each Price Fund’s portfolio manager. Each portfolio manager serves as chairman of the applicable fund’s Investment Advisory Committee and has day-to-day responsibility for managing the fund and executing the fund’s investment program. Portfolio managers are encouraged to invest in the funds they manage to align their interests with those of fund shareholders. Exceptions may arise when, for example, tax considerations, jurisdictional constraints or the nature of the fund make the investment inappropriate for the portfolio manager. The column titled “Range of Fund Holdings as of Fund’s Fiscal Year” shows the dollar range of shares beneficially owned (including shares held through the T. Rowe Price 401(k) plan and other T. Rowe Price retirement plans or deferred compensation plans) in the fund for which he or she serves as portfolio manager, as of the end of that fund’s most recent fiscal year. The column titled “Range of Holdings in Investment Strategy as of Fund’s Fiscal Year” shows the dollar range of shares beneficially owned (including shares or units held through the T. Rowe Price 401(k) plan and other T. Rowe Price retirement plans or deferred compensation plans) in the fund, as well as all investment portfolios that are managed by the same portfolio manager and have investment objectives, policies, and strategies that are substantially similar to those of the fund. Substantially similar portfolios may include other Price Funds, such as institutional funds, T. Rowe Price common trust funds, and non-U.S. pooled investment vehicles, such as Societe d’Investissement a Capital Variable Funds (SICAVs). The range of holdings for all investment portfolios within the investment strategy is provided as of the end of the fund’s most recent fiscal year, regardless of the fiscal years of the other investment portfolios.

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara

Africa & Middle East Fund

Oliver D.M. Bell

None

None

Asia Opportunities Fund

Eric C. Moffett

Over $1,000,000

Over $1,000,000

Balanced Fund

Charles M. Shriver

$100,001-$500,000

$100,001–$500,000

Blue Chip Growth Fund

Larry J. Puglia

Over $1,000,000

Over $1,000,000

Capital Appreciation Fund

David R. Giroux

Over $1,000,000

Over $1,000,000

Cash Reserves Fund

Joseph K. Lynagh

$1–$10,000

$10,001–$50,000

China Evolution Equity Fund

Wehli Zheng

(b)

(b)

Communications & Technology Fund

Paul D. Greene II

James Stillwagon

$500,001–$1,000,000

(c)

$500,001–$1,000,000

(c)

Corporate Income Fund

Steve Boothe

Lauren T. Wagandt

$100,001-$500,000

None

$100,001-$500,000

None

Credit Opportunities Fund

Rodney M. Rayburn

$100,001-$500,000

$500,001-$1,000,000

Diversified Mid-Cap Growth Fund

Donald J. Easley

Donald J. Peters

$500,001–$1,000,000

Over $1,000,000

$500,001–$1,000,000

Over $1,000,000

Dividend Growth Fund

Thomas J. Huber

Over $1,000,000

Over $1,000,000

Dynamic Credit Fund

Saurabh Sud (d)

$50,001–$100,000

$50,001–$100,000

Dynamic Global Bond Fund

Arif Husain

None

$100,001–$500,000

Emerging Europe Fund

Ulle Adamson

None

None

Emerging Markets Bond Fund

Michael J. Conelius

$50,001–$100,000

$500,001–$1,000,000

Emerging Markets Corporate Bond Fund

Samy B. Muaddi

$100,001–$500,000

$100,001–$500,000

Emerging Markets Discovery Stock Fund

Ernest C. Yeung

Over $1,000,000

Over $1,000,000

Emerging Markets Local Currency Bond Fund

Andrew J. Keirle

$10,001–$50,000

$100,001–$500,000

96

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara

Emerging Markets Stock Fund

Gonzalo Pangaro

Over $1,000,000

Over $1,000,000

Equity Income Fund

John D. Linehan

Over $1,000,000

Over $1,000,000

Equity Index 500 Fund

Alexa M. Gagliardi

(e)

(e)

European Stock Fund

Dean Tenerelli

None

$500,001–$1,000,000

Extended Equity Market Index Fund

Alexa M. Gagliardi

(e)

(e)

Financial Services Fund

Gabriel Solomon

$10,001–$50,000

$10,001–$50,000

Floating Rate Fund

Paul M. Massaro

$100,001-$500,000

$100,001-$500,000

Global Allocation Fund

Charles M. Shriver

$500,001–$1,000,000

Over $1,000,000

Global Consumer Fund

Jason Nogueira

Over $1,000,000

Over $1,000,000

Global Growth Stock Fund

R. Scott Berg

Over $1,000,000

Over $1,000,000

Global High Income Bond Fund

Michael F. Connelley

Michael Della Vedova

Samy B. Muaddi

(f)

None

(f)

(f)

Over $1,000,000

(f)

Global Industrials Fund

Peter J. Bates

$500,001–$1,000,000

$500,001–$1,000,000

Global Multi-Sector Bond Fund

Kenneth A Orchard

None

$10,001-$50,000

Global Real Estate Fund

Nina P. Jones

$100,001–$500,000

$100,001–$500,000

Global Stock Fund

David J. Eiswert

Over $1,000,000

Over $1,000,000

Global Technology Fund

Alan Tu

(g)

(g)

GNMA Fund

Keir R. Joyce

$50,001-$100,000

$50,001-$100,000

Government Money Fund

Joseph K. Lynagh

$10,001-$50,000

$50,001-$100,000

Growth & Income Fund

Jeffrey Rottinghaus

None

$500,001–$1,000,000

Growth Stock Fund

Joseph B. Fath

None

Over $1,000,000

Health Sciences Fund

Ziad Bakri

$100,001–$500,000

$100,001–$500,000

High Yield Fund

Rodney M. Rayburn

None

None

Inflation Protected Bond Fund

Stephen L. Bartolini

$10,001-$50,000

$10,001-$50,000

Institutional Africa & Middle East Fund

Oliver D.M. Bell

None

None

Institutional Cash Reserves Fund

Joseph K. Lynagh

None

$50,001-$100,000

Institutional Core Plus Fund

Brian J. Brennan

$100,001-$500,000

$100,001-$500,000

Institutional Emerging Markets Bond Fund

Michael J. Conelius

$500,001–$1,000,000

$500,001–$1,000,000

Institutional Emerging Markets Equity Fund

Gonzalo Pangaro

None

Over $1,000,000

Institutional Floating Rate Fund

Paul M. Massaro

$100,001-$500,000

$100,001-$500,000

Institutional Frontier Markets Equity Fund

Oliver D.M. Bell

None

None

Institutional Global Value Equity Fund

Sebastien Mallet

None

$100,001–$500,000

Institutional High Yield Fund

Rodney M. Rayburn

None

None

Institutional International Core Equity Fund

Raymond A. Mills

None

Over $1,000,000

Institutional International Disciplined Equity Fund

Federico Santilli

None

$100,001–$500,000

Institutional International Growth Equity Fund

Richard N. Clattenburg

None

$500,001–$1,000,000

97

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara

Institutional Large-Cap Core Growth Fund

Larry J. Puglia

None

Over $1,000,000

Institutional Large-Cap Growth Fund

Taymour R. Tamaddon

$500,001–$1,000,000

$500,001–$1,000,000

Institutional Large-Cap Value Fund

Mark S. Finn

John D. Linehan

Heather K. McPherson

$500,001–$1,000,000

$500,001–$1,000,000

Over $1,000,000

$500,001–$1,000,000

Over $1,000,000

Over $1,000,000

Institutional Long Duration Credit Fund

Robert M. Larkins

None

None

Institutional Mid-Cap Equity Growth Fund

Brian W.H. Berghuis

Over $1,000,000

Over $1,000,000

Institutional Small-Cap Stock Fund

Francisco M. Alonso

$500,001–$1,000,000

$500,001–$1,000,000

Intermediate Tax-Free High Yield Fund

James M. Murphy

$50,001–$100,000

$50,001–$100,000

International Bond Fund

Arif Husain

Kenneth A. Orchard

None

None

None

$10,001–$50,000

International Bond Fund (USD Hedged)

Arif Husain

Kenneth A. Orchard

None

None

None

None

International Disciplined Equity Fund

Federico Santilli

None

$100,001–$500,000

International Discovery Fund

Justin Thomson

$500,001–$1,000,000

$500,001–$1,000,000

International Equity Index Fund

Neil Smith

None

None

International Stock Fund

Richard N. Clattenburg

None

$500,001–$1,000,000

International Value Equity Fund

Colin McQueen

(h)

(h)

Japan Fund

Archibald Ciganer

None

None

Latin America Fund

Verena E. Wachnitz

$100,001–$500,000

$100,001–$500,000

Limited Duration Inflation Focused Bond Fund

Stephen L. Bartolini

$10,001-$50,000

$10,001-$50,000

Mid-Cap Growth Fund

Brian W.H. Berghuis

Over $1,000,000

Over $1,000,000

Mid-Cap Value Fund

David J. Wallack

None

Over $1,000,000

Multi-Strategy Total Return Fund

Richard de los Reyes

Stefan Hubrich

$500,001–$1,000,000

$100,001–$500,000

$500,001–$1,000,000

$100,001–$500,000

New America Growth Fund

Justin P. White

$500,001–$1,000,000

$500,001–$1,000,000

New Asia Fund

Anh Lu

Over $1,000,000

Over $1,000,000

New Era Fund

Shawn T. Driscoll

$100,001–$500,000

$100,001–$500,000

New Horizons Fund

Joshua K. Spencer

(i)

(i)

New Income Fund

Stephen L. Bartolini

$50,001-$100,000

$50,001-$100,000

Overseas Stock Fund

Raymond A. Mills

None

Over $1,000,000

QM Global Equity Fund

Sudhir Nanda

$100,001–$500,000

$100,001–$500,000

QM U.S. Small & Mid-Cap Core Equity Fund

Prashant G. Jeyaganesh

Sudhir Nanda

$1–$10,000

$10,001–$50,000

$1–$10,000

$10,001–$50,000

QM U.S. Small-Cap Growth Equity Fund

Sudhir Nanda

$100,001–$500,000

$100,001–$500,000

QM U.S. Value Equity Fund

Farris G. Shuggi

$50,001–$100,000

$50,001–$100,000

Real Assets Fund

Richard A. Coghlan

Christopher Faulkner-MacDonagh

None

None

None

None

Real Estate Fund

Nina P. Jones

$50,001–$100,000

$50,001–$100,000

Science & Technology Fund

Kennard W. Allen

Over $1,000,000

Over $1,000,000

Short-Term Bond Fund

Michael F. Reinartz

None

None

98

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara

Small-Cap Stock Fund

Francisco M. Alonso

None

$500,001-$1,000,000

Small-Cap Value Fund

J. David Wagner

$100,001–$500,000

Over $1,000,000

Spectrum Conservative Allocation Fund

Charles M. Shriver

$100,001-$500,000

$100,001-$500,000

Spectrum Growth Fund

Charles M. Shriver

$100,001–$500,000

$100,001–$500,000

Spectrum Income Fund

Charles M. Shriver

$100,001–$500,000

$100,001–$500,000

Spectrum International Fund

Charles M. Shriver

$100,001–$500,000

$100,001–$500,000

Spectrum Moderate Allocation Fund

Charles M. Shriver

$100,001-$500,000

$100,001-$500,000

Spectrum Moderate Growth Allocation Fund

Charles M. Shriver

$100,001-$500,000

$100,001-$500,000

Summit Municipal Income Fund

Konstantine B. Mallas

$100,001–$500,000

$500,001-$1,000,000

Summit Municipal Intermediate Fund

Charles B. Hill

$500,001-$1,000,000

$500,001-$1,000,000

Summit Municipal Money Market Fund

Joseph K. Lynagh

None

$1–$10,000

Tax-Efficient Equity Fund

Donald J. Peters

Over $1,000,000

Over $1,000,000

Tax-Exempt Money Fund

Joseph K. Lynagh

$1–$10,000

$1–$10,000

Tax-Free High Yield Fund

James M. Murphy

$100,001–$500,000

$100,001–$500,000

Tax-Free Income Fund

Konstantine B. Mallas

$500,001–$1,000,000

$500,001–$1,000,000

Tax-Free Short-Intermediate Fund

Charles B. Hill

$1–$10,000

$10,001–$50,000

Total Equity Market Index Fund

Alexa M. Gagliardi

(e)

(e)

Total Return Fund

Christopher P. Brown, Jr.

$100,001-$500,000

$100,001-$500,000

U.S. Bond Enhanced Index Fund

Robert M. Larkins

None

$10,001–$50,000

U.S. Equity Research Fund

Ann M. Holcomb

Joshua Nelson

Jason B. Polun

Thomas H. Watson

$100,001–$500,000

(j)

None

None

Over $1,000,000

(j)

$500,001–$1,000,000

$500,001–$1,000,000

U.S. High Yield Fund

Kevin P. Loome

$100,001-$500,000

$100,001-$500,000

U.S. Large-Cap Core Fund

Jeffrey Rottinghaus

Over $1,000,000

Over $1,000,000

U.S. Treasury Intermediate Fund

Brian J. Brennan

$10,001-$50,000

$10,001-$50,000

U.S. Treasury Long-Term Fund

Brian J. Brennan

$10,001-$50,000

$10,001-$50,000

U.S. Treasury Money Fund

Joseph K. Lynagh

$50,001-$100,000

$50,001-$100,000

Ultra Short-Term Bond Fund

Joseph K. Lynagh

$100,001-$500,000

$100,001-$500,000

Value Fund

Mark S. Finn

Over $1,000,000

Over $1,000,000

(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.

(b) The fund incepted on December 10, 2019; therefore, the range of holdings is not yet available.

(c) Effective November 7, 2019, James Stillwagon became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(d) The fund incepted on January 10, 2019; therefore the range of holdings is as of February 28, 2019.

(e) Effective September 1, 2019, Alexa M. Gagliardi replaced Ken D. Uematsu as portfolio manager of the fund; therefore the range of holdings is not yet available.

(f) Effective January 1, 2020, Michael F. Connelley and Samy B. Muaddi became co-portfolio managers of the fund; therefore, the range of holdings is not yet available.

(g) Effective March 31, 2019, Alan Tu replaced Joshua K. Spencer as portfolio manager of the fund; therefore the range of holdings is not yet available.

(h) Effective July 1, 2019, Colin McQueen replaced Sebastien Mallet as portfolio manager of the fund; therefore the range of holdings is not yet available.

(i) Effective March 31, 2019, Joshua K. Spencer replaced Henry M. Ellenbogen as portfolio manager of the fund; therefore the range of holdings is not yet available.

(j) Effective May 1, 2019, Joshua Nelson became co-portfolio manager of the fund; therefore the range of holdings is not yet available.

The following funds are generally designed to be sold to persons residing in the state referenced in the fund’s name. Since

99

the portfolio managers reside in Maryland, they do not typically invest in funds designed to provide tax benefits for residents of other states.

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara

California Tax-Free Bond Fund

Austin Applegate

Konstantine B. Mallas

(b)

None

(b)

$100,001–$500,000

California Tax-Free Money Fund

Joseph K. Lynagh

None

$1–$10,000

Georgia Tax-Free Bond Fund

Hugh D. McGuirk

None

$500,001–$1,000,000

Maryland Short-Term Tax-Free Bond Fund

Charles B. Hill

$1–$10,000

$10,001–$50,000

Maryland Tax-Free Bond Fund

Hugh D. McGuirk

$500,001–$1,000,000

$500,001–$1,000,000

Maryland Tax-Free Money Fund

Joseph K. Lynagh

$1–$10,000

$1–$10,000

New Jersey Tax-Free Bond Fund

Konstantine B. Mallas

None

$100,001–$500,000

New York Tax-Free Bond Fund

Konstantine B. Mallas

None

$100,001–$500,000

New York Tax-Free Money Fund

Joseph K. Lynagh

None

$1–$10,000

Virginia Tax-Free Bond Fund

Hugh D. McGuirk

None

$500,001–$1,000,000

(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.

(b) Effective January 1, 2020, Austin Applegate became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

The following Target Date Funds are designed to provide a diversified portfolio that becomes more conservative over time based on an expected retirement year.

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as
of Fund’s Fiscal Yeara

Retirement 2005 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2010 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2015 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2020 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2025 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2030 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2035 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

$50,001-$100,000

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2040 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

$100,001-$500,000

Over $1,000,000

(b)

(c)

Over $1,000,000

100

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as
of Fund’s Fiscal Yeara

Retirement 2045 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2050 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2055 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement 2060 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement Balanced Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2005 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2010 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2015 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2020 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2025 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2030 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2035 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2040 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2045 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2050 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

101

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as
of Fund’s Fiscal Yeara

Retirement I 2055 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement I 2060 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement Balanced I Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Retirement Income 2020 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

Over $1,000,000

(b)

(c)

Over $1,000,000

Target 2005 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2010 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2015 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2020 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2025 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2030 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2035 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2040 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2045 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2050 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

Target 2055 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

102

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as
of Fund’s Fiscal Yeara

Target 2060 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

None

(b)

(c)

None

(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.

(b) Effective October 1, 2019, Kimberly E. DeDominicis became the co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(c) Effective January 1, 2020, Andrew Jacobs van Merlen became the co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

The following funds are not available for direct purchase by members of the public. Therefore, the portfolio manager is not permitted to invest directly in the fund.

    

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Yeara

Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara

Emerging Markets Corporate Multi-Sector Account Portfolio

Samy B. Muaddi

None

$100,001–$500,000

Emerging Markets Local Multi-Sector Account Portfolio

Andrew J. Keirle

None

$100,001–$500,000

Floating Rate Multi-Sector Account Portfolio

Paul M. Massaro

None

$100,001–$500,000

Government Reserve Fund

Joseph K. Lynagh

None

$50,001-$100,000

High Yield Multi-Sector Account Portfolio

Michael F. Connelley

(b)

(b)

Investment-Grade Corporate Multi-Sector Account Portfolio

Steve Boothe

None

$100,001–$500,000

Mid-Cap Index Fund

Alexa M. Gagliardi (c)

None

None

Mortgage-Backed Securities Multi-Sector Account Portfolio

Keir R. Joyce

None

None

Short-Term Fund

Joseph K. Lynagh

None

None

Short-Term Government Fund

Joseph K. Lynagh

(d)

None

Small-Cap Index Fund

Alexa M. Gagliardi (c)

None

None

Treasury Reserve Fund

Joseph K. Lynagh

None

None

(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.

(b) Effective January 1, 2020, Michael F. Connelley became portfolio manager of the fund; therefore the range of holdings is not yet available.

(c) Effective September 1, 2019, Alexa M. Gagliardi replaced Ken D. Uematsu as portfolio manager of the fund; therefore the range of holdings is not yet available.

(d) The fund has not incepted; therefore the range of fund holdings is not yet available.

Portfolio Manager Compensation

Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.

Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and Price Hong Kong, Price Singapore, Price Japan, and T. Rowe Price International, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund’s prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee (as described under the “Disclosure of Fund Portfolio Information” section) and is the same as the selection presented to the directors of the Price Funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered and is especially important for the Tax-Efficient Equity Fund.

103

Compensation is viewed with a long-term time horizon. The more consistent a manager’s performance over time, the higher the compensation opportunity. The increase or decrease in a fund’s assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund’s expense ratio is usually taken into account. Contribution to T. Rowe Price’s overall investment process is an important consideration as well. Leveraging ideas and investment insights across the global investment platform; working effectively with and mentoring others; and other contributions to our clients, the firm, or our culture are important components of T. Rowe Price’s long-term success and are generally taken into consideration.

All employees of T. Rowe Price, including portfolio managers, participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, receive supplemental medical/hospital reimbursement benefits and are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group.

This compensation structure is used when evaluating the performance of all portfolios (including the Price Funds) managed by the portfolio manager.

Assets Under Management

The following table sets forth the number and total assets of the mutual funds and accounts managed by the Price Funds’ portfolio managers as of the most recent fiscal year end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all co-portfolio managers of those funds. There are no accounts for which the advisory fee is based on the performance of the account.

       
 

Registered Investment
Companies

Other Pooled Investment
Vehicles

Other Accounts

Portfolio Manager

Number

Total Assets

Number

Total Assets

Number

Total Assets

Ulle Adamson

1

$150,412,722

1

$7,467,882

0

—

Kennard W. Allen

4

5,658,491,913

1

6,020,009

0

—

Francisco M. Alonso

5

13,122,859,496

2

1,836,558,054

2

$456,902,672

Austin Applegate (a)

—

—

—

—

—

—

Ziad Bakri

6

14,429,328,399

0

—

1

104,009,391

Stephen L. Bartolini

7

39,611,349,568

5

12,019,165,205

1

112,231,233

Peter J. Bates

1

19,419,419

0

—

0

—

Oliver D.M. Bell

3

337,173,399

2

308,371,879

0

—

R. Scott Berg

2

823,638,216

14

4,017,041,226

5

1,394,513,989

Brian W.H. Berghuis

10

49,275,986,342

1

2,578,174,637

6

1,746,410,578

Steve Boothe

2

900,651,779

5

1,967,524,401

1

2,556,383,289

Brian J. Brennan

4

6,573,745,002

7

6,763,289,398

5

1,177,777,182

Christopher P. Brown, Jr.

1

47,690,397

0

—

2

727,186,029

Archibald Ciganer

1

756,108,317

6

934,458,339

1

390,472,323

Jerome A. Clark

104

172,159,722,557

46

105,495,491,010

0

—

Richard N. Clattenburg

6

14,362,339,671

2

4,523,421,335

0

—

Richard A. Coghlan

1

2,760,613,032

1

1,279,074,292

0

—

Michael J. Conelius

3

6,571,304,703

7

3,218,320,387

1

14,898

Michael F. Connelley (b)

—

—

—

—

—

—

Kimberly E. DeDominicis (c)

—

—

—

—

—

—

Richard de los Reyes

1

67,614,452

0

—

0

—

Michael Della Vedova

1

97,051,733

6

3,128,051,922

1

10,291,436

Shawn T. Driscoll

3

6,355,861,049

4

1,508,051,687

2

211,003,919

Donald J. Easley

5

2,935,206,593

0

—

3

80,130,387

104

       
 

Registered Investment
Companies

Other Pooled Investment
Vehicles

Other Accounts

Portfolio Manager

Number

Total Assets

Number

Total Assets

Number

Total Assets

David J. Eiswert

2

1,200,045,204

16

3,606,084,462

8

4,521,221,893

Joseph B. Fath

12

70,051,190,198

3

9,641,964,374

8

2,494,282,649

Christopher Faulkner-MacDonagh

1

2,760,613,032

1

1,279,074,292

0

—

Mark S. Finn

10

36,947,479,366

12

16,711,492,708

27

5,206,057,018

Alexa M. Gagliardi (d)

—

—

—

—

—

—

David R. Giroux

7

45,257,516,388

1

405,902,788

0

—

Paul D. Greene II

2

5,220,577,932

0

—

0

—

Charles B. Hill

3

7,594,501,992

2

260,453,149

6

1,765,950,809

Ann M. Holcomb

3

6,259,078,442

6

3,928,359,528

23

10,903,440,915

Thomas J. Huber

2

9,581,925,061

0

—

4

201,950,851

Stefan Hubrich

1

67,614,452

0

—

0

—

Arif Husain

7

13,871,116,163

21

10,271,547,066

3

750,789,300

Andrew Jacobs van Merlen (a)

—

—

—

—

—

—

Prashant G. Jeyaganesh

2

134,586,477

0

—

0

—

Nina P. Jones

2

4,305,162,267

1

42,386,775

0

—

Keir R. Joyce

2

1,422,552,152

0

—

0

—

Andrew J. Keirle

2

595,285,361

1

74,090,254

1

162,491,263

Robert M. Larkins

2

1,216,571,774

3

1,541,471,479

12

2,215,277,140

Wyatt A. Lee

40

152,977,277,271

39

104,751,832,335

0

—

John D. Linehan

17

36,000,683,307

13

11,297,399,028

30

5,634,350,043

Kevin P. Loome

3

537,122,903

3

157,947,145

0

—

Anh Lu

1

2,493,404,411

4

1,329,668,316

0

—

Joseph K. Lynagh

15

41,161,816,914

3

5,525,384,929

4

2,241,604,980

Konstantine B. Mallas

6

6,113,933,583

0

—

6

79,752,549

Sebastien Mallet

3

11,703,218,543

4

4,494,754,933

0

—

Paul M. Massaro

3

5,627,381,278

3

726,052,376

13

6,504,524,217

Hugh D. McGuirk

3

3,926,382,338

0

—

8

743,941,494

Heather K. McPherson

6

10,529,690,326

8

1,900,097,002

23

4,151,314,642

Colin McQueen (e)

—

—

—

—

—

—

Raymond A. Mills

6

16,150,729,893

1

4,796,177,047

4

1,539,223,354

Eric C. Moffett

1

90,372,702

2

4,980,638

0

—

Samy B. Muaddi

2

76,643,344

5

342,878,323

0

—

James M. Murphy

3

5,773,859,119

0

—

0

—

Sudhir Nanda

5

8,527,555,621

6

446,921,259

2

115,171,371

Joshua Nelson (f)

—

—

—

—

—

—

Jason Nogueira

1

15,609,094

0

—

0

—

Kenneth A. Orchard

4

7,050,549,094

2

378,355,833

1

238,645,231

Gonzalo Pangaro

4

12,093,389,188

7

6,804,473,613

3

2,009,754,828

Donald J. Peters

6

3,875,606,735

1

1,658,728

12

2,252,607,830

Jason B. Polun

5

6,331,859,618

6

9,094,599,988

23

10,903,440,915

Larry J. Puglia

9

65,700,226,119

20

13,108,344,936

17

5,016,031,358

Rodney M. Rayburn

3

9,420,989,057

2

1,301,781,634

0

—

Michael F. Reinartz

8

10,129,112,724

1

8,567,879,693

6

1,703,812,776

Jeffrey Rottinghaus

2

2,216,387,214

7

2,674,934,104

1

1,940,528

Federico Santilli

2

428,726,337

1

2,255,315

0

—

105

       
 

Registered Investment
Companies

Other Pooled Investment
Vehicles

Other Accounts

Portfolio Manager

Number

Total Assets

Number

Total Assets

Number

Total Assets

Charles M. Shriver

26

42,793,637,621

17

4,677,811,119

6

1,642,334,757

Farris G. Shuggi

1

18,713,610

0

—

0

—

Neil Smith

1

554,530,589

2

693,050,419

0

—

Gabriel Solomon

1

704,484,432

0

—

0

—

Joshua K. Spencer

2

4,768,551,470

5

3,849,586,149

4

1,792,309,378

James Stillwagon (g)

—

—

—

—

—

—

Saurabh Sud (h)

1

25,188,636

0

—

0

—

Taymour R. Tamaddon

7

22,886,807,337

13

4,018,186,935

46

11,331,756,882

Dean Tenerelli

1

976,129,754

5

794,585,038

2

66,008,422

Justin Thomson

1

7,733,366,538

2

854,517,158

5

412,582,635

Alan Tu (i)

—

—

—

—

—

—

Verena E. Wachnitz

1

554,441,319

1

7,495,986

0

—

Lauren T. Wagandt

0

811,410,492

0

—

0

—

J. David Wagner

7

9,584,403,865

1

1,779,874,568

2

174,679,183

David J. Wallack

5

13,617,112,707

1

2,504,652,727

1

21,207,159

Thomas H. Watson

5

6,331,859,618

6

9,094,599,988

23

10,903,440,915

Justin P. White

2

4,577,853,894

0

—

0

—

Ernest C. Yeung

1

42,863,620

1

6,162,871

0

—

Wenli Zheng (j)

—

—

—

—

—

—

(a) The individual assumed co-portfolio management responsibilities of a mutual fund on January 1, 2020. The information on other managed accounts is not yet available

(b) The individual assumed sole and co-portfolio management responsibilities of mutual funds on January 1, 2020. The information on other managed accounts is not yet available.

(c) The individual assumed co-portfolio management responsibilities of a mutual fund on October 1, 2019. The information on other managed accounts is not yet available.

(d) The individual assumed portfolio management responsibilities of a mutual fund on September 1, 2019. The information on other managed accounts is not yet available.

(e) The individual assumed portfolio management responsibilities of a mutual fund on July 1, 2019. The information on other managed accounts is not yet available.

(f) The individual assumed portfolio management responsibilities of a mutual fund on May 1, 2019. The information on other managed accounts is not yet available.

(g) The individual assumed co-portfolio management responsibilities of a mutual fund on November 7, 2019. The information on other managed accounts is not yet available.

(h) The individual assumed portfolio management responsibilities of a mutual fund on January 10, 2019. The information on other managed accounts is as of January 31, 2019.

(i) The individual assumed portfolio management responsibilities of a mutual fund on March 31, 2019. The information on other managed accounts is not yet available.

(j) The individual assumed portfolio management responsibilities of a mutual fund on December 3, 2019. The information on other managed accounts is not yet available.

Conflicts of Interest

Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, and common trust funds. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe Price and its affiliates have adopted brokerage and trade allocation policies and procedures that they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts for multiple clients. Also, as disclosed under the “Portfolio Manager Compensation” section, the portfolio managers’ compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager. Please see the “Portfolio Transactions” section of this SAI for more information about our brokerage and trade allocation policies.

106

The Price Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on mutual funds, including the Price Funds. T. Rowe Price manages the Morningstar retirement plan and acts as subadvisor to two mutual funds offered by Morningstar. In addition, T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. In addition, Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates.

Since the Price Funds and other accounts have different investment objectives or strategies, potential conflicts of interest may arise in executing investment decisions or trades among client accounts. For example, if T. Rowe Price purchases a security for one account and sells the same security short for another account, such a trading pattern could disadvantage either the account that is long or short. It is possible that short sale activity could adversely affect the market value of long positions in one or more Price Funds and other accounts (and vice versa) and create potential trading conflicts, such as when long and short positions are being executed at the same time. To mitigate these potential conflicts of interest, T. Rowe Price has implemented policies and procedures requiring trading and investment decisions to be made in accordance with T. Rowe Price’s fiduciary duties to all accounts, including the Price Funds. Pursuant to these policies, portfolio managers are generally prohibited from managing multiple strategies where they hold the same security long in one strategy and short in another, except in certain circumstances, including where an investment oversight committee has specifically reviewed and approved the holdings or strategy. Additionally, T. Rowe Price has implemented policies and procedures that it believes are reasonably designed to ensure the fair and equitable allocation of trades, both long and short, to minimize the impact of trading activity across client accounts. T. Rowe Price monitors short sales to determine whether its procedures are working as intended and that such short sale activity is not materially impacting our trade executions and long positions for other clients.

PRINCIPAL HOLDERS OF SECURITIES

As of December 31, 2018, none of the independent directors or their immediate family members owned beneficially or of record any securities of T. Rowe Price (the Price Funds’ investment adviser), Investment Services (the Price Funds’ distributor), or any person controlling, controlled by, or under common control with T. Rowe Price or Investment Services.

As of January 31, 2020, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund, except as shown in the following table.

  

Fund

%

Asia Opportunities Fund

3.0

Emerging Markets Discovery Stock Fund

1.3

Global Consumer Fund

6.0

Global Industrials Fund

5.5

Institutional Global Focused Growth Equity Fund

1.3

Institutional Global Value Equity Fund

3.7

Intermediate Tax-Free High Yield Fund

3.7

Maryland Short-Term Tax-Free Bond Fund

4.0

QM Global Equity Fund

1.5

Tax-Efficient Equity Fund

3.9

Total Return Fund

3.2

107

As of December 31, 2019, the following shareholders of record owned more than 5% of the outstanding shares of the indicated funds and/or classes.

     

FUND

 

SHAREHOLDER

 

%

AFRICA & MIDDLE EAST FUND

 

NATIONAL FINANCIAL SERVICES

 

20.27

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

499 WASHINGTON BLVD

 

 

 

 

JERSEY CITY NJ 07310-2010

 

 

 

 

 

 

 

 

 

SPECTRUM INTERNATIONAL FUND

 

6.59

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

100 EAST PRATT STREET

 

 

 

 

BALTIMORE MD 21202-1009

 

 

AFRICA & MIDDLE EAST FUND—I CLASS

 

CHARLES A MORRIS

 

33.90(a)

 

 

ELISE D MORRIS JT TEN T O D

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

63.03(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

PO BOX 89000

 

 

 

 

BALTIMORE MD 21289-0001

 

 

ASIA OPPORTUNITIES FUND

 

CHARLES SCHWAB & CO INC

 

5.35

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

211 MAIN STREET

 

 

 

 

SAN FRANCISCO CA 94105-1905

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

16.08

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

ASIA OPPORTUNITIES FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

10.86

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

79.35(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

108

     

FUND

 

SHAREHOLDER

 

%

ASIA OPPORTUNITIES FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

9.56

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

CRODA INC DEF BENEFIT PL MASTER TR

 

9.12

 

 

C/O STATE STREET BANK AND TRUST CO

 

 

 

 

801 PENNSYLVANIA AVE

 

 

 

 

TOWER 1 -5TH FL ATTN STEVE CHILES

 

 

 

 

KANSAS CITY MO 64105-1307

 

 

 

 

 

 

 

 

 

NORTHERN TRUST COMPANY TR

 

50.27(a)

 

 

FBO LWOOD INTL EQU

 

 

 

 

PO BOX 92956

 

 

 

 

CHICAGO IL 60675-2956

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.54

 

 

OUR CUSTOMERS

 

 

 

 

PO BOX 2226

 

 

 

 

OMAHA NE 68103-2226

 

 

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

5.49

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

 

 

2801 MARKET ST

 

 

 

 

SAINT LOUIS MO 63103-2523

 

 

BALANCED FUND

 

NATIONAL FINANCIAL SERVICES

 

7.43

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

23.59

 

 

ATTN TRPS INST CONTROL DEPT

 

 

 

 

PO BOX 17215

 

 

 

 

BALTIMORE MD 21297-1215

 

 

109

     

FUND

 

SHAREHOLDER

 

%

BALANCED FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

5.36

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

16.12

 

 

1 PERSHING PLZ

 

 

  

JERSEY CITY NJ 07399-0001

  
     

 

 

T ROWE PRICE RPS INC

 

5.33

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP BALANCED - I

 

 

 

 

FUND 42/X24H CUSIP:77954G207

 

 

 

 

PO BOX 17215

 

 

 

 

BALTIMORE MD 21297-1215

 

 

 

 

 

 

 

 

 

THE NORTHERN TRUST CO AS TRUSTEE

 

9.27

 

 

FBO KOHLS-DV

 

 

 

 

PO BOX 92994

 

 

 

 

CHICAGO IL 60675-2994

 

 

 

 

 

 

 

 

 

UBATCO & CO

 

9.00

 

 

FBO COLLEGE SAVINGS GROUP

 

 

 

 

PO BOX 82535

 

 

 

 

LINCOLN NE 68501-2535

 

 

 

 

 

 

 

 

 

UBATCO & CO FBO ACES TRUST FUND

 

7.97

 

 

6811 S 27TH ST

 

 

 

 

LINCOLN NE 68512-4823

 

 

 

 

 

 

 

 

 

VOYA INSTITUTIONAL TRUST CO

 

11.94

 

 

AS TRUSTEE/ CUSTODIAN FOR

 

 

 

 

CORE MARKET RETIREMENT PLANS

 

 

 

 

30 BRAINTREE HILL OFFICE PARK

 

 

 

 

BRAINTREE MA 02184-8747

 

 

110

     

FUND

 

SHAREHOLDER

 

%

BLUE CHIP GROWTH FUND

 

CHARLES SCHWAB & CO INC

 

7.80

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

13.91

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RET PLAN SVCS TR

 

5.17

 

 

BLUE CHIP GROWTH FUND

 

 

 

 

ATTN ASSET RECONCILATIONS

 

 

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

10.07

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

BLUE CHIP GROWTH FUND—ADVISOR CLASS

 

AMERITAS LIFE INSURANCE CORP

 

6.07

 

 

SEPARATE ACCOUNT D

 

 

 

 

5900 O STREET

 

 

 

 

LINCOLN NE 68510-2234

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

6.62

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

5.96

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

8515 E ORCHARD RD 2T2

 

 

 

 

GREENWOOD VLG CO 80111-5002

 

 

 

 

 

 

 

 

 

MAC & CO

 

10.32

 

 

ATTN MUTUAL FUND OPERATIONS

 

 

 

 

500 GRANT STREET ROOM 151-1010

 

 

 

 

PITTSBURGH PA 15219-2502

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

17.37

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

BLUE CHIP GROWTH FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

8.50

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

10.96

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

12555 MANCHESTER RD

 

 

 

 

SAINT LOUIS MO 63131-3729

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

23.60

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

111

     

FUND

 

SHAREHOLDER

 

%

BLUE CHIP GROWTH FUND—R CLASS

 

DCGT AS TTEE AND/OR CUST

 

7.76

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

711 HIGH ST

 

 

 

 

DES MOINES IA 50392-0001

 

 

 

 

 

 

 

 

 

NATIONWIDE LIFE INSURANCE COMPANY

 

6.32

 

 

C/O IPO PORTFOLIO ACCOUNTING

 

 

 

 

DCVA

 

 

 

 

PO BOX 182029

 

 

 

 

COLUMBUS OH 43218-2029

 

 

 

 

 

 

 

 

 

SAMMONS FINANCIAL NETWORK LLC

 

15.69

 

 

4546 CORPORATE DR STE 100

 

 

 

 

WEST DES MOINES IA 50266-5911

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

16.43

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

1 LINCOLN ST

 

 

 

 

BOSTON MA 02111-2901

 

 

CALIFORNIA TAX-FREE BOND FUND

 

CHARLES SCHWAB & CO INC

 

8.25

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

6.27

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

25.53(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

CALIFORNIA TAX-FREE BOND FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

11.67

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

S KENNETH LEECH

 

8.26

 

 

EILEEN STUECK LEECH JT TEN

 

 

112

     

FUND

 

SHAREHOLDER

 

%

CALIFORNIA TAX-FREE MONEY FUND—I CLASS

 

MARK A WALSH T O D

 

61.33(a)

 

 

 

 

 

 

 

RICHARD N MENDOZA

 

18.36

 

 

VALERIE MENDOZA TRS

 

 

 

 

MENDOZA FAMILY TRUST

 

 

 

 

 

 

 

 

 

THOMAS ABRAHAM

 

6.05

 

 

SUJU ABRAHAM JT TEN

 

 

 

 

 

 

 

 

 

VICKY LEE T O D

 

11.61

CAPITAL APPRECIATION FUND

 

CHARLES SCHWAB & CO INC

 

9.16

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

LPL FINANCIAL

 

7.47

 

 

OMNIBUS CUSTOMER ACCOUNT

 

 

 

 

ATTN MUTUAL FUND TRADING

 

 

 

 

4707 EXECUTIVE DR

 

 

 

 

SAN DIEGO CA 92121-3091

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

12.29

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.79

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.85

 

 

OUR CUSTOMERS

 

 

CAPITAL APPRECIATION FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

20.00

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

20.43

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

UMB BANK N/A

 

18.29

 

 

FBO FIDUCIARY FOR TAX DEFERRED

 

 

 

 

ACCOUNTS

 

 

 

 

1 SW SECURITY BENEFIT PL

 

 

 

 

TOPEKA KS 66636-0001

 

 

113

     

FUND

 

SHAREHOLDER

 

%

CAPITAL APPRECIATION FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

23.19

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

27.09(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.41

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

11.27

 

 

OUR CUSTOMERS

 

 

CHINA EVOLUTION EQUITY FUND

 

ERIC C MOFFETT

 

5.73

 

 

MIRI C MOFFETT JT TEN

 

 

 

 

 

 

 

 

 

PARK CONGREGATIONAL CHURCH 403(B)

 

6.69

 

 

TRAC 2000

 

 

 

 

GARY RICHARD SHAHINIAN

 

 

 

 

WORCESTER MA 01602-1824

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

79.62(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

CHINA EVOLUTION EQUITY FUND—I CLASS

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

COMMUNICATIONS & TECHNOLOGY FUND

 

NATIONAL FINANCIAL SERVICES

 

7.31

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.86

COMMUNICATIONS & TECHNOLOGY FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

9.30

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

8.56

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

18.12

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP MEDIA & TELECOMMUNICATION - I

 

 

 

 

FUND 214/X24V CUSIP:87282P100

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

16.34

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

114

     

FUND

 

SHAREHOLDER

 

%

CORPORATE INCOME FUND

 

SPECTRUM INCOME FUND

 

41.00(d)

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

CORPORATE INCOME FUND—I CLASS

 

CHARLES A MORRIS

 

5.89

 

 

ELISE D MORRIS JT TEN T O D

 

 

 

 

 

 

 

 

 

ROBERT W SMITH

 

5.03

 

 

TERESA O SMITH

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

26.36(a)

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

19.08

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

20.98

 

 

OMNIBUS CASH

 

 

CREDIT OPPORTUNITIES FUND

 

T ROWE PRICE ASSOCIATES

 

21.91

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

6.24

 

 

OUR CUSTOMERS

 

 

CREDIT OPPORTUNITIES FUND—ADVISOR CLASS

 

T ROWE PRICE ASSOCIATES

 

92.87(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

CREDIT OPPORTUNITIES FUND—I CLASS

 

T ROWE PRICE ASSOCIATES

 

84.71(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

6.76

 

 

CUST FOR THE ROLLOVER IRA OF

 

 

 

 

GARY C DUDLEY

 

 

 

 

DENVER CO 80206-3705

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

8.52

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

DIVERSIFIED MID-CAP GROWTH FUND

 

NATIONAL FINANCIAL SERVICES

 

8.42

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

6.02

 

 

 

 

 

 

 

RAYMOND JAMES

 

5.16

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

 

 

880 CARILLON PKWY

 

 

 

 

ST PETERSBURG FL 33716-1100

 

 

115

     

FUND

 

SHAREHOLDER

 

%

DIVERSIFIED MID-CAP GROWTH FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

12.41

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

PIMS/PRUDENTIAL RETIREMENT

 

11.84

 

 

AS NOMINEE FOR THE TTEE/CUST PL 010

 

 

 

 

STATE OF CONNECTICUT ALTERNATE

 

 

 

 

55 ELM STREET

 

 

 

 

HARTFORD CT 06106-1746

 

 

 

 

 

 

 

 

 

PIMS/PRUDENTIAL RETIREMENT

 

35.53(a)

 

 

AS NOMINEE FOR THE TTEE/CUST PL 010

 

 

 

 

STATE OF CONNECTICUT DEFERRED

 

 

 

 

 

 

 

 

 

PIMS/PRUDENTIAL RETIREMENT

 

9.08

 

 

AS NOMINEE FOR THE TTEE/CUST PL 010

 

 

 

 

STATE OF CONNECTICUT SECTION

 

 

 

 

 

 

 

 

 

VOYA INSTITUTIONAL TRUST CO

 

10.00

 

 

FBO ARVEST

 

 

DIVIDEND GROWTH FUND

 

CHARLES SCHWAB & CO INC

 

8.66

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

LPL FINANCIAL

 

8.13

 

 

OMNIBUS CUSTOMER ACCOUNT

 

 

 

 

ATTN MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

MLPF&S FOR THE SOLE BENEFIT OF

 

7.21

 

 

ITS CUSTOMERS

 

 

 

 

4800 DEERLAKE DR E 3RD FL

 

 

 

 

JACKSONVILLE FL 32246-6484

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

16.96

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.47

116

     

FUND

 

SHAREHOLDER

 

%

DIVIDEND GROWTH FUND—ADVISOR CLASS

 

GREAT-WEST TRUST COMPANY LLC FBO

 

6.84

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

MATRIX TRUST COMPANY AS TTEE FBO

 

7.63

 

 

VISTA 401(K) RETIREMENT PLAN

 

 

 

 

PO BOX 52129

 

 

 

 

PHOENIX AZ 85072-2129

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

49.36(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

DIVIDEND GROWTH FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

6.13

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

31.79(a)

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

34.09(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

DYNAMIC CREDIT FUND

 

T ROWE PRICE ASSOCIATES

 

90.30(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

DYNAMIC CREDIT FUND—I CLASS

 

RUDDERFLAG & CO

 

95.62(a)

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN MULTI-STRATEGY TOTAL

 

 

 

 

RETURN FUND

 

 

117

     

FUND

 

SHAREHOLDER

 

%

DYNAMIC GLOBAL BOND FUND

 

RETIREMENT PORTFOLIO 2010

 

5.09

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2040

 

6.80

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2015

 

7.41

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

18.81

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

15.49

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

15.95

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

8.14

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

8.75

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

DYNAMIC GLOBAL BOND FUND—ADVISOR CLASS

 

PERSHING LLC

 

15.14

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

84.85(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

118

     

FUND

 

SHAREHOLDER

 

%

DYNAMIC GLOBAL BOND FUND—I CLASS

 

LADYBIRD & CO

 

12.91

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN DYNAMIC GLOBAL BOND

 

 

 

 

I CLASS

 

 

 

 

 

 

 

 

 

LADYBUG & CO

 

6.88

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN DYNAMIC GLOBAL BOND

 

 

 

 

I CLASS

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

12.22

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

11.85

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

11.63

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

6.46

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

5.36

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

EMERGING EUROPE FUND

 

NATIONAL FINANCIAL SERVICES LLC

 

6.49

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SPECTRUM INTERNATIONAL FUND

 

6.77

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

EMERGING EUROPE FUND—I CLASS

 

T ROWE PRICE ASSOCIATES

 

5.56

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

91.88(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

119

     

FUND

 

SHAREHOLDER

 

%

EMERGING MARKETS BOND FUND

 

RETIREMENT PORTFOLIO 2015

 

5.86

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

14.27

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

10.91

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

10.71

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

5.00

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

12.48

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

EMERGING MARKETS BOND FUND—ADVISOR CLASS

 

PERSHING LLC

 

91.30(a)

EMERGING MARKETS BOND FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

7.04

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2015 FUND

 

5.44

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

16.14

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

14.39

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

13.50

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

7.04

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

120

     

FUND

 

SHAREHOLDER

 

%

EMERGING MARKETS CORPORATE BOND FUND

 

CHARLES SCHWAB & CO INC

 

18.61

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

LPL FINANCIAL

 

6.22

 

 

OMNIBUS CUSTOMER ACCOUNT

 

 

 

 

ATTN MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

13.94

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

22.20

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

EMERGING MARKETS CORPORATE BOND FUND—

 

CHARLES SCHWAB & CO INC

 

24.26

ADVISOR CLASS

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

MLPF&S FOR THE SOLE BENEFIT OF

 

7.08

 

 

ITS CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

57.81(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

EMERGING MARKETS CORPORATE BOND FUND—

 

CHARLES SCHWAB & CO INC

 

92.95(a)

I CLASS

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

121

     

FUND

 

SHAREHOLDER

 

%

EMERGING MARKETS CORPORATE MULTI-SECTOR

 

BALTIMORE EQUITABLE SOCIETY

 

5.36

ACCOUNT PORTFOLIO

 

ATTN MARY HARLEE

 

 

 

 

100 N CHARLES ST STE 640

 

 

 

 

BALTIMORE MD 21201-3808

 

 

 

 

 

 

 

 

 

GENERAL DYNAMICS CORP 401K

 

54.78(a)

 

 

PLAN MASTER TRUST CP

 

 

 

 

2941 FAIRVIEW PARK DR STE 100

 

 

 

 

FALLS CHURCH VA 22042-4541

 

 

 

 

 

 

 

 

 

ILLINOIS STUDENT ASSISTANCE

 

10.95

 

 

COMMISSION

 

 

 

 

ATTN ROGER ROJAS

 

 

 

 

1755 LAKE COOK RD

 

 

 

 

DEERFIELD IL 60015-5209

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

19.21

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

XCEL ENERGY INC.

 

9.71

 

 

ATTN GREG ZICK

 

 

 

 

414 NICOLLET MALL

 

 

 

 

MINNEAPOLIS MN 55401-1993

 

 

EMERGING MARKETS DISCOVERY STOCK FUND

 

CHARLES SCHWAB & CO INC

 

7.17

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

SPECTRUM INTERNATIONAL FUND

 

29.94(d)

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

7.17

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

8.26

 

 

OUR CUSTOMERS

 

 

EMERGING MARKETS DISCOVERY STOCK FUND—

 

CHARLES SCHWAB & CO INC

 

9.40

ADVISOR CLASS

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

88.33(a)

122

     

FUND

 

SHAREHOLDER

 

%

EMERGING MARKETS DISCOVERY STOCK FUND—

 

CHARLES SCHWAB & CO INC

 

17.51

I CLASS

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

32.81(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

16.08

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

11.52

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

9.36

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

EMERGING MARKETS LOCAL CURRENCY BOND FUND

 

HORIZONDECK & CO

 

5.46

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN GLOBAL ALLOCATION FUND

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

86.84(d)

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

EMERGING MARKETS LOCAL CURRENCY BOND FUND—

 

CHARLES SCHWAB & CO INC

 

87.40(a)

ADVISOR CLASS

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

6.92

EMERGING MARKETS LOCAL CURRENCY BOND FUND—

 

CHARLES SCHWAB & CO INC

 

49.71(a)

I CLASS

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

6.96

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

29.38(a)

EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT

 

BALTIMORE EQUITABLE SOCIETY

 

17.08

PORTFOLIO

 

ATTN MARY HARLEE

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

82.92(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

123

     

FUND

 

SHAREHOLDER

 

%

EMERGING MARKETS STOCK FUND

 

MLPF&S FOR THE SOLE BENEFIT OF

 

13.56

 

 

ITS CUSTOMERS

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2040

 

8.14

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

6.26

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

6.93

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

9.89

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

6.64

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

EMERGING MARKETS STOCK FUND—I CLASS

 

MLPF&S FOR THE SOLE BENEFIT OF

 

5.15

 

 

ITS CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

29.98(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

6.90

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

5.18

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

6.22

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

124

     

FUND

 

SHAREHOLDER

 

%

EQUITY INCOME FUND

 

NATIONAL FINANCIAL SERVICES

 

7.87

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

5.49

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

6.47

 

 

ATTN TRPS INST CONTROL DEPT

 

 

EQUITY INCOME FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

56.45(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

EQUITY INCOME FUND—I CLASS

 

EDWARD D JONES & CO

 

46.62(a)

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

15.68

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

7.13

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP EQUITY INCOME - I

 

 

 

 

FUND 426/CHNA CUSIP:779547405

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

7.09

 

 

OUR CUSTOMERS

 

 

125

     

FUND

 

SHAREHOLDER

 

%

EQUITY INCOME FUND—R CLASS

 

AMERICAN UNITED LIFE

 

9.68

 

 

AMERICAN UNIT TRUST

 

 

 

 

ATTN SEPARATE ACCOUNTS

 

 

 

 

PO BOX 368

 

 

 

 

INDIANAPOLIS IN 46206-0368

 

 

 

 

 

 

 

 

 

AMERICAN UNITED LIFE

 

18.08

 

 

SEPARATE ACCOUNT II

 

 

 

 

ATTN SEPARATE ACCOUNTS

 

 

 

 

 

 

 

 

 

DCGT AS TTEE AND/OR CUST

 

5.45

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

HARTFORD LIFE INSURANCE CO

 

11.89

 

 

SEPARATE ACCOUNT

 

 

 

 

ATTN UIT OPERATIONS

 

 

 

 

PO BOX 2999

 

 

 

 

HARTFORD CT 06104-2999

 

 

 

 

 

 

 

 

 

MASSACHUSETTS MUTUAL LIFE

 

5.73

 

 

INSURANCE CO

 

 

 

 

ATTN RS FUND OPERATIONS

 

 

 

 

1295 STATE ST MIP M200-INVST

 

 

 

 

SPRINGFIELD MA 01111-0001

 

 

 

 

 

 

 

 

 

NATIONWIDE TRUST CO FSB

 

7.61

 

 

C/O IPO PORTFOLIO ACCTG

 

 

 

 

PO BOX 182029

 

 

 

 

COLUMBUS OH 43218-2029

 

 

EQUITY INDEX 500 FUND

 

RETIREMENT PORTFOLIO 2020

 

12.81

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

10.48

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

10.89

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

5.56

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

126

     

FUND

 

SHAREHOLDER

 

%

EQUITY INDEX 500 FUND—I CLASS

 

RETIREMENT I 2020 FUND

 

15.97

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

15.29

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

15.69

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

8.90

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

7.88

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

EUROPEAN STOCK FUND

 

CHARLES SCHWAB & CO INC

 

6.22

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

5.39

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SPECTRUM INTERNATIONAL FUND

 

25.85(d)

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

EUROPEAN STOCK FUND —I CLASS

 

CHARLES SCHWAB & CO INC

 

15.44

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

22.82

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

S KENNETH LEECH

 

24.29

 

 

EILEEN STUECK LEECH JT TEN

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

19.85

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

EXTENDED EQUITY MARKET INDEX FUND

 

TD AMERITRADE INC FBO

 

5.84

 

 

OUR CUSTOMERS

 

 

127

     

FUND

 

SHAREHOLDER

 

%

FINANCIAL SERVICES FUND

 

CHARLES SCHWAB & CO INC

 

6.06

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

5.61

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

9.02

 

 

 

 

 

 

 

T ROWE PRICE SERVICES INC FBO

 

6.51

 

 

EDUCATION TRUST OF ALASKA

 

 

 

 

PORTFOLIO FUTURE TRENDS

 

 

 

 

ATTN DAWN WAGNER FIXED INCOME

 

 

 

 

100 E PRATT ST 7TH FLOOR

 

 

 

 

BALTIMORE MD 21202-1009

 

 

FINANCIAL SERVICES FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

7.96

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

41.62(b)

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP FINANCIAL SERVICES -I

 

 

 

 

FUND 247/X2TZ CUSIP:87282H108

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

31.13(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

FLOATING RATE FUND

 

NATIONAL FINANCIAL SERVICES

 

6.76

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

9.25

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

7.20

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

7.14

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

20.27

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

128

     

FUND

 

SHAREHOLDER

 

%

FLOATING RATE FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

6.67

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

51.30(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

16.84

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

14.50

 

 

OUR CUSTOMERS

 

 

FLOATING RATE FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES LLC

 

5.99

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

13.75

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

12.39

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

11.93

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

6.52

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

FLOATING RATE MULTI-SECTOR ACCOUNT PORTFOLIO

 

BALTIMORE EQUITABLE SOCIETY

 

10.86

 

 

ATTN MARY HARLEE

 

 

 

 

 

 

 

 

 

GENERAL DYNAMICS CORP 401K

 

27.01(a)

 

 

PLAN MASTER TRUST CP

 

 

 

 

 

 

 

 

 

ILLINOIS STUDENT ASSISTANCE

 

5.77

 

 

COMMISSION

 

 

 

 

ATTN ROGER ROJAS

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

34.58(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

XCEL ENERGY INC.

 

21.78

 

 

ATTN GREG ZICK

 

 

129

     

FUND

 

SHAREHOLDER

 

%

GEORGIA TAX-FREE BOND FUND

 

CHARLES SCHWAB & CO INC

 

14.49

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

21.79

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

GEORGIA TAX-FREE BOND FUND—I CLASS

 

SEI PRIVATE TRUST COMPANY

 

64.59(a)

 

 

ATTN MUTUAL FUNDS

 

 

 

 

C/O SUNTRUST BANK

 

 

 

 

8515 E ORCHARD RD 2T2

 

 

 

 

GREENWOOD VLG CO 80111-5002

 

5.44

     
  

SEI PRIVATE TRUST COMPANY

  

 

 

ATTN MUTUAL FUNDS

 

 

 

 

C/O SUNTRUST BANK

 

 

GLOBAL ALLOCATION FUND

 

MORGAN STANLEY SMITH BARNEY LLC

 

6.89

 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

1 NEW YORK PLZ FL 12

 

 

 

 

NEW YORK NY 10004-1965

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

10.59

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

9.27

 

 

 

 

 

 

 

RAYMOND JAMES

 

7.64

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

30.06(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL ALLOCATION FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

6.01

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

56.28(a)

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

17.00

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

7.49

 

 

OUR CUSTOMERS

 

 

130

     

FUND

 

SHAREHOLDER

 

%

GLOBAL ALLOCATION FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

27.70(a)

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

13.47

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

11.53

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

9.16

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

11.13

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL CONSUMER FUND

 

NATIONAL FINANCIAL SERVICES

 

28.13(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

36.36(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL GROWTH STOCK FUND

 

CHARLES SCHWAB & CO INC

 

5.41

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

7.24

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

131

     

FUND

 

SHAREHOLDER

 

%

GLOBAL GROWTH STOCK FUND —ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

11.97

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

DIAMOND PAPER COMPANY INC TTEE FBO

 

14.71

 

 

C/O FASCORE LLC

 

 

 

 

DIAMOND PAPER COMPANY INC 401K

 

 

 

 

8515 E ORCHARD RD 2T2

 

 

 

 

GREENWOOD VILLAGE CO 80111-5002

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

10.79

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

14.17

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

30.37(a)

 

 

 

 

 

 

 

RAYMOND JAMES

 

8.62

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

132

     

FUND

 

SHAREHOLDER

 

%

GLOBAL GROWTH STOCK FUND —I CLASS

 

CTC FBO

 

16.48

 

 

TEXAS TUITION PROMISE FUND 529

 

 

 

 

17605 WRIGHT STREET SUITE #3

 

 

 

 

OMAHA NE 68130-2033

 

 

 

 

 

 

 

 

 

MAC & CO

 

9.90

 

 

ATTN MUTUAL FUND OPERATIONS

 

 

 

 

 

 

 

 

 

MAC & CO

 

9.53

 

 

ATTN MUTUAL FUND OPERATIONS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

31.42(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

SAXON & CO

 

5.02

 

 

PO BOX 94597

 

 

 

 

CLEVELAND OH 44101-4597

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

5.52

 

 

TTEE FOR THE MASTER TRUST FOR

 

 

 

 

DEFINED BENEFIT PLANS

 

 

 

 

OF SYNGENTA CORPORATION

 

 

 

 

801 PENNSYLVANIA AVE

 

 

 

 

KANSAS CITY MO 64105-1307

 

 

 

 

 

 

 

 

 

WASHINGTON SUBURBAN SANITARY

 

5.35

 

 

COMMISSION RETIREE OTHER POST

 

 

 

 

EMPLOYMENT BENEFIT TRUST

 

 

 

 

14501 SWEITZER LN

 

 

 

 

LAUREL MD 20707-5901

 

 

GLOBAL HIGH INCOME BOND FUND

 

CHARLES SCHWAB & CO INC

 

5.02

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

17.16

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.49

 

 

OUR CUSTOMERS

 

 

133

     

FUND

 

SHAREHOLDER

 

%

GLOBAL HIGH INCOME BOND FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

31.67(a)

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

25.02(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

15.82

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

27.49(a)

 

 

OUR CUSTOMERS

 

 

GLOBAL HIGH INCOME BOND FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

46.79(a)

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

SEI PRIVATE TRUST CO

 

28.86(a)

 

 

ATTN MUTUAL FUND ADMIN

 

 

 

 

C/O M&T BANK

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.00

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

5.68

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL INDUSTRIALS FUND

 

T ROWE PRICE ASSOCIATES

 

39.80(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL INDUSTRIALS FUND—I CLASS

 

T ROWE PRICE ASSOCIATES

 

16.75

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

83.25(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL MULTI-SECTOR BOND FUND

 

CHARLES SCHWAB & CO INC

 

12.44

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

MORGAN STANLEY SMITH BARNEY LLC

 

7.41

 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

13.79

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

6.96

 

 

OUR CUSTOMERS

 

 

134

     

FUND

 

SHAREHOLDER

 

%

GLOBAL MULTI-SECTOR BOND FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

5.97

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

58.08(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

12.22

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

8.19

 

 

OUR CUSTOMERS

 

 

GLOBAL MULTI-SECTOR BOND FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

45.63(a)

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

20.28

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

7.70

 

 

OUR CUSTOMERS

 

 

GLOBAL REAL ESTATE FUND

 

NATIONAL FINANCIAL SERVICES

 

7.54

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

10.55

 

 

OUR CUSTOMERS

 

 

GLOBAL REAL ESTATE FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

11.78

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST LIFE & ANNUITY

 

11.11

 

 

FBO FUTURE FUNDS II

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

26.95(a)

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

25.02(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

135

     

FUND

 

SHAREHOLDER

 

%

GLOBAL REAL ESTATE FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

12.28

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

JOHN B CARTER

 

9.35

 

 

WINCHESTER VA 22601-2872

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

45.92(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.19

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

21.48

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL STOCK FUND

 

CHARLES SCHWAB & CO INC

 

5.95

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

MORGAN STANLEY SMITH BARNEY LLC

 

5.42

 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

19.52

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

10.95

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

5.04

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

GLOBAL STOCK FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

6.33

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

UMB BANK N/A

 

75.80(a)

 

 

FBO FIDUCIARY FOR VARIOUS

 

 

 

 

RETIREMENT PROGRAMS

 

 

136

     

FUND

 

SHAREHOLDER

 

%

GLOBAL STOCK FUND—I CLASS

 

AFFILIATED FM INSURANCE CO.

 

7.88

 

 

270 CENTRAL AVE

 

 

 

 

JOHNSTON RI 02919-4923

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

5.46

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

7.46

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

FACTORY MUTUAL INSURANCE CO.

 

15.76

 

 

270 CENTRAL AVE

 

 

 

 

JOHNSTON RI 02919-4923

 

 

 

 

 

 

 

 

 

FACTORY MUTUAL INSURANCE CO.

 

7.58

 

 

PENSION PLAN TRUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

30.00(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

6.35

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GLOBAL TECHNOLOGY FUND

 

CHARLES SCHWAB & CO INC

 

5.51

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

5.40

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

9.14

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.66

137

     

FUND

 

SHAREHOLDER

 

%

GLOBAL TECHNOLOGY FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

16.54

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

28.62(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

9.84

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK FBO

 

5.03

 

 

VARIOUS RETIREMENT PLANS

 

 

 

 

1525 WEST WT HARRIS BLVD

 

 

 

 

CHARLOTTE NC 28288-1076

 

 

GNMA FUND

 

SPECTRUM INCOME FUND

 

46.98(d)

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

138

     

FUND

 

SHAREHOLDER

 

%

GNMA FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

14.20

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

FAYE L ZABARSKY TR

 

19.61

 

 

FAYE L ZABARSKY 2017 REV TRUST

 

 

 

 

 

 

 

 

 

HOWARD M BOEHM

 

17.58

 

 

ESTHER BOEHM JT TEN

 

 

 

 

 

 

 

 

 

RICHARD ILLGEN

 

8.51

 

 

IRENE ROSENFELD ILLGEN JT TEN

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.73

 

 

CUST FOR THE IRA OF

 

 

 

 

LARRY P SCRIGGINS

 

 

 

 

GREAT CACAPON WV 25422-0918

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.18

 

 

CUST FOR THE ROLLOVER IRA OF

 

 

 

 

STEVEN E WATERS

 

 

 

 

LAKE OSWEGO OR 97034-4695

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

10.56

 

 

CUST FOR THE ROTH IRA OF

 

 

 

 

THOMAS GONG WONG

 

 

 

 

MONTEBELLO CA 90640-2424

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

11.62

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

GOVERNMENT MONEY FUND

 

T ROWE PRICE ASSOCIATES INC

 

6.95

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

139

     

FUND

 

SHAREHOLDER

 

%

GOVERNMENT RESERVE FUND

 

JNL TRP CAP APP FUND

 

6.93

 

 

ATTN JOSEPH O'BOYLE

 

 

 

 

225 W WACKER DR STE 1200

 

 

 

 

CHICAGO IL 60606-1276

 

 

 

 

 

 

 

 

 

SEAMILE & CO

 

30.15(d)

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN CAPITAL APPREC FUND

 

 

 

 

 

 

 

 

 

SHERBET & CO

 

5.16

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN DIVIDEND GROWTH FUND

 

 

 

 

 

 

 

 

 

VOYA INVESTORS TRUST - VY T ROWE

 

5.18

 

 

PRICE CAPITAL APPRECIATION

 

 

 

 

PORTFOLIO

 

 

 

 

ATTN MARIA ANDERSON

 

 

 

 

7337 E DOUBLETREE RANCH RD

 

 

 

 

SCOTTSDALE AZ 85258-2144

 

 

GROWTH & INCOME FUND

 

SPECTRUM GROWTH FUND

 

11.70

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.21

 

 

ATTN TRPS INST CONTROL DEPT

 

 

GROWTH & INCOME FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

5.66

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GARY M JACOBS

 

6.15

 

 

JANET L JACOBS JT TEN

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.78

 

 

CUST FOR THE IRA OF

 

 

 

 

JERRY J WEYGANDT

 

 

 

 

NAPLES FL 34108-7555

 

 

140

     

FUND

 

SHAREHOLDER

 

%

GROWTH STOCK FUND

 

NATIONAL FINANCIAL SERVICES

 

7.18

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2040

 

7.74

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

7.65

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

5.80

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

6.51

 

 

ATTN TRPS INST CONTROL DEPT

 

 

GROWTH STOCK FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

18.59

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONWIDE LIFE INSURANCE COMPANY

 

12.63

 

 

DCVA

 

 

 

 

C/O IPO PORTFOLIO ACCOUNTING

 

 

 

 

 

 

 

 

 

NATIONWIDE LIFE INSURANCE COMPANY

 

5.39

 

 

NACO

 

 

 

 

C/O IPO PORTFOLIO ACCOUNTING

 

 

 

 

 

 

 

 

 

VANTAGETRUST - UNITIZED

 

23.68

 

 

C/O ICMA RETIREMENT CORPORATION

 

 

 

 

777 NORTH CAPITOL STREET NE

 

 

 

 

WASHINGTON DC 20002-4239

 

 

141

     

FUND

 

SHAREHOLDER

 

%

GROWTH STOCK FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

9.43

 

 

ATTN MUTUAL FUNDS

 

 

 

 

101 MONTGOMERY ST

 

 

 

 

SAN FRANCISCO CA 94104-4151

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

10.94

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

5.39

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

5.94

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

GROWTH STOCK FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

9.11

 

 

500 PLAZA DR FL 7

 

 

 

 

SECAUCUS NJ 07094-3619

 

 

 

 

 

 

 

 

 

HARTFORD LIFE INSURANCE CO

 

8.28

 

 

SEPARATE ACCOUNT

 

 

 

 

ATTN UIT OPERATIONS

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

17.72

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

SUNTRUST BANK FBO

 

6.73

 

 

VARIOUS SUNTRUST OMNIBUS ACCOUNTS

 

 

 

 

 

 

 

 

 

UMB BANK N/A

 

7.16

 

 

FBO FIDUCIARY FOR TAX DEFERRED

 

 

 

 

ACCOUNTS

 

 

 

 

 

 

 

 

 

UMB BANK NA SFR

 

9.48

 

 

FBO FIDUCIARY FOR TAX DEFERRED

 

 

 

 

ACCOUNTS GROUP

 

 

142

     

FUND

 

SHAREHOLDER

 

%

HEALTH SCIENCES FUND

 

JOHN HANCOCK LIFE

 

5.40

 

 

INSURANCE CO USA

 

 

 

 

ATTN JHRPS TRADING OPS ST6

 

 

 

 

200 BERKELEY STREET

 

 

 

 

BOSTON MA 02116-5022

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

8.58

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.45

HEALTH SCIENCES FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

13.54

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

16.93

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

8.28

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP HEALTH SCIENCES - I

 

 

 

 

FUND 216/X24R CUSIP:87281Y102

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

10.21

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

HIGH YIELD FUND

 

RETIREMENT PORTFOLIO 2020

 

8.72

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

6.63

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

6.39

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

18.03

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

HIGH YIELD FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

91.77(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

143

     

FUND

 

SHAREHOLDER

 

%

HIGH YIELD FUND—I CLASS

 

EDWARD D JONES & CO

 

47.74(a)

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

FUBON LIFE INSURANCE CO.,

 

6.12

 

 

LTD.-FIXED INCOME

 

 

 

 

14F., NO.108, SEC.1, DUN HUA S. RD.

 

 

 

 

TAIPEI, TAIWAN 105

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

6.09

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

5.38

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

5.07

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

HIGH YIELD MULTI-SECTOR ACCOUNT PORTFOLIO

 

BALTIMORE EQUITABLE SOCIETY

 

6.40

 

 

ATTN MARY HARLEE

 

 

 

 

 

 

 

 

 

GENERAL DYNAMICS CORP 401K

 

23.24

 

 

PLAN MASTER TRUST CP

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

67.37(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

INFLATION PROTECTED BOND FUND

 

NATIONAL FINANCIAL SERVICES

 

5.99

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

6.99

 

 

OMNIBUS ACCOUNT

 

 

 

 

INFLATION PROTECTED BOND, #147

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

7.61

 

 

OUR CUSTOMERS

 

 

144

     

FUND

 

SHAREHOLDER

 

%

INFLATION PROTECTED BOND FUND—I CLASS

 

BERNARD H WEBERMAN

 

5.12

 

 

RACHELLE L LEVITT JT TEN

 

 

 

 

 

 

 

 

 

CBNA AS TRUSTEE FBO

 

6.77

 

 

COMMUNITY BANK 401(K) PLAN

 

 

 

 

6 RHOADS DR STE 7

 

 

 

 

UTICA NY 13502-6317

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

8.92

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

6.01

 

 

RECORDKEEPING FOR LARGE BENEFIT PL

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

9.09

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

9.75

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP INFLATION PROTECTED BOND-I

 

 

 

 

FUND 439/X24U CUSIP:77958D200

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

6.58

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

9.85

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

INSTITUTIONAL AFRICA & MIDDLE EAST FUND

 

NATIONAL FINANCIAL SERVICES LLC

 

93.56(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

INSTITUTIONAL CASH RESERVES FUND

 

T ROWE PRICE ASSOCIATES

 

76.72(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE INTERNATIONAL LTD

 

23.03

 

 

ATTN ANDREW CARTER

 

 

 

 

60 QUEEN VICTORIA STREET

 

 

 

 

LONDON EC4N 4T2

 

 

 

 

UNITED KINGDOM

 

 

145

     

FUND

 

SHAREHOLDER

 

%

INSTITUTIONAL CORE PLUS FUND

 

BAND & CO C/O US BANK NA

 

7.71

 

 

1555 N RIVERCENTER DR STE 302

 

 

 

 

MILWAUKEE WI 53212-3958

 

 

 

 

 

 

 

 

 

JEANETTE STUMP &

 

9.46

 

 

JAMES CARNEY & HOWARD KLINE TRS

 

 

 

 

SPECIAL METALS CORPORATION RETIREE

 

 

 

 

BENEFIT TRUST

 

 

 

 

60 BLVD OF THE ALLIES FL 5

 

 

 

 

PITTSBURGH PA 15222-1209

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

30.78(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SEI PRIVATE TRUST COMPANY

 

9.74

 

 

C/O SUNTRUST BANK

 

 

 

 

THE CHURCH FOUNDATION

 

 

 

 

ATTN MUTUAL FUND ADMIN

 

 

INSTITUTIONAL EMERGING MARKETS BOND FUND

 

CHARLES SCHWAB & CO INC

 

11.53

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

5.58

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

RECORDKEEPING FOR VARIOUS BENEFIT P

 

 

 

 

 

 

 

 

 

HORIZONDECK & CO

 

6.49

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN GLOBAL ALLOCATION FUND

 

 

 

 

 

 

 

 

 

LADYBIRD & CO

 

25.93(d)

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY INCOME FD

 

 

 

 

 

 

 

 

 

LADYBUG & CO

 

17.01

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY BALANCED FD

 

 

 

 

 

 

 

 

 

LAKESIDE & CO

 

8.52

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY GROWTH FUND

 

 

146

     

FUND

 

SHAREHOLDER

 

%

INSTITUTIONAL EMERGING MARKETS EQUITY FUND

 

GOLDMAN SACHS & CO

 

19.30

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

 

 

85 BROAD ST

 

 

 

 

NEW YORK NY 10004-2434

 

 

 

 

 

 

 

 

 

LADYBUG & CO

 

6.18

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY BALANCED FD

 

 

 

 

 

 

 

 

 

LAKESIDE & CO

 

10.28

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY GROWTH FUND

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

16.54

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

18.84

 

 

OMNIBUS ACCOUNT CASH/CASH

 

 

 

 

PO BOX 1533

 

 

 

 

MINNEAPOLIS MN 55480-1533

 

 

INSTITUTIONAL FLOATING RATE FUND

 

CHARLES SCHWAB & CO INC

 

8.86

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

J.P. MORGAN SECURITIES LLC

 

7.74

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

4 CHASE METROTECH CTR

 

 

 

 

BROOKLYN NY 11245-0003

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

19.76

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TUNA & CO

 

22.23

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN NEW INCOME FUND

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

6.89

 

 

OMNIBUS ACCOUNT CASH/CASH

 

 

147

     

FUND

 

SHAREHOLDER

 

%

INSTITUTIONAL FLOATING RATE FUND—F CLASS

 

CHARLES SCHWAB & CO INC

 

10.34

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

10.36

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SAXON & CO.

 

49.01(a)

 

 

PO BOX 7780-1888

 

 

 

 

PHILADELPHIA PA 19182-0001

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

12.29

 

 

OUR CUSTOMERS

 

 

INSTITUTIONAL FRONTIER MARKETS EQUITY FUND

 

CHARLES SCHWAB & CO INC

 

11.40

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

HORIZONDECK & CO

 

8.82

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN GLOBAL ALLOCATION FUND

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

20.71

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

50.45(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

INSTITUTIONAL GLOBAL VALUE EQUITY FUND

 

T ROWE PRICE ASSOCIATES

 

82.10(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

17.90

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

148

     

FUND

 

SHAREHOLDER

 

%

INSTITUTIONAL HIGH YIELD FUND

 

BREAD & CO

 

11.01

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN BALANCED FUND

 

 

 

 

 

 

 

 

 

GOLDMAN SACHS & CO

 

10.98

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

LADYBIRD & CO

 

6.14

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY INCOME FD

 

 

 

 

 

 

 

 

 

MAC & CO

 

5.14

 

 

ATTN MUTUAL FUND OPERATIONS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

22.83

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

INSTITUTIONAL INTERNATIONAL CORE EQUITY FUND

 

CAPINCO C/O US BANK NA

 

39.98(a)

 

 

1555 N RIVERCENTER DR STE 302

 

 

 

 

MILWAUKEE WI 53212-3958

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

10.93

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

KEYBANK NA

 

9.37

 

 

CIA-INTERNATIONAL CUST PRI USD

 

 

 

 

PO BOX 94871

 

 

 

 

CLEVELAND OH 44101-4871

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

12.39

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT FL 4

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

16.92

 

 

 

 

 

 

 

VOYA INSTITUTIONAL TRUST COMPANY

 

6.34

 

 

1 ORANGE WAY B3N

 

 

 

 

WINDSOR CT 06095-4774

 

 

149

     

FUND

 

SHAREHOLDER

 

%

INSTITUTIONAL INTERNATIONAL DISCIPLINED EQUITY

 

CHARLES SCHWAB & CO INC

 

8.30

FUND

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

23.75

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

COLUMBIA TRUST PARTNERS

 

6.29

 

 

PO BOX 1012

 

 

 

 

SALEM OR 97308-1012

 

 

 

 

 

 

 

 

 

J.P. MORGAN SECURITIES LLC

 

5.26

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

42.14(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

INSTITUTIONAL INTERNATIONAL GROWTH EQUITY FUND

 

BNA FOREIGN EQUITY FUND

 

39.51(a)

 

 

ATTN MR ROBERT SHEW

 

 

 

 

1801 S BELL ST

 

 

 

 

ARLINGTON VA 22202-4506

 

 

 

 

 

 

 

 

 

KEYBANK NA

 

10.81

 

 

LINK-BELT EE RETMT-T. ROWE PRICE PR

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

36.19(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SAXON & CO

 

7.46

INSTITUTIONAL LARGE-CAP CORE GROWTH FUND

 

NATIONAL FINANCIAL SVCS CORP

 

33.47(a)

 

 

FOR EXCLUSIVE BENEFIT OF OUR

 

 

 

 

CUSTOMERS

 

 

 

 

RUSS LENNON

 

 

 

 

 

 

 

 

 

VANGUARD FIDUCIARY TRUST COMPANY

 

9.26

 

 

T ROWE INSTITUTIONAL CLASS

 

 

 

 

ATTN OUTSIDE FUNDS/SCOTT GELLERT

 

 

 

 

PO BOX 2600 L-24

 

 

 

 

VALLEY FORGE PA 19482-2600

 

 

150

     

FUND

 

SHAREHOLDER

 

%

INSTITUTIONAL LARGE-CAP GROWTH FUND

 

CHARLES SCHWAB & CO INC

 

6.13

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

8.90

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

26.95(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

INSTITUTIONAL LARGE-CAP VALUE FUND

 

CHARLES SCHWAB & CO INC

 

6.34

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

44.57(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TIAA, FSB CUST/TTEE FBO

 

11.30

 

 

RETIREMENT PLANS FOR WHICH

 

 

 

 

TIAA ACTS AS RECORDKEEPER

 

 

 

 

ATTN TRUST OPERATIONS

 

 

 

 

211 N BROADWAY STE 1000

 

 

 

 

SAINT LOUIS MO 63102-2748

 

 

INSTITUTIONAL LONG DURATION CREDIT FUND

 

BAND & CO C/O US BANK NA

 

43.70(a)

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

52.12(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

INSTITUTIONAL MID-CAP EQUITY GROWTH FUND

 

NATIONAL FINANCIAL SERVICES

 

34.74(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

THE STATE OF WISCONSIN DEF COMP BRD

 

7.42

 

 

C/O FASCORE LLC

 

 

 

 

FBO WISCONSIN DCP

 

 

 

 

 

 

 

 

 

VANGUARD FIDUCIARY TRUST COMPANY

 

5.72

 

 

T ROWE INSTITUTIONAL CLASS

 

 

 

 

ATTN OUTSIDE FUNDS/SCOTT GELLERT

 

 

151

     

FUND

 

SHAREHOLDER

 

%

INSTITUTIONAL SMALL-CAP STOCK FUND

 

NATIONAL FINANCIAL SERVICES LLC

 

33.77(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

NORTHERN TRUST COMPANY TR

 

8.79

 

 

FBO PFIZER SAVINGS AND

 

 

 

 

INVESTMENT PLAN

 

 

 

 

 

 

 

 

 

STATE OF FLORIDA PUBLIC

 

5.17

 

 

EMPLOYEES OPTIONAL RETIREMENT

 

 

 

 

PROGRAM-FLORIDA RETIREMENT SYSTEM

 

 

 

 

1801 HERMITAGE BLVD STE 100

 

 

 

 

TALLAHASSEE FL 32308-7743

 

 

 

 

 

 

 

 

 

STATE OF MINNESOTA

 

14.61

 

 

FBO MINNESOTA STATE RETIREMENT SYST

 

 

 

 

8515 E ORCHARD RD 2T2

 

 

 

 

GREENWOOD VLG CO 80111-5002

 

 

 

 

 

 

 

 

 

VANGUARD FIDUCIARY TRUST COMPANY

 

14.68

 

 

T ROWE INSTITUTIONAL CLASS

 

 

 

 

ATTN OUTSIDE FUNDS/SCOTT GELLERT

 

 

INTERMEDIATE TAX-FREE HIGH YIELD FUND

 

T ROWE PRICE ASSOCIATES

 

62.92(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

INTERMEDIATE TAX-FREE HIGH YIELD FUND—

 

LPL FINANCIAL

 

42.04(a)

ADVISOR CLASS

 

OMNIBUS CUSTOMER ACCOUNT

 

 

 

 

ATTN MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

12.52

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

43.04(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

INTERMEDIATE TAX-FREE HIGH YIELD FUND—I CLASS

 

CHARLES BLAKE HILL

 

30.54(a)

 

 

EUGENIA N HILL JT TEN

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

29.96(a)

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

J D EISNER F R ROCKWELL TRS

 

16.46

 

 

JOHN R ROCKWELL MARITAL TRUST

 

 

 

 

 

 

 

 

 

JONATHAN D EISNER

 

7.17

 

 

EDWARD C BERNARD TRS

 

 

 

 

SCOTT R ROCKWELL 2010 TRUST

 

 

152

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL BOND FUND (USD HEDGED)

 

RETIREMENT PORTFOLIO 2010

 

5.02

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2040

 

6.65

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2015

 

7.33

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

18.59

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

15.23

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

15.82

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

7.96

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

9.93

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

INTERNATIONAL BOND FUND (USD HEDGED)—

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

ADVISOR CLASS

 

ATTN FINANCIAL REPORTING DEPT

 

 

153

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL BOND FUND (USD HEDGED)—I CLASS

 

LADYBIRD & CO

 

7.78

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY INCOME FD

 

 

 

 

 

 

 

 

 

LADYBUG & CO

 

6.24

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY BALANCED FD

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

14.97

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

14.32

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

14.11

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

7.77

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

6.45

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

INTERNATIONAL BOND FUND

 

CHARLES SCHWAB & CO INC

 

7.11

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

5.53

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

20.70

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

154

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL BOND FUND—ADVISOR CLASS

 

MORGAN STANLEY SMITH BARNEY LLC

 

10.84

 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

22.38

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.63

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

25.22(a)

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

VOYA INSTITUTIONAL TRUST COMPANY

 

6.32

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

5.69

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

INTERNATIONAL BOND FUND—I CLASS

 

EDWARD D JONES & CO

 

43.42(a)

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

10.11

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

30.11(a)

 

 

OUR CUSTOMERS

 

 

INTERNATIONAL DISCIPLINED EQUITY FUND

 

CHARLES SCHWAB & CO INC

 

20.95

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

40.32(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

11.69

 

 

OUR CUSTOMERS

 

 

INTERNATIONAL DISCIPLINED EQUITY FUND—

 

GREAT-WEST TRUST COMPANY LLC FBO

 

11.92

ADVISOR CLASS

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

77.08(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

INTERNATIONAL DISCIPLINED EQUITY FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

85.89(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

INTERNATIONAL DISCOVERY FUND

 

NATIONAL FINANCIAL SERVICES

 

22.62

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

13.48

155

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL DISCOVERY FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

7.71

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

22.18

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

24.70

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

VANGUARD FIDUCIARY TRUST CO

 

11.37

 

 

ATTN INVESTMENT SERVICES

 

 

 

 

401K CLIENTS

 

 

 

 

PO BOX 2600

 

 

 

 

VALLEY FORGE PA 19482-2600

 

 

INTERNATIONAL EQUITY INDEX FUND

 

MARYLAND COLLEGE INVESTMENT PLAN

 

15.59

 

 

GLOBAL EQUITY MARKET INDEX

 

 

 

 

ATTN FUND ACCOUNTING

 

 

 

 

100 E PRATT ST FL 7

 

 

 

 

BALTIMORE MD 21202-1009

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.41

156

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL STOCK FUND

 

RETIREMENT PORTFOLIO 2040

 

9.80

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

7.59

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

8.40

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

11.96

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

8.03

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2045

 

5.97

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2050

 

5.13

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

INTERNATIONAL STOCK FUND—ADVISOR CLASS

 

AXA EQUITABLE FOR SA NO 65

 

5.47

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

5.85

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

38.20(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

5.69

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

157

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL STOCK FUND—I CLASS

 

EDWARD D JONES & CO

 

13.05

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

10.65

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

6.46

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

8.28

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

11.61

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

8.65

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

10.42

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2045 FUND

 

7.07

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2050 FUND

 

6.58

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

158

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL STOCK FUND—R CLASS

 

AMERICAN UNITED LIFE

 

14.37

 

 

SEPARATE ACCOUNT II

 

 

 

 

ATTN SEPARATE ACCOUNTS

 

 

 

 

 

 

 

 

 

AXA EQUITABLE FOR SA NO 65

 

9.87

 

 

 

 

 

 

 

CAPITAL BANK & TRUST COMPANY TTEE

 

5.89

 

 

C/O FASCORE LLC

 

 

 

 

PATTCO LLC 401K

 

 

 

 

 

 

 

 

 

DCGT AS TTEE AND/OR CUST

 

20.49

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

NATIONWIDE TRUST CO FSB

 

5.01

 

 

C/O IPO PORTFOLIO ACCTG

 

 

INTERNATIONAL VALUE EQUITY FUND

 

RETIREMENT PORTFOLIO 2040

 

12.64

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

9.67

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

10.78

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

15.38

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

10.35

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2045

 

7.71

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2050

 

6.64

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

159

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL VALUE EQUITY FUND—ADVISOR CLASS

 

AMERICAN UNITED LIFE

 

5.53

 

 

SEPARATE ACCOUNT II

 

 

 

 

ATTN SEPARATE ACCOUNTS

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

5.95

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

41.05(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VRSCO

 

17.30

 

 

FBO AIGFSB CUST TTEE FBO

 

 

 

 

MT SINAI 403B

 

 

 

 

2929 ALLEN PKWY STE A6-20

 

 

 

 

HOUSTON TX 77019-7117

 

 

INTERNATIONAL VALUE EQUITY FUND—I CLASS

 

RETIREMENT I 2020 FUND

 

8.48

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

11.01

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

15.33

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

11.44

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

13.75

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2045 FUND

 

9.42

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2050 FUND

 

8.70

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

160

     

FUND

 

SHAREHOLDER

 

%

INTERNATIONAL VALUE EQUITY FUND—R CLASS

 

AMERICAN UNITED LIFE

 

6.17

 

 

SEPARATE ACCOUNT II

 

 

 

 

ATTN SEPARATE ACCOUNTS

 

 

 

 

 

 

 

 

 

DCGT AS TTEE AND/OR CUST

 

9.82

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

SAMMONS FINANCIAL NETWORK LLC

 

35.29(a)

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

33.07(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

INVESTMENT-GRADE CORPORATE MULTI-SECTOR

 

ALLEN & COMPANY

 

8.30

ACCOUNT PORTFOLIO

 

711 5TH AVE FL 9

 

 

 

 

NEW YORK NY 10022-3168

 

 

 

 

 

 

 

 

 

BALTIMORE EQUITABLE SOCIETY

 

7.42

 

 

ATTN MARY HARLEE

 

 

 

 

 

 

 

 

 

GENERAL DYNAMICS CORP 401K

 

69.75(a)

 

 

PLAN MASTER TRUST CP

 

 

 

 

 

 

 

 

 

ILLINOIS STUDENT ASSISTANCE

 

14.53

 

 

COMMISSION

 

 

 

 

ATTN ROGER ROJAS

 

 

JAPAN FUND

 

CHARLES SCHWAB & CO INC

 

7.33

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

MORGAN STANLEY SMITH BARNEY LLC

 

49.76(a)

 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

5.64

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SPECTRUM INTERNATIONAL FUND

 

10.75

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

161

     

FUND

 

SHAREHOLDER

 

%

JAPAN FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

13.38

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

J.P. MORGAN SECURITIES LLC

 

27.21(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RCAB COLLECTIVE INVESTMENT

 

18.34

 

 

PARTNERSHIP

 

 

 

 

66 BROOKS DRIVE

 

 

 

 

BRAINTREE MA 02184-3839

 

 

 

 

 

 

 

 

 

S KENNETH LEECH

 

18.70

 

 

EILEEN STUECK LEECH JT TEN

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

6.03

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

LATIN AMERICA FUND

 

CHARLES SCHWAB & CO INC

 

6.08

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

9.55

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

LATIN AMERICA FUND—I CLASS

 

ROBERT D AWALT

 

6.96

 

 

KATHERINE J AWALT JT TEN

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

65.89(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

WASHINGTON & CO C/O US BANK NA

 

13.57

 

 

1555 N RIVERCENTER DR STE 302

 

 

 

 

MILWAUKEE WI 53212-3958

 

 

162

     

FUND

 

SHAREHOLDER

 

%

LIMITED DURATION INFLATION FOCUSED BOND FUND

 

RETIREMENT INCOME PORTFOLIO

 

8.70

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2010

 

8.92

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2015

 

11.51

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

21.02

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

10.80

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

6.46

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE SERVICES INC FBO

 

6.83

 

 

EDUCATION TRUST OF ALASKA

 

 

 

 

ENROLLMENT PORTFOLIO

 

 

 

 

 

 

 

 

 

T ROWE PRICE SERVICES INC FBO

 

5.35

 

 

MARYLAND COLLEGE INVESTMENT PLAN

 

 

 

 

PORTFOLIO FOR EDUCATION TODAY

 

 

163

     

FUND

 

SHAREHOLDER

 

%

LIMITED DURATION INFLATION FOCUSED BOND FUND—

 

RETIREMENT BALANCED I FUND

 

6.12

I CLASS

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2010 FUND

 

7.72

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2015 FUND

 

12.28

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

27.14(a)

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

16.29

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

9.51

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

MARYLAND SHORT-TERM TAX-FREE BOND FUND

 

CHARLES SCHWAB & CO INC

 

10.79

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

8.42

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

7.05

MARYLAND SHORT-TERM TAX-FREE BOND FUND—

 

BANK OF NEW YORK MELLON N.A.

 

8.21

I CLASS 

 

PO BOX 534005

 

 

 

 

PITTSBURGH PA 15253-4005

 

 

 

 

 

 

 

 

 

BARBARA T TICE T O D

 

13.22

 

 

 

 

 

 

 

WILLIAM F TIMME

 

10.24

 

 

THERESA M TIMME JT TEN

 

 

164

     

FUND

 

SHAREHOLDER

 

%

MARYLAND TAX-FREE BOND FUND

 

CHARLES SCHWAB & CO INC

 

6.09

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

10.46

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SAXON & CO.

 

5.05

MARYLAND TAX-FREE BOND FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

8.89

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

MARYLAND TAX-FREE MONEY FUND

 

ARNOLD SAGNER AGENT POA

 

6.52

 

 

MONICA SAGNER REVOCABLE TRUST

 

 

 

 

PO BOX 416

 

 

 

 

ELLICOTT CITY MD 21041-0416

 

 

MARYLAND TAX-FREE MONEY FUND—I CLASS

 

ARTHUR B CECIL III TR

 

7.91

 

 

ARTHUR B CECIL III REVOCABLE TRUST

 

 

 

 

 

 

 

 

 

KEITH A. LEE

 

43.77(a)

 

 

 

 

 

 

 

MARY JOHN MILLER

 

18.89

 

 

JAMES D MILLER JT TEN

 

 

MID-CAP GROWTH FUND

 

NATIONAL FINANCIAL SERV CORP

 

12.95

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

12.69

 

 

ATTN ASSET RECONCILIATIONS

 

 

MID-CAP GROWTH FUND—ADVISOR CLASS

 

MAC & CO

 

24.05

 

 

ATTN MUTUAL FUND OPERATIONS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

28.77(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

MID-CAP GROWTH FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

15.25

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

17.45

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

165

     

FUND

 

SHAREHOLDER

 

%

MID-CAP GROWTH FUND—R CLASS

 

AMERICAN UNITED LIFE

 

13.78

 

 

SEPARATE ACCOUNT II

 

 

 

 

ATTN SEPARATE ACCOUNTS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

6.34

 

 

 

 

 

 

 

NATIONWIDE TRUST CO FSB

 

15.13

 

 

C/O IPO PORTFOLIO ACCTG

 

 

 

 

 

 

 

 

 

SUNTRUST BANK FBO

 

14.36

 

 

VARIOUS SUNTRUST OMNIBUS ACCOUNTS

 

 

 

 

 

 

 

 

 

VOYA INSTITUTIONAL TRUST COMPANY

 

7.10

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

11.09

MID-CAP INDEX FUND

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

MID-CAP INDEX FUND—I CLASS

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

MID-CAP VALUE FUND

 

NATIONAL FINANCIAL SERVICES

 

7.48

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2040

 

5.92

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

5.09

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

7.24

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

MID-CAP VALUE FUND—ADVISOR CLASS

 

AMERITAS LIFE INSURANCE CORP

 

5.59

 

 

SEPARATE ACCOUNT D

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

50.42(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

5.68

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

SUNTRUST BANK FBO

 

5.18

 

 

VARIOUS SUNTRUST OMNIBUS ACCOUNTS

 

 

166

     

FUND

 

SHAREHOLDER

 

%

MID-CAP VALUE FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES LLC

 

12.68

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

6.54

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

5.02

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

5.92

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

MID-CAP VALUE FUND—R CLASS

 

NATIONWIDE TRUST CO FSB

 

30.31(a)

 

 

C/O IPO PORTFOLIO ACCTG

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

42.28(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

6.10

MORTGAGE-BACKED SECURITIES MULTI-SECTOR

 

ALLEN & COMPANY

 

8.22

ACCOUNT PORTFOLIO

 

 

 

 

 

 

BALTIMORE EQUITABLE SOCIETY

 

9.23

 

 

ATTN MARY HARLEE

 

 

 

 

 

 

 

 

 

GENERAL DYNAMICS CORP 401K

 

54.75(a)

 

 

PLAN MASTER TRUST CP

 

 

 

 

 

 

 

 

 

ILLINOIS STUDENT ASSISTANCE

 

11.65

 

 

COMMISSION

 

 

 

 

ATTN ROGER ROJAS

 

 

 

 

 

 

 

 

 

XCEL ENERGY INC.

 

16.15

 

 

ATTN GREG ZICK

 

 

MULTI-STRATEGY TOTAL RETURN FUND

 

T ROWE PRICE ASSOCIATES

 

84.05(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

167

     

FUND

 

SHAREHOLDER

 

%

MULTI-STRATEGY TOTAL RETURN FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

7.59

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

DARRELL M RILEY

 

27.05(a)

 

 

LYNDA AALPOEL RILEY TEN COM

 

 

 

 

 

 

 

 

 

RICHARD N. DE LOS REYES T O D

 

26.99(a)

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

6.95

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

31.42(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

NEW AMERICA GROWTH FUND

 

CHARLES SCHWAB & CO INC

 

7.60

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

19.22

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.72

 

 

ATTN TRPS INST CONTROL DEPT

 

 

NEW AMERICA GROWTH FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

9.13

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

9.01

 

 

FBO:SANTA BARBARA COUNTY DCP

 

 

 

 

C/O FASCORE LLC

 

 

 

 

 

 

 

 

 

MATRIX TRUST CO AS CUST FBO

 

7.93

 

 

VALLEY MEDICAL CENTER 403B

 

 

 

 

PO BOX 52129

 

 

 

 

PHOENIX AZ 85072-2129

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

15.99

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

VRSCO

 

27.97(a)

 

 

FBO AIGFSB CUST TTEE FBO

 

 

 

 

WAKEMED RET SAV PLAN 403B

 

 

168

     

FUND

 

SHAREHOLDER

 

%

NEW AMERICA GROWTH FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

17.31

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

DCGT AS TTEE AND/OR CUST

 

5.02

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

5.39

 

 

HUB INTERNATIONAL LIMITED 401K

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

23.65

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

NEW ASIA FUND

 

CHARLES SCHWAB & CO INC

 

5.82

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

10.05

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SPECTRUM INTERNATIONAL FUND

 

7.65

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

NEW ASIA FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

7.59

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

J.P. MORGAN SECURITIES LLC

 

41.03(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

5.83

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

7.50

 

 

OMNIBUS CASH CASH

 

 

NEW ERA FUND

 

CHARLES SCHWAB & CO INC

 

5.11

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

20.80

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

169

     

FUND

 

SHAREHOLDER

 

%

NEW ERA FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

55.82(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

STATE STREET BANK & TRUST CO

 

5.81

 

 

FBO KP FUNDS TRUST

 

 

 

 

1 FREEDOM VALLEY DR

 

 

 

 

OAKS PA 19456-9989

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

6.54

 

 

OUR CUSTOMERS

 

 

NEW HORIZONS FUND

 

NATIONAL FINANCIAL SERVICES

 

11.95

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

11.12

 

 

ATTN TRPS INST CONTROL DEPT

 

 

NEW HORIZONS FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES LLC

 

27.73(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

6.76

 

 

OMNIBUS DST#532 CUSIP:779562206

 

 

 

 

TRP NEW HORIZONS FUND-I BWRJ

 

 

170

     

FUND

 

SHAREHOLDER

 

%

NEW INCOME FUND

 

RETIREMENT PORTFOLIO 2040

 

5.53

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2015

 

6.10

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

15.47

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

12.71

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

13.15

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

6.73

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

7.29

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

NEW INCOME FUND—ADVISOR CLASS

 

PERSHING LLC

 

10.90

 

 

 

 

 

 

 

WTRISC CO IRA OMNIBUS ACCT

 

51.10(a)

 

 

C/O ICMA RETIREMENT CORPORATION

 

 

171

     

FUND

 

SHAREHOLDER

 

%

NEW INCOME FUND—I CLASS

 

EDWARD D JONES & CO

 

7.69

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

J.P. MORGAN SECURITIES LLC

 

34.34(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

9.73

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

9.30

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

9.39

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

5.26

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

NEW INCOME FUND—R CLASS

 

CAMILLE VANDEVANTER DDS PS TTEE FBO

 

20.26

 

 

C/O FASCORE LLC

 

 

 

 

CAMILLE VANDEVANTER DDS PS 401K RET

 

 

 

 

 

 

 

 

 

DCGT AS TTEE AND/OR CUST

 

6.48

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

MG TRUST COMPANY CUST FBO

 

5.38

 

 

CHRISTINE AND RICHARD FAIRBANK 401K

 

 

 

 

DENVER CO 80202-3304

 

 

 

 

 

 

 

 

 

NATIONWIDE TRUST CO FSB

 

14.55

 

 

C/O IPO PORTFOLIO ACCTG

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

23.76

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

NEW JERSEY TAX-FREE BOND FUND

 

NATIONAL FINANCIAL SERVICES

 

40.02(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

172

     

FUND

 

SHAREHOLDER

 

%

NEW JERSEY TAX-FREE BOND FUND—I CLASS

 

AMANDA A SMITH TR

 

6.23

 

 

AMANDA A SMITH REV TRUST

 

 

 

 

 

 

 

 

 

ARTHUR A BOGUT

 

5.88

 

 

PATRICIA A BOGUT JT TEN

 

 

 

 

 

 

 

 

 

BARBARA E MONTANA T O D

 

5.34

 

 

 

 

 

 

 

J. BARTON STERLING T O D

 

6.12

 

 

 

 

 

 

 

MARJORIE NEWBERGER

 

8.75

 

 

 

 

 

 

 

MITCHELL ALTER

 

7.11

 

 

PATRICE ALTER JT TEN

 

 

NEW YORK TAX-FREE BOND FUND

 

NATIONAL FINANCIAL SERVICES

 

8.81

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

NEW YORK TAX-FREE BOND FUND—I CLASS

 

ALICE S ROTHMAN

 

8.51

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

12.10

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

6.66

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

ROBERT S KAPLAN

 

7.31

 

 

JAMIE SCHUVAL-KAPLAN JT TEN

 

 

 

 

 

 

 

 

 

SEYMOUR J ROTHMAN

 

5.55

NEW YORK TAX-FREE MONEY FUND—I CLASS

 

ALAN BELZER

 

5.14

 

 

 

 

 

 

 

DAVID TESSER

 

9.70

 

 

 

 

 

 

 

PAULA D GLASBERG

 

42.91(a)

 

 

 

 

 

 

 

PAULA D GLASBERG HILARY GOLDBERG

 

18.11

 

 

TRS THE DISCLAIMER TRUST UNDER

 

 

  

THE GLASBERG FAMILY REV TRUST

  

 

 

NEW YORK NY 10023-4819

 

 

 

 

 

 

 

 

 

ROBERT LEWIN

 

7.34

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

12.91

 

 

CUST FOR THE IRA OF

 

 

 

 

PAULA D GLASBERG

 

 

 

 

NEW YORK NY 10023-4819

 

 

173

     

FUND

 

SHAREHOLDER

 

%

OVERSEAS STOCK FUND

 

RETIREMENT PORTFOLIO 2040

 

10.71

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

8.21

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

9.10

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

12.99

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

8.72

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2045

 

6.44

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2050

 

5.55

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

11.59

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

OVERSEAS STOCK FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

86.41(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

174

     

FUND

 

SHAREHOLDER

 

%

OVERSEAS STOCK FUND—I CLASS

 

EDWARD D JONES & CO

 

11.40

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

13.78

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

5.08

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

7.11

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

5.32

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

6.40

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

8.01

 

 

OMNIBUS CASH CASH

 

 

QM GLOBAL EQUITY FUND

 

T ROWE PRICE ASSOCIATES

 

67.07(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

QM GLOBAL EQUITY FUND—ADVISOR CLASS

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

QM GLOBAL EQUITY FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

13.89

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

30.57(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

11.88

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

43.11(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

175

     

FUND

 

SHAREHOLDER

 

%

QM U.S. SMALL & MID-CAP CORE EQUITY FUND

 

PERSHING LLC

 

13.01

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

14.66

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

9.60

 

 

OUR CUSTOMERS

 

 

QM U.S. SMALL & MID-CAP CORE EQUITY FUND—

 

PERSHING LLC

 

19.64

ADVISOR CLASS

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

41.60(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

UMB BANK NA C/F

 

5.47

 

 

FREEPORT UNION FREE SD 403B

 

 

 

 

FBO BERNADETTE B BUCKLAND

 

 

 

 

3414 CARROLLTON AVE

 

 

 

 

WANTAGH NY 11793-2918

 

 

QM U.S. SMALL & MID-CAP CORE EQUITY FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

25.29(a)

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

CHRISTOPHER L INGRAM 5305 SEP-IRA

 

10.02

 

 

TRAC 2000

 

 

 

 

CHRISTOPHER L INGRAM

 

 

 

 

NATCHITOCHES LA 71457-5206

 

 

 

 

 

 

 

 

 

INGRID L CHUA TR

 

10.67

 

 

INGRID L CHUA REVOCABLE TRUST

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

31.62(a)

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

7.74

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

176

     

FUND

 

SHAREHOLDER

 

%

QM U.S. SMALL-CAP GROWTH EQUITY FUND

 

LPL FINANCIAL

 

5.27

 

 

OMNIBUS CUSTOMER ACCOUNT

 

 

 

 

ATTN MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

MLPF&S FOR THE SOLE BENEFIT OF

 

6.04

 

 

ITS CUSTOMERS

 

 

 

 

 

 

 

 

 

MORGAN STANLEY SMITH BARNEY LLC

 

10.24

 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

13.50

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

10.51

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

5.95

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

QM U.S. SMALL-CAP GROWTH EQUITY FUND—

 

DCGT AS TTEE AND/OR CUST

 

16.65

ADVISOR CLASS 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

40.12(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

UMB BANK CUSTODIAN

 

39.06(a)

 

 

SECURITY FINANCIAL RESOURCES

 

 

 

 

ONE SECURITY BENEFIT PLACE

 

 

 

 

TOPEKA KS 66636-0001

 

 

177

     

FUND

 

SHAREHOLDER

 

%

QM U.S. SMALL-CAP GROWTH EQUITY FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

14.78

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

5.18

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

15.75

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.11

 

 

 

 

 

 

 

SEI PRIVATE TRUST COMPANY

 

6.48

 

 

ATTN MUTUAL FUND ADMIN

 

 

 

 

C/O SUNTRUST BANK

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST COMPANY

 

15.44

 

 

AS TRUSTEE OF THE TRUST FOR THE NEW

 

 

 

 

YORK STATE DC PLAN

 

 

 

 

1200 CROWN COLONY DR

 

 

 

 

QUINCY MA 02169-0938

 

 

QM U.S. VALUE EQUITY FUND

 

T ROWE PRICE ASSOCIATES

 

44.76(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

QM U.S. VALUE EQUITY FUND—ADVISOR CLASS

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

QM U.S. VALUE EQUITY FUND—I CLASS

 

T ROWE PRICE ASSOCIATES

 

22.23

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

72.00(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

178

     

FUND

 

SHAREHOLDER

 

%

REAL ASSETS FUND

 

RETIREMENT PORTFOLIO 2040

 

12.16

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

9.68

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

10.50

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

14.77

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

9.96

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2045

 

7.38

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2050

 

6.41

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

179

     

FUND

 

SHAREHOLDER

 

%

REAL ASSETS FUND—I CLASS

 

BREAD & CO

 

7.06

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN BALANCED FUND

 

 

 

 

 

 

 

 

 

LAKESIDE & CO

 

6.10

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY GROWTH FUND

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

7.28

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

9.23

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

12.71

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

9.62

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

11.49

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2045 FUND

 

7.74

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2050 FUND

 

7.18

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

REAL ESTATE FUND

 

CHARLES SCHWAB & CO INC

 

6.80

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

20.07

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

REAL ESTATE FUND—ADVISOR CLASS

 

MAC & CO

 

57.55(a)

 

 

ATTN MUTUAL FUND OPERATIONS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

8.86

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

180

     

FUND

 

SHAREHOLDER

 

%

REAL ESTATE FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

11.74

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

14.22

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

43.69(a)

 

 

OMNIBUS ACCT CASH/CASH

 

 

RETIREMENT 2005 FUND

 

NATIONAL FINANCIAL SERVICES

 

12.75

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

11.62

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT ABH1 #155

 

 

RETIREMENT 2005 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SVCS CORP

 

19.50

 

 

FOR EXCLUSIVE BENEFIT OF OUR

 

 

 

 

CUSTOMERS

 

 

 

 

RUSS LENNON

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.33

 

 

 

 

 

 

 

WTRISC CO IRA OMNIBUS ACCT

 

28.93(a)

 

 

C/O ICMA RETIREMENT CORPORATION

 

 

 

 

777 NORTH CAPITOL STREET NE

 

 

 

 

WASHINGTON DC 20002-4239

 

 

RETIREMENT 2005 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

12.67

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

36.05(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

22.43

RETIREMENT 2010 FUND

 

NATIONAL FINANCIAL SERVICES

 

12.01

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

8.57

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT 2010, #140

 

 

181

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT 2010 FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

5.50

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

11.48

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

9.82

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

 

 

PO BOX 28004

 

 

 

 

ATLANTA GA 30358-0004

 

 

 

 

 

 

 

 

 

WTRISC CO IRA OMNIBUS ACCT

 

6.23

 

 

C/O ICMA RETIREMENT CORPORATION

 

 

RETIREMENT 2010 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

5.27

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

43.83(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

SUNTRUST BANK FBO

 

5.29

 

 

VARIOUS SUNTRUST OMNIBUS ACCOUNTS

 

 

RETIREMENT 2015 FUND

 

NATIONAL FINANCIAL SERVICES

 

12.51

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

12.49

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT ABH2 #156

 

 

RETIREMENT 2015 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SVCS CORP

 

21.13

 

 

FOR EXCLUSIVE BENEFIT OF OUR

 

 

 

 

CUSTOMERS

 

 

 

 

RUSS LENNON

 

 

 

 

 

 

 

 

 

WTRISC CO IRA OMNIBUS ACCT

 

6.65

 

 

C/O ICMA RETIREMENT CORPORATION

 

 

RETIREMENT 2015 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

8.65

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

37.89(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

10.90

182

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT 2020 FUND

 

NATIONAL FINANCIAL SERVICES

 

17.31

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

17.93

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT 2020, #141

 

 

RETIREMENT 2020 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

16.71

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

6.07

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

RETIREMENT 2020 FUND—R CLASS

 

STATE STREET BANK AND TRUST AS

 

44.32(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

RETIREMENT 2025 FUND

 

NATIONAL FINANCIAL SERVICES

 

19.20

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

22.22

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT ABH3 #157

 

 

RETIREMENT 2025 FUND—ADVISOR CLASS

 

GREAT-WEST TRUST COMPANY LLC FBO

 

5.06

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SVCS CORP

 

23.75

 

 

FOR EXCLUSIVE BENEFIT OF OUR

 

 

 

 

CUSTOMERS

 

 

 

 

RUSS LENNON

 

 

RETIREMENT 2025 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

8.42

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

41.91(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

10.87

RETIREMENT 2030 FUND

 

NATIONAL FINANCIAL SERVICES

 

19.33

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

21.27

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT 2030, #142

 

 

183

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT 2030 FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

5.36

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

17.92

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

6.21

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

RETIREMENT 2030 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

5.31

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

48.55(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

RETIREMENT 2035 FUND

 

NATIONAL FINANCIAL SERVICES

 

20.77

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

23.07

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT ABH4 #158

 

 

RETIREMENT 2035 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SVCS CORP

 

26.45(a)

 

 

FOR EXCLUSIVE BENEFIT OF OUR

 

 

 

 

CUSTOMERS

 

 

 

 

RUSS LENNON

 

 

RETIREMENT 2035 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

8.21

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

46.63(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

9.86

RETIREMENT 2040 FUND

 

NATIONAL FINANCIAL SERVICES

 

21.43

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

21.16

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT 2040, #143

 

 

RETIREMENT 2040 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

19.19

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

5.56

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

RETIREMENT 2040 FUND—R CLASS

 

STATE STREET BANK AND TRUST AS

 

52.53(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

184

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT 2045 FUND

 

NATIONAL FINANCIAL SERVICES

 

23.93

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

23.49

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT ABH5 #159

 

 

RETIREMENT 2045 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SVCS CORP

 

28.80(a)

 

 

FOR EXCLUSIVE BENEFIT OF OUR

 

 

 

 

CUSTOMERS

 

 

 

 

RUSS LENNON

 

 

RETIREMENT 2045 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

7.51

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

48.56(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

10.02

RETIREMENT 2050 FUND

 

NATIONAL FINANCIAL SERVICES

 

26.88(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

21.07

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT ABO6 #166

 

 

RETIREMENT 2050 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

24.28

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

5.21

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

5.34

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

RETIREMENT 2050 FUND—R CLASS

 

STATE STREET BANK AND TRUST AS

 

54.95(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

RETIREMENT 2055 FUND

 

NATIONAL FINANCIAL SERVICES

 

26.93(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

22.37

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT ABO7 #164

 

 

RETIREMENT 2055 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SVCS CORP

 

37.26(a)

 

 

FOR EXCLUSIVE BENEFIT OF OUR

 

 

 

 

CUSTOMERS

 

 

 

 

RUSS LENNON

 

 

185

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT 2055 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

7.54

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

53.33(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

7.65

RETIREMENT 2060 FUND

 

DCGT AS TTEE AND/OR CUST

 

6.17

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

22.21

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

25.45(b)

 

 

OMNIBUS ACCOUNT CUSIP:74149P325

 

 

 

 

TRP RETIREMENT 2060 #144 ABMQ

 

 

RETIREMENT 2060 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

22.27

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

VALIC SEPARATE ACCOUNT A

 

6.66

 

 

2727-A ALLEN PKWY 4 D-1

 

 

 

 

HOUSTON TX 77009

 

 

RETIREMENT 2060 FUND—R CLASS

 

AXA EQUITABLE FOR SA NO 65

 

5.07

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

51.46(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

6.27

RETIREMENT BALANCED FUND

 

NATIONAL FINANCIAL SERV CORP

 

9.56

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

6.61

 

 

OMNIBUS ACCOUNT

 

 

 

 

RETIREMENT INCOME,#145

 

 

186

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT BALANCED FUND—ADVISOR CLASS

 

AMERITAS LIFE INSURANCE CORP

 

6.05

 

 

SEPARATE ACCOUNT G

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

6.19

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

LINCOLN FINANCIAL GROUP TRUST CO

 

6.51

 

 

FBO ROLLOVER IRA PLANS

 

 

 

 

1 GRANITE PL

 

 

 

 

CONCORD NH 03301-3258

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

13.12

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

12.01

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

5.37

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

RETIREMENT BALANCED FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

6.91

  

REINVEST ACCOUNT

 

 

  

ATTN MUTUAL FUND DEPT

 

 

     
  

FIFTH THIRD BANK TTEE

 

5.22

  

C/O FASCORE LLC

  
  

VARIOUS FASCORE LLC RECORDKEPT PLAN

  
     
  

NATIONAL FINANCIAL SERVICES

 

12.72

  

FOR THE EXCLUSIVE BENEFIT

 

 

  

OF OUR CUSTOMERS

 

 

  

ATTN MUTUAL FUNDS DEPT 4TH FL

  
     
  

SEI PRIVATE TRUST COMPANY

 

5.19

  

C/O FIRST HAWAIIAN BANK

  
  

FBO HOTEL UNION 401K T ROWE RET INC

  

RETIREMENT BALANCED FUND—R CLASS

 

PIMS/PRUDENTIAL RETIREMENT

 

22.02

 

 

AS NOMINEE FOR THE TTEE/CUST PL 701

 

 

 

 

NEPC - TAFT HARTLEY IRONWORKERS

 

 

 

 

PO BOX 30124

 

 

 

 

SALT LAKE CTY UT 84130-0124

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

40.06(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

187

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT I 2005 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

46.81(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2010 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

29.75(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2015 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

39.83(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2020 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

40.29(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2025 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

47.62(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2030 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

40.87(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2035 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

47.64(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2040 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

41.13(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2045 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

46.37(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2050 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

42.39(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

RETIREMENT I 2055 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

47.25(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

188

     

FUND

 

SHAREHOLDER

 

%

RETIREMENT I 2060 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

42.15(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

5.50

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

SCIENCE & TECHNOLOGY FUND

 

T ROWE PRICE RPS INC

 

8.89

 

 

OMNIBUS

 

 

 

 

NEW BUSINESS-CONV ASSTS #133 DIF

 

 

SCIENCE & TECHNOLOGY FUND—ADVISOR CLASS

 

JOHN HANCOCK LIFE

 

86.85(a)

 

 

INSURANCE CO USA

 

 

 

 

ATTN JHRPS TRADING OPS ST6

 

 

SCIENCE & TECHNOLOGY FUND—I CLASS

 

DCGT AS TTEE AND/OR CUST

 

6.91

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

6.42

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

22.83

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP SCIENCE AND TECHNOLOGY - I

 

 

 

 

FUND 217/X28X CUSIP:87282N105

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

19.38

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

SHORT-TERM BOND FUND

 

MARYLAND COLLEGE INVESTMENT PLAN

 

6.36

 

 

PORTFOLIO 2021

 

 

 

 

T ROWE PRICE FUND ACCOUNTING

 

 

 

 

 

 

 

 

 

SPECTRUM INCOME FUND

 

7.79

 

 

T. ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

22.47

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE SERVICES INC FBO

 

8.33

 

 

MARYLAND COLLEGE INVESTMENT PLAN

 

 

 

 

PORTFOLIO FOR EDUCATION TODAY

 

 

189

     

FUND

 

SHAREHOLDER

 

%

SHORT-TERM BOND FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

24.93

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.29

 

 

 

 

 

 

 

SAXON & CO.

 

8.74

 

 

VI OMNIBUS ACCOUNT VICA

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

9.75

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

36.15(a)

 

 

VSP EXECUTIVE DC TRUST

 

 

SHORT-TERM BOND FUND—I CLASS

 

EDWARD D JONES & CO

 

11.49

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

37.25(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE PROGRAM FOR

 

7.27

 

 

CHARITABLE GIVING GIFT

 

 

 

 

PRESERVATION POOL

 

 

 

 

ATTN FUND ACCOUNTING

 

 

 

 

4515 PAINTERS MILL RD

 

 

 

 

OWINGS MILLS MD 21117-4903

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

7.18

 

 

OMNIBUS CASH/CASH ACCT

 

 

SHORT-TERM FUND

 

JPMORGAN CHASE BANK AS AGENT

 

40.24(a)

 

 

FOR INSTITUTIONAL FUNDS

 

 

 

 

ATTN AMANDA MORLEY

 

 

 

 

500 STANTON CHRISTIANA RD

 

 

 

 

OPS 4 FL 3

 

 

 

 

NEWARK DE 19713-2105

 

 

 

 

 

 

 

 

 

STATE STREET BANK & TRUST CO

 

59.51(a)

 

 

AGENT FOR T ROWE INSTITUTIONAL FUNDS

 

 

 

 

1 LINCOLN ST 3RD FLOOR

 

 

 

 

BOSTON MA 02111-2901

 

 

SMALL-CAP INDEX FUND

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

SMALL-CAP INDEX FUND—I CLASS

 

T ROWE PRICE ASSOCIATES

 

100.00(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

190

     

FUND

 

SHAREHOLDER

 

%

SMALL-CAP STOCK FUND

 

NATIONAL FINANCIAL SERV CORP

 

6.61

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

6.04

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.92

 

 

T R P O T C FUND

 

 

 

 

ATTN R P S CONTROL DEPT

 

 

SMALL-CAP STOCK FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

9.11

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

JOHN HANCOCK TRUST COMPANY

 

7.27

 

 

690 CANTON STREET

 

 

 

 

WESTWOOD MA 02090-2321

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

19.56

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

7.43

 

 

MASSMUTUAL REGISTERED PRODUCT

 

 

 

 

 

 

 

 

 

VANGUARD FIDUCIARY TRUST CO

 

13.26

 

 

T ROWE PRICE ADVISOR CLASS FUNDS

 

 

 

 

ATTN OUTSIDE FUNDS

 

 

 

 

PO BOX 2900 VM 613

 

 

 

 

VALLEY FORGE PA 19482-2900

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK FBO

 

6.60

 

 

FBO VARIOUS RETIREMENT PLANS

 

 

191

     

FUND

 

SHAREHOLDER

 

%

SMALL-CAP STOCK FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

8.09

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

24.21

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

5.87

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

5.25

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

SMALL-CAP VALUE FUND

 

NATIONAL FINANCIAL SERVICES

 

6.99

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RAYMOND JAMES

 

9.43

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

5.27

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.11

 

 

ATTN TRPS INST CONTROL DEPT

 

 

SMALL-CAP VALUE FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

46.08(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

12.12

 

 

 

 

 

 

 

RAYMOND JAMES

 

5.35

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

 

 

 

 

 

 

 

WTRISC CO IRA OMNIBUS ACCT

 

6.27

 

 

C/O ICMA RETIREMENT CORPORATION

 

 

192

     

FUND

 

SHAREHOLDER

 

%

SMALL-CAP VALUE FUND—I CLASS

 

EDWARD D JONES & CO

 

17.10

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

6.28

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

6.22

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

5.57

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

10.93

 

 

OMNIBUS DST#538 C:77957Q301

 

 

 

 

TRP SMALL CAP VALUE FUND-I DACV

 

 

SPECTRUM CONSERVATIVE ALLOCATION FUND

 

NATIONAL FINANCIAL SERVICES

 

9.72

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.50

 

 

OUR CUSTOMERS

 

 

SPECTRUM CONSERVATIVE ALLOCATION FUND—

 

NATIONAL FINANCIAL SERVICES LLC

 

56.01(a)

I CLASS

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

SPECTRUM INCOME FUND

 

MARYLAND COLLEGE INVESTMENT PLAN

 

6.88

 

 

PORTFOLIO 2024

 

 

 

 

ATTN FUND ACCOUNTING

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

6.11

 

 

ATTN TRPS INST CONTROL DEPT

 

 

SPECTRUM MODERATE ALLOCATION FUND

 

NATIONAL FINANCIAL SERVICES

 

10.80

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

8.08

 

 

BALANCED

 

 

 

 

ATTN ASSET RECONCILIATION

 

 

193

     

FUND

 

SHAREHOLDER

 

%

SPECTRUM MODERATE ALLOCATION FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

16.23

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

24.01

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

SPECTRUM MODERATE GROWTH ALLOCATION FUND

 

CHARLES SCHWAB & CO INC

 

21.42

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

10.27

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONWIDE TRUST COMPANY FSB

 

5.58

 

 

C/O IPO PORTFOLIO ACCOUNTING

 

 

SPECTRUM MODERATE GROWTH ALLOCATION FUND—

 

CHARLES SCHWAB & CO INC

 

15.44

I CLASS 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

22.46

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTNMUTUAL FUNDS DEPT, 4TH FLOOR

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

7.02

SUMMIT MUNICIPAL INCOME FUND

 

NATIONAL FINANCIAL SERVICES

 

31.62(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RAYMOND JAMES

 

9.84

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

 

 

 

 

 

 

 

SAXON & CO.

 

11.14

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

14.92

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

194

     

FUND

 

SHAREHOLDER

 

%

SUMMIT MUNICIPAL INCOME FUND—ADVISOR CLASS

 

LPL FINANCIAL

 

14.76

 

 

OMNIBUS CUSTOMER ACCOUNT

 

 

 

 

ATTN MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

41.20(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

28.62(a)

 

 

 

 

 

 

 

RAYMOND JAMES

 

11.05

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

SUMMIT MUNICIPAL INCOME FUND—I CLASS

 

EDWARD D JONES & CO

 

11.78

  

FOR THE BENEFIT OF CUSTOMERS

 

 

   

 

 
  

J.P. MORGAN SECURITIES LLC

 

81.39(a)

  

FOR THE EXCLUSIVE BENEFIT

 

 

  

OF OUR CUSTOMERS

 

 

SUMMIT MUNICIPAL INTERMEDIATE FUND

 

CHARLES SCHWAB & CO INC

 

7.83

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

LPL FINANCIAL

 

7.11

 

 

OMNIBUS CUSTOMER ACCOUNT

 

 

 

 

ATTN MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

MLPF&S FOR THE SOLE BENEFIT OF

 

6.87

 

 

ITS CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

7.78

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

SAXON & CO.

 

8.06

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

7.01

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

27.97(a)

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

195

     

FUND

 

SHAREHOLDER

 

%

SUMMIT MUNICIPAL INTERMEDIATE FUND—

 

CHARLES SCHWAB & CO INC

 

28.24(a)

ADVISOR CLASS 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

5.44

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

CITBANCO A PARTNERSHIP

 

26.89(a)

 

 

DRAWER 1227

 

 

 

 

STORM LAKE IA 50588-1227

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

22.26

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

14.50

SUMMIT MUNICIPAL INTERMEDIATE FUND—

 

CHARLES SCHWAB & CO INC

 

21.42

I CLASS 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

  

ATTN MUTUAL FUNDS

 

 

     
  

EDWARD D JONES & CO

 

26.01(a)

  

FOR THE BENEFIT OF CUSTOMERS

 

 

   

 

 
  

J.P. MORGAN SECURITIES LLC

 

28.91(a)

  

FOR THE EXCLUSIVE BENEFIT

 

 

  

OF OUR CUSTOMERS

 

 

SUMMIT MUNICIPAL MONEY MARKET FUND

 

JAMES S. RIEPE

 

15.03

TARGET 2005 FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

6.93

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO TTEE ADP

 

45.40(a)

 

 

ACCESS LARGE MARKET 401K

 

 

 

 

1100 ABERNATHY RD

 

 

 

 

ATLANTA GA 30328-5620

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

46.51(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

196

     

FUND

 

SHAREHOLDER

 

%

TARGET 2005 FUND—I CLASS

 

NATIONAL FINANCIAL SERVICES

 

28.37(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

POTOMAC VALLEY BRICK AND SUPPLY CO

 

8.54

 

 

TRAC 2000

 

 

 

 

JACK A RICHARDSON

 

 

 

 

ANNAPOLIS MD 21403-5023

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

28.73(e)

 

 

CUST FOR THE ROLLOVER IRA OF

 

 

 

 

CHRISTOPHER R BURNHAM

 

 

 

 

WESTERLY RI 02891-2677

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

30.78(e)

 

 

CUST FOR THE ROLLOVER IRA OF

 

 

 

 

TOMMY M HALL

 

 

 

 

MOUNT VERNON IN 47620-9732

 

 

TARGET 2010 FUND

 

T ROWE PRICE RPS INC

 

7.42

 

 

OMNIBUS ACCOUNT TICKER: TRROX

 

 

 

 

CUSIP: 74149P564

 

 

 

 

TRP TARGET RET 2010 AB9K

 

 

TARGET 2010 FUND—ADVISOR CLASS

 

MATRIX TRUST COMPANY AS AGENT FOR

 

6.72

 

 

BANCORPSOUTH FBO

 

 

 

 

CAFFEY INC 401(K) PLAN

 

 

 

 

2910 W JACKSON ST

 

 

 

 

TUPELO MS 38801-6799

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

11.51

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO TTEE ADP

 

81.39(a)

 

 

ACCESS LARGE MARKET 401K

 

 

197

     

FUND

 

SHAREHOLDER

 

%

TARGET 2010 FUND—I CLASS

 

DCGT AS TTEE AND/OR CUST

 

12.23

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

11.24

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

MATRIX TRUST COMPANY TTEE FBO

 

5.09

 

 

RICK STEVES' EUROPE INC 401(K) PL

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

16.50

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

REBECCA L. BESSON

 

45.42(a)

 

 

STUART B COOPER TEN ENT

 

 

 

 

MIAMI BEACH FL 33139-5164

 

 

TARGET 2015 FUND

 

T ROWE PRICE RPS INC

 

6.95

 

 

OMNIBUS ACCOUNT TICKER: TRRTX

 

 

 

 

CUSIP: 74149P556

 

 

 

 

TRP TARGET RET 2015 AB9T

 

 

TARGET 2015 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

32.79(a)

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

26.96(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

33.24(a)

198

     

FUND

 

SHAREHOLDER

 

%

TARGET 2015 FUND—I CLASS

 

GREAT-WEST TRUST COMPANY LLC FBO

 

14.47

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

6.35

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

17.84

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.89

 

 

CUST FOR THE IRA OF

 

 

 

 

RUSSELL S GRIGG (DCD)

 

 

 

 

CAROLYN H GRIGG (BENE)

 

 

 

 

BAKERSFIELD CA 93309-2203

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.34

 

 

CUST FOR THE ROLLOVER IRA OF

 

 

 

 

DENNIS W CULLEN

 

 

 

 

EASTON PA 18045-3030

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

5.45

 

 

CUST FOR THE ROLLOVER IRA OF

 

 

 

 

ROLLIN G SEARS

 

 

 

 

JUNCTION CITY KS 66441-7746

 

 

TARGET 2020 FUND

 

NATIONAL FINANCIAL SERVICES

 

7.39

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

18.73

 

 

OMNIBUS ACCOUNT TICKER: TRRUX

 

 

 

 

CUSIP: 74149P549

 

 

 

 

TRP TARGET RET 2020 ABAY

 

 

199

     

FUND

 

SHAREHOLDER

 

%

TARGET 2020 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

11.02

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

20.22

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

21.30

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO TTEE ADP

 

42.54(a)

 

 

ACCESS LARGE MARKET 401K

 

 

TARGET 2020 FUND—I CLASS

 

GREAT-WEST TRUST COMPANY LLC FBO

 

11.19

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

14.74

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

MATRIX TRUST COMPANY TTEE FBO

 

9.75

 

 

RICK STEVES' EUROPE INC 401(K) PL

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

22.10

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

TARGET 2025 FUND

 

NATIONAL FINANCIAL SERVICES

 

7.95

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

23.77

 

 

OMNIBUS ACCOUNT TICKER: TRRVX

 

 

 

 

CUSIP: 74149P531

 

 

 

 

TRP TARGET RET 2025 ABBC

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK FBO

 

6.92

 

 

VARIOUS RETIREMENT PLANS

 

 

200

     

FUND

 

SHAREHOLDER

 

%

TARGET 2025 FUND—ADVISOR CLASS

 

FBO RICHTON TIE AND TIMBER LLC

 

5.24

 

 

FIIOC AS AGENT

 

 

 

 

100 MAGELLAN WAY # KW1C

 

 

 

 

COVINGTON KY 41015-1987

 

 

 

 

 

 

 

 

 

GREAT WEST TRUST CO LLC

 

36.47(a)

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

10.75

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

26.88(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO TTEE ADP

 

12.40

 

 

ACCESS LARGE MARKET 401K

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

6.01

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

TARGET 2025 FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

5.05

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

8.70

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

12.93

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

MATRIX TRUST COMPANY TTEE FBO

 

7.48

 

 

RICK STEVES' EUROPE INC 401(K) PL

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

28.55(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

201

     

FUND

 

SHAREHOLDER

 

%

TARGET 2030 FUND

 

NATIONAL FINANCIAL SERVICES

 

10.78

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

31.65(b)

 

 

OMNIBUS ACCOUNT TICKER: TRRWX

 

 

 

 

CUSIP: 74149P523

 

 

 

 

TRP TARGET RET 2030 ABBH

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK FBO

 

5.56

 

 

VARIOUS RETIREMENT PLANS

 

 

TARGET 2030 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

16.11

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

40.88(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO TTEE ADP

 

37.44(a)

 

 

ACCESS LARGE MARKET 401K

 

 

TARGET 2030 FUND—I CLASS

 

GREAT-WEST TRUST COMPANY LLC FBO

 

7.21

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

14.30

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

MATRIX TRUST COMPANY TTEE FBO

 

6.03

 

 

RICK STEVES' EUROPE INC 401(K) PL

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

34.89(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

TARGET 2035 FUND

 

NATIONAL FINANCIAL SERVICES

 

11.34

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

32.29(b)

 

 

OMNIBUS ACCOUNT TICKER: RPGRX

 

 

 

 

CUSIP: 74149P515

 

 

 

 

TRP TARGET RET 2035 AB5Y

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK FBO

 

7.77

 

 

VARIOUS RETIREMENT PLANS

 

 

202

     

FUND

 

SHAREHOLDER

 

%

TARGET 2035 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

36.78(a)

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

52.46(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

TARGET 2035 FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

5.50

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

11.09

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

12.56

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

MATRIX TRUST COMPANY TTEE FBO

 

6.07

 

 

RICK STEVES' EUROPE INC 401(K) PL

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

37.86(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

TARGET 2040 FUND

 

NATIONAL FINANCIAL SERVICES

 

13.72

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

36.58(b)

 

 

OMNIBUS ACCOUNT TICKER: TRHRX

 

 

 

 

CUSIP: 74149P499

 

 

 

 

TRP TARGET RET 2040 AB6J

 

 

TARGET 2040 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

22.92

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

59.09(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST COMPANY FBO

 

9.13

 

 

GASTRO ASSOC PC

 

 

203

     

FUND

 

SHAREHOLDER

 

%

TARGET 2040 FUND—I CLASS

 

DCGT AS TTEE AND/OR CUST

 

9.93

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

12.36

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

11.34

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

MATRIX TRUST COMPANY TTEE FBO

 

5.45

 

 

RICK STEVES' EUROPE INC 401(K) PL

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

34.16(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

6.46

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP TARGET 2040-ICL

 

 

 

 

FUND X4BX CUSIP:872797758

 

 

TARGET 2045 FUND

 

NATIONAL FINANCIAL SERVICES

 

13.59

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

37.83(b)

 

 

OMNIBUS ACCOUNT TICKER: RPTFX

 

 

 

 

CUSIP: 74149P481

 

 

 

 

TRP TARGET RET 2045 AB7Y

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK FBO

 

5.56

 

 

VARIOUS RETIREMENT PLANS

 

 

TARGET 2045 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

23.62

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

63.69(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

5.08

204

     

FUND

 

SHAREHOLDER

 

%

TARGET 2045 FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

6.51

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

10.33

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

10.78

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

29.86(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

RAPP MEDICAL RETIREMENT

 

5.32

 

 

FIIOC AS AGENT FBO

 

 

 

 

SAVINGS PLAN

 

 

 

 

100 MAGELLAN WAY # KW1C

 

 

 

 

COVINGTON KY 41015-1987

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

5.70

 

 

OMNIBUS ACCOUNT

 

 

 

 

TRP TARGET 2045-ICL

 

 

 

 

FUND X4CT CUSIP:872797741

 

 

TARGET 2050 FUND

 

NATIONAL FINANCIAL SERVICES

 

15.99

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

36.66(b)

 

 

OMNIBUS ACCOUNT TICKER: TRFOX

 

 

 

 

CUSIP: 74149P473

 

 

 

 

TRP TARGET RET 2050 AB8F

 

 

TARGET 2050 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

21.54

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

65.56(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO TTEE ADP

 

9.20

 

 

ACCESS LARGE MARKET 401K

 

 

205

     

FUND

 

SHAREHOLDER

 

%

TARGET 2050 FUND—I CLASS

 

GREAT-WEST TRUST COMPANY LLC FBO

 

19.41

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

18.82

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

36.22(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

TARGET 2055 FUND

 

NATIONAL FINANCIAL SERVICES

 

16.52

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

33.49(b)

 

 

OMNIBUS ACCOUNT TICKER: TRFFX

 

 

 

 

CUSIP: 74149P465

 

 

 

 

TRP TARGET RET 2055 AB8T

 

 

TARGET 2055 FUND—ADVISOR CLASS

 

GREAT WEST TRUST CO LLC

 

14.98

 

 

FBO RECORDKEEPING FOR VARIOUS

 

 

 

 

BENEFIT PL OMNIPUTNAM

 

 

 

 

C/O MUTUAL FUND TRADING

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

67.02(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO TTEE ADP

 

9.39

 

 

ACCESS LARGE MARKET 401K

 

 

TARGET 2055 FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

6.29

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC FBO

 

22.12

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

18.37

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

32.39(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

206

     

FUND

 

SHAREHOLDER

 

%

TARGET 2060 FUND

 

CHARLES SCHWAB & CO INC

 

5.53

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

14.53

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

6.79

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

T ROWE PRICE RPS INC

 

10.73

 

 

OMNIBUS ACCOUNT CUSIP:74149P275

 

 

 

 

TRP TARGET RETIREMENT 2060 #181

 

 

TARGET 2060 FUND—ADVISOR CLASS

 

JOHN HANCOCK TRUST COMPANY LLC

 

7.33

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

34.49(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RELIANCE TRUST CO., CUSTODIAN

 

6.48

 

 

FBO MASSMUTUAL OMNIBUS PPL/SMF

 

 

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

27.06(a)

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

TARGET 2060 FUND—I CLASS

 

GREAT-WEST TRUST COMPANY LLC FBO

 

24.99

 

 

EMPLOYEE BENEFITS CLIENTS 401K

 

 

 

 

 

 

 

 

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

22.87

 

 

C/O FASCORE LLC

 

 

 

 

MARY FREE BED REHABILITATION HOSP 4

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

29.21(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

TAX-EFFICIENT EQUITY FUND

 

NATIONAL FINANCIAL SERVICES

 

8.00

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

6.52

207

     

FUND

 

SHAREHOLDER

 

%

TAX-EFFICIENT EQUITY FUND—I CLASS

 

GAIL D BUCKNER

 

7.06

 

 

 

 

 

 

 

LORA J PETERS

 

6.74

 

 

 

 

 

 

 

LORA J PETERS

 

6.79

 

 

RHODA MURPHY TRS

 

 

 

 

JAFFIN FAMILY 2012 IRREV TRUST

 

 

TAX-FREE HIGH YIELD FUND

 

GOLDMAN SACHS & CO

 

16.20

 

 

C/O MUTUAL FUNDS OPS

 

 

 

 

222 S MAIN ST

 

 

 

 

SALT LAKE CITY UT 84101-2199

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

30.72(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

TAX-FREE HIGH YIELD FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

20.10

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

59.48(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

10.16

TAX-FREE HIGH YIELD FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

20.56

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

16.29

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

J.P. MORGAN SECURITIES LLC

 

5.13

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

MORI & CO

 

7.92

 

 

922 WALNUT ST

 

 

 

 

MAILSTOP TBTS 2

 

 

 

 

KANSAS CITY MO 64106-1802

 

 

TAX-FREE INCOME FUND

 

NATIONAL FINANCIAL SERVICES

 

7.58

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

TAX-FREE INCOME FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES

 

92.25(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

208

     

FUND

 

SHAREHOLDER

 

%

TAX-FREE INCOME FUND—I CLASS

 

J.P. MORGAN SECURITIES LLC

 

15.71

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

8.79

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS DEPT

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

7.12

 

 

 

 

 

 

 

SEI PRIVATE TRUST COMPANY

 

18.83

 

 

ATTN MUTUAL FUND ADMIN

 

 

 

 

C/O M&T BANK

 

 

 

 

 

 

 

 

 

SEI PRIVATE TRUST COMPANY

 

6.26

 

 

ATTN MUTUAL FUND ADMIN

 

 

 

 

C/O M&T BANK

 

 

TAX-FREE SHORT-INTERMEDIATE FUND

 

CHARLES SCHWAB & CO INC

 

7.75

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

8.19

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

14.03

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.75

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

20.72

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

TAX-FREE SHORT-INTERMEDIATE FUND—

 

MORGAN STANLEY SMITH BARNEY LLC

 

40.69(a)

ADVISOR CLASS 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

39.47(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

7.08

209

     

FUND

 

SHAREHOLDER

 

%

TAX-FREE SHORT-INTERMEDIATE FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

12.59

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

5.06

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

EDWARD D JONES & CO

 

6.53

 

 

FOR THE BENEFIT OF CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC/BNYM IS TRUST CO

 

6.81

 

 

FBO WRAP CLIENTS

 

 

 

 

MAILSTOP 19K-0105

 

 

 

 

760 MOORE RD

 

 

 

 

KING OF PRUSSIA PA 19406-1212

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

19.74

 

 

OUR CUSTOMERS

 

 

TOTAL EQUITY MARKET INDEX FUND

 

EDUCATION TRUST OF ALASKA

 

11.09

 

 

TOTAL EQUITY MARKET INDEX PORTFOLIO

 

 

 

 

C/O T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN DAWN WAGNER FIXED INCOME

 

 

 

 

 

 

 

 

 

MARYLAND COLLEGE INVESTMENT PLAN

 

10.29

 

 

GLOBAL EQUITY MARKET INDEX

 

 

 

 

ATTN FUND ACCOUNTING

 

 

TOTAL RETURN FUND

 

T ROWE PRICE ASSOCIATES

 

40.94(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

TOTAL RETURN FUND—ADVISOR CLASS

 

T ROWE PRICE ASSOCIATES

 

92.75(c)

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

WELLS FARGO CLEARING SERVICES LLC

 

7.25

 

 

SPECIAL CUSTODY ACCT FOR THE

 

 

 

 

EXCLUSIVE BENEFIT OF CUSTOMERS

 

 

TOTAL RETURN FUND—I CLASS

 

ANDREW C MC CORMICK

 

26.91(a)

 

 

LYN R. MC CORMICK JT TEN

 

 

 

 

 

 

 

 

 

T ROWE PRICE ASSOCIATES

 

6.08

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

T ROWE PRICE TRUST CO

 

23.95

 

 

CUST FOR THE ROLLOVER IRA OF

 

 

 

 

TERRY L ALBERTSON

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

42.89(b)

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

210

     

FUND

 

SHAREHOLDER

 

%

TREASURY RESERVE FUND

 

BARNACLESAIL

 

40.92(d)

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN MID CAP GROWTH FUND

 

 

 

 

 

 

 

 

 

BRIDGESAIL & CO

 

23.09

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN SCIENCE & TECHNOLOGY FD

 

 

 

 

 

 

 

 

 

T ROWE PRICE

 

7.84

 

 

RETIREMENT PLAN SERVICE INC

 

 

 

 

ATTN RPS CASH GROUP

 

 

 

 

4555 PAINTERS MILL ROAD

 

 

 

 

OWINGS MILLS MD 21117-4903

 

 

U.S. BOND ENHANCED INDEX FUND

 

CHARLES SCHWAB & CO INC

 

7.14

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

EDUCATION TRUST OF ALASKA

 

6.91

 

 

ACT PORTFOLIO

 

 

 

 

C/O T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN DAWN WAGNER FIXED INCOME

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

27.57(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

U.S. EQUITY RESEARCH FUND

 

NATIONAL FINANCIAL SERVICES

 

11.20

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

RAYMOND JAMES

 

52.32(a)

 

 

OMNIBUS FOR MUTUAL FUNDS

 

 

 

 

HOUSE ACCT FIRM

 

 

 

 

ATTN COURTNEY WALLER

 

 

U.S. EQUITY RESEARCH FUND—ADVISOR CLASS

 

HARTFORD LIFE INSURANCE CO

 

56.96(a)

 

 

SEPARATE ACCOUNT

 

 

 

 

ATTN UIT OPERATIONS

 

 

 

 

 

 

 

 

 

SHEPHERD ELECTRIC COMPANY INC

 

13.79

 

 

FIIOC AS AGENT FBO

 

 

 

 

401K AND PROFIT SHARING PLAN

 

 

 

 

100 MAGELLAN WAY # KW1C

 

 

 

 

COVINGTON KY 41015-1987

 

 

211

     

FUND

 

SHAREHOLDER

 

%

U.S. EQUITY RESEARCH FUND—I CLASS

 

GREAT-WEST TRUST COMPANY LLC TTEE F

 

5.94

 

 

C/O FASCORE LLC

 

 

 

 

CONTRA COSTA COUNTY DEFERRED COMP P

 

 

 

 

 

 

 

 

 

ICMA RETIREMENT CORPORATION

 

10.38

 

 

777 N CAPITOL ST NE STE 600

 

 

 

 

WASHINGTON DC 20002-4240

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

28.00(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

9.02

 

 

PHP-T ROWE PRIC INSTL STRUCTRD RSRC

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

9.85

 

 

UCARE MINNESOTA 13145604

 

 

U.S. EQUITY RESEARCH FUND—R CLASS

 

CAPITAL BANK & TRUST COMPANY TTEE F

 

9.99

 

 

JEFF WYLER AUTO FAMILY INC RSP 401K

 

 

 

 

8515 E ORCHARD RD 2T2

 

 

 

 

GREENWOOD VLG CO 80111-5002

 

 

 

 

 

 

 

 

 

CAPITAL BANK & TRUST COMPANY TTEE F

 

12.47

 

 

MACHINERY SYSTEMS INC EMPLOYEES PSP

 

 

 

 

 

 

 

 

 

CAPITAL BANK & TRUST COMPANY TTEE F

 

8.90

 

 

PACKAGING PERSONIFIED INC 401K PLAN

 

 

 

 

 

 

 

 

 

DCGT AS TTEE AND/OR CUST

 

8.45

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

HOLZ RUBBER COMPANY INC

 

6.64

 

 

FIIOC AS AGENT FBO

 

 

 

 

RETIREMENT SAVINGS PLAN

 

 

 

 

100 MAGELLAN WAY # KW1C

 

 

 

 

COVINGTON KY 41015-1987

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

7.40

U.S. HIGH YIELD FUND

 

PERSHING LLC

 

10.93

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.33

 

 

OUR CUSTOMERS

 

 

212

     

FUND

 

SHAREHOLDER

 

%

U.S. HIGH YIELD FUND—ADVISOR CLASS

 

NATIONAL FINANCIAL SERVICES LLC

 

73.66(a)

 

 

FOR EXCLUSIVE BENEFIT OF OUR CUST

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

7.01

 

 

OUR CUSTOMERS

 

 

U.S. HIGH YIELD FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

14.49

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

MORGAN STANLEY SMITH BARNEY LLC

 

14.21

 

 

FOR THE EXCL BENEFIT OF ITS CUST

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES LLC

 

28.68(a)

 

 

FOR EXCLUSIVE BENEFIT OF OUR CUST

 

 

 

 

ATTN MUTUAL FUNDS DEPT 4TH FL

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

5.18

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

6.66

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

 

 

 

 

 

 

 

UBS WM USA

 

5.27

 

 

OMNI ACCOUNT M/F

 

 

 

 

1000 HARBOR BLVD

 

 

 

 

WEEHAWKEN NJ 07086-6761

 

 

U.S. LARGE-CAP CORE FUND

 

CHARLES SCHWAB & CO INC

 

5.84

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

17.77

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

6.85

213

     

FUND

 

SHAREHOLDER

 

%

U.S. LARGE-CAP CORE FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

11.94

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

17.08

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

22.02

 

 

 

 

 

 

 

STATE STREET BANK AND TRUST AS

 

11.44

 

 

TRUSTEE AND/OR CUSTODIAN

 

 

 

 

FBO ADP ACCESS PRODUCT

 

 

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

15.31

 

 

OUR CUSTOMERS

 

 

U.S. LARGE-CAP CORE FUND—I CLASS

 

DCGT AS TTEE AND/OR CUST

 

14.10

 

 

ATTN NPIO TRADE DESK

 

 

 

 

FBO PLIC VARIOUS RETIREMENT PLANS

 

 

 

 

OMNIBUS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

42.60(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PERSHING LLC

 

7.30

 

 

 

 

 

 

 

TD AMERITRADE INC FBO

 

8.44

 

 

OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

9.29

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

U.S. TREASURY INTERMEDIATE FUND

 

CHARLES SCHWAB & CO INC

 

9.28

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

MLPF&S FOR THE SOLE BENEFIT OF

 

22.82

 

 

ITS CUSTOMERS

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

10.60

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

214

     

FUND

 

SHAREHOLDER

 

%

U.S. TREASURY INTERMEDIATE FUND—I CLASS

 

AMERICAN NATIONAL 401(K) PLAN

 

6.91

 

 

1 MOODY PLZ FL 9

 

 

 

 

GALVESTON TX 77550-7947

 

 

 

 

 

 

 

 

 

CHARLES SCHWAB & CO INC

 

20.75

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

HELEN APPEL

 

13.57

 

 

NEW YORK NY 10021-0104

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

24.06

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

TRUSTEES OF T ROWE PRICE

 

10.75

 

 

U.S. RETIREMENT PROGRAM

 

 

 

 

ATTN FINANCIAL REPORTING DEPT

 

 

U.S. TREASURY LONG-TERM FUND

 

RETIREMENT PORTFOLIO 2040

 

9.72

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2020

 

14.20

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

13.85

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

16.38

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

9.44

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

215

     

FUND

 

SHAREHOLDER

 

%

U.S. TREASURY LONG-TERM FUND—I CLASS

 

LAKESIDE & CO

 

5.05

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN PERS STRATEGY GROWTH FUND

 

 

 

 

 

 

 

 

 

RETIREMENT I 2020 FUND

 

11.86

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2025 FUND

 

13.39

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

15.59

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

9.97

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

10.07

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2045 FUND

 

5.15

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

U.S. TREASURY MONEY FUND—I CLASS

 

EDWARD D JONES & CO

 

59.50(a)

  

FOR THE BENEFIT OF CUSTOMERS

  

216

     

FUND

 

SHAREHOLDER

 

%

ULTRA SHORT-TERM BOND FUND

 

CHARLES SCHWAB & CO INC

 

26.08(a)

  

REINVEST ACCOUNT

 

 

  

ATTN MUTUAL FUND DEPT

 

 

  

 

 

 

  

NATIONAL FINANCIAL SERVICES

 

7.30

  

FOR THE EXCLUSIVE BENEFIT

 

 

  

OF OUR CUSTOMERS

 

 

     
  

T ROWE PRICE ASSOCIATES

 

23.23

  

ATTN FINANCIAL REPORTING DEPT

  
     
  

TD AMERITRADE INC FBO

 

10.26

  

OUR CUSTOMERS

  

ULTRA SHORT-TERM BOND FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

13.17

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

HORIZONDECK & CO

 

12.19

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN GLOBAL ALLOCATION FUND

 

 

 

 

 

 

 

 

 

RUDDERFLAG & CO

 

6.83

 

 

C/O T ROWE PRICE ASSOC

 

 

 

 

ATTN MULTI-STRAGEGY TOTAL

 

 

 

 

RETURN FUND

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK, N.A. AS DIRECTED

 

8.28

 

 

TRUSTEE FBO INVESTMENT COMPANY

 

 

 

 

INSTITUTE DEFINED BENEFIT PLAN

 

 

 

 

1401 H ST NW STE 1200

 

 

 

 

WASHINGTON DC 20005-2110

 

 

217

     

FUND

 

SHAREHOLDER

 

%

VALUE FUND

 

RETIREMENT PORTFOLIO 2040

 

14.03

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2025

 

7.99

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2030

 

13.95

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2035

 

10.56

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2045

 

8.93

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT PORTFOLIO 2050

 

7.67

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

VALUE FUND—ADVISOR CLASS

 

CHARLES SCHWAB & CO INC

 

5.47

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

46.86(a)

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

 

 

 

 

 

 

 

PIMS/PRUDENTIAL RETIREMENT

 

8.75

 

 

AS NOMINEE FOR THE TTEE/CUST PL 980

 

 

 

 

DEFERRED COMPENSATION PLAN FOR

 

 

 

 

148 MARTINE AVE 7TH FLOOR

 

 

 

 

375 EXECUTIVE BLVD 2ND FLOOR

 

 

 

 

WHITE PLAINS NY 10601-3311

 

 

 

 

 

 

 

 

 

VOYA RETIREMENT INS & ANNUITY CO

 

7.06

218

     

FUND

 

SHAREHOLDER

 

%

VALUE FUND—I CLASS

 

RETIREMENT I 2025 FUND

 

7.64

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2030 FUND

 

13.07

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2035 FUND

 

10.94

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2040 FUND

 

14.33

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2045 FUND

 

10.19

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

 

 

 

 

 

 

 

RETIREMENT I 2050 FUND

 

9.46

 

 

T ROWE PRICE ASSOCIATES

 

 

 

 

ATTN FUND ACCOUNTING DEPT

 

 

VIRGINIA TAX-FREE BOND FUND

 

CHARLES SCHWAB & CO INC

 

8.62

 

 

REINVEST ACCOUNT

 

 

 

 

ATTN MUTUAL FUND DEPT

 

 

 

 

 

 

 

 

 

NATIONAL FINANCIAL SERVICES

 

16.72

 

 

FOR THE EXCLUSIVE BENEFIT

 

 

 

 

OF OUR CUSTOMERS

 

 

VIRGINIA TAX-FREE BOND FUND—I CLASS

 

CHARLES SCHWAB & CO INC

 

18.05

 

 

SPECIAL CUSTODY A/C FBO CUSTOMERS

 

 

 

 

ATTN MUTUAL FUNDS

 

 

 

 

 

 

 

 

 

SEI PRIVATE TRUST COMPANY

 

15.88

 

 

ATTN MUTUAL FUND ADMINISTRATOR

 

 

 

 

C/O SUNTRUST BANK

 

 

 

 

ONE FREEDOM VALLEY DRIVE

 

 

 

 

OAKS PA 19456-9989

 

 

 

 

 

 

 

 

 

WELLS FARGO BANK NA FBO

 

6.62

 

 

HII DB PLAN POOL ACCOUNT

 

 

  

(a)

At the level of ownership indicated, the shareholder may be able to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote.

(b)

T. Rowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is not the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and are normally voted by various retirement plans and retirement plan participants.

(c)

T. Rowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Shares owned by T. Rowe Price Associates, Inc. may represent discretionary investments and/or a contribution to the fund at its inception that provided the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership

219

  
 

indicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders for vote.

(d)

The indicated percentage of the outstanding shares of this fund are owned by another T. Rowe Price fund and held in the nominee name indicated. Shares of the fund are “echo-voted” by the T. Rowe Price fund that owns the shares in the same proportion that the shares of the underlying fund are voted by other shareholders.

(e)

T. Rowe Price Trust Company is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Trust Company is not the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Trust Company and are normally voted by various retirement plans and retirement plan participants.

INVESTMENT MANAGEMENT AGREEMENTS

T. Rowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each fund. For certain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with T. Rowe Price International, Price Hong Kong, and/or Price Japan. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Japan are hereinafter referred to collectively as “Investment Managers.” T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. T. Rowe Price International is a wholly owned subsidiary of T. Rowe Price. Price Hong Kong and Price Japan are wholly owned subsidiaries of T. Rowe Price International.

Investment Management Services

Under the Investment Management Agreements, T. Rowe Price is responsible for supervising and overseeing investments of the funds in accordance with the funds’ investment objectives, programs, and restrictions as provided in the funds’ prospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including: maintaining the funds’ corporate existence and corporate records; registering and qualifying fund shares under federal laws; monitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed by the funds such as the funds’ custodians, fund accounting vendor, and transfer agent; assisting the funds in the coordination of such agents’ activities; and permitting employees of the Investment Managers to serve as officers, directors, and committee members of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a subadvisory agreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally responsible for effecting security transactions, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.

With respect to the Africa & Middle East, Dynamic Global Bond, Emerging Europe, Emerging Markets Local Currency Bond, Emerging Markets Stock, European Stock, Global Growth Stock, Global High Income Bond, Global Multi-Sector Bond, Institutional Africa & Middle East, Institutional Emerging Markets Equity, Institutional Frontier Markets Equity, Institutional Global Value Equity, Institutional International Disciplined Equity, Institutional International Growth Equity, International Bond, International Bond Fund (USD Hedged), International Disciplined Equity, International Discovery, International Equity Index, International Stock, International Value Equity, Latin America, and New Asia Funds, and the Emerging Markets Local Multi-Sector Account Portfolio, T. Rowe Price has entered into a subadvisory agreement with T. Rowe Price International under which, subject to the supervision of T. Rowe Price, T. Rowe Price International is authorized to trade securities and make discretionary investment decisions on behalf of each fund. Under the subadvisory agreement, T. Rowe Price International is responsible for effecting all securities transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.

With respect to the Japan Fund, the Real Assets Funds, and the Japanese investments of the International Discovery Fund, T. Rowe Price has entered into a subadvisory agreement with Price Japan under which, subject to the supervision of T. Rowe Price, Price Japan is authorized to trade securities and make discretionary investment decisions on behalf of each fund.

With respect to the Asia Opportunities, China Evolution Equity, Emerging Markets Discovery Stock, Global Stock, International Discovery, and New Asia Funds, T. Rowe Price has entered into a subadvisory agreement with Price Hong Kong under which, subject to the supervision of T. Rowe Price, Price Hong Kong is authorized to trade securities and make discretionary investment decisions on behalf of each fund. Under the subadvisory agreement, Price Hong Kong is generally responsible for selecting the funds’ investments in the Asia-Pacific region and effecting security transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.

220

The Investment Management Agreements also provide that T. Rowe Price, and its directors, officers, employees, and certain other persons performing specific functions for the funds, will be liable to the funds only for losses resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of duty. The subadvisory agreements have a similar provision limiting the liability of the investment subadviser for errors, mistakes, and losses other than those caused by its willful misfeasance, bad faith, or gross negligence.

Under the Investment Management Agreements (and subadvisory agreements, if applicable), the Investment Managers are permitted to utilize the services or facilities of others to provide them or the funds with statistical and other factual information, advice regarding economic factors and trends, advice as to occasional transactions in specific securities, and such other information, advice, or assistance as the Investment Managers may deem necessary, appropriate, or convenient for the discharge of their obligations under the Investment Management Agreements (and subadvisory agreements, if applicable) or otherwise helpful to the funds.

Legal Proceedings On April 27, 2016, a lawsuit (Complaint No. 3:16-cv-2289) was filed against T. Rowe Price in the United States District Court for the Northern District of California by Christopher Zoidis, and other purported shareholders of eight Price Funds: T. Rowe Price Blue Chip Growth Fund, T. Rowe Price Capital Appreciation Fund, T. Rowe Price Equity Income Fund, T. Rowe Price Growth Stock Fund, T. Rowe Price International Stock Fund, T. Rowe Price High Yield Fund, T. Rowe Price New Income Fund, and T. Rowe Price Small-Cap Stock Fund (collectively, the “Named Funds”). None of the Named Funds are a party to the lawsuit and the T. Rowe Small-Cap Stock Fund has since been removed from the case following a voluntary dismissal by the plaintiffs filed on February 28, 2018. The complaint alleges that T. Rowe Price violated Section 36(b) of the 1940 Act by receiving allegedly excessive investment advisory fees from each Named Fund because T. Rowe Price charges lower advisory fees to subadvised clients with funds in the same strategy. The lawsuit seeks, among other things, a declaration that T. Rowe Price has violated Section 36(b) of the 1940 Act, rescission of the investment management agreements between T. Rowe Price and the Named Funds, an award of compensatory damages against T. Rowe Price, including repayment to each Named Fund of all allegedly excessive investment advisory fees paid by such fund from one year prior to the filing of the complaint through the date of trial of the action, plus purported lost investment returns and profits on those amounts and interest thereon, and attorneys’ fees and costs. T. Rowe Price believes the claims are without merit and is vigorously defending the action. On August 4, 2016, the Northern District of California granted a motion to transfer the case to the District of Maryland. On March 31, 2017, a motion to dismiss the case was denied. The matter is currently in discovery.

Control of Investment Adviser

T. Rowe Price Group, Inc. (“Group”), is a publicly owned company and owns 100% of the stock of T. Rowe Price, which in turn owns 100% of T. Rowe Price International, which in turn owns 100% each of Price Hong Kong, and Price Japan. Group was formed in 2000 as a holding company for the T. Rowe Price-affiliated companies.

Management Fees

All funds except Index Funds, Institutional Funds, Multi-Sector Account Portfolios, Spectrum Funds, Target Date Funds, TRP Reserve Funds, and Certain Money Market Funds

The funds pay T. Rowe Price a fee (“Fee”), which consists of two components: a group management fee (“Group Fee”) and an individual fund fee (“Fund Fee”). The Fee is paid monthly to T. Rowe Price on the first business day of the next succeeding calendar month and is calculated as described next.

The monthly Group Fee (“Monthly Group Fee”) is the sum of the daily Group Fee accruals (“Daily Group Fee Accruals”) for each month. The Daily Group Fee Accrual for any particular day is computed by multiplying the Price Funds’ group fee accrual as determined below (“Daily Price Funds’ Group Fee Accrual”) by the ratio of the Price Funds’ net assets for that day to the sum of the aggregate net assets of the Price Funds for that day. The Daily Price Funds’ Group Fee Accrual for any particular day is calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the annualized Daily Price Funds’ Group Fee Accrual for that day as determined in accordance with the following schedule:

221

      

0.480%

First $1 billion

0.340%

Next $5 billion

0.290%

Next $60 billion

0.450%

Next $1 billion

0.330%

Next $10 billion

0.285%

Next $80 billion

0.420%

Next $1 billion

0.320%

Next $10 billion

0.280%

Next $100 billion

0.390%

Next $1 billion

0.310%

Next $16 billion

0.275%

Next $100 billion

0.370%

Next $1 billion

0.305%

Next $30 billion

0.270%

Next $150 billion

0.360%

Next $2 billion

0.300%

Next $40 billion

0.265%

Thereafter

0.350%

Next $2 billion

0.295%

Next $40 billion

  

For the purpose of calculating the Group Fee, the Price Funds include all the mutual funds distributed by Investment Services (excluding the Funds-of-Funds, TRP Reserve Funds, Multi-Sector Account Portfolios, any Index, or private-label mutual funds). In addition, any investments by a fund in another Price Fund are excluded from the calculation. For the purpose of calculating the Daily Price Funds’ Group Fee Accrual for any particular day, the net assets of each Price Fund are determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business.

The monthly Fund Fee (“Monthly Fund Fee”) is the sum of the daily Fund Fee accruals (“Daily Fund Fee Accruals”) for each month. The Daily Fund Fee Accrual for any particular day is computed by multiplying the fraction of one (1) over the number of calendar days in the year by the individual fund fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with the fund’s prospectus as of the close of business on the previous business day on which the fund was open for business. The individual fund fees are listed in the following tables:

   

Fund

Fee %

Africa & Middle East Fund

0.75

 

Asia Opportunities Fund

0.50

 

Balanced Fund

0.15

 

Blue Chip Growth Fund

0.30

(a)

California Tax-Free Bond Fund

0.10

 

California Tax-Free Money Fund

0.10

 

Capital Appreciation Fund

0.30

 

China Evolution Equity Fund

0.70

 

Communications & Technology Fund

0.35

 

Corporate Income Fund

0.15

 

Credit Opportunities Fund

0.35

 

Diversified Mid-Cap Growth Fund

0.35

 

Dividend Growth Fund

0.20

 

Dynamic Credit Fund

0.27

 

Dynamic Global Bond Fund

0.20

 

Emerging Europe Fund

0.75

 

Emerging Markets Bond Fund

0.45

 

Emerging Markets Corporate Bond Fund

0.50

 

Emerging Markets Discovery Stock Fund

0.75

 

Emerging Markets Local Currency Bond Fund

0.45

 

Emerging Markets Stock Fund

0.75

 

Equity Income Fund

0.25

(b)

European Stock Fund

0.50

 

Financial Services Fund

0.35

 

Floating Rate Fund

0.30

 

Georgia Tax-Free Bond Fund

0.10

 

Global Allocation Fund

0.40

 

Global Consumer Fund

0.40

 

222

   

Fund

Fee %

Global Growth Stock Fund

0.35

 

Global High Income Bond Fund

0.30

 

Global Industrials Fund

0.40

 

Global Multi-Sector Bond Fund

0.20

 

Global Real Estate Fund

0.40

 

Global Stock Fund

0.35

 

Global Technology Fund

0.45

 

GNMA Fund

0.15

 

Government Money Fund

0.00

 

Growth & Income Fund

0.25

 

Growth Stock Fund

0.25

(b)

Health Sciences Fund

0.35

 

High Yield Fund

0.30

 

Inflation Protected Bond Fund

0.05

 

Intermediate Tax-Free High Yield Fund

0.20

 

International Bond Fund

0.20

 

International Bond Fund (USD Hedged)

0.20

 

International Disciplined Equity Fund

0.35

 

International Discovery Fund

0.75

 

International Stock Fund

0.35

 

International Value Equity Fund

0.35

 

Japan Fund

0.50

 

Latin America Fund

0.75

 

Limited Duration Inflation Focused Bond Fund

0.05

 

Maryland Short-Term Tax-Free Bond Fund

0.10

 

Maryland Tax-Free Bond Fund

0.10

 

Maryland Tax-Free Money Fund

0.10

 

Mid-Cap Growth Fund

0.35

(c)

Mid-Cap Value Fund

0.35

 

Multi-Strategy Total Return Fund

0.71

 

New America Growth Fund

0.35

 

New Asia Fund

0.50

 

New Era Fund

0.25

 

New Horizons Fund

0.35

 

New Income Fund

0.09

 

New Jersey Tax-Free Bond Fund

0.10

 

New York Tax-Free Bond Fund

0.10

 

New York Tax-Free Money Fund

0.10

 

Overseas Stock Fund

0.35

 

QM Global Equity Fund

0.25

 

QM U.S. Small & Mid-Cap Core Equity Fund

0.35

 

QM U.S. Small-Cap Growth Equity Fund

0.35

 

QM U.S. Value Equity Fund

0.20

 

Real Assets Fund

0.35

 

Real Estate Fund

0.30

 

223

   

Fund

Fee %

Science & Technology Fund

0.35

 

Short-Term Bond Fund

0.05

 

Small-Cap Stock Fund

0.45

 

Small-Cap Value Fund

0.35

 

Spectrum Conservative Allocation Fund

0.15

 

Spectrum Moderate Allocation Fund

0.25

 

Spectrum Moderate Growth Allocation Fund

0.30

 

Summit Municipal Income

0.08

 

Summit Municipal Intermediate Fund

0.08

 

Tax-Efficient Equity Fund

0.35

 

Tax-Exempt Money Fund

0.10

 

Tax-Free High Yield Fund

0.30

 

Tax-Free Income Fund

0.15

 

Tax-Free Short-Intermediate Fund

0.10

 

Total Return Fund

0.08

 

U.S. Equity Research Fund

0.04

 

U.S. High Yield Fund

0.30

 

U.S. Large-Cap Core Fund

0.25

 

U.S. Treasury Intermediate Fund

0.00

 

U.S. Treasury Long-Term Fund

0.00

 

U.S. Treasury Money Fund

0.00

 

Ultra Short-Term Bond Fund

0.01

 

Value Fund

0.35

 

Virginia Tax-Free Bond Fund

0.10

 

(a) On assets up to $15 billion and 0.255% on assets above $15 billion.

(b) On assets up to $15 billion and 0.2125% on assets above $15 billion.

(c) On assets up to $15 billion and 0.2975% on assets above $15 billion.

Index Funds, Institutional Funds, and Certain Money Market Funds

The following funds pay T. Rowe Price an annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund.

  

Fund

Fee %

Equity Index 500 Fund

0.06

Institutional Africa & Middle East Fund

1.00

Institutional Cash Reserves Fund

0.25

Institutional Frontier Markets Equity Fund

1.10

Institutional Global Value Equity Fund

0.65

Institutional International Core Equity Fund

0.65

Institutional International Disciplined Equity Fund

0.65

Institutional International Growth Equity Fund

0.70

Institutional Large-Cap Core Growth Fund

0.55

Institutional Large-Cap Growth Fund

0.55

Institutional Large-Cap Value Fund

0.55

Institutional Mid-Cap Equity Growth Fund

0.60

Institutional Small-Cap Stock Fund

0.65

224

  

Fund

Fee %

Mid-Cap Index Fund

0.12

Small-Cap Index Fund

0.14

The following funds (“All-Inclusive Fee Funds”) pay T. Rowe Price a single annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund.

  

Fund

Fee %

Cash Reserves Fund

0.45

Extended Equity Market Index Fund

0.35

Institutional Core Plus Fund

0.40

Institutional Emerging Markets Bond Fund

0.70

Institutional Emerging Markets Equity Fund

1.10

Institutional Floating Rate Fund

0.55

Institutional High Yield Fund

0.50

Institutional Long Duration Credit Fund

0.45

International Equity Index Fund

0.45

Summit Municipal Money Market Fund

0.45

Total Equity Market Index Fund

0.30

U.S. Bond Enhanced Index Fund

0.30

The Investment Management Agreement between each All-Inclusive Fee Fund and T. Rowe Price provides that T. Rowe Price will pay all expenses of each fund’s operations except for interest; taxes; brokerage commissions, and other charges incident to the purchase, sale, or lending of the fund’s portfolio securities; and such nonrecurring or extraordinary expenses that may arise, including the costs of actions, suits, or proceedings to which the fund is a party and the expenses the fund may incur as a result of its obligation to provide indemnification to its officers, directors, and agents. However, the Boards for the funds reserve the right to impose additional fees against shareholder accounts to defray expenses that would otherwise be paid by T. Rowe Price under the Investment Management Agreement. The Boards do not anticipate levying such charges; such a fee, if charged, may be retained by the funds or paid to the Investment Managers.

The Fee is paid monthly to T. Rowe Price on the first business day of the next succeeding calendar month and is the sum of the Daily Fee accruals for each month. The Daily Fee accrual for any particular day is calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the appropriate Fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business.

Multi-Sector Account Portfolios, TRP Reserve Funds, Spectrum Funds, and Target Date Funds

None of these funds pays T. Rowe Price an investment management fee.

Investment Subadvisory Agreements

Pursuant to each of the subadvisory agreements that T. Rowe Price has entered into on behalf of a Price Fund (other than the Emerging Markets Local Multi-Sector Account Portfolio), T. Rowe Price may pay the investment subadviser up to 60% of the management fee that T. Rowe Price receives from that fund.

225

Management Fee Compensation

The following table sets forth the total management fees, if any, paid to the Investment Managers (or a prior Investment Manager, as indicated in the table) by each fund, during the fiscal years indicated:

    

Fund

Fiscal Year Ended

2/28/19

2/28/18

2/28/17

California Tax-Free Bond Fund(a)

$2,590,000

$2,428,000

$2,283,000

California Tax-Free Money Fund(a)

161,000

141,000

230,000

Floating Rate Multi-Sector Account Portfolio

(b)

(b)

(b)

Georgia Tax-Free Bond Fund(a)

1,335,000

1,257,000

1,268,000

High Yield Multi-Sector Account Portfolio

(b)

(b)

(b)

Intermediate Tax-Free High Yield Fund(a)

274,000

260,000

249,000

Investment-Grade Corporate Multi-Sector Account Portfolio

(b)

(b)

(b)

Maryland Short-Term Tax-Free Bond Fund(a)

686,000

744,000

833,000

Maryland Tax-Free Bond Fund(a)

8,821,000

8,813,000

8,710,000

Maryland Tax-Free Money Fund(a)

216,000

225,000

415,000

Mortgage-Backed Securities Multi-Sector Account Portfolio

(b)

(b)

(b)

New Jersey Tax-Free Bond Fund(a)

1,621,000

1,520,000

1,492,000

New York Tax-Free Bond Fund(a)

1,847,000

1,852,000

1,875,000

New York Tax-Free Money Fund(a)

171,000

162,000

254,000

Tax-Efficient Equity Fund(a)

2,252,000

1,687,000

1,416,000

Tax-Exempt Money Fund(a)

1,022,000

1,032,000

2,205,000

Tax-Free High Yield Fund(a)

31,312,000

29,390,000

25,578,000

Tax-Free Income Fund(a)

10,922,000

11,640,000

11,574,000

Tax-Free Short-Intermediate Fund(a)

7,567,000

7,839,000

8,190,000

Virginia Tax-Free Bond Fund(a)

4,833,000

4,734,000

4,661,000

(a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets.

(b) The fund does not pay an investment management fee.

    

Fund

Fiscal Year Ended

5/31/19

5/31/18

5/31/17

Corporate Income Fund(a)

$3,408,000

$4,160,000

$3,909,000

Credit Opportunities Fund(a)

406,000

298,000

257,000

Floating Rate Fund(a)

13,053,000

7,729,000

4,760,000

Global Multi-Sector Bond Fund(a)

4,127,000

2,760,000

1,757,000

GNMA Fund(a)

5,640,000

6,043,000

6,630,000

Government Money Fund(a)

19,456,000

20,602,000

23,350,000

Government Reserve Fund

(c)

(c)

(c)

High Yield Fund(a)

40,524,000

51,365,000

57,954,000

Inflation Protected Bond Fund(a)

718,000

947,000

1,487,000

Institutional Cash Reserves Fund

826,000

151,000

37,000

Institutional Core Plus Fund(d)

1,615,000

1,779,000

2,077,000

Institutional Floating Rate Fund(a)(d)

27,273,000

29,131,000

25,067,000

Institutional High Yield Fund(d)

6,984,000

8,386,000

8,736,000

226

    

Fund

Fiscal Year Ended

5/31/19

5/31/18

5/31/17

Institutional Long Duration Credit Fund(d)

145,000

175,000

166,000

Limited Duration Inflation Focused Bond Fund(a)

20,703,000

22,130,000

26,127,000

New Income Fund(a)

99,932,000

123,547,000

126,094,000

Retirement 2005 Fund

(c)

(c)

(c)

Retirement 2010 Fund

(c)

(c)

(c)

Retirement 2015 Fund

(c)

(c)

(c)

Retirement 2020 Fund

(c)

(c)

(c)

Retirement 2025 Fund

(c)

(c)

(c)

Retirement 2030 Fund

(c)

(c)

(c)

Retirement 2035 Fund

(c)

(c)

(c)

Retirement 2040 Fund

(c)

(c)

(c)

Retirement 2045 Fund

(c)

(c)

(c)

Retirement 2050 Fund

(c)

(c)

(c)

Retirement 2055 Fund

(c)

(c)

(c)

Retirement 2060 Fund

(c)

(c)

(c)

Retirement Balanced Fund

(c)

(c)

(c)

Retirement I 2005 Fund—I Class

(c)

(c)

(c)

Retirement I 2010 Fund—I Class

(c)

(c)

(c)

Retirement I 2015 Fund—I Class

(c)

(c)

(c)

Retirement I 2020 Fund—I Class

(c)

(c)

(c)

Retirement I 2025 Fund—I Class

(c)

(c)

(c)

Retirement I 2030 Fund—I Class

(c)

(c)

(c)

Retirement I 2035 Fund—I Class

(c)

(c)

(c)

Retirement I 2040 Fund—I Class

(c)

(c)

(c)

Retirement I 2045 Fund—I Class

(c)

(c)

(c)

Retirement I 2050 Fund—I Class

(c)

(c)

(c)

Retirement I 2055 Fund—I Class

(c)

(c)

(c)

Retirement I 2060 Fund—I Class

(c)

(c)

(c)

Retirement Balanced I Fund—I Class

(c)

(c)

(c)

Short-Term Fund

(c)

(c)

(c)

Short-Term Bond Fund(a)

18,306,000

16,823,000

18,780,000

Short-Term Government Fund

(b)

(b)

(b)

Spectrum Conservative Allocation Fund(a)

9,570,000

9,029,000

7,528,000

Spectrum Moderate Allocation Fund(a)

12,196,000

12,506,000

11,430,000

Spectrum Moderate Growth Allocation Fund(a)

13,856,000

12,801,000

10,301,000

Target 2005 Fund

(c)

(c)

(c)

Target 2010 Fund

(c)

(c)

(c)

Target 2015 Fund

(c)

(c)

(c)

Target 2020 Fund

(c)

(c)

(c)

Target 2025 Fund

(c)

(c)

(c)

Target 2030 Fund

(c)

(c)

(c)

227

    

Fund

Fiscal Year Ended

5/31/19

5/31/18

5/31/17

Target 2035 Fund

(c)

(c)

(c)

Target 2040 Fund

(c)

(c)

(c)

Target 2045 Fund

(c)

(c)

(c)

Target 2050 Fund

(c)

(c)

(c)

Target 2055 Fund

(c)

(c)

(c)

Target 2060 Fund

(c)

(c)

(c)

Total Return Fund(a)

152,000

133,000

55,000

Treasury Reserve Fund

(c)

(c)

(c)

U.S. High Yield Fund(a)(e)

974,000

652,000

213,000

U.S. Treasury Intermediate Fund(a)

646,000

752,000

1,190,000

U.S. Treasury Long-Term Fund(a)

8,297,000

3,774,000

1,204,000

U.S. Treasury Money Fund(a)

15,237,000

15,657,000

12,167,000

Ultra Short-Term Bond Fund(a)

3,058,000

1,386,000

980,000

(a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets.

(b) Prior to commencement of operations.

(c) The fund does not pay an investment management fee.

(d) The fee includes investment and administrative expenses.

(e) Pursuant to an investment advisory agreement, Henderson Global Investors (North America) Inc. (“HGINA”) acted as investment adviser to the Henderson High Yield Opportunities Fund prior to May 22, 2017, at which point all of the assets and liabilities of the Henderson High Yield Opportunities Fund were transferred to the U.S. High Yield Fund in a tax-free reorganization. The Henderson High Yield Opportunities Fund paid HGINA a monthly fee for providing investment advisory services at an annual rate of 0.50% of the Henderson High Yield Opportunities Fund’s average daily net assets. The Henderson High Yield Opportunities Fund had a fiscal year-end of July 31. The figures in the table for the May 31, 2016, and May 31, 2015, periods set forth the advisory fees paid by the Henderson High Yield Opportunities Fund to HGINA during the fiscal years ended July 31, 2016, and July 31, 2015, respectively. The figure in the table for the period ended May 31, 2017, sets forth the advisory fees paid to HGINA during the period August 1, 2016, through May 19, 2017, and the advisory fees paid to T. Rowe Price during the period May 22, 2017, through May 31, 2017.

    

Fund

Fiscal Year Ended

10/31/18

10/31/17

10/31/16

Africa & Middle East Fund(a)

$1,528,000

$1,398,000

$1,336,000

Asia Opportunities Fund(a)

917,000

338,000

215,000

Cash Reserves Fund(c)

10,725,000

10,017,000

19,033,000

China Evolution Equity Fund(a)

(b)

(b)

(b)

Emerging Europe Fund(a)

1,872,000

1,810,000

1,615,000

Emerging Markets Discovery Stock Fund(a)

528,000

315,000

162,000

Emerging Markets Stock Fund(a)

115,733,000

90,312,000

90,651,000

European Stock Fund(a)

9,062,000

8,467,000

11,282,000

Global Allocation Fund(a)

3,226,000

1,629,000

1,139,000

Global Growth Stock Fund(a)

2,237,000

731,000

597,000

Global Stock Fund(a)

7,033,000

4,304,000

3,331,000

Institutional Africa & Middle East Fund

1,877,000

1,723,000

1,533,000

Institutional Emerging Markets Equity Fund(c)

20,091,000

13,757,000

10,508,000

Institutional Frontier Markets Equity Fund

697,000

589,000

487,000

Institutional Global Value Equity Fund

73,000

67,000

56,000

Institutional International Core Equity Fund

916,000

1,004,000

912,000

Institutional International Disciplined Equity Fund

2,962,000

2,838,000

1,581,000

228

    

Fund

Fiscal Year Ended

10/31/18

10/31/17

10/31/16

Institutional International Growth Equity Fund

408,000

374,000

410,000

International Disciplined Equity Fund(a)

654,000

126,000

74,000

International Discovery Fund(a)

90,459,000

61,472,000

46,406,000

International Equity Index Fund(c)

2,735,000

2,414,000

2,232,000

International Stock Fund(a)

97,146,000

99,302,000

91,603,000

International Value Equity Fund(a)

85,089,000

81,806,000

74,579,000

Japan Fund(a)

6,672,000

4,276,000

2,835,000

Latin America Fund(a)

6,595,000

6,799,000

5,639,000

Multi-Strategy Total Return Fund(a)

410,000

(b)

(b)

New Asia Fund(a)

24,130,000

21,777,000

20,419,000

Overseas Stock Fund(a)

103,925,000

88,433,000

73,476,000

Summit Municipal Income Fund(a)(c)(d)

8,115,000

6,347,000

5,649,000

Summit Municipal Intermediate Fund(a)(c)(d)

28,419,000

22,715,000

20,284,000

Summit Municipal Money Market Fund(c)

566,000

569,000

882,000

U.S. Bond Enhanced Index Fund(c)

2,641,000

2,022,000

1,897,000

(a) The fund has multiple share classes. The management fee is allocated to each class based on relative net assets.

(b) Prior to commencement of operations.

(c) The fee includes investment management fees and administrative expenses.

(d) Prior to March 1, 2019, the fund paid an all-inclusive management fee that included investment management and ordinary, recurring operating expenses. Effective March 1, 2019, operating expenses are borne directly by the fund.

    

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Balanced Fund(a)

$17,901,000

$17,414,000

$17,029,000

Blue Chip Growth Fund(a)

296,816,000

222,720,000

178,227,000

Capital Appreciation Fund(a)

175,675,000

166,679,000

151,105,000

Communications & Technology Fund(a)

33,155,000

28,259,000

23,317,000

Diversified Mid-Cap Growth Fund(a)

6,153,000

4,727,000

3,495,000

Dividend Growth Fund(a)

44,096,000

38,612,000

27,315,000

Dynamic Credit Fund(a)

(c)

(c)

(c)

Dynamic Global Bond Fund(a)

19,954,000

2,768,000

487,000

Emerging Markets Bond Fund(a)

43,222,000

48,965,000

39,006,000

Emerging Markets Corporate Bond Fund(a)

493,000

466,000

610,000

Emerging Markets Corporate Multi-Sector Account Portfolio

(d)

(d)

(d)

Emerging Markets Local Currency Bond Fund(a)

4,302,000

2,509,000

1,748,000

Emerging Markets Local Multi-Sector Account Portfolio

(d)

(d)

(d)

Equity Income Fund(a)

112,342,000

117,552,000

115,805,000

Equity Index 500 Fund(a)

16,787,000

24,488,000

26,244,000

Extended Equity Market Index Fund(b)

3,078,000

2,887,000

2,522,000

Financial Services Fund(a)

5,438,000

4,974,000

3,516,000

Global Consumer Fund

113,000

87,000

29,000

Global High Income Bond Fund(a)

582,000

451,000

244,000

229

    

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Global Industrials Fund(a)

172,000

153,000

117,000

Global Real Estate Fund(a)

1,074,000

1,420,000

1,707,000

Global Technology Fund(a)

45,282,000

36,549,000

21,250,000

Growth & Income Fund(a)

10,272,000

9,666,000

8,586,000

Growth Stock Fund(a)

272,125,000

258,241,000

226,759,000

Health Sciences Fund(a)

79,489,000

71,426,000

74,562,000

Institutional Emerging Markets Bond Fund(b)

2,691,000

2,342,000

2,101,000

Institutional Large-Cap Core Growth Fund

19,914,000

15,271,000

11,843,000

Institutional Large-Cap Growth Fund

96,937,000

78,293,000

69,794,000

Institutional Large-Cap Value Fund

20,372,000

19,476,000

15,065,000

Institutional Mid-Cap Equity Growth Fund

42,698,000

38,870,000

31,691,000

Institutional Small-Cap Stock Fund

30,184,000

25,250,000

16,907,000

International Bond Fund(a)

10,614,000

27,994,000

33,047,000

International Bond Fund (USD Hedged)(a)

23,024,000

(e)

(c)

Mid-Cap Growth Fund(a)

189,253,000

171,958,000

150,896,000

Mid-Cap Index Fund(a)

8,000

7,000

6,000

Mid-Cap Value Fund(a)

86,969,000

86,608,000

76,231,000

New America Growth Fund(a)

30,713,000

25,514,000

24,531,000

New Era Fund(a)

20,663,000

19,407,000

17,349,000

New Horizons Fund(a)

155,161,000

126,698,000

100,489,000

QM Global Equity Fund(a)

102,000

82,000

43,000

QM U.S. Small & Mid-Cap Core Equity Fund(a)

449,000

262,000

91,000

QM U.S. Small-Cap Growth Equity Fund(a)

44,733,000

29,383,000

16,544,000

QM U.S. Value Equity Fund(a)

104,000

91,000

42,000

Real Assets Fund(a)

19,965,000

21,431,000

27,380,000

Real Estate Fund(a)

31,756,000

37,187,000

36,216,000

Retirement Income 2020 Fund

(d)

(d)

(c)

Science & Technology Fund(a)

36,770,000

30,593,000

23,487,000

Small-Cap Index Fund(a)

9,000

9,000

7,000

Small-Cap Stock Fund(a)

72,517,000

70,322,000

64,493,000

Small-Cap Value Fund(a)

65,336,000

63,445,000

50,361,000

Spectrum Growth Fund

(d)

(d)

(d)

Spectrum Income Fund

(d)

(d)

(d)

Spectrum International Fund

(d)

(d)

(d)

Total Equity Market Index Fund(b)

5,370,000

4,765,000

3,800,000

U.S. Equity Research Fund(a)

3,408,000

2,733,000

2,459,000

U.S. Large-Cap Core Fund(a)

3,007,000

2,300,000

1,498,000

Value Fund(a)

157,699,000

157,550,000

144,217,000

(a) The fund has multiple classes. The management fee is allocated to each class based on relative net assets.

(b) The fee includes investment management fees and administrative expenses.

(c) Prior to commencement of operations.

(d) The fund does not pay an investment management fee.

(e) Less than $1,000.

230

Expense Limitations and Reimbursements

The Investment Management Agreement between each Price Fund and T. Rowe Price provides that the fund will bear all expenses of its operations that are not specifically assumed by T. Rowe Price. Certain Price Funds have implemented contractual expense limitations pursuant to either their Investment Management Agreement or a separate agreement between the fund and T. Rowe Price. Some expense limitations apply to a fund’s (or class’) total expense ratio, while others apply to a fund’s management fee rate or to a particular class’ ordinary operating expenses.

The following table sets forth the contractual expense limitations for the Price Funds and the periods for which they are effective.

For purposes of applying a fund’s expense limitation, the expenses of a fund and its share classes are generally calculated on a monthly basis. If a class is operating above its expense limitation, that month’s management fee will be reduced or waived and/or the fund’s operating expenses will be paid or reimbursed, with any adjustment made after the end of the year. For all contractual expense limitation arrangements except for management fee waivers, fees waived and expenses borne by T. Rowe Price are subject to reimbursement by the fund (or class) through the indicated reimbursement date, provided no reimbursement will be made if it would result in a fund’s (or class’) expense ratio exceeding its applicable limitation at the time of the reimbursement. Generally, T. Rowe Price may agree (with approval of the fund’s Board) to implement one or more additional expense limitations (of the same or different time periods and amounts) for a fund after the expiration of the current expense limitation, and that with respect to any such additional limitation period, the fund may reimburse T. Rowe Price, provided the reimbursement does not result in the fund’s (or class’) expenses exceeding the lower of: (i) the expense limitation in place at the time of the waiver or payment; or (ii) any applicable expense limitation at the time of the reimbursement. Expenses waived pursuant to a management fee waiver agreement are not subject to reimbursement.

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Africa & Middle East Fund

October 1, 2019 – February 28, 2022

1.30

—

—

(a)

Africa & Middle East Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Asia Opportunities Fund

May 21, 2014 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

1.15

—

—

(b)

Asia Opportunities Fund—Advisor Class

May 21, 2014 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

1.25

—

—

(b)

Asia Opportunities Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Balanced Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Blue Chip Growth Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

California Tax-Free Bond Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

California Tax-Free Money Fund

July 1, 2015 – June 30, 2017

July 1, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

0.55

—

—

(b)

California Tax-Free Money Fund

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

California Tax-Free Money Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

California Tax-Free Money Fund—I Class

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

Capital Appreciation Fund

May 1, 2019 – April 30, 2020

—

—

0.27(d)

(c)

Capital Appreciation Fund—Advisor Class

May 1, 2019 – April 30, 2020

—

—

0.27(d)

(c)

Capital Appreciation Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Capital Appreciation Fund—I Class

May 1, 2019 – April 30, 2020

—

—

0.27(d)

(c)

China Evolution Equity Fund

October 23, 2019 – February 28, 2022

1.40

—

—

(b)

231

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

China Evolution Equity Fund—I Class

October 23, 2019 – February 28, 2022

—

0.05

—

(a)

Communications & Technology Fund—I Class

March 23, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Corporate Income Fund—I Class

December 17, 2015 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

—

(a)

Credit Opportunities Fund

October 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.90

—

—

(b)

Credit Opportunities Fund—Advisor Class

October 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

1.00

—

—

(b)

Credit Opportunities Fund—I Class

November 29, 2016 – November 30, 2017

December 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Diversified Mid-Cap Growth Fund—I Class

May 3, 2017 – April 30, 2019

May 1, 2019 – April 30, 2021

—

0.05

—

(a)

Dividend Growth Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Dynamic Credit Fund

January 10, 2019 – September 30, 2019

October 1, 2019 – April 30, 2021

0.81

0.63

—

—

(b)

Dynamic Credit Fund—I Class

January 10, 2019 – April 30, 2021

—

0.05

—

(a)

Dynamic Global Bond Fund

January 22, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – April 30, 2021

0.75

—

—

(b)

Dynamic Global Bond Fund—Advisor Class

January 22, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – April 30, 2021

0.90

—

—

(b)

Dynamic Global Bond Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Emerging Europe Fund

October 1, 2019 – February 28, 2022

1.41

—

—

(a)

Emerging Europe Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Emerging Markets Bond Fund—Advisor Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

1.20

—

—

April 30, 2020(e)

Emerging Markets Bond Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Emerging Markets Corporate Bond Fund

May 1, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – September 30, 2019

October 1, 2019 – April 30, 2021

1.15

1.15

1.15

0.97

—

—

(b)

Emerging Markets Corporate Bond Fund—Advisor Class

May 1, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – April 30, 2021

1.25

—

—

(b)

Emerging Markets Corporate Bond Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Emerging Markets Discovery Stock Fund

August 24, 2015 – February 28, 2018

March 1, 2018 – September 30, 2019

October 1, 2019 – February 29, 2020

1.50

1.50

1.23

—

—

(b)

Emerging Markets Discovery Stock Fund—Advisor Class

August 24, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

1.65

—

—

(b)

Emerging Markets Discovery Stock Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Emerging Markets Local Currency Bond Fund

May 1, 2016 – April 30, 2018

1.10

—

—

(b)

Emerging Markets Local Currency Bond Fund—Advisor Class

May 1, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

1.20

—

—

(b)

Emerging Markets Local Currency Bond Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

232

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Emerging Markets Stock Fund—I Class

August 28, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

—

0.05

—

(a)

Equity Income Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Equity Index 500 Fund

August 1, 2017 – April 30, 2020

0.21

—

—

April 30, 2022(e)

Equity Index 500 Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – November 30, 2019

December 1, 2019 – April 30, 2020

—

0.05

0.05

0.00

—

(a)

European Stock Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Financial Services Fund—I Class

November 29, 2016 – April 30, 2019

May 1, 2019 – April 30, 2021

—

0.05

—

(a)

Floating Rate Fund

October 1, 2015 – September 30, 2017

0.85

—

—

(b)

Floating Rate Fund—Advisor Class

October 1, 2015 – September 30, 2017

October 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

0.95

—

—

(b)

Floating Rate Fund—I Class

November 29, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

Georgia Tax-Free Bond Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

Global Allocation Fund

March 1, 2016 – February 28, 2018

1.05

—

—

(b)

Global Allocation Fund—Advisor Class

March 1, 2016 – February 28, 2018

March 1, 2018 – February 29, 2020

1.15

—

—

(b)

Global Allocation Fund—I Class

March 23, 2016 – February 28, 2018

March 1, 2018 – February 29, 2020

—

0.05

—

(a)

Global Consumer Fund

June 27, 2016 – April 30, 2019

May 1, 2019 – April 30, 2021

1.05

—

—

(b)

Global Growth Stock Fund

March 1, 2015 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

1.00

—

—

(b)

Global Growth Stock Fund

Effective November 1, 2019 (g)

—

—

0.65

(c)

Global Growth Stock Fund—Advisor Class

March 1, 2015 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

1.10

—

—

(b)

Global Growth Stock Fund—Advisor Class

Effective November 1, 2019 (g)

—

—

0.65

(c)

Global Growth Stock Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Global Growth Stock Fund—I Class

Effective November 1, 2019 (g)

—

—

0.65

(c)

Global High Income Bond Fund

January 22, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – September 30, 2019

October 1, 2019 – April 30, 2021

0.85

0.85

0.85

0.79

—

—

(b)

Global High Income Bond Fund—

Advisor Class

January 22, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – April 30, 2021

1.00

—

—

(b)

Global High Income Bond Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Global Industrials Fund

May 1, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

1.05

—

—

(b)

Global Industrials Fund—I Class

May 3, 2017 – April 30, 2019

May 1, 2019 – April 30, 2021

—

0.05

—

(a)

Global Multi-Sector Bond Fund—

Advisor Class

October 1, 2015 – September 30, 2017

October 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

0.95

—

—

(b)

233

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Global Multi-Sector Bond Fund—I Class

March 23, 2016 – November 30, 2017

December 1, 2017 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

0.01

—

(a)

Global Real Estate Fund

May 1, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – September 30, 2019

October 1, 2019 – April 30, 2021

1.05

1.05

1.05

0.95

—

—

(b)

Global Real Estate Fund—Advisor Class

May 1, 2015 – April 30, 2017

May 1, 2017 – April 30, 2019

May 1, 2019 – April 30, 2021

1.15

—

—

(b)

Global Real Estate Fund—I Class

November 29, 2016 – April 30, 2019

May 1, 2019 – April 30, 2021

—

0.05

—

(a)

Global Stock Fund

Effective November 1, 2019 (g)

—

—

0.65

(c)

Global Stock Fund—Advisor Class

March 1, 2016 – February 28, 2018

March 1, 2018 – February 29, 2020

1.15

—

—

February 29, 2020(e)

February 28, 2022(e)

Global Stock Fund—Advisor Class

Effective November 1, 2019 (g)

—

—

0.65

(c)

Global Stock Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Global Stock Fund—I Class

Effective November 1, 2019 (g)

—

—

0.65

(c)

Global Technology Fund—I Class

November 29, 2016 – April 30, 2019

May 1, 2019 – April 30, 2021

—

0.05

—

(a)

GNMA Fund—I Class

May 3, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

Government Money Fund

October 1, 2019 – September 30, 2020

—

—

0.25

(c)

Government Money Fund—I Class

May 3, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

Government Money Fund—I Class

October 1, 2019 – September 30, 2020

—

—

0.25

(c)

Growth & Income Fund—I Class

November 29, 2016 – April 30, 2019

May 1, 2019 – April 30, 2021

—

0.05

—

(a)

Growth Stock Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Health Sciences Fund—I Class

March 23, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

High Yield Fund—I Class

October 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

Inflation Protected Bond Fund

August 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

0.41

—

—

September 30, 2021(e)

September 30, 2023(e)

Inflation Protected Bond Fund

October 1, 2019 – September 30, 2020

—

—

0.17

(c)

Inflation Protected Bond Fund—I Class

December 17, 2015 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

—

(a)

Inflation Protected Bond Fund—I Class

October 1, 2019 – September 30, 2020

—

—

0.17

(c)

Institutional Cash Reserves Fund

September 6, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.25

—

—

(b)

Institutional Cash Reserves Fund

October 1, 2019 – September 30, 2020

—

—

0.20

(c)

Institutional Frontier Markets Equity Fund

September 22, 2014 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

1.35

—

—

(b)

Institutional Global Value Equity Fund

March 1, 2016 – February 28, 2018

March 1, 2018 – February 29, 2020

0.75

—

—

(b)

Institutional International Core Equity Fund

March 1, 2015 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

0.75

—

—

(b)

Institutional International Disciplined

Equity Fund

March 1, 2015 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

0.75

—

—

(b)

234

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Institutional International Growth

Equity Fund

March 1, 2016 – February 28, 2018

March 1, 2018 – February 29, 2020

0.75

—

—

February 29, 2020(e)

February 28, 2022(e)

Intermediate Tax-Free High Yield Fund

July 24, 2014 – June 30, 2017

July 1, 2017 – June 30, 2019

July 1, 2019 – September 30, 2019

October 1, 2019 – June 30, 2021

0.75

0.75

0.75

0.59

—

—

(b)

Intermediate Tax-Free High Yield Fund—Advisor Class

July 24, 2014 – June 30, 2017

July 1, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

0.85

—

—

(b)

Intermediate Tax-Free High Yield Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

International Bond Fund

August 1, 2017 - April 30, 2020

0.74

—

—

(b)

International Bond Fund—Advisor Class

August 1, 2017 - April 30, 2020

0.99

—

—

(b)

International Bond Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

International Bond Fund (USD Hedged)

September 12, 2017 - April 30, 2020

0.74

—

—

(b)

International Bond Fund (USD Hedged)—Advisor Class

September 12, 2017 - April 30, 2020

0.99

—

—

(b)

International Bond Fund (USD Hedged)—

I Class

September 12, 2017 – April 30, 2020

—

0.05

—

(a)

International Bond Fund (USD Hedged)—

Z Class

Effective October 28, 2019 (g)

0.00

—

—

(c)

International Disciplined Equity Fund

August 22, 2014 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

0.90

—

—

(b)

International Disciplined Equity Fund—Advisor Class

August 22, 2014 – February 28, 2017

March 1, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

1.00

—

—

(b)

International Disciplined Equity Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

International Discovery Fund—I Class

December 17, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

—

0.05

—

(a)

International Stock Fund—I Class

August 28, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

—

0.05

—

(a)

International Stock Fund—R Class

March 1, 2016 – February 28, 2018

March 1, 2018 – February 29, 2020

1.40

—

—

(b)

International Value Equity Fund—I Class

August 28, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

—

0.05

—

(a)

Japan Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Latin America Fund—I Class

March 6, 2017 – February 28, 2019

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Limited Duration Inflation Focused

Bond Fund

October 1, 2019 – September 30, 2020

—

—

0.25

(c)

Limited Duration Inflation Focused Bond Fund—I Class

September 29, 2015 – September 30, 2017

October 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

Limited Duration Inflation Focused Bond Fund—I Class

October 1, 2019 – September 30, 2020

—

—

0.25

(c)

Maryland Short-Term Tax-Free Bond

Fund

October 1, 2019 – June 30, 2022

0.53

—

—

(a)

Maryland Short-Term Tax-Free Bond

Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

Maryland Tax-Free Bond Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

235

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Maryland Tax-Free Money Fund

April 1, 2017 – June 30, 2019

July 1, 2019 – September 30, 2019

October 1, 2019 – June 30, 2021

0.55

0.55

0.41

—

—

(b)

Maryland Tax-Free Money Fund

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

Maryland Tax-Free Money Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

Maryland Tax-Free Money Fund—I Class

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

Mid-Cap Growth Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Mid-Cap Index Fund

December 9, 2015 – April 30, 2018

May 1, 2018 – September 30, 2019

October1, 2019 – April 30, 2020

0.32

0.32

0.30

—

—

(b)

Mid-Cap Index Fund—I Class

December 9, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Mid-Cap Value Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Multi-Strategy Total Return Fund

February 23, 2018 – September 30, 2019

October 1, 2019 – February 29, 2020

1.35

1.19

—

—

(b)

Multi-Strategy Total Return Fund—

Advisor Class

February 23, 2018 – February 29, 2020

1.60

—

—

(b)

Multi-Strategy Total Return Fund—I Class

February 23, 2018 – February 29, 2020

—

0.05

—

(a)

New America Growth Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

New Asia Fund—I Class

December 17, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

—

0.05

—

(a)

New Era Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

New Horizons Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

New Income Fund

October 1, 2019 – September 30, 2020

—

—

0.0765(f)

(c)

New Income Fund—Advisor Class

October 1, 2019 – September 30, 2020

—

—

0.0765(f)

(c)

New Income Fund—I Class

August 28, 2015 – September 30, 2017

October 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

New Income Fund—I Class

October 1, 2019 – September 30, 2020

—

—

0.0765(f)

(c)

New Income Fund—R Class

October 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

1.15

—

—

(b)

New Income Fund—R Class

October 1, 2019 – September 30, 2020

—

—

0.0765(f)

(c)

New Jersey Tax-Free Bond Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

New York Tax-Free Bond Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

New York Tax-Free Money Fund

July 1, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

0.55

—

—

(b)

New York Tax-Free Money Fund

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

New York Tax-Free Money Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

New York Tax-Free Money Fund—I Class

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

Overseas Stock Fund—Advisor Class

August 28, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

1.10

—

—

(b)

Overseas Stock Fund—I Class

August 28, 2015 – February 28, 2018

March 1, 2018 – February 29, 2020

—

0.05

—

(a)

QM Global Equity Fund

April 15, 2016 – April 30, 2018

May 1, 2018 – September 30, 2019

October 1, 2019 – April 30, 2020

0.79

0.79

0.74

—

—

(b)

236

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

QM Global Equity Fund—Advisor Class

April 15, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

1.04

—

—

(b)

QM Global Equity Fund—I Class

April 15, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

QM U.S. Small & Mid-Cap Core Equity Fund

February 26, 2016 – April 30, 2018

May 1, 2018 – September 30, 2019

October 1, 2019 – April 30, 2020

0.89

0.89

0.87

—

—

(b)

QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

February 26, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

1.14

—

—

(b)

QM U.S. Small & Mid-Cap Core Equity Fund—I Class

February 26, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

QM U.S. Small-Cap Growth Equity Fund—

I Class

March 23, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

QM U.S. Value Equity Fund

February 26, 2016 – April 30, 2018

May 1, 2018 – September 30, 2019

October 1, 2019 – April 30, 2020

0.74

0.74

0.72

—

—

(b)

QM U.S. Value Equity Fund—Advisor Class

February 26, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

0.99

—

—

(b)

QM U.S. Value Equity Fund—I Class

February 26, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Real Assets Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Real Estate Fund—I Class

December 17, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Retirement I 2005 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2010 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.00

0.00

—

(a)

Retirement I 2015 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2020 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2025 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2030 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2035 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2040 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2045 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2050 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement I 2055 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

237

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Retirement I 2060 Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement Balanced I Fund—I Class

September 29, 2015 – November 30, 2016

December 1, 2016 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

0.01

0.01

—

(a)

Retirement Income 2020 Fund

May 25, 2017 – April 30, 2020

—

0.25

—

(a)

Science & Technology Fund—I Class

March 23, 2016 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Short-Term Bond Fund—I Class

December 17, 2015 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

—

(a)

Small-Cap Index Fund

December 9, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

0.34

—

—

(b)

Small-Cap Index Fund—I Class

December 9, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Small-Cap Stock Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Small-Cap Value Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Spectrum Conservative Allocation Fund—I Class

March 23, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

—

(a)

Spectrum Moderate Allocation Fund —I Class

March 23, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

—

(a)

Spectrum Moderate Growth Allocation Fund —I Class

March 23, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

—

(a)

Summit Municipal Income Fund

Effective March 1, 2019 (g)

0.50

—

—

(b)

Summit Municipal Income Fund—Advisor Class

Effective March 1, 2019 (g)

0.50

—

—

(b)

Summit Municipal Income Fund—I Class

Effective March 1, 2019 (g)

0.50

—

—

(b)

Summit Municipal Income Fund—I Class

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Summit Municipal Intermediate Fund

Effective March 1, 2019 (g)

0.50

—

—

(b)

Summit Municipal Intermediate Fund—Advisor Class

Effective March 1, 2019 (g)

0.50

—

—

(b)

Summit Municipal Intermediate Fund—

I Class

Effective March 1, 2019 (g)

0.50

—

—

(b)

Summit Municipal Intermediate Fund—

I Class

March 1, 2019 – February 28, 2021

—

0.05

—

(a)

Target 2005 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.58

—

—

(b)

Target 2005 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2005 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.83

—

—

(b)

Target 2005 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2005 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2010 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.58

—

—

(b)

Target 2010 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2010 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.83

—

—

(b)

Target 2010 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2010 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.00

—

(a)

238

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Target 2015 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.61

—

—

(b)

Target 2015 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2015 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.86

—

—

(b)

Target 2015 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2015 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2020 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.64

—

—

(b)

Target 2020 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2020 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.89

—

—

(b)

Target 2020 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2020 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2025 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.67

—

—

(b)

Target 2025 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2025 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.92

—

—

(b)

Target 2025 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2025 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2030 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.70

—

—

(b)

Target 2030 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2030 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.95

—

—

(b)

Target 2030 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2030 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2035 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.72

—

—

(b)

Target 2035 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2035 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.97

—

—

(b)

Target 2035 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2035 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2040 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.74

—

—

(b)

Target 2040 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2040 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.99

—

—

(b)

Target 2040 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

239

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Target 2040 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2045 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.74

—

—

(b)

Target 2045 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2045 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.99

—

—

(b)

Target 2045 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2045 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2050 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.75

—

—

(b)

Target 2050 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2050 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

1.00

—

—

(b)

Target 2050 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2050 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2055 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.75

—

—

(b)

Target 2055 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2055 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

1.00

—

—

(b)

Target 2055 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2055 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Target 2060 Fund

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.75

—

—

(b)

Target 2060 Fund

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2060 Fund—Advisor Class

February 1, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

1.00

—

—

(b)

Target 2060 Fund—Advisor Class

January 1, 2019 – September 30, 2020

—

0.15

—

(b)

Target 2060 Fund—I Class

February 26, 2016 – September 30, 2018

October 1, 2018 – December 31, 2018

January 1, 2019 – September 30, 2020

—

0.05

0.05

0.01

—

(a)

Tax-Efficient Equity Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

Tax-Exempt Money Fund

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

Tax-Exempt Money Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

Tax-Exempt Money Fund—I Class

July 1, 2019 – June 30, 2020

—

—

0.28

(c)

Tax-Free High Yield Fund

July 1, 2019 – June 30, 2021

—

—

0.49

(c)

Tax-Free High Yield Fund—Advisor Class

July 1, 2019 – June 30, 2021

—

—

0.49

(c)

Tax-Free High Yield Fund—I Class

July 1, 2019 – June 30, 2021

—

—

0.49

(c)

Tax-Free High Yield Fund—I Class

November 29, 2016 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

Tax-Free Income Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

240

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Tax-Free Short-Intermediate Fund—I Class

November 29, 2016 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

Total Return Fund

November 15, 2016 – September 30, 2018

October 1, 2018 – September 30, 2019

October 1, 2019 – September 30, 2021

0.57

0.57

0.53

—

—

(b)

Total Return Fund—Advisor Class

November 15, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

0.82

—

—

(b)

Total Return Fund—I Class

November 15, 2016 – September 30, 2018

October 1, 2018 – September 30, 2020

—

0.05

—

(a)

U.S. Equity Research Fund

June 1, 2019 – April 30, 2021

0.50

—

—

(a)

U.S. Equity Research Fund

Effective November 1, 2019 (g)

—

—

0.33

(c)

U.S. Equity Research Fund—Advisor Class

October 1, 2019 – April 30, 2022

0.97

—

—

(a)

U.S. Equity Research Fund—Advisor Class

Effective November 1, 2019 (g)

—

—

0.33

(c)

U.S. Equity Research Fund—I Class

November 29, 2016 – April 30, 2019

May 1, 2019 – October 31, 2019

November 1, 2019 – April 30, 2022

—

0.05
0.05
0.04

—

(a)

U.S. Equity Research Fund—I Class

Effective November 1, 2019 (g)

—

—

0.33

(c)

U.S. Equity Research Fund—R Class

October 1, 2019 – April 30, 2022

1.31

—

—

(a)

U.S. Equity Research Fund—R Class

Effective November 1, 2019 (g)

—

—

0.33

(c)

U.S. High Yield Fund

May 22, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

0.79

—

—

(a)

U.S. High Yield Fund—Advisor Class

May 22, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

0.94

—

—

(a)

U.S. High Yield Fund—I Class

May 22, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

U.S. Large-Cap Core Fund—Advisor Class

May 1, 2016 – April 30, 2018

1.20

—

—

(b)

U.S. Large-Cap Core Fund—I Class

November 29, 2016 – April 30, 2019

May 1, 2019 – April 30, 2021

—

0.05

—

(a)

U.S. Treasury Intermediate Fund

October 1, 2019 – September 30, 2020

—

—

0.15

(c)

U.S. Treasury Intermediate Fund—I Class

May 3, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

U.S. Treasury Intermediate Fund—I Class

October 1, 2019 – September 30, 2020

—

—

0.15

(c)

U.S. Treasury Long-Term Fund

October 1, 2019 – September 30, 2020

—

—

0.15

(c)

U.S. Treasury Long-Term Fund—I Class

May 3, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

U.S. Treasury Long-Term Fund—I Class

October 1, 2019 – September 30, 2020

—

—

0.15

(c)

U.S. Treasury Money Fund

October 1, 2019 – September 30, 2020

—

—

0.25

(c)

U.S. Treasury Money Fund—I Class

May 3, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

U.S. Treasury Money Fund—I Class

October 1, 2019 – September 30, 2020

—

—

0.25

(c)

Ultra Short-Term Bond Fund

July 1, 2019 – September 30, 2021

—

—

0.20

(c)

Ultra Short-Term Bond Fund

October 1, 2015 – September 30, 2017

October 1, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

0.35

—

—

(b)

Ultra Short-Term Bond Fund—I Class

July 1, 2019 – September 30, 2021

—

—

0.20

(c)

Ultra Short-Term Bond Fund—I Class

July 6, 2017 – September 30, 2019

October 1, 2019 – September 30, 2021

—

0.05

—

(a)

Value Fund

May 1, 2019 – April 30, 2020

—

—

0.2975(f)

(c)

Value Fund—Advisor Class

May 1, 2019 – April 30, 2020

—

—

0.2975(f)

(c)

241

      

Fund

Limitation Period

Total Expense
Ratio
Limitation %1

Operating
Expense
Limitation %2

Management Fee
Limitation %3

Reimbursement
Date

Value Fund—I Class

August 28, 2015 – April 30, 2018

May 1, 2018 – April 30, 2020

—

0.05

—

(a)

Value Fund—I Class

May 1, 2019 – April 30, 2020

—

—

0.2975(f)

(c)

Virginia Tax-Free Bond Fund—I Class

July 6, 2017 – June 30, 2019

July 1, 2019 – June 30, 2021

—

0.05

—

(a)

¹ T. Rowe Price has agreed to waive its fees and/or bear any expenses (excluding interest; taxes; brokerage, and other expenses that are capitalized in accordance with generally accepted accounting principles; extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ total ratio of expenses to average daily net assets to exceed the percentage indicated.

2 T. Rowe Price has agreed to pay or reimburse the operating expenses of the class excluding management fees; interest, expenses relating to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“Class-Level Operating Expenses”) to the extent the Class-Level Operating Expenses exceed the percentage indicated.

3 T. Rowe Price has agreed to waive a portion of its management fee in order to limit the fund’s management fee to the percentage indicated of the fund’s average daily net assets. The agreement may be terminated at any time after the expiration of the current expense limitation with approval by the fund’s Board of Directors.

(a) No reimbursement will be made more than three years after the payment of Class-Level Operating Expenses.

(b) No reimbursement will be made more than three years after any waiver or payment.

(c) Fees waived under this agreement are not subject to reimbursement to T. Rowe Price by the fund.

(d) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $27.5 billion.

(e) No reimbursement will be made after the reimbursement date or three years after any waiver or payment, whichever is sooner.

(f) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $20 billion.

(g) This contractual arrangement is expected to remain in place indefinitely.

The following information sets forth fees that were waived and expenses that were paid pursuant to contractual expense limitations during the funds’ prior fiscal year, as well as any amounts that were reimbursed to T. Rowe Price and amounts that remain subject to reimbursement.

Africa & Middle East Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $398,000 remain subject to repayment by the fund.

Asia Opportunities Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $784,000 remain subject to repayment by the fund.

Balanced Fund At December 31, 2018, the I Class operated below its expense limitation.

Blue Chip Growth Fund At December 31, 2018, the I Class operated below its expense limitation.

California Tax-Free Bond Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $27,000 remain subject to repayment by the fund.

California Tax-Free Money Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $694,000 remain subject to repayment by the fund.

Capital Appreciation Fund At December 31, 2018, the I Class operated below its expense limitation.

Communications & Technology Fund At December 31, 2018, the I Class operated below its expense limitation.

Corporate Income Fund At May 31, 2019, the I Class operated at its expense cap.

Credit Opportunities Fund At May 31, 2019, expenses were waived/paid and/or repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $848,000 remain subject to repayment by the fund.

Diversified Mid-Cap Growth Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. There were no amounts subject to repayment by the fund.

Dividend Growth Fund At December 31, 2018, the I Class operated below its expense limitation.

242

Dynamic Global Bond Fund At December 31, 2018, $787,000 of expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $5,000 remain subject to repayment by the fund.

Emerging Europe Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $607,000 remain subject to repayment by the fund.

Emerging Markets Bond Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $5,000 remain subject to repayment.

Emerging Markets Corporate Bond Fund At December 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $801,000 remain subject to repayment by the fund.

Emerging Markets Discovery Stock Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by and/or repaid to the manager in the amount of $817,000 remain subject to repayment by the fund.

Emerging Markets Local Currency Bond Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $586,000 remain subject to repayment by the fund.

Emerging Markets Stock Fund At October 31, 2018, the I Class operated below its expense limitation.

Equity Income Fund At December 31, 2018, the I Class operated below its expense limitation.

Equity Index 500 Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $799,000 remain subject to repayment by the fund.

European Stock Fund At October 31, 2018, the I Class operated below its expense limitation.

Financial Services Fund At December 31, 2018, expenses were waived/paid by the manager and remain subject to repayment by the fund.

Floating Rate Fund At May 31, 2019, expenses were waived/paid by and/or repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $162,000 remain subject to repayment by the fund.

Georgia Tax-Free Bond Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $242,000 remain subject to repayment by the fund.

Global Allocation Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $739,000 remain subject to repayment by the fund.

Global Consumer Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $610,000 remain subject to repayment by the fund.

Global Growth Stock Fund At October 31, 2018, expenses were repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $501,000 remain subject to repayment by the fund.

Global High Income Bond Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $801,000 remain subject to repayment by the fund.

Global Industrials Fund At December 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $710,000 remain subject to repayment by the fund.

243

Global Multi-Sector Bond Fund At May 31, 2019, expenses were waived/paid by and/or repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $920,000 remain subject to repayment by the fund.

Global Real Estate Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $515,000 remain subject to repayment by the fund.

Global Stock Fund At October 31, 2018, expenses were repaid to the manager.

Global Technology Fund At December 31, 2018, the I Class operated below its expense limitation.

GNMA Fund At May 31, 2019, expenses were waived/repaid by and/or repaid to the manager. Including this amount, expenses previously waived/repaid by the manager in the amount of $2,000 remain subject to repayment by the fund.

Government Money Fund At May 31, 2019, the I Class operated below its expense limitation.

Growth & Income Fund At December 31, 2018, the I Class operated below its expense limitation.

Growth Stock Fund At December 31, 2018, the I Class operated below its expense limitation.

Health Sciences Fund At December 31, 2018, the I Class operated below its expense limitation.

High Yield Fund At May 31, 2019, the I Class operated below its expense limitation.

Inflation Protected Bond Fund At May 31, 2019, expenses were waived/paid and/or repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $386,000 remain subject to repayment by the fund.

Institutional Cash Reserves Fund At May 31, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $701,000 remain subject to repayment by the fund.

Institutional Frontier Markets Equity Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $456,000 remain subject to repayment by the fund.

Institutional Global Value Equity Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $714,000 remain subject to repayment by the fund.

Institutional International Core Equity Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $428,000 remain subject to repayment by the fund.

Institutional International Disciplined Equity Fund At October 31, 2018, expenses were repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $74,000 remain subject to repayment by the fund.

Institutional International Growth Equity Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $691,000 remain subject to repayment by the fund.

Intermediate Tax-Free High Yield Fund At February 28, 2019, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $638,000 remain subject to repayment by the fund.

International Bond Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager and remain subject to repayment by the fund.

International Bond Fund (USD Hedged) At December 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in an amount less than $1,000 remain subject to repayment by the fund.

244

International Disciplined Equity Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $860,000 remain subject to repayment by the fund.

International Discovery Fund At October 31, 2018, the I Class operated below its expense limitation.

International Stock Fund At October 31, 2018, the I and R Classes operated below their expense limitations.

International Value Equity Fund At October 31, 2018, the I Class operated below its expense limitation.

Japan Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $158,000 remain subject to repayment by the fund.

Latin America Fund At October 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $285,000 remain subject to repayment by the fund.

Limited Duration Inflation Focused Bond Fund At May 31, 2019, there were no amounts subject to repayment by the fund.

Maryland Short-Term Tax-Free Bond Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $364,000 remain subject to repayment by the fund.

Maryland Tax-Free Bond Fund At February 28, 2019, the I Class operated below its expense limitation.

Maryland Tax-Free Money Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $433,000 remain subject to repayment by the fund.

Mid-Cap Growth Fund At December 31, 2018, the I Class operated below its expense limitation.

Mid-Cap Index Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $586,000 remain subject to repayment by the fund.

Mid-Cap Value Fund At December 31, 2018, the I Class operated below its expense limitation.

Multi-Strategy Total Return Fund At October 31, 2018, expenses were waived/paid by the manager and remain subject to repayment by the fund.

New America Growth Fund At December 31, 2018, the I Class operated below its expense limitation.

New Asia Fund At October 31, 2018, the I Class operated below its expense limitation.

New Era Fund At December 31, 2018, the I Class operated below its expense limitation.

New Horizons Fund At December 31, 2018, the I Class operated below its expense limitation.

New Income Fund At May 31, 2019, the expenses were waived/paid by and/or repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $7,000 remain subject to repayment by the fund.

New Jersey Tax-Free Bond Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $194,000 remain subject to repayment by the fund.

New York Tax-Free Bond Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $138,000 remain subject to repayment by the fund.

New York Tax-Free Money Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $650,000 remain subject to repayment by the fund.

245

Overseas Stock Fund At October 31, 2018, expenses were repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $2,000 remain subject to repayment by the fund.

QM Global Equity Fund At December 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $858,000 remain subject to repayment by the fund.

QM U.S. Small & Mid-Cap Core Equity Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $827,000 remain subject to repayment by the fund.

QM U.S. Value Equity Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $850,000 remain subject to repayment by the fund.

Real Assets Fund At December 31, 2018, the I Class operated below its expense limitation.

Real Estate Fund At December 31, 2018, the I Class operated below its expense limitation.

Retirement I 2005 Fund At May 31, 2019, expenses were paid by the manager. Including this amount expenses previously paid by the manager in the amount of $635,000 remain subject to repayment by the fund.

Retirement I 2010 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $784,000 remain subject to repayment by the fund.

Retirement I 2015 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $693,000 remain subject to repayment by the fund.

Retirement I 2020 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $692,000 remain subject to repayment by the fund.

Retirement I 2025 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $696,000 remain subject to repayment by the fund.

Retirement I 2030 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $687,000 remain subject to repayment by the fund.

Retirement I 2035 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $762,000 remain subject to repayment.

Retirement I 2040 Fund At May 31, 2019, expenses were paid by the manager. Including this amounts expenses previously paid by the manager in the amount of $755,000 remain subject to repayment by the fund.

Retirement I 2045 Fund At May 31, 2019, expenses were paid by the manager. Including this amounts expenses previously paid by the manager in the amount of $836,000 remain subject to repayment by the fund.

Retirement I 2050 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $874,000 remain subject to repayment by the fund.

Retirement I 2055 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $878,000 remain subject to repayment by the fund.

Retirement I 2060 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $808,000 remain subject to repayment by the fund.

Retirement Balanced I Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $598,000 remain subject to repayment by the fund.

Retirement Income 2020 Fund At December 31, 2018, expenses were paid by and/or repaid to the manager. Including this amount, expenses previously paid by the manager in the amount of $265,000 remain subject to repayment by the fund.

Science & Technology Fund At December 31, 2018, the I Class operated below its expense limitation.

Short-Term Bond Fund At May 31, 2019, the I Class operated below its expense limitation.

246

Small-Cap Index Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $633,000 remain subject to repayment by the fund.

Small-Cap Stock Fund At December 31, 2018, the I Class operated below its expense limitation.

Small-Cap Value Fund At December 31, 2018, the I Class operated below its expense limitation.

Spectrum Conservative Allocation Fund At May 31, 2019, the I Class operated below its expense limitation.

Spectrum Moderate Allocation Fund At May 31, 2019, the I Class operated below its expense limitation.

Spectrum Moderate Growth Allocation Fund At May 31, 2019, the I Class operated below its expense limitation.

Target 2005 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $604,000 remain subject to repayment by the fund.

Target 2010 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $588,000 remain subject to repayment by the fund.

Target 2015 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $433,000 remain subject to repayment by the fund.

Target 2020 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $365,000 remain subject to repayment by the fund.

Target 2025 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $391,000 remain subject to repayment by the fund.

Target 2030 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $478,000 remain subject to repayment by the fund.

Target 2035 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $631,000 remain subject to repayment by the fund.

Target 2040 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $672,000 remain subject to repayment by the fund.

Target 2045 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $729,000 remain subject to repayment by the fund.

Target 2050 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $755,000 remain subject to repayment by the fund.

Target 2055 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $776,000 remain subject to repayment by the fund.

Target 2060 Fund At May 31, 2019, expenses were paid by the manager. Including this amount, expenses previously paid by the manager in the amount of $745,000 remain subject to repayment by the fund.

Tax-Efficient Equity Fund At February 28, 2019, expenses were waived/paid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $274,000 remain subject to repayment by the fund.

Tax-Exempt Money Fund At February 28, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $208,000 remain subject to repayment by the fund.

Tax-Free High Yield Fund At February 28, 2019, the I Class operated below its expense limitation.

Tax-Free Income Fund At February 28, 2019, the I Class operated below its expense limitation.

Tax-Free Short-Intermediate Fund At February 28, 2019, the I Class operated below its expense limitation.

247

Total Return Fund At May 31, 2019, expenses were waived/paid by and/or repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $810,000 remain subject to repayment by the fund.

U.S. Equity Research Fund At December 31, 2018, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $155,000 remain subject to repayment by the fund.

U.S. High Yield Fund At May 31, 2019, $401,000 of expenses were waived/paid by the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $690,000 remain subject to repayment.

U.S. Large-Cap Core Fund At December 31, 2018, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $226,000 remain subject to repayment by the fund.

U.S. Treasury Intermediate Fund At May 31, 2019, expenses were waived/paid by the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $199,000 remain subject to repayment by the manager.

U.S. Treasury Long-Term Fund At May 31, 2019, the I Class operated below its expense limitation.

U.S. Treasury Money Fund At May 31, 2019, expenses were waived/paid by and/or repaid to the manager. Including this amount, expenses previously waived/paid by the manager in the amount of $843,000 remain subject to repayment by the fund.

Ultra Short-Term Bond Fund At May 31, 2019, expenses were waived/paid and/or repaid to the manager. Including these amounts, expenses previously waived/paid by the manager in the amount of $1,462,000 remain subject to repayment by the fund.

Value Fund At December 31, 2018, the I Class operated below its expense limitation.

Virginia Tax-Free Bond Fund At February 28, 2019, the I Class operated below its expense limitation.

Management Related Services

In addition to the management fee, the funds (other than the All-Inclusive Fee Funds) pay for the following: shareholder service expenses; custodial, accounting, legal, and audit fees; costs of preparing and printing prospectuses and reports sent to shareholders; registration fees and expenses; proxy and annual meeting expenses (if any); and directors’ fees and expenses.

T. Rowe Price Services, Inc. (“Services”), a wholly owned subsidiary of T. Rowe Price, acts as the funds’ transfer and dividend disbursing agent and provides shareholder and administrative services. T. Rowe Price Retirement Plan Services, Inc. (“RPS”), also a wholly owned subsidiary of T. Rowe Price, provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. Pursuant to an agreement between the Price Funds and Services, the fees paid by the funds to Services are based on the costs to Services of providing these services plus a return on capital employed in support of the services.

Pursuant to an agreement between applicable Price Funds and RPS, the fees paid to RPS are based on the percentage of Price Fund assets for which RPS provides recordkeeping and sub-transfer agency services. The fees paid to Services and RPS are set forth in each fund’s shareholder report under “Related Party Transactions.” The address for Services and RPS is 100 East Pratt Street, Baltimore, Maryland 21202.

Pursuant to an agreement between T. Rowe Price and BNY Mellon, BNY Mellon provides a variety of non-discretionary portfolio accounting and investment operations functions, including but not limited to trade support, security pricing unrelated to fair valuation, and non-discretionary aspects of corporate actions, and collateral management functions, to T. Rowe Price for the Price Funds. The fees paid by T. Rowe Price to BNY Mellon under this agreement are based on a combination of flat, asset based, and transaction fees.

T. Rowe Price, under a separate agreement with the Price Funds, provides accounting services to the funds. Certain accounting services are provided to the Price Funds by T. Rowe Price and certain accounting services are provided to the Price Funds by BNY Mellon, subject to the oversight of T. Rowe Price. The following table shows the fees paid by the funds for accounting services during the fiscal years indicated.

248

    

Fund

Fiscal Year Ended

2/28/19*

2/28/18*

2/28/17**

California Tax-Free Bond Fund

$140,000

$157,000

$74,000

California Tax-Free Bond Fund—I Class

13,000

1,000

(a)

California Tax-Free Money Fund

129,000

155,000

74,000

California Tax-Free Money Fund—I Class

14,000

(b)

(a)

Floating Rate Multi-Sector Account Portfolio

—

—

—

Georgia Tax-Free Bond Fund

144,000

156,000

74,000

Georgia Tax-Free Bond Fund—I Class

8,000

(b)

(a)

High Yield Multi-Sector Account Portfolio

—

—

—

Intermediate Tax-Free High Yield Fund

137,000

151,000

71,000

Intermediate Tax-Free High Yield Fund—Advisor Class

2,000

2,000

1,000

Intermediate Tax-Free High Yield Fund—I Class

12,000

3,000

(a)

Investment-Grade Corporate Multi-Sector Account Portfolio

—

—

—

Maryland Short-Term Tax-Free Bond Fund

119,000

148,000

74,000

Maryland Short-Term Tax-Free Bond Fund—I Class

32,000

8,000

(a)

Maryland Tax-Free Bond Fund

141,000

163,000

74,000

Maryland Tax-Free Bond Fund—I Class

19,000

1,000

(a)

Maryland Tax-Free Money Fund

110,000

156,000

74,000

Maryland Tax-Free Money Fund—I Class

33,000

(b)

(a)

Mortgage-Backed Securities Multi-Sector Account Portfolio

—

—

—

New Jersey Tax-Free Bond Fund

144,000

157,000

74,000

New Jersey Tax-Free Bond Fund—I Class

8,000

(b)

(a)

New York Tax-Free Bond Fund

139,000

156,000

74,000

New York Tax-Free Bond Fund—I Class

13,000

1,000

(a)

New York Tax-Free Money Fund

133,000

155,000

74,000

New York Tax-Free Money Fund—I Class

11,000

(b)

(a)

Tax-Efficient Equity Fund

135,000

157,000

74,000

Tax-Efficient Equity Fund—I Class

17,000

(b)

(a)

Tax-Exempt Money Fund

112,000

156,000

74,000

Tax-Exempt Money Fund—I Class

33,000

(b)

(a)

Tax-Free High Yield Fund

134,000

141,000

70,000

Tax-Free High Yield Fund—Advisor Class

16,000

23,000

5,000

Tax-Free High Yield Fund—I Class

23,000

9,000

(b)

Tax-Free Income Fund

125,000

128,000

57,000

Tax-Free Income Fund—Advisor Class

16,000

37,000

14,000

Tax-Free Income Fund—I Class

20,000

1,000

(a)

Tax-Free Short-Intermediate Fund

131,000

150,000

74,000

Tax-Free Short-Intermediate Fund—Advisor Class

(b)

(b)

(b)

Tax-Free Short-Intermediate Fund—I Class

28,000

12,000

(a)

249

    

Fund

Fiscal Year Ended

2/28/19*

2/28/18*

2/28/17**

Virginia Tax-Free Bond Fund

140,000

159,000

74,000

Virginia Tax-Free Bond Fund—I Class

16,000

1,000

(a)

* Reflects fees paid by the fund to T. Rowe Price and BNY Mellon for accounting services.

** Reflects fees paid by the fund to T. Rowe Price for accounting services.

(a) Prior to commencement of operations.

(b) Less than $1,000.

    

Fund

Fiscal Year Ended

5/31/19*

5/31/18*

5/31/17*

Corporate Income Fund

$145,000

$154,000

$159,000

Corporate Income Fund—I Class

6,000

10,000

6,000

Credit Opportunities Fund

95,000

158,000

162,000

Credit Opportunities Fund—Advisor Class

(a)

(a)

1,000

Credit Opportunities Fund—I Class

54,000

1,000

(a)

Floating Rate Fund

134,000

150,000

153,000

Floating Rate Fund—Advisor Class

3,000

9,000

11,000

Floating Rate Fund—I Class

20,000

6,000

(a)

Global Multi-Sector Bond Fund

126,000

142,000

148,000

Global Multi-Sector Bond Fund—Advisor Class

4,000

7,000

8,000

Global Multi-Sector Bond Fund—I Class

22,000

13,000

8,000

GNMA Fund

151,000

166,000

166,000

GNMA Fund—I Class

3,000

(a)

0

Government Money Fund

160,000

192,000

179,000

Government Money Fund—I Class

8,000

3,000

0

Government Reserve Fund

186,000

225,000

201,000

High Yield Fund

126,000

157,000

143,000

High Yield Fund—Advisor Class

7,000

1,000

1,000

High Yield Fund—I Class

40,000

39,000

39,000

Inflation Protected Bond Fund

133,000

143,000

155,000

Inflation Protected Bond Fund—I Class

17,000

19,000

9,000

Institutional Cash Reserves Fund

151,000

191,000

273,000

Institutional Core Plus Fund

148,000

164,000

164,000

Institutional Floating Rate Fund

148,000

162,000

144,000

Institutional Floating Rate Fund—F Class

20,000

20,000

28,000

Institutional High Yield Fund

154,000

167,000

167,000

Institutional Long Duration Credit Fund

149,000

160,000

163,000

Limited Duration Inflation Focused Bond Fund

154,000

177,000

170,000

Limited Duration Inflation Focused Bond Fund—I Class

26,000

18,000

8,000

New Income Fund

176,000

247,000

208,000

New Income Fund—Advisor Class

(a)

(a)

(a)

New Income Fund—I Class

70,000

55,000

17,000

New Income Fund—R Class

(a)

(a)

(a)

250

    

Fund

Fiscal Year Ended

5/31/19*

5/31/18*

5/31/17*

Retirement 2005 Fund

(c)

(c)

(c)

Retirement 2005 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2005 Fund—R Class

(c)

(c)

(c)

Retirement 2010 Fund

(c)

(c)

(c)

Retirement 2010 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2010 Fund—R Class

(c)

(c)

(c)

Retirement 2015 Fund

(c)

(c)

(c)

Retirement 2015 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2015 Fund—R Class

(c)

(c)

(c)

Retirement 2020 Fund

(c)

(c)

(c)

Retirement 2020 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2020 Fund—R Class

(c)

(c)

(c)

Retirement 2025 Fund

(c)

(c)

(c)

Retirement 2025 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2025 Fund—R Class

(c)

(c)

(c)

Retirement 2030 Fund

(c)

(c)

(c)

Retirement 2030 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2030 Fund—R Class

(c)

(c)

(c)

Retirement 2035 Fund

(c)

(c)

(c)

Retirement 2035 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2035 Fund—R Class

(c)

(c)

(c)

Retirement 2040 Fund

(c)

(c)

(c)

Retirement 2040 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2040 Fund—R Class

(c)

(c)

(c)

Retirement 2045 Fund

(c)

(c)

(c)

Retirement 2045 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2045 Fund—R Class

(c)

(c)

(c)

Retirement 2050 Fund

(c)

(c)

(c)

Retirement 2050 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2050 Fund—R Class

(c)

(c)

(c)

Retirement 2055 Fund

(c)

(c)

(c)

Retirement 2055 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2055 Fund—R Class

(c)

(c)

(c)

Retirement 2060 Fund

(c)

(c)

(c)

Retirement 2060 Fund—Advisor Class

(c)

(c)

(c)

Retirement 2060 Fund—R Class

(c)

(c)

(c)

Retirement Balanced Fund

(c)

(c)

(c)

Retirement Balanced Fund—Advisor Class

(c)

(c)

(c)

Retirement Balanced Fund—R Class

(c)

(c)

(c)

Retirement I 2005 Fund—I Class

(c)

(c)

(c)

Retirement I 2010 Fund—I Class

(c)

(c)

(c)

251

    

Fund

Fiscal Year Ended

5/31/19*

5/31/18*

5/31/17*

Retirement I 2015 Fund—I Class

(c)

(c)

(c)

Retirement I 2020 Fund—I Class

(c)

(c)

(c)

Retirement I 2025 Fund—I Class

(c)

(c)

(c)

Retirement I 2030 Fund—I Class

(c)

(c)

(c)

Retirement I 2035 Fund—I Class

(c)

(c)

(c)

Retirement I 2040 Fund—I Class

(c)

(c)

(c)

Retirement I 2045 Fund—I Class

(c)

(c)

(c)

Retirement I 2050 Fund—I Class

(c)

(c)

(c)

Retirement I 2055 Fund—I Class

(c)

(c)

(c)

Retirement I 2060 Fund—I Class

(c)

(c)

(c)

Retirement Balanced I Fund—I Class

(c)

(c)

(c)

Short-Term Fund

170,000

174,000

170,000

Short-Term Bond Fund

145,000

154,000

147,000

Short-Term Bond Fund—Advisor Class

(a)

2,000

3,000

Short-Term Bond Fund—I Class

23,000

24,000

25,000

Short-Term Government Fund

(b)

(b)

(b)

Spectrum Conservative Allocation Fund

136,000

157,000

164,000

Spectrum Conservative Allocation Fund —I Class

22,000

12,000

3,000

Spectrum Moderate Allocation Fund

138,000

160,000

165,000

Spectrum Moderate Allocation Fund —I Class

19,000

10,000

3,000

Spectrum Moderate Growth Allocation Fund

142,000

159,000

164,000

Spectrum Moderate Growth Allocation Fund—I Class

16,000

10,000

3,000

Target 2005 Fund

(c)

(c)

(c)

Target 2005 Fund—Advisor Class

(c)

(c)

(c)

Target 2005 Fund—I Class

(c)

(c)

(c)

Target 2010 Fund

(c)

(c)

(c)

Target 2010 Fund—Advisor Class

(c)

(c)

(c)

Target 2010 Fund—I Class

(c)

(c)

(c)

Target 2015 Fund

(c)

(c)

(c)

Target 2015 Fund—Advisor Class

(c)

(c)

(c)

Target 2015 Fund—I Class

(c)

(c)

(c)

Target 2020 Fund

(c)

(c)

(c)

Target 2020 Fund—Advisor Class

(c)

(c)

(c)

Target 2020 Fund—I Class

(c)

(c)

(c)

Target 2025 Fund

(c)

(c)

(c)

Target 2025 Fund—Advisor Class

(c)

(c)

(c)

Target 2025 Fund—I Class

(c)

(c)

(c)

Target 2030 Fund

(c)

(c)

(c)

Target 2030 Fund—Advisor Class

(c)

(c)

(c)

Target 2030 Fund—I Class

(c)

(c)

(c)

Target 2035 Fund

(c)

(c)

(c)

252

    

Fund

Fiscal Year Ended

5/31/19*

5/31/18*

5/31/17*

Target 2035 Fund—Advisor Class

(c)

(c)

(c)

Target 2035 Fund—I Class

(c)

(c)

(c)

Target 2040 Fund

(c)

(c)

(c)

Target 2040 Fund—Advisor Class

(c)

(c)

(c)

Target 2040 Fund—I Class

(c)

(c)

(c)

Target 2045 Fund

(c)

(c)

(c)

Target 2045 Fund—Advisor Class

(c)

(c)

(c)

Target 2045 Fund—I Class

(c)

(c)

(c)

Target 2050 Fund

(c)

(c)

(c)

Target 2050 Fund—Advisor Class

(c)

(c)

(c)

Target 2050 Fund—I Class

(c)

(c)

(c)

Target 2055 Fund

(c)

(c)

(c)

Target 2055 Fund—Advisor Class

(c)

(c)

(c)

Target 2055 Fund—I Class

(c)

(c)

(c)

Target 2060 Fund

(c)

(c)

(c)

Target 2060 Fund—Advisor Class

(c)

(c)

(c)

Target 2060 Fund—I Class

(c)

(c)

(c)

Total Return Fund

141,000

169,000

91,000

Total Return Fund—Advisor Class

(a)

1,000

(a)

Total Return Fund—I Class

7,000

2,000

(a)

Treasury Reserve Fund

154,000

176,000

169,000

U.S. High Yield Fund

102,000

75,000

(a)

U.S. High Yield Fund—Advisor Class

10,000

23,000

2,000

U.S. High Yield Fund—I Class

37,000

67,000

4,000

U.S. Treasury Intermediate Fund

144,000

161,000

164,000

U.S. Treasury Intermediate Fund—I Class

6,000

1,000

0

U.S. Treasury Long-Term Fund

137,000

154,000

164,000

U.S. Treasury Long-Term Fund—I Class

35,000

13,000

0

U.S. Treasury Money Fund

131,000

172,000

171,000

U.S. Treasury Money Fund—I Class

30,000

14,000

0

Ultra Short-Term Bond Fund

133,000

156,000

164,000

Ultra Short-Term Bond Fund—I Class

20,000

6,000

(b)

* Reflects fees paid by the fund to T. Rowe Price and BNY Mellon for accounting services.

(a) Less than $1,000.

(b) Prior to commencement of operations.

(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.

With respect to the U.S. High Yield Fund, the Henderson High Yield Opportunities Fund (the fund’s predecessor fund) paid its administrator an administration fee that varied based on a percentage of the average net assets of the predecessor fund, pursuant to an administration agreement between the predecessor fund and its administrator. The predecessor fund paid its administrator $7,052 for the fiscal year ended July 31, 2016.

253

    

Fund

Fiscal Year Ended

10/31/18*

10/31/17*

10/31/16**

Africa & Middle East Fund

$145,000

$158,000

$60,000

Africa & Middle East Fund—I Class

9,000

1,000

(a)

Asia Opportunities Fund

134,000

155,000

59,000

Asia Opportunities Fund—Advisor Class

(b)

1,000

(b)

Asia Opportunities Fund—I Class

19,000

2,000

(a)

Cash Reserves Fund

161,000

165,000

60,000

China Evolution Equity Fund

(a)

(a)

(a)

China Evolution Equity Fund—I Class

(a)

(a)

(a)

Emerging Europe Fund

149,000

158,000

60,000

Emerging Europe Fund—I Class

5,000

1,000

(a)

Emerging Markets Discovery Stock Fund

140,000

160,000

58,000

Emerging Markets Discovery Stock Fund—Advisor Class

1,000

2,000

(b)

Emerging Markets Discovery Stock Fund—I Class

12,000

1,000

(a)

Emerging Markets Stock Fund

149,000

151,000

55,000

Emerging Markets Stock Fund—I Class

47,000

36,000

5,000

European Stock Fund

155,000

162,000

60,000

European Stock Fund—I Class

3,000

(b)

(a)

Global Allocation Fund

136,000

142,000

57,000

Global Allocation Fund—Advisor Class

4,000

5,000

2,000

Global Allocation Fund—I Class

15,000

12,000

(b)

Global Growth Stock Fund

80,000

154,000

59,000

Global Growth Stock Fund—Advisor Class

1,000

2,000

(b)

Global Growth Stock Fund—I Class

73,000

2,000

(a)

Global Stock Fund

130,000

158,000

60,000

Global Stock Fund—Advisor Class

4,000

1,000

(b)

Global Stock Fund—I Class

22,000

1,000

(a)

Institutional Africa & Middle East Fund

154,000

159,000

60,000

Institutional Emerging Markets Equity Fund

160,000

163,000

60,000

Institutional Frontier Markets Equity Fund

153,000

159,000

60,000

Institutional Global Value Equity Fund

153,000

159,000

60,000

Institutional International Core Equity Fund

154,000

159,000

60,000

Institutional International Disciplined Equity Fund

155,000

160,000

60,000

Institutional International Growth Equity Fund

154,000

159,000

60,000

International Disciplined Equity Fund

97,000

141,000

57,000

International Disciplined Equity Fund—Advisor Class

3,000

15,000

3,000

International Disciplined Equity Fund—I Class

54,000

3,000

(a)

International Discovery Fund

116,000

116,000

49,000

International Discovery Fund—I Class

70,000

61,000

11,000

International Equity Index Fund

155,000

160,000

60,000

International Stock Fund

171,000

176,000

53,000

International Stock Fund—Advisor Class

2,000

3,000

3,000

254

    

Fund

Fiscal Year Ended

10/31/18*

10/31/17*

10/31/16**

International Stock Fund—I Class

38,000

30,000

4,000

International Stock Fund—R Class

(b)

(b)

(b)

International Value Equity Fund

172,000

181,000

57,000

International Value Equity Fund—Advisor Class

2,000

3,000

(b)

International Value Equity Fund—I Class

29,000

14,000

2,000

International Value Equity Fund—R Class

1,000

1,000

(b)

Japan Fund

156,000

160,000

60,000

Japan Fund—I Class

3,000

(b)

(a)

Latin America Fund

152,000

160,000

60,000

Latin America Fund—I Class

4,000

1,000

(a)

Multi-Strategy Total Return Fund

96,000

(a)

(a)

Multi-Strategy Total Return Fund—Advisor Class

(a)

(a)

(a)

Multi-Strategy Total Return Fund—I Class

10,000

(a)

(a)

New Asia Fund

146,000

154,000

59,000

New Asia Fund—I Class

19,000

13,000

(b)

Overseas Stock Fund

144,000

166,000

58,000

Overseas Stock Fund—Advisor Class

(b)

(b)

(b)

Overseas Stock Fund—I Class

69,000

38,000

2,000

Summit Municipal Income Fund

158,000

162,000

60,000

Summit Municipal Income Fund—Advisor Class

(b)

1,000

(b)

Summit Municipal Income Fund—I Class

(a)

(a)

(a)

Summit Municipal Intermediate Fund

174,000

173,000

60,000

Summit Municipal Intermediate Fund—Advisor Class

(b)

(b)

(b)

Summit Municipal Intermediate Fund—I Class

(a)

(a)

(a)

Summit Municipal Money Market Fund

153,000

159,000

60,000

U.S. Bond Enhanced Index Fund

156,000

161,000

60,000

* Reflects fees paid by the fund to T. Rowe Price and BNY Mellon for accounting services.

** Reflects fees paid by the fund to T. Rowe Price for accounting services.

(a) Prior to commencement of operations.

(b) Less than $1,000.

    

Fund

Fiscal Year Ended

12/31/18*

12/31/17*

12/31/16**

Balanced Fund

$154,000

$161,000

$65,000

Balanced Fund—I Class

16,000

9,000

2,000

Blue Chip Growth Fund

262,000

218,000

55,000

Blue Chip Growth Fund—Advisor Class

26,000

24,000

6,000

Blue Chip Growth Fund—I Class

75,000

42,000

5,000

Blue Chip Growth Fund—R Class

6,000

5,000

1,000

Capital Appreciation Fund

232,000

227,000

62,000

Capital Appreciation Fund—Advisor Class

9,000

11,000

3,000

Capital Appreciation Fund—I Class

28,000

16,000

2,000

255

    

Fund

Fiscal Year Ended

12/31/18*

12/31/17*

12/31/16**

Communications & Technology Fund

171,000

168,000

67,000

Communications & Technology Fund—I Class

8,000

4,000

1,000

Diversified Mid-Cap Growth Fund

156,000

159,000

67,000

Diversified Mid-Cap Growth Fund—I Class

5,000

1,000

(a)

Dividend Growth Fund

133,000

137,000

57,000

Dividend Growth Fund—Advisor Class

7,000

9,000

4,000

Dividend Growth Fund—I Class

50,000

39,000

6,000

Dynamic Credit Fund

(a)

(a)

(a)

Dynamic Credit Fund—I Class

(a)

(a)

(a)

Dynamic Global Bond Fund

131,000

37,000

41,000

Dynamic Global Bond Fund—Advisor Class

(b)

1,000

2,000

Dynamic Global Bond Fund—I Class

42,000

121,000

24,000

Emerging Markets Bond Fund

139,000

148,000

65,000

Emerging Markets Bond Fund—Advisor Class

(b)

(b)

(b)

Emerging Markets Bond Fund—I Class

38,000

32,000

2,000

Emerging Markets Corporate Bond Fund

136,000

143,000

63,000

Emerging Markets Corporate Bond Fund—Advisor Class

4,000

4,000

1,000

Emerging Markets Corporate Bond Fund—I Class

18,000

10,000

3,000

Emerging Markets Corporate Multi-Sector Account Portfolio

—

—

—

Emerging Markets Local Currency Bond Fund

109,000

153,000

66,000

Emerging Markets Local Currency Bond Fund—Advisor Class

(b)

(b)

(b)

Emerging Markets Local Currency Bond Fund—I Class

51,000

5,000

1,000

Emerging Markets Local Multi-Sector Account Portfolio

—

—

—

Equity Income Fund

185,000

187,000

58,000

Equity Income Fund—Advisor Class

4,000

5,000

2,000

Equity Income Fund—I Class

48,000

40,000

7,000

Equity Income Fund—R Class

(b)

1,000

(b)

Equity Index 500 Fund

232,000

240,000

65,000

Equity Index 500 Fund—I Class

32,000

17,000

2,000

Extended Equity Market Index Fund

161,000

160,000

67,000

Financial Services Fund

154,000

159,000

67,000

Financial Services Fund—I Class

7,000

1,000

(b)

Global Consumer Fund

158,000

174,000

44,000

Global High Income Bond Fund

117,000

114,000

61,000

Global High Income Bond Fund—Advisor Class

2,000

4,000

2,000

Global High Income Bond Fund—I Class

39,000

39,000

5,000

Global Industrials Fund

149,000

154,000

67,000

Global Industrials Fund—I Class

9,000

4,000

(a)

Global Real Estate Fund

123,000

134,000

58,000

Global Real Estate Fund—Advisor Class

19,000

21,000

9,000

256

    

Fund

Fiscal Year Ended

12/31/18*

12/31/17*

12/31/16**

Global Real Estate Fund—I Class

16,000

3,000

(b)

Global Technology Fund

166,000

170,000

67,000

Global Technology Fund—I Class

15,000

3,000

(b)

Growth & Income Fund

160,000

163,000

67,000

Growth & Income Fund—I Class

2,000

(b)

(b)

Growth Stock Fund

258,000

258,000

56,000

Growth Stock Fund—Advisor Class

23,000

21,000

5,000

Growth Stock Fund—I Class

75,000

43,000

5,000

Growth Stock Fund—R Class

7,000

6,000

1,000

Health Sciences Fund

190,000

188,000

66,000

Health Sciences Fund—I Class

11,000

7,000

1,000

Institutional Emerging Markets Bond Fund

159,000

158,000

67,000

Institutional Large-Cap Core Growth Fund

172,000

167,000

67,000

Institutional Large-Cap Growth Fund

228,000

205,000

67,000

Institutional Large-Cap Value Fund

169,000

169,000

67,000

Institutional Mid-Cap Equity Growth Fund

182,000

179,000

67,000

Institutional Small-Cap Stock Fund

176,000

170,000

67,000

International Bond Fund

117,000

150,000

61,000

International Bond Fund—Advisor Class

(b)

(b)

(b)

International Bond Fund—I Class

47,000

24,000

6,000

International Bond Fund (USD Hedged)

144,000

47,000

(a)

International Bond Fund (USD Hedged)—Advisor Class

(b)

(b)

(a)

International Bond Fund (USD Hedged)—I Class

33,000

3,000

(a)

International Bond Fund (USD Hedged)—Z Class

(a)

(a)

(a)

Mid-Cap Growth Fund

217,000

213,000

60,000

Mid-Cap Growth Fund—Advisor Class

9,000

9,000

3,000

Mid-Cap Growth Fund—I Class

48,000

28,000

4,000

Mid-Cap Growth Fund—R Class

1,000

1,000

(b)

Mid-Cap Index Fund

150,000

155,000

60,000

Mid-Cap Index Fund—I Class

8,000

8,000

3,000

Mid-Cap Value Fund

160,000

166,000

59,000

Mid-Cap Value Fund—Advisor Class

5,000

6,000

2,000

Mid-Cap Value Fund—I Class

40,000

28,000

4,000

Mid-Cap Value Fund—R Class

3,000

3,000

1,000

New America Growth Fund

142,000

141,000

59,000

New America Growth Fund—Advisor Class

11,000

14,000

6,000

New America Growth Fund—I Class

23,000

16,000

2,000

New Era Fund

103,000

122,000

57,000

New Era Fund—I Class

67,000

48,000

10,000

New Horizons Fund

204,000

192,000

62,000

New Horizons Fund—I Class

51,000

32,000

6,000

257

    

Fund

Fiscal Year Ended

12/31/18*

12/31/17*

12/31/16**

QM Global Equity Fund

148,000

166,000

50,000

QM Global Equity Fund—Advisor Class

3,000

3,000

1,000

QM Global Equity Fund—I Class

7,000

4,000

1,000

QM U.S. Small & Mid-Cap Core Equity Fund

151,000

167,000

57,000

QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

1,000

2,000

1,000

QM U.S. Small & Mid-Cap Core Equity Fund—I Class

5,000

2,000

1,000

QM U.S. Small-Cap Growth Equity Fund

124,000

138,000

63,000

QM U.S. Small-Cap Growth Equity Fund—Advisor Class

(b)

(b)

(b)

QM U.S. Small-Cap Growth Equity Fund—I Class

61,000

33,000

4,000

QM U.S. Value Equity Fund

149,000

163,000

56,000

QM U.S. Value Equity Fund—Advisor Class

3,000

3,000

2,000

QM U.S. Value Equity Fund—I Class

6,000

5,000

2,000

Real Assets Fund

134,000

149,000

63,000

Real Assets Fund—I Class

32,000

20,000

4,000

Real Estate Fund

118,000

152,000

61,000

Real Estate Fund—Advisor Class

6,000

8,000

5,000

Real Estate Fund—I Class

51,000

19,000

1,000

Retirement Income 2020 Fund

108,000

70,000

(a)

Science & Technology Fund

150,000

145,000

57,000

Science & Technology Fund—Advisor Class

22,000

23,000

9,000

Science & Technology Fund—I Class

9,000

5,000

1,000

Small-Cap Index Fund

150,000

155,000

60,000

Small-Cap Index Fund—I Class

8,000

8,000

3,000

Small-Cap Stock Fund

158,000

167,000

63,000

Small-Cap Stock Fund—Advisor Class

3,000

5,000

2,000

Small-Cap Stock Fund—I Class

31,000

17,000

2,000

Small-Cap Value Fund

153,000

155,000

59,000

Small-Cap Value Fund—Advisor Class

9,000

15,000

5,000

Small-Cap Value Fund—I Class

32,000

21,000

3,000

Spectrum Growth Fund

(c)

(c)

(c)

Spectrum Income Fund

(c)

(c)

(c)

Spectrum International Fund

(c)

(c)

(c)

Total Equity Market Index Fund

165,000

163,000

67,000

U.S. Equity Research Fund

144,000

144,000

64,000

U.S. Equity Research Fund—Advisor Class

3,000

5,000

3,000

U.S. Equity Research Fund—I Class

12,000

7,000

(b)

U.S. Equity Research Fund—R Class

2,000

2,000

1,000

U.S. Large-Cap Core Fund

147,000

146,000

60,000

U.S. Large-Cap Core Fund—Advisor Class

5,000

12,000

7,000

U.S. Large-Cap Core Fund—I Class

8,000

1,000

(b)

Value Fund

206,000

212,000

63,000

258

    

Fund

Fiscal Year Ended

12/31/18*

12/31/17*

12/31/16**

Value Fund—Advisor Class

4,000

5,000

2,000

Value Fund—I Class

45,000

24,000

3,000

* Reflects fees paid by the fund to T. Rowe Price and BNY Mellon for accounting services.

** Reflects fees paid by the fund to T. Rowe Price for accounting services.

(a) Prior to commencement of operations.

(b) Less than $1,000.

(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.

529 Plans

T. Rowe Price is the investment manager of several college savings plans established by states under Section 529 of the Code. Each plan has a number of portfolios that invest in underlying Price Funds including the Blue Chip Growth, Emerging Markets Bond, Emerging Markets Stock, Equity Income, Equity Index 500, Extended Equity Market Index, Financial Services, Health Sciences, High Yield, International Bond, International Equity Index, International Stock, International Value Equity, Limited Duration Inflation Focused Bond, Mid-Cap Growth, Mid-Cap Value, New Horizons, New Income, Overseas Stock, Real Assets, Science & Technology, Short-Term Bond, Small-Cap Stock, Spectrum Income, Total Equity Market Index, U.S. Bond Enhanced Index, U.S. Treasury Money, and Value Funds. Each portfolio establishes an omnibus account in the underlying Price Funds. Transfer agent and recordkeeping expenses incurred by the portfolios as a result of transactions by participants in the Section 529 college savings plans that invest in the Price Funds are paid for by the underlying Price Funds under their agreement with their transfer agent, T. Rowe Price Services, Inc. The expenses borne by each underlying Price Fund are set forth in the shareholder report of the underlying fund under “Related Party Transactions.”

THIRD-PARTY ARRANGEMENTS

Administrative Fee Payments

The Price Funds (other than I Class shares; Institutional Funds, except for their F Class shares; Mid-Cap Index Fund; Multi-Sector Account Portfolios; Small-Cap Index Fund; and TRP Reserve Funds) have adopted an administrative fee payment (“AFP”) program that authorizes the funds to make payments to financial intermediaries for services provided on behalf of the funds. Under the AFP program, payments by a fund (of up to 0.15% of its average daily net assets per year) may be made to retirement plans, retirement plan recordkeepers, insurance companies, banks, and broker-dealers which maintain omnibus accounts with the Funds for transfer agency, recordkeeping, and other administrative services. These services include, but are not limited to: transmitting net purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; mailing shareholder confirmations and periodic statements; processing dividend payments; and utilizing telephone services in connection with the above. The Price Funds generally pay $10 per account up to a maximum of 0.15% for financial intermediaries that continue to maintain Price Fund assets in client-level networked accounts. Under the AFP program, the funds paid the amounts set forth below in the calendar year 2018, unless otherwise indicated.

  

Fund

Payment

Africa & Middle East Fund

$55,250

Asia Opportunities Fund

35,869

Balanced Fund

1,379,376

Blue Chip Growth Fund

33,600,111

California Tax-Free Bond Fund

458,207

California Tax-Free Money Fund

258

Capital Appreciation Fund

20,789,161

Cash Reserves Fund

29,971

259

  

Fund

Payment

China Evolution Equity Fund

(a)

Communications & Technology Fund

2,327,732

Corporate Income Fund

110,587

Credit Opportunities Fund

4,440

Diversified Mid-Cap Growth Fund

552,326

Dividend Growth Fund

5,589,073

Dynamic Credit Fund

(a)

Dynamic Global Bond Fund

3,459

Emerging Europe Fund

54,968

Emerging Markets Bond Fund

815,882

Emerging Markets Corporate Bond Fund

16,088

Emerging Markets Corporate Multi-Sector Account Portfolio

(b)

Emerging Markets Discovery Stock Fund

7,601

Emerging Markets Local Currency Bond Fund

45,521

Emerging Markets Local Multi-Sector Account Portfolio

(b)

Emerging Markets Stock Fund

3,770,822

Equity Income Fund

7,099,777

Equity Index 500 Fund

1,810,697

European Stock Fund

461,945

Extended Equity Market Index Fund

345,725

Financial Services Fund

392,704

Floating Rate Fund

514,606

Floating Rate Multi-Sector Account Portfolio

(b)

Georgia Tax-Free Bond Fund

302,473

Global Allocation Fund

255,961

Global Consumer Fund

2,880

Global Growth Stock Fund

60,926

Global High Income Bond Fund

27,704

Global Industrials Fund

2,064

Global Multi-Sector Bond Fund

469,770

Global Real Estate Fund

72,156

Global Stock Fund

572,560

Global Technology Fund

5,063,334

GNMA Fund

147,729

Government Money Fund

93,540

Government Reserve Fund

(b)

Growth & Income Fund

379,257

Growth Stock Fund

19,105,069

Health Sciences Fund

7,679,878

High Yield Fund

1,160,751

High Yield Multi-Sector Account Portfolio

(b)

Inflation Protected Bond Fund

138,767

260

  

Fund

Payment

Institutional Africa & Middle East Fund

(b)

Institutional Cash Reserves Fund

(b)

Institutional Core Plus Fund

(b)

Institutional Emerging Markets Bond Fund

(b)

Institutional Emerging Markets Equity Fund

(b)

Institutional Floating Rate Fund

(b)

Institutional Floating Rate Fund—F Class

762,056

Institutional Frontier Markets Equity Fund

(b)

Institutional Global Value Equity Fund

(b)

Institutional High Yield Fund

(b)

Institutional International Core Equity Fund

(b)

Institutional International Disciplined Equity Fund

(b)

Institutional International Growth Equity Fund

(b)

Institutional Large-Cap Core Growth Fund

(b)

Institutional Large-Cap Growth Fund

(b)

Institutional Large-Cap Value Fund

(b)

Institutional Long Duration Credit Fund

(b)

Institutional Mid-Cap Equity Growth Fund

(b)

Institutional Small-Cap Stock Fund

(b)

Intermediate Tax-Free High Yield Fund

10,888

International Bond Fund

353,412

International Bond Fund (USD Hedged)

577

International Disciplined Equity Fund

63,366

International Discovery Fund

4,541,939

International Equity Index Fund

202,508

International Stock Fund

980,801

International Value Equity Fund

664,306

Investment-Grade Corporate Multi-Sector Account Portfolio

(b)

Japan Fund

399,931

Latin America Fund

254,590

Limited Duration Inflation Focused Bond Fund

6,847

Maryland Short-Term Tax-Free Bond Fund

62,878

Maryland Tax-Free Bond Fund

1,028,085

Maryland Tax-Free Money Fund

1,193

Mid-Cap Growth Fund

13,842,113

Mid-Cap Index Fund

(b)

Mid-Cap Value Fund

4,042,236

Mortgage-Backed Securities Multi-Sector Account Portfolio

(b)

Multi-Strategy Total Return Fund

(a)

New America Growth Fund

3,324,437

New Asia Fund

1,093,082

261

  

Fund

Payment

New Era Fund

1,284,891

New Horizons Fund

10,817,029

New Income Fund

390,751

New Jersey Tax-Free Bond Fund

331,879

New York Tax-Free Bond Fund

214,766

New York Tax-Free Money Fund

1,130

Overseas Stock Fund

1,058,569

QM Global Equity Fund

528

QM U.S. Small & Mid-Cap Core Equity Fund

23,554

QM U.S. Small-Cap Growth Equity Fund

4,850,370

QM U.S. Value Equity Fund

1,167

Real Assets Fund

49,507

Real Estate Fund

3,818,940

Retirement 2005 Fund

(c)

Retirement 2010 Fund

(c)

Retirement 2015 Fund

(c)

Retirement 2020 Fund

(c)

Retirement 2025 Fund

(c)

Retirement 2030 Fund

(c)

Retirement 2035 Fund

(c)

Retirement 2040 Fund

(c)

Retirement 2045 Fund

(c)

Retirement 2050 Fund

(c)

Retirement 2055 Fund

(c)

Retirement 2060 Fund

(c)

Retirement Balanced Fund

(c)

Retirement Income 2020 Fund

(c)

Science & Technology Fund

1,237,676

Short-Term Fund

(b)

Short-Term Bond Fund

1,455,635

Short-Term Government Fund

(a)

Small-Cap Index Fund

(b)

Small-Cap Stock Fund

3,248,530

Small-Cap Value Fund

2,955,898

Spectrum Conservative Allocation Fund

968,665

Spectrum Growth Fund

(c)

Spectrum Income Fund

(c)

Spectrum International Fund

(c)

Spectrum Moderate Allocation Fund

1,265,683

Spectrum Moderate Growth Allocation Fund

1,619,691

Summit Municipal Income Fund

2,069,354

Summit Municipal Intermediate Fund

7,340,230

262

  

Fund

Payment

Summit Municipal Money Market Fund

350

Target 2005 Fund

3,985

Target 2010 Fund

13,020

Target 2015 Fund

32,548

Target 2020 Fund

78,283

Target 2025 Fund

94,203

Target 2030 Fund

101,612

Target 2035 Fund

74,101

Target 2040 Fund

66,201

Target 2045 Fund

45,752

Target 2050 Fund

39,372

Target 2055 Fund

19,367

Target 2060 Fund

8,609

Tax-Efficient Equity Fund

100,393

Tax-Exempt Money Fund

8,553

Tax-Free High Yield Fund

3,998,026

Tax-Free Income Fund

1,038,502

Tax-Free Short-Intermediate Fund

1,495,046

Total Equity Market Index Fund

410,171

Total Return Fund

569

Treasury Reserve Fund

(b)

U.S. Bond Enhanced Index Fund

630,821

U.S. Equity Research Fund

521,291

U.S. High Yield Fund

25,396

U.S. Large-Cap Core Fund

387,428

U.S. Treasury Intermediate Fund

159,974

U.S. Treasury Long-Term Fund

47,736

U.S. Treasury Money Fund

475,540

Ultra Short-Term Bond Fund

287,087

Value Fund

3,031,124

Virginia Tax-Free Bond Fund

802,812

(a) Prior to commencement of operations.

(b) Not eligible to participate in AFP program.

(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.

Each Advisor and R Class has adopted an AFP program under which various third parties, including third parties receiving 12b-1 payments, may receive payments from the class in addition to 12b-1 fees for providing various recordkeeping, transfer agency, and administrative services to the classes and/or shareholders thereof. These services include, but are not limited to: transmitting net purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; mailing shareholder confirmations and periodic statements; processing dividend payments; and utilizing telephone services in connection with the above. Under this AFP program, the funds paid the amounts set forth below in the calendar year 2018, unless otherwise indicated.

  

Fund

Payment

Asia Opportunities Fund—Advisor Class

$331

263

  

Fund

Payment

Blue Chip Growth Fund—Advisor Class

5,485,120

Blue Chip Growth Fund—R Class

1,282,877

Capital Appreciation Fund—Advisor Class

1,452,680

Credit Opportunities Fund—Advisor Class

27

Dividend Growth Fund—Advisor Class

494,640

Dynamic Global Bond Fund—Advisor Class

206

Emerging Markets Bond Fund—Advisor Class

1,984

Emerging Markets Corporate Bond Fund—Advisor Class

2,052

Emerging Markets Discovery Stock Fund—Advisor Class

66

Emerging Markets Local Currency Bond Fund—Advisor Class

133

Equity Income Fund—Advisor Class

547,001

Equity Income Fund—R Class

127,624

Floating Rate Fund—Advisor Class

86,660

Global Allocation Fund—Advisor Class

17,660

Global Growth Stock Fund—Advisor Class

2,797

Global High Income Bond Fund—Advisor Class

1,741

Global Multi-Sector Bond Fund—Advisor Class

37,320

Global Real Estate Fund—Advisor Class

27,879

Global Stock Fund—Advisor Class

47,659

Growth Stock Fund—Advisor Class

4,992,361

Growth Stock Fund—R Class

1,516,871

High Yield Fund—Advisor Class

231,529

Intermediate Tax-Free High Yield Fund—Advisor Class

472

International Bond Fund—Advisor Class

11,710

International Bond Fund (USD Hedged)—Advisor Class

0

International Disciplined Equity Fund—Advisor Class

1,894

International Stock Fund—Advisor Class

199,168

International Stock Fund—R Class

14,094

International Value Equity Fund—Advisor Class

161,969

International Value Equity Fund—R Class

94,459

Mid-Cap Growth Fund—Advisor Class

1,492,851

Mid-Cap Growth Fund—R Class

200,832

Mid-Cap Value Fund—Advisor Class

449,209

Mid-Cap Value Fund—R Class

282,193

Multi-Strategy Total Return Fund—Advisor Class

(a)

New America Growth Fund—Advisor Class

459,047

New Income Fund—Advisor Class

69,565

New Income Fund—R Class

6,346

Overseas Stock Fund—Advisor Class

8,217

QM Global Equity Fund—Advisor Class

0

QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

146

264

  

Fund

Payment

QM U.S. Small-Cap Growth Equity—Advisor Class

46,927

QM U.S. Value Equity Fund—Advisor Class

2

Real Estate Fund—Advisor Class

288,742

Retirement 2005 Fund—Advisor Class

(b)

Retirement 2005 Fund—R Class

(b)

Retirement 2010 Fund—Advisor Class

(b)

Retirement 2010 Fund—R Class

(b)

Retirement 2015 Fund—Advisor Class

(b)

Retirement 2015 Fund—R Class

(b)

Retirement 2020 Fund—Advisor Class

(b)

Retirement 2020 Fund—R Class

(b)

Retirement 2025 Fund—Advisor Class

(b)

Retirement 2025 Fund—R Class

(b)

Retirement 2030 Fund—Advisor Class

(b)

Retirement 2030 Fund—R Class

(b)

Retirement 2035 Fund—Advisor Class

(b)

Retirement 2035 Fund—R Class

(b)

Retirement 2040 Fund—Advisor Class

(b)

Retirement 2040 Fund—R Class

(b)

Retirement 2045 Fund—Advisor Class

(b)

Retirement 2045 Fund—R Class

(b)

Retirement 2050 Fund—Advisor Class

(b)

Retirement 2050 Fund—R Class

(b)

Retirement 2055 Fund—Advisor Class

(b)

Retirement 2055 Fund—R Class

(b)

Retirement 2060 Fund—Advisor Class

(b)

Retirement 2060 Fund—R Class

(b)

Retirement Balanced Fund—Advisor Class

(b)

Retirement Balanced Fund—R Class

(b)

Science & Technology Fund—Advisor Class

1,063,454

Short-Term Bond Fund—Advisor Class

51,074

Small-Cap Stock Fund—Advisor Class

259,257

Small-Cap Value Fund—Advisor Class

348,392

Summit Municipal Income Fund—Advisor Class

8,907

Summit Municipal Intermediate Fund—Advisor Class

10,256

Target 2005 Fund—Advisor Class

956

Target 2010 Fund—Advisor Class

4,952

Target 2015 Fund—Advisor Class

8,993

Target 2020 Fund—Advisor Class

34,139

Target 2025 Fund—Advisor Class

20,933

Target 2030 Fund—Advisor Class

40,484

Target 2035 Fund—Advisor Class

17,762

265

  

Fund

Payment

Target 2040 Fund—Advisor Class

19,940

Target 2045 Fund—Advisor Class

13,652

Target 2050 Fund—Advisor Class

10,830

Target 2055 Fund—Advisor Class

6,750

Target 2060 Fund—Advisor Class

1,134

Tax-Free High Yield Fund—Advisor Class

857,515

Tax-Free Income Fund—Advisor Class

447,992

Tax-Free Short-Intermediate Fund—Advisor Class

8,930

Total Return Fund—Advisor Class

12

U.S. Equity Research Fund—Advisor Class

17,741

U.S. Equity Research Fund—R Class

9,871

U.S. High Yield Fund—Advisor Class

15,076

U.S. Large-Cap Core Fund—Advisor Class

26,833

Value Fund—Advisor Class

525,788

(a) Prior to commencement of operations.

(b) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.

Additional Payments to Financial Intermediaries and Other Third Parties (All Funds)

In addition to shareholder servicing payments (including AFP) and the 12b-1 payments made by each Advisor and R Class, T. Rowe Price or its affiliates will, at their own expense and out of their own profits, provide additional compensation to certain financial intermediaries such as broker-dealers, registered investment advisers, banks, insurance companies, and retirement plan recordkeepers. These payments may be in the form of asset-based, transaction-based, or fixed-dollar payments in connection with the sale, distribution, marketing, and/or servicing of the Price Funds, commonly referred to as revenue-sharing (collectively “Additional Compensation”). The categories of Additional Compensation are described below. These categories are not mutually exclusive and T. Rowe Price or its affiliates may pay Additional Compensation for other types of services in the future. The same financial intermediaries may receive payments under one or more categories.

Marketing Support Payments T. Rowe Price or its affiliates will pay Additional Compensation for sales and marketing support activities to certain financial intermediaries in connection with their efforts to educate financial professionals and provide services which may facilitate, directly or indirectly, investment in the Price Funds. A financial intermediary's marketing support services may include business planning assistance, advertising, educating financial intermediary personnel about the Price Funds and shareholder financial planning needs, placement on the financial intermediary's sales platform, inclusion on a no-transaction fee fund list or preferred funds listing, periodic sales reporting and data on the Price Funds, and access to sales meetings, sales representatives and management representatives of the financial intermediary. T. Rowe Price or its affiliates compensate financial intermediaries differently depending upon, among other factors, sales and assets levels, redemption rates and their level, and/or the type of marketing and educational activities provided by the financial intermediary.

Conference Support Payments Additional Compensation will include financial assistance to financial intermediaries that enable employees of T. Rowe Price or its affiliates to participate in and/or present at conferences or seminars, sales or training programs, client and investor events, co-operative advertising, newsletters, and other events. Additional Compensation amounts may vary depending upon the nature of the event. T. Rowe Price or its affiliates routinely sponsors, and pays Additional Compensation in connection with, due diligence meetings during which attendees receive updates on various Price Funds and are afforded the opportunity to speak with investment professionals, including portfolio managers. To the extent permitted by their firm's policies and procedures, registered representatives' expenses in attending these meetings, including lodging and transportation, may be covered by T. Rowe Price or its affiliates.

Administrative and Processing Support Payments T. Rowe Price provides Additional Compensation to financial intermediaries that will: help facilitate rollovers from employer-sponsored retirement plans to individual retirement accounts; contribute to the costs of providing certain technology and data support services; reimburse certain transaction

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expenses, such as ticket charges for purchases or exchanges; and contribute to costs for ancillary services, such as setting up Price Funds on an intermediary's mutual fund trading system/platform.

Payments to Retirement Plans T. Rowe Price or its affiliated retirement plan recordkeeper, RPS, will pay Additional Compensation in circumstances where the Price Funds are offered as investment options in such plans to the extent that amounts collected by RPS for providing administrative and transfer agent services to the Price Funds exceed the RPS negotiated revenue requirements for servicing such plan. These payments are provided directly to the retirement plans. To the extent the amounts are not used to offset plan expenses, the amounts may be allocated to participant accounts.

The receipt of, or the prospect of receiving, Additional Compensation from T. Rowe Price and its affiliates may influence intermediaries, plan sponsors and other third parties to offer or recommend Price Funds over other investment options for which an intermediary does not receive similar compensation (or receives lower levels of additional compensation). In addition, financial intermediaries that receive Additional Compensation may elevate the prominence of the Price Funds by, for example, placing the Price Funds on a list of preferred or recommended funds and/or provide preferential or enhanced opportunities to promote the Price Funds in various ways. Additional Compensation amounts are not paid by a fund directly; these arrangements do not increase fund expenses and will not change the price that an investor pays for shares of the Price Funds or the amount that a Price Fund receives to invest on behalf of an investor. However, T. Rowe Price's revenues or profits may in part be derived from fees earned for services provided to and paid for by the Price Funds. Investors or prospective investors in the Price Funds should ask their financial intermediary for more information about any Additional Compensation it receives from T. Rowe Price or its affiliates.

DISTRIBUTOR FOR THE FUNDS

Investment Services, a Maryland corporation formed in 1980 as a wholly owned subsidiary of T. Rowe Price, serves as distributor for all Price Funds on a continuous basis. Investment Services is registered as a broker-dealer under the 1934 Act and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

Investment Services is located at the same address as the funds and T. Rowe Price: 100 East Pratt Street, Baltimore, Maryland 21202.

Investment Services serves as distributor to the Price Funds, pursuant to an Underwriting Agreement (“Underwriting Agreement”), which provides that the funds (other than the All-Inclusive Fee Funds) will pay all fees and expenses in connection with necessary state filings; preparing, setting in type, printing, and mailing of prospectuses and reports to shareholders; and issuing shares, including expenses of confirming purchase orders. For the All-Inclusive Funds, the Underwriting Agreement provides that Investment Services will pay, or will arrange for others to pay, these fees and expenses.

The Underwriting Agreement also provides that Investment Services will pay all fees and expenses in connection with printing and distributing prospectuses and reports for use in offering and selling fund shares; preparing, setting in type, printing, and mailing all sales literature and advertising; Investment Services’ federal and state registrations as a broker-dealer; and offering and selling shares for each fund, except for those fees and expenses specifically assumed by the funds. Investment Services’ expenses are paid by T. Rowe Price.

Investment Services acts as the agent of the funds, in connection with the sale of fund shares in the various states in which Investment Services is qualified as a broker-dealer. Under the Underwriting Agreement, Investment Services accepts orders for fund shares at net asset value. Other than as described below with respect to the Advisor and R Class shares, no sales charges are paid by investors or the funds and no compensation is paid to Investment Services. The Underwriting Agreement also allows Investment Services to enter into agreements with affiliated T. Rowe Price entities to offer and sell shares of the Price Funds, under limited conditions, to certain institutional investors outside the U.S.

Advisor and R Class

Distribution and Shareholder Services Plan

The funds’ directors adopted a plan pursuant to Rule 12b-1 under the 1940 Act with respect to each Advisor and R Class (the “Class”). Each plan provides that the Class may compensate Investment Services, or such other persons as the funds or Investment Services designates, to finance any or all of the distribution, shareholder servicing, maintenance of shareholder

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accounts, and/or other administrative services with respect to Class shares. It is expected that most, if not all, payments under each plan will be made (either directly, or indirectly through Investment Services) to intermediaries other than Investment Services such as broker-dealers, banks, insurance companies, and retirement plan recordkeepers. Under each plan, the Advisor Class pays a fee at the annual rate of up to 0.25% of that class’ average daily net assets and the R Class pays a fee at the annual rate of up to 0.50% of that class’ average net daily assets. Normally, the full amount of the fee is paid to the intermediary on shares sold through that intermediary; however, a lesser amount may be paid. In addition, the fee may be split among intermediaries based on the level of services provided by each. Intermediaries may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing of the Class, as well as for a wide variety of other purposes associated with supporting, distributing, and servicing Class shares. The amount of fees paid by a Class during any year may be more or less than the cost of distribution and other services provided to the Class and its investors. FINRA rules limit the amount of annual distribution and service fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The plan complies with these rules.

The plan requires that Investment Services provide, or cause to be provided, a quarterly written report identifying the amounts expended by each Class and the purposes for which such expenditures were made to the fund directors for their review.

Prior to approving the plan, the funds considered various factors relating to the implementation of the plan and determined that there is a reasonable likelihood that the plan will benefit each fund, its Class, and the Class’ shareholders. The fund directors noted that to the extent the plan allows a fund to sell Class shares in markets to which it would not otherwise have access, the plan may result in additional sales of fund shares. This may enable a fund to achieve economies of scale that could reduce expenses. In addition, certain ongoing shareholder services may be provided more effectively by intermediaries with which shareholders have an existing relationship.

The plan is renewable from year to year with respect to each fund, as long as its continuance is approved at least annually (1) by the vote of a majority of the fund directors and (2) by a vote of the majority of the funds’ independent directors cast in person at a meeting called for the purpose of voting on such approval. The plan may not be amended to increase materially the amount of fees paid by any Class thereunder unless such amendment is approved by a majority vote of the outstanding shares of such Class and by the fund directors in the manner prescribed by Rule 12b-1 under the 1940 Act. The plan is terminable with respect to a Class at any time by a vote of a majority of the independent directors or by a majority vote of the outstanding shares in the Class.

Payments under the 12b-1 plans will still normally be made for funds that are closed to new investors. Such payments are made for the various services provided to existing investors by the intermediaries receiving such payments.

The following payments for the fiscal year indicated were made to intermediaries, including broker-dealers and insurance companies, for the distribution, shareholder servicing, maintenance of shareholder accounts, and/or other administrative services under the plan (or a prior plan, as indicated in the table).

  

Fund

Fiscal Year Ended
2/28/19

Intermediate Tax-Free High Yield Fund—Advisor Class

$2,000

Tax-Free High Yield Fund—Advisor Class

1,021,000

Tax-Free Income Fund—Advisor Class

542,000

Tax-Free Short-Intermediate Fund—Advisor Class

16,000

  

Fund

Fiscal Year Ended
5/31/19

Credit Opportunities Fund—Advisor Class

$1,000

Floating Rate Fund—Advisor Class

120,000

Global Multi-Sector Bond Fund—Advisor Class

57,000

High Yield Fund—Advisor Class

679,000

New Income Fund—Advisor Class

138,000

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Fund

Fiscal Year Ended
5/31/19

New Income Fund—R Class

20,000

Retirement 2005 Fund—Advisor Class

187,000

Retirement 2005 Fund—R Class

238,000

Retirement 2010 Fund—Advisor Class

838,000

Retirement 2010 Fund—R Class

1,050,000

Retirement 2015 Fund—Advisor Class

1,051,000

Retirement 2015 Fund—R Class

1,644,000

Retirement 2020 Fund—Advisor Class

5,105,000

Retirement 2020 Fund—R Class

6,837,000

Retirement 2025 Fund—Advisor Class

3,795,000

Retirement 2025 Fund—R Class

5,977,000

Retirement 2030 Fund—Advisor Class

6,362,000

Retirement 2030 Fund—R Class

9,589,000

Retirement 2035 Fund—Advisor Class

3,211,000

Retirement 2035 Fund—R Class

5,262,000

Retirement 2040 Fund—Advisor Class

5,026,000

Retirement 2040 Fund—R Class

7,072,000

Retirement 2045 Fund—Advisor Class

2,298,000

Retirement 2045 Fund—R Class

3,783,000

Retirement 2050 Fund—Advisor Class

2,690,000

Retirement 2050 Fund—R Class

3,974,000

Retirement 2055 Fund—Advisor Class

1,161,000

Retirement 2055 Fund—R Class

1,861,000

Retirement 2060 Fund—Advisor Class

161,000

Retirement 2060 Fund—R Class

280,000

Retirement Balanced Fund—Advisor Class

366,000

Retirement Balanced Fund—R Class

1,075,000

Short-Term Bond Fund—Advisor Class

75,000

Target 2005 Fund—Advisor Class

2,000

Target 2010 Fund—Advisor Class

6,000

Target 2015 Fund—Advisor Class

15,000

Target 2020 Fund—Advisor Class

52,000

Target 2025 Fund—Advisor Class

34,000

Target 2030 Fund—Advisor Class

62,000

Target 2035 Fund—Advisor Class

27,000

Target 2040 Fund—Advisor Class

32,000

Target 2045 Fund—Advisor Class

21,000

Target 2050 Fund—Advisor Class

17,000

Target 2055 Fund—Advisor Class

11,000

Target 2060 Fund—Advisor Class

3,000

Total Return Fund—Advisor Class

1,000

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Fund

Fiscal Year Ended
5/31/19

U.S. High Yield Fund—Advisor Class

12,000

  

Fund

Fiscal Year Ended
10/31/18

Asia Opportunities Fund—Advisor Class

$1,000

Emerging Markets Discovery Stock Fund—Advisor Class

1,000

Global Allocation Fund—Advisor Class

29,000

Global Growth Stock Fund—Advisor Class

6,000

Global Stock Fund—Advisor Class

78,000

International Disciplined Equity Fund—Advisor Class

4,000

International Stock Fund—Advisor Class

352,000

International Stock Fund—R Class

47,000

International Value Equity Fund—Advisor Class

330,000

International Value Equity Fund—R Class

330,000

Overseas Stock Fund—Advisor Class

13,000

Summit Municipal Income Fund—Advisor Class

15,000

Summit Municipal Intermediate Fund—Advisor Class

18,000

  

Fund

Fiscal Year Ended
12/31/18

Blue Chip Growth Fund—Advisor Class

$9,182,000

Blue Chip Growth Fund—R Class

4,278,000

Capital Appreciation Fund—Advisor Class

2,438,000

Dividend Growth Fund—Advisor Class

829,000

Dynamic Credit Fund—Advisor Class

(a)

Dynamic Global Bond Fund—Advisor Class

1,000

Emerging Markets Bond Fund—Advisor Class

5,000

Emerging Markets Corporate Bond Fund—Advisor Class

4,000

Emerging Markets Local Currency Bond Fund—Advisor Class

1,000

Equity Income Fund—Advisor Class

938,000

Equity Income Fund—R Class

427,000

Global High Income Bond Fund—Advisor Class

3,000

Global Real Estate Fund—Advisor Class

47,000

Growth Stock Fund—Advisor Class

8,330,000

Growth Stock Fund—R Class

5,049,000

International Bond Fund—Advisor Class

21,000

International Bond Fund (USD Hedged)—Advisor Class

1,000

Mid-Cap Growth Fund—Advisor Class

2,505,000

Mid-Cap Growth Fund—R Class

671,000

Mid-Cap Value Fund—Advisor Class

755,000

Mid-Cap Value Fund—R Class

943,000

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Fund

Fiscal Year Ended
12/31/18

New America Growth Fund—Advisor Class

767,000

QM Global Equity Fund—Advisor Class

1,000

QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class

2,000

QM U.S. Small-Cap Growth Equity Fund—Advisor Class

78,000

QM U.S. Value Equity Fund—Advisor Class

1,000

Real Estate Fund—Advisor Class

476,000

Science & Technology Fund—Advisor Class

1,782,000

Small-Cap Stock Fund—Advisor Class

438,000

Small-Cap Value Fund—Advisor Class

1,173,000

U.S. Equity Research Fund—Advisor Class

30,000

U.S. Equity Research Fund—R Class

33,000

U.S. Large-Cap Core Fund—Advisor Class

45,000

Value Fund—Advisor Class

988,000

(a) Prior to commencement of operations.

PORTFOLIO TRANSACTIONS

Investment or Brokerage Discretion

Decisions with respect to the selection, purchase, and sale of portfolio securities on behalf of the international Price Funds are generally made by T. Rowe Price International, Price Hong Kong, and/or Price Japan. Decisions with respect to the selection, purchase, and sale of portfolio securities on behalf of all other Price Funds are generally made by T. Rowe Price. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Japan (together, with Price Singapore, the “Price Advisers”), are responsible for implementing these decisions for the Price Funds, including, where applicable, the negotiation of commissions, the allocation of portfolio brokerage and principal business, and the use of affiliates to assist in routing orders for execution. Each Price Adviser may delegate actual trade execution to the trading desks of other Price Advisers and may use these affiliated investment advisers for certain other trading-related services.

Broker-Dealer Selection

With respect to equity, fixed income, and derivative transactions, the Price Advisers may effect principal transactions on behalf of a fund with a broker-dealer that furnishes brokerage and in certain cases research services, designate a broker-dealer to receive selling concessions, discounts, or other allowances, and otherwise deal with a broker-dealer in the acquisition of securities in underwritings.

Fixed Income Securities

In purchasing and selling fixed income securities, the Price Advisers ordinarily place transactions with the issuer or a broker-dealer acting as principal for the securities on a net basis, with no stated brokerage commission being paid by the client, although the price usually reflects undisclosed compensation to the broker-dealer. Fixed income transactions may also be placed with underwriters at prices that include underwriting fees. Fixed income transactions through broker-dealers reflect the spread between the bid and asked prices.

Foreign Currency Transactions

The Price Advisers may engage in foreign currency transactions (“FX”) to facilitate trading in or settlement of trades in foreign securities. The Price Advisers may use FX, including forward currency contracts, when seeking to manage exposure to or profit from changes in interest or exchange rates; protect the value of portfolio securities; or to facilitate cash management. The Price Advisers select broker-dealers that they believe will provide best execution on behalf of the Price Funds and other investment accounts that they manage, frequently via electronic platforms. To minimize transaction costs,

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certain FX trading activity may be aggregated across accounts, including the Price Funds, but each account’s trade is individually settled with the counterparty.

Equity Securities

In purchasing and selling equity securities, the Price Advisers seek to obtain best execution at favorable security prices through responsible broker-dealers and, in the case of agency transactions, at competitive commission rates. However, under certain conditions, higher brokerage commissions may be paid to broker-dealers providing brokerage and research services to the Price Advisers than might be paid to other broker-dealers in accordance with Section 28(e) under the 1934 Act and subsequent guidance from regulators.

In selecting broker-dealers to execute the Price Funds’ portfolio transactions, consideration is given to such factors as the (i) liquidity of the security; (ii) the size and difficulty of the order; (iii) the speed and likelihood of execution and settlement; (iv) the reliability, integrity and creditworthiness, general execution and operational capabilities of competing broker-dealers and services provided; and (v) expertise in particular markets. It is not the policy of the Price Advisers to seek the lowest available commission rate where it is believed that a broker-dealer charging a higher commission rate would offer greater reliability or provide better pricing or more efficient execution. Therefore, the Price Advisers pay higher commission rates to broker-dealers that are believed to offer greater reliability, better pricing, or more efficient execution.

Best Execution

T. Rowe Price’s Global Trading Committee (“GTC”) oversees the brokerage allocation and trade execution policies for the Price Advisers. The GTC is supported by the equity and fixed income best execution subcommittees in monitoring the Price Advisers’ compliance with the execution policy. The execution policy requires the Price Advisers to execute trades consistent with the principles of best execution which requires an adviser to take all sufficient steps to obtain the best possible result for the Price Funds taking into account various factors.

Research Benefits

T. Rowe Price believes that original in-house research is the primary driver of value-added active management. Although research created or developed by a broker-dealer or its affiliate and research created or developed by an independent third party is an important component of the Price Advisers’ investment approach, the Price Advisers rely primarily upon their own research and subject any outside research to internal analysis before incorporating it into the investment process.

Certain Price Advisers (including, Price Associates and Price Hong Kong) have used, and Price Associates continues to use, equity brokerage commissions or “soft dollars” consistent with Section 28(e) under the 1934 Act (“Section 28(e)”) and other relevant regulatory guidance to acquire research services from broker-dealers. Section 28(e) permits an investment adviser to cause an account to pay a higher commission to a broker-dealer that provides research services than the commission another broker-dealer would charge, provided the adviser determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services received. An adviser may make this good faith determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. When we use client brokerage commissions to obtain research services, we receive a benefit because we do not have to produce or pay for the research services out of Price Advisers’ resources.

Beginning January 2020, T. Rowe Price will bear the cost of research services for all client accounts we advise. Client accounts will only pay execution commissions in connection with equity securities transaction. For certain proprietary pooled investment vehicles including the Price Funds, we will continue to use equity brokerage commissions from client transactions through commission sharing arrangements (consistent with Section 28(e)) to compensate certain U.S. broker-dealers for research services. However, we will voluntarily reimburse such pooled investment vehicles for any amount collected into the commission sharing arrangements.

Prior to January 2020, each of the Price Advisers may take a different approach to paying for research services in consideration of the regulatory regime, local market practice and operational practicability applicable to each Price Adviser. Currently, Price International Ltd, Price Hong Kong, Price Japan and Price Singapore do not use client

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commissions to pay for research, and any research services acquired by these advisers are paid for in cash by the relevant adviser.

Whenever commissions are pooled and used to pay for research, conflicts of interest may arise due to the potential that one account’s (such as a Price Fund’s) commissions could be subsidizing research that benefits another investment vehicle, such as a Price Fund or another vehicle managed by a Price Adviser. However, because research services often benefit several investment vehicles simultaneously or to differing degrees, it is impractical to directly quantify the benefit of research to any particular vehicle. For this reason, we do not seek to allocate soft dollar benefits to client accounts proportionately to the soft dollar credits the accounts generate. We attempt to mitigate these potential conflicts of interests through oversight of the use of commissions to pay for research by the Research Governance Oversight Committee.

Price Advisers acquire proprietary research from broker-dealers who also provide trade execution, clearing settlement and/or other services. Research received from broker-dealers or independent third party research providers generally includes information on the economy, industries, groups of securities, individual companies, statistical information, accounting and tax law interpretations, political developments, legal developments affecting portfolio securities, technical market action, pricing and appraisal services, credit analysis, currency and commodity market analysis, risk measurement analysis, performance analysis, and analysis of corporate, environmental, social and governance responsibility issues. Research services are received in the form of written reports, computer generated data, telephone contacts, investment conferences, bespoke services, financial models and personal meetings with security analysts, market specialists, corporate and industry executives, and other persons. Research may also include access to unaffiliated individuals with expertise in various industries, businesses, or other related areas, including use of expert referral networks which provide access to industry consultants, vendors, and suppliers. The Price Advisers may use a limited number of expert networks.

A Price Adviser may use a portion of its research budget to purchase access to research from certain broker-dealers together with other Price Advisers for a single platform fee. This allows the Price Advisers to leverage their size and scale to purchase access to certain research services across a broad group of research users globally from each research provider. Based on the terms of these platform arrangements, research services available through these platform access arrangements may be shared among the Price Advisers that participate.

Each Price Adviser generally pays for data subscriptions, investment technology tools and other specialized services to assist with the investment process directly from its own resources. Each Price Adviser also pays for fixed income research and services directly from its own resources where feasible or required.

Allocation of Brokerage Business

Each Price Adviser has a policy of not pre-committing a specific amount of business to any broker-dealer over any specific period. Each Price Adviser makes brokerage placement determinations, as appropriate, based on the needs of a specific transaction such as market-making, availability of a buyer for or seller of a particular security, or specialized execution skills. Each Price Adviser may choose to allocate brokerage among several broker-dealers able to meet the needs of the transaction. Allocation of brokerage business is monitored on a regularly scheduled basis by appropriate personnel and the GTC.

Each Price Adviser may have brokerage relationships with broker-dealers who are, or are an affiliate of, clients that have appointed the Price Adviser or an affiliate to serve as investment adviser, trustee, or recordkeeper. Each Price Adviser also has other relationships with or may own positions in the publicly traded securities of the broker-dealers with whom we transact with or on behalf of our clients.

Evaluating the Overall Reasonableness of Brokerage Commissions Paid

On a continuing basis, the Price Advisers seek to determine what levels of commission rates are reasonable in the marketplace for transactions executed on behalf of mutual funds and other institutional clients. In evaluating the reasonableness of commission rates, the Price Advisers may consider any or all of the following: (a) rates quoted by broker-dealers; (b) the size of a particular transaction, in terms of the number of shares, dollar amount, and number of clients involved; (c) the complexity of a particular transaction in terms of both execution and settlement; (d) the level and type of business conducted with a particular firm over a period of time; (e) the extent to which the broker-dealer has capital at risk in the transaction; (f) historical commission rates; (g) rates paid by other institutional investors based on available public information; and (h) research provided by the broker-dealer.

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Commission Recapture

Currently, the Price Advisers do not recapture commissions, underwriting discounts, or selling-group concessions for equity or fixed income securities acquired in underwritten offerings. The Price Advisers may, however, designate a portion of the underwriting spread to broker-dealers that participate in the offering.

Block Trading/Aggregated Orders/Order Sequencing

Because certain investment vehicles (including the Price Funds) managed by the Price Advisers and other affiliated investment advisers have similar investment objectives and programs, investment decisions may be made that result in the simultaneous purchase or sale of securities. As a result, the demand for, or supply of, securities may increase or decrease, which could have an adverse effect on prices. Aggregation of orders may be a collaborative process between trading and portfolio management staff. The Price Advisers’ policy is not to favor one client over another in grouping orders for various clients.

The grouping of orders could at times result in more or less favorable prices. In certain cases, where the aggregated order is executed in a series of transactions at various prices on a given day, each participating investment vehicle’s proportionate share of grouped orders reflects the average price paid or received. The Price Adviser may include orders on behalf of Price Funds and other clients and products advised by the Price Advisers and their affiliates, including the not-for-profit entities T. Rowe Price Foundation, Inc., the T. Rowe Price Program for Charitable Giving, Inc., employee stock for certain Retirement Plan Services relationships and T. Rowe Price and its affiliates’ proprietary investments, in its aggregated orders.

The Price Advisers and other affiliated investment advisers have developed written trade allocation guidelines for their trading desks. Generally, when the amount of securities available in a public or initial offering or the secondary markets is insufficient to satisfy the volume for participating clients, the Price Adviser will make pro rata allocations based upon the relative sizes of the participating client orders or the relative sizes of the participating client portfolios depending upon the market involved, subject to portfolio manager and trader input. For example, a portfolio manager may choose to receive a non-pro rata allocation to comply with certain client guidelines, manage anticipated cash flows, or achieve the portfolio manager’s long-term vision for the portfolio. Each investment vehicle (including the Price Funds) receives the same average share price of the securities for each aggregated order. Because a pro rata allocation may not always accommodate all facts and circumstances, the guidelines provide for adjustments to allocation amounts in certain cases. For example, adjustments may be made: (i) to eliminate de minimis positions or satisfy minimum denomination requirements; (ii) to give priority to accounts with specialized investment policies and objectives; and (iii) to allocate in light of a participating portfolio’s characteristics, such as available cash, industry or issuer concentration, duration, and credit exposure. Such allocation processes may result in a partial execution of a proposed purchase or sale order.

The Price Advisers employ certain guidelines in an effort to ensure equitable distribution of investment opportunities among clients of the firm, which may occasionally serve to limit the participation of certain clients in a particular security, based on factors such as client mandate or a sector or industry specific investment strategy or focus. For example, accounts that maintain a broad investment mandate may have less access than targeted investment mandates to certain securities (e.g., sector specific securities) where the Price Adviser does not receive a fully filled order (e.g., certain IPO transactions) or where aggregate ownership of such securities is approaching firm limits.

Also, for certain types of investments, most commonly private placement transactions, conditions imposed by the issuer may limit the number of clients allowed to participate or number of shares offered to the Price Advisers.

The Price Advisers have developed written trade sequencing and execution guidelines that they believe are reasonably designed to provide the fair and equitable allocation of equity trades, both long and short, to minimize the impact of trading activity across client accounts. The policies and procedures are intended to: (i) mitigate conflicts of interest when trading both long and short in the same equity security; and (ii) mitigate conflicts when shorting an equity security that is held by other accounts managed by the Price Advisers that are not simultaneously transacting in the security. Notwithstanding the application of the Price Advisers’ policies and procedures, it may not be possible to mitigate all conflicts of interest when transacting both long and short in the same equity security; therefore, there is a risk that one transaction will be completed ahead of the other transaction, that the pricing may not be consistent between long and short transactions, or that an equity long or short transaction may have an adverse impact on the market price of the security being traded.

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U.S. High Yield Fund

The U.S. High Yield Fund is managed by a separate fixed income investment team in the Philadelphia region (“Philadelphia Team”) which conducts its own research, idea generation and trade execution with its own portfolio manager, analysts, and trader. This separate investment team will make investments in one or more of the same or similar markets as other Price Funds and may directly compete with other Price Funds for the same or similar investment opportunities. The Philadelphia Team will not have access to T. Rowe Price’s global research platform. In many instances, consistent with applicable law, the broker-dealers selling securities to the U.S. High Yield Fund are expected to determine the allocation independent of allocations made by the same broker-dealer to other Price Funds, which is expected to increase overall allocations to the Price Funds, although there can be no guarantee. Although transactions in the same security may take place in the U.S. High Yield Fund and one or more other Price Funds, where feasible and practical, through access controls and other means, certain restrictions have been put in place to keep the Philadelphia Team and the other Price Funds’ investment teams from viewing each other’s orders and holdings.

The U.S. High Yield Fund is eligible to cross or aggregate orders with other portfolios managed by the Philadelphia Team but will not be eligible to cross or aggregate orders with portfolios managed by T. Rowe Price’s other investment teams, including other Price Funds. The Philadelphia Team may trade in the same securities before, at the same time, in close time proximity to, or after T. Rowe Price’s other investment teams, and as a result, the U.S. High Yield Fund’s execution prices are expected to differ. Additionally, the Philadelphia Team may take opposite positions to other similarly managed Price Funds and vice versa. These potential conflicts may be exacerbated to the extent the Philadelphia Team and/or T. Rowe Price’s other investment teams manage thinly traded or scarce assets.

Maintaining separate management and trade execution within separate portfolio management teams of T. Rowe Price poses other conflicts of interest and may reduce possible benefits to execution, pricing and research capabilities including those related to scale and efficiencies of combined and coordinated operations. In addition, this structure may pose risks inherent in nonsimultaneous trades including adverse effect on the price of a security that could result from placing a number of separate successive or competing client orders and transactions being effected for an account near or at the end of the firm’s total trades, in which case such trade order will bear the market price impact, if any, of those trades executed earlier, and, as a result, may receive a less favorable net price for the trade.

Miscellaneous

The brokerage allocation policies for the Price Advisers are generally applied to all of their fully discretionary accounts, which represent a substantial majority of all assets under management. Research services furnished by broker-dealers through which the Price Advisers effect securities transactions may be used in servicing all accounts (including non-Price Funds) managed by the Price Advisers. Therefore, research services received from broker-dealers that execute transactions for a particular fund will not necessarily be used by the Price Advisers in connection with the management of that fund. The Price Funds do not allocate business to any broker-dealer on the basis of its sales of the funds’ shares. However, this does not mean that broker-dealers who purchase fund shares for their clients will not receive business from the fund.

The Price Advisers may give advice and take action for clients, including the Price Funds, which differs from advice given or the timing or nature of action taken for other clients. The Price Advisers are not obligated to initiate transactions for clients in any security that their principals, affiliates, or employees may purchase or sell for their own accounts or for other clients.

Purchase and sale transactions may be effected directly among and between non-ERISA client accounts (including affiliated mutual funds), provided no commission is paid to any broker-dealer, the security traded has readily available market quotations, and the transaction is effected at the independent current market price.

The GTC is responsible for developing brokerage policies, monitoring their implementation, and resolving any questions that arise in connection with these policies for the Price Advisers.

The Price Advisers have established a general investment policy that they will ordinarily not make additional purchases of a common stock for their clients (including the Price Funds) if, as a result of such purchases, 10% or more of the outstanding common stock of the issuer would be held by clients in the aggregate. Approval may be given for aggregate ownership up to 20%, and in certain instances, higher amounts. All aggregate ownership decisions are reviewed by the

275

appropriate oversight committee. For purposes of monitoring both of these limits, securities held by clients and clients of affiliated advisers are included.

Total Brokerage Commissions

The Price Funds’ bond investments are generally purchased and sold through principal transactions, meaning that a fund normally purchases bonds directly from the issuer or a primary market-maker acting as principal for the bonds, on a net basis. As a result, there is no explicit brokerage commission paid on these transactions, although purchases of new issues from underwriters of bonds typically include a commission or concession paid by the issuer to the underwriter and purchases from dealers serving as market-makers typically include a dealer’s markup (i.e., a spread between the bid and the asked prices). Explicit brokerage commissions are paid, however, in connection with opening and closing out futures positions. In addition, the funds do not incur any brokerage commissions when buying and selling shares of other Price Funds or another open-end mutual fund that is not exchange-traded, although a fund will pay brokerage commissions if it purchases or sells shares of an exchange-traded fund.

The following table shows the approximate total amount of brokerage commissions paid by each fund for its prior three fiscal years. Since bond purchases do not normally involve the payment of explicit brokerage commissions, the tables generally reflect only the brokerage commissions paid on transactions involving equity securities and futures, if applicable. The amount of brokerage commissions paid by a fund may change from year to year because of changing asset levels, shareholder activity, portfolio turnover, or other factors.

    

Fund

Fiscal Year Ended

2/28/19

2/28/18

2/28/17

California Tax-Free Bond Fund

$0

$0

$0

California Tax-Free Money Fund

0

0

0

Floating Rate Multi-Sector Account Portfolio

0

0

0

Georgia Tax-Free Bond Fund

0

0

0

High Yield Multi-Sector Account Portfolio

(a)

(a)

(a)

Intermediate Tax-Free High Yield Fund

0

0

0

Investment-Grade Corporate Multi-Sector Account Portfolio

4,497.00

0

0

Maryland Short-Term Tax-Free Bond Fund

0

0

0

Maryland Tax-Free Bond Fund

0

0

0

Maryland Tax-Free Money Fund

0

0

0

Mortgage-Backed Securities Multi-Sector Account Portfolio

0

0

0

New Jersey Tax-Free Bond Fund

0

0

0

New York Tax-Free Bond Fund

0

0

0

New York Tax-Free Money Fund

0

0

0

Tax-Efficient Equity Fund

21,461.63

15,055.12

14,091.66

Tax-Exempt Money Fund

0

0

0

Tax-Free High Yield Fund

0

0

3,441.94

Tax-Free Income Fund

0

0

(a)

Tax-Free Short-Intermediate Fund

0

1,330.00

0

Virginia Tax-Free Bond Fund

0

0

0

(a) Less than $1,000.

276

       

Fund

Fiscal Year Ended

5/31/19

5/31/18

5/31/17

Corporate Income Fund

$48,297.80

 

$19,499

 

(a)

 

Credit Opportunities Fund

786.58

 

160

 

$1,216

 

Floating Rate Fund

0

 

0

 

0

 

Global Multi-Sector Bond Fund

27,291.73

 

11,777

 

5,656

 

GNMA Fund

49,469.40

 

49,628

 

40,946

 

Government Money Fund

0

 

0

 

0

 

Government Reserve Fund

0

 

0

 

0

 

High Yield Fund

46,193.52

 

194,755

 

209,593

 

Inflation Protected Bond Fund

45,678.60

 

31,033

 

38,829

 

Institutional Cash Reserves Fund

0

 

0

 

0

 

Institutional Core Plus Fund

8,038.66

 

16,245

 

13,743

 

Institutional Floating Rate Fund

0

 

0

 

0

 

Institutional High Yield Fund

8,987.99

 

34,878

 

37,672

 

Institutional Long Duration Credit Fund

1,661.80

 

786

 

(a)

 

Limited Duration Inflation Focused Bond Fund

754,234.00

 

534,281

 

579,500

 

New Income Fund

1,833,901.00

 

1,205,456

 

898,803

 

Retirement 2005 Fund

0

 

0

 

0

 

Retirement 2010 Fund

0

 

0

 

0

 

Retirement 2015 Fund

0

 

0

 

0

 

Retirement 2020 Fund

0

 

0

 

0

 

Retirement 2025 Fund

0

 

0

 

0

 

Retirement 2030 Fund

0

 

0

 

0

 

Retirement 2035 Fund

0

 

0

 

0

 

Retirement 2040 Fund

0

 

0

 

0

 

Retirement 2045 Fund

0

 

0

 

0

 

Retirement 2050 Fund

0

 

0

 

0

 

Retirement 2055 Fund

0

 

0

 

0

 

Retirement 2060 Fund

0

 

0

 

0

 

Retirement Balanced Fund

0

 

0

 

0

 

Retirement I 2005 Fund—I Class

0

 

0

 

0

 

Retirement I 2010 Fund—I Class

0

 

0

 

0

 

Retirement I 2015 Fund—I Class

0

 

0

 

0

 

Retirement I 2020 Fund—I Class

0

 

0

 

0

 

Retirement I 2025 Fund—I Class

0

 

0

 

0

 

Retirement I 2030 Fund—I Class

0

 

0

 

0

 

Retirement I 2035 Fund—I Class

0

 

0

 

0

 

Retirement I 2040 Fund—I Class

0

 

0

 

0

 

Retirement I 2045 Fund—I Class

0

 

0

 

0

 

Retirement I 2050 Fund—I Class

0

 

0

 

0

 

Retirement I 2055 Fund—I Class

0

 

0

 

0

 

Retirement I 2060 Fund—I Class

0

 

0

 

0

 

277

       

Fund

Fiscal Year Ended

5/31/19

5/31/18

5/31/17

Retirement Balanced I Fund—I Class

0

 

0

 

0

 

Short-Term Fund

0

 

0

 

0

 

Short-Term Bond Fund

101,166.00

 

86,151

 

86,898

 

Short-Term Government Fund

(b)

 

(b)

 

(b)

 

Spectrum Conservative Allocation Fund

295,641.61

 

297,530

 

286,186

 

Spectrum Moderate Allocation Fund

457,732.59

 

488,743

 

540,432

 

Spectrum Moderate Growth Allocation Fund

594,156.24

 

607,907

 

578,449

 

Target 2005 Fund

0

 

0

 

0

 

Target 2010 Fund

0

 

0

 

0

 

Target 2015 Fund

0

 

0

 

0

 

Target 2020 Fund

0

 

0

 

0

 

Target 2025 Fund

0

 

0

 

0

 

Target 2030 Fund

0

 

0

 

0

 

Target 2035 Fund

0

 

0

 

0

 

Target 2040 Fund

0

 

0

 

0

 

Target 2045 Fund

0

 

0

 

0

 

Target 2050 Fund

0

 

0

 

0

 

Target 2055 Fund

0

 

0

 

0

 

Target 2060 Fund

0

 

0

 

0

 

Total Return Fund

2,221.16

 

3,560

 

1,718

 

Treasury Reserve Fund

0

 

0

 

0

 

U.S. High Yield Fund

0

 

0

 

0

(c)

U.S. Treasury Intermediate Fund

18,543.20

 

7,956

 

7,134

 

U.S. Treasury Long-Term Fund

227,819.10

 

25,263

 

6,740

 

U.S. Treasury Money Fund

0

 

0

 

0

 

Ultra Short-Term Bond Fund

5,861.20

 

7,648

 

3,595

 

(a) Less than $1,000.

(b) Prior to commencement of operations.

(c) Includes activity of the Henderson High Yield Opportunities Fund (the fund’s predecessor fund) through May 19, 2017.

278

    

Fund

Fiscal Year Ended

10/31/18

10/31/17

10/31/16

Africa & Middle East Fund

$329,234.77

$426,458

$277,311

Asia Opportunities Fund

158,627.86

70,470

25,584

Cash Reserves Fund

0

0

0

China Evolution Equity Fund

(a)

(a)

(a)

Emerging Europe Fund

176,080.32

281,737

196,344

Emerging Markets Stock Fund

4,143,220.13

7,447,885

6,584,243

Emerging Markets Discovery Stock Fund

56,507.67

55,076

30,698

European Stock Fund

583,903.60

1,100,373

1,397,264

Global Allocation Fund

173,312.34

94,127

71,432

Global Growth Stock Fund

300,324.28

112,797

87,749

Global Stock Fund

753,065.14

656,987

715,410

Institutional Africa & Middle East Fund

385,252.15

536,700

250,095

Institutional Emerging Markets Equity Fund

751,473.89

916,423

773,732

Institutional Frontier Markets Equity Fund

183,868.30

219,023

127,142

Institutional Global Value Equity Fund

6,123.54

7,948

7,937

Institutional International Core Equity Fund

37,456.35

38,158

55,109

Institutional International Disciplined Equity Fund

572,855.48

532,650

287,744

Institutional International Growth Equity Fund

28,627.73

30,860

40,038

International Disciplined Equity Fund

157,997.02

24,809

16,506

International Discovery Fund

3,867,496.78

3,557,718

2,586,181

International Equity Index Fund

34,095.96

34,848

46,984

International Stock Fund

7,374,328.25

8,822,012

8,920,184

International Value Equity Fund

9,951,043.38

12,373,148

8,980,526

Japan Fund

300,109.41

195,818

144,930

Latin America Fund

448,204.51

735,518

504,705

Multi-Strategy Total Return Fund

144,333.30

(a)

(a)

New Asia Fund

3,546,011.40

5,784,510

3,323,620

Overseas Stock Fund

3,266,809.77

3,411,453

3,990,345

Summit Municipal Income Fund

0

0

81

Summit Municipal Intermediate Fund

2,240.00

7,674

0

Summit Municipal Money Market Fund

0

0

0

U.S. Bond Enhanced Index Fund

0

0

0

(a) Prior to commencement of operations.

    

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Balanced Fund

$755,969.47

$759,377

$1,082,716

Blue Chip Growth Fund

5,383,902.67

5,879,234

6,293,560

Capital Appreciation Fund

4,597,744.19

4,918,059

5,574,216

Communications & Technology Fund

229,754.66

317,679

487,045

Diversified Mid-Cap Growth Fund

74,863.66

102,675

60,700

279

    

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Dividend Growth Fund

494,835.13

716,218

616,162

Dynamic Credit Fund

(a)

(a)

(a)

Dynamic Global Bond Fund

768,936.32

23,920

7,529

Emerging Markets Bond Fund

21,890.30

12,473

3,712

Emerging Markets Corporate Bond Fund

1,053.35

(b)

(b)

Emerging Markets Corporate Multi-Sector Account Portfolio

(b)

(b)

(b)

Emerging Markets Local Currency Bond Fund

6,374.55

3,434

4,283

Emerging Markets Local Multi-Sector Account Portfolio

(b)

(b)

(b)

Equity Income Fund

2,213,049.12

4,153,714

5,657,298

Equity Index 500 Fund

350,750.46

611,644

471,926

Extended Equity Market Index Fund

163,741.06

165,137

109,994

Financial Services Fund

193,649.71

372,696

287,149

Global Consumer Fund

7,386.27

7,807

3,715

Global High Income Bond Fund

(b)

0

0

Global Industrials Fund

12,340.39

18,089

7,671

Global Real Estate Fund

44,332.83

73,496

58,808

Global Technology Fund

9,027,324.50

6,426,219

3,778,513

Growth & Income Fund

448,249.68

472,530

744,003

Growth Stock Fund

8,842,986.04

12,613,417

10,725,838

Health Sciences Fund

3,567,657.05

3,584,061

3,235,309

Institutional Emerging Markets Bond Fund

1,098.41

1,014

(b)

Institutional Large-Cap Core Growth Fund

323,913.06

403,860

432,028

Institutional Large-Cap Growth Fund

1,824,607.27

2,581,788

2,986,956

Institutional Large-Cap Value Fund

451,061.79

726,871

773,362

Institutional Mid-Cap Equity Growth Fund

1,288,016.95

1,343,426

1,427,384

Institutional Small-Cap Stock Fund

1,697,398.23

2,304,535

1,715,183

International Bond Fund

42,599.99

118,949

205,029

International Bond Fund (USD Hedged)

98,915.85

7,834

(a)

Mid-Cap Growth Fund

4,948,835.74

5,333,856

6,057,564

Mid-Cap Index Fund

(b)

(b)

(b)

Mid-Cap Value Fund

4,145,732.57

5,918,165

9,581,393

New America Growth Fund

1,427,708.61

1,816,400

3,218,071

New Era Fund

2,086,041.51

3,230,643

3,186,167

New Horizons Fund

4,827,119.47

5,174,785

6,376,035

QM Global Equity Fund

1,945.71

2,480

3,461

QM U.S. Small & Mid-Cap Core Equity Fund

12,864.63

10,025

7,066

QM U.S. Small-Cap Growth Equity Fund

758,733.49

883,523

510,686

QM U.S. Value Equity Fund

2,198.36

3,305

3,772

Real Assets Fund

2,126,266.15

3,801,372

4,233,835

Real Estate Fund

712,162.07

565,059

597,331

Retirement Income 2020 Fund

0

0

(a)

280

    

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Science & Technology Fund

3,669,117.93

2,487,293

3,114,634

Small-Cap Index Fund

(b)

(b)

(b)

Small-Cap Stock Fund

3,525,444.59

5,641,709

5,188,661

Small-Cap Value Fund

1,966,062.26

3,030,221

4,300,914

Spectrum Growth Fund

0

0

0

Spectrum Income Fund

0

0

0

Spectrum International Fund

0

0

0

Total Equity Market Index Fund

72,766.06

90,655

70,340

U.S. Equity Research Fund

141,689.85

131,440

167,570

U.S. Large-Cap Core Fund

133,418.32

122,482

142,247

Value Fund

19,343,600.73

15,297,914

22,420,398

(a) Prior to commencement of operations.

(b) Less than $1,000.

Fund Holdings in Securities of Brokers and Dealers

The following lists each fund’s holdings in securities of its regular brokers and dealers as of the end of the fiscal years indicated.

(Amounts in 000s)

Investment-Grade Corporate Multi-Sector Account Portfolio

   
 

Fiscal Year Ended 2/28/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America

—

$2,131

Barclays Capital

—

1,209

Goldman Sachs Group

—

2,350

JPMorgan Chase

—

1,948

Morgan Stanley

—

2,356

UBX

 

1,315

Tax-Efficient Equity Fund

   
 

Fiscal Year Ended 2/28/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

TD Ameritrade Holding

$1,189

—

Corporate Income Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$20,190

Barclays Capital

—

3,933

Credit Suisse

—

4,111

Goldman Sachs

—

11,311

JPMorgan Chase

—

13,232

Morgan Stanley

—

21,028

281

Floating Rate Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Goldman Sachs

—

$2,894

JPMorgan Chase

—

807

Global Multi-Sector Bond Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Credit Suisse

—

$3,680

JPMorgan Chase

—

2,022

Morgan Stanley

—

4,257

Government Money Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$92,000

BNP Paribas Securities

—

260,400

Citigroup Global Markets

—

298,000

Credit Agricole

—

243,000

Goldman Sachs

—

344,000

HSBC Securities

—

536,000

JPMorgan Chase

—

264,000

RBC Capital Markets

—

691,000

Wells Fargo Securities

—

66,000

Government Reserve Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$204,000

BNP Paribas Securities

—

1,127,300

Citigroup Global Markets

—

376,700

Credit Agricole

—

405,800

Credit Suisse

—

138,700

Goldman Sachs

—

774,000

HSBC Securities

—

788,000

JP Morgan Chase

—

649,000

RBC Capital Markets

—

1,185,000

Well Fargo Securities

—

653,000

High Yield Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

—

$20,661

Credit Suisse

—

38,395

UBS

—

25,118

Inflation Protected Bond Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$722

Goldman Sachs

—

829

HSBC

—

2,087,000

282

Institutional Cash Reserves Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$9,100

Citigroup

—

10,501

Credit Suisse

—

4,158

Goldman Sachs

—

7,000

HSBC

—

11,428

JPMorgan Chase

—

13,000

UBS

—

2,200

US Bank

—

4,001

Wells Fargo Securities

—

3,000

Institutional Core Plus Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$2,743

Barclays Capital

—

2,073

Citigroup Global Markets

—

1,642

Credit Suisse

—

2,284

Goldman Sachs

—

2,547

HSBC

—

1,108

JPMorgan Chase

—

2,581

Morgan Stanley

—

3,381

UBS

—

688

Wells Fargo Securities

—

647

Institutional Floating Rate Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Goldman Sachs

—

$9,931

JPMorgan Chase

—

4,387

Institutional High Yield Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclay

—

$4,002

Credit Suisse

—

7,635

UBS

—

4,810

Institutional Long Duration Credit Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$373

Citigroup Global Markets

—

519

Goldman Sachs

—

631

HSBC

—

135

JPMorgan Chase

—

882

Morgan Stanley

—

561

Wells Fargo Securities

—

341

283

Limited Duration Inflation Focused Bond Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Citigroup Global Markets

—

$16,986

Goldman Sachs

—

33,449

UBS Securities

—

16,851

New Income Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$105,031

Barclays Capital

—

91,012

Citigroup

—

69,218

Credit Suisse

—

131,281

Goldman Sachs

—

175,183

JPMorgan Chase

—

189,349

Morgan Stanley

—

118,251

Wells Fargo Securities

—

100,299

Short-Term Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lnych

—

$69,000

BNP Paribas

—

239,000

Citigroup

—

99,000

Credit Agricole

—

119,000

Credit Suisse

—

12,100

Goldman Sachs

—

99,000

HSBC

—

148,000

JPMorgan Chase

—

198,000

RBC

—

198,000

Wells Fargo Securities

—

49,000

Short-Term Bond Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$46,503

Barclays Capital

—

26,948

Citigroup Global Markets

—

37,436

Credit Agricole

—

5,491

Credit Suisse

—

25,124

Goldman Sachs

—

46,890

JPMorgan Chase

—

22,000

Morgan Stanley

—

35,463

Wells Fargo Securities

—

32,028

284

Spectrum Conservative Allocation Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$927

$6,604

Barclays Capital

1,579

218

Citigroup Global Markets

810

218

Credit Suisse

1,454

—

Deutsche Bank Securities

359

—

Goldman Sachs

5,039

25

JPMorgan Chase

5,867

1,951

Morgan Stanley

5,956

3,068

UBS

546

—

Wells Fargo Securities

4,152

3,523

Spectrum Moderate Allocation Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$1,019

$10,624

Barclays Capital

1,268

306

Citigroup Global Markets

917

345

Credit Suisse

1,401

—

Goldman Sachs

2,971

46

JPMorgan Chase

4,237

3,266

Morgan Stanley

3,289

4,922

UBS

367

—

Wells Fargo Securities

4,816

5,659

Spectrum Moderate Growth Allocation Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$857

$14,738

Barclays Capital

646

461

Citigroup Global Markets

482

465

Credit Suisse

661

—

Deutsche Bank Securities

359

—

Goldman Sachs

1,687

69

JPMorgan Chase

2,058

4,475

Morgan Stanley

2,034

6,738

UBS

342

—

Wells Fargo Securities

2,309

7,824

Total Return Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

—

$190

Citigroup

—

485

Credit Suisse

—

235

Goldman Sachs

—

638

JPMorgan Chase

—

206

Morgan Stanley

—

498

285

Treasury Reserve Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$47,000

BNP Paribas Securities

—

352,000

Citigroup Global Markets

—

50,000

Credit Agricole

—

122,000

Credit Suisse

—

100,400

Goldman Sachs

—

74,000

HSBC Securities

—

253,000

JPMorgan Chase

—

175,000

RBC Capital Markets

—

477,000

Wells Fargo Securities

—

350,000

Ultra Short-Term Bond Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$4,010

Barclays Capital

—

9,975

Citigroup Global Markets

—

3,030

Credit Agricole

—

1,007

Goldman Sachs

—

6,570

JPMorgan Chase

—

2,014

Morgan Stanley

—

4,748

RBC Capital Markets

—

3,023

Wells Fargo Securities

—

6,068

U.S. Treasury Money Fund

   
 

Fiscal Year Ended 5/31/19

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$35,000

BNP Paribas Securities

—

369,000

Citigroup Global Markets

—

139,000

Credit Agricole

—

154,800

Goldman Sachs

—

208,000

HSBC Securities

—

435,000

JPMorgan Chase

—

132,000

RBC Capital Markets

—

477,000

Wells Fargo Securities

—

265,000

Africa & Middle East Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$3,678

—

Cash Reserves

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$24,000

CS First Boston

—

25,666

RBC Capital Markets

—

24,876

UBS Investment Bank

—

24,245

Wells Fargo Securities

—

25,502

286

Emerging Markets Discovery Stock Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$994

—

Emerging Markets Stock Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$40,653

—

European Stock Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

UBS Investment Bank

$17,777

—

Global Allocation Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$997

Barclays Capital

$185

—

Citigroup Global Markets

502

837

CS First Boston

—

237

Goldman Sachs

9

942

HSBC Securities

—

21

JPMorgan Chase

3,183

892

Morgan Stanley

749

1,171

UBS Investment Bank

975

221

Wells Fargo Securities

2,799

1,008

Global Growth Stock Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Citigroup Global Markets

$4,026

—

JPMorgan Chase

5,298

—

Morgan Stanley

2,334

—

Global Stock Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

JPMorgan Chase

$28,629

—

Institutional Africa & Middle East Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$4,857

—

Institutional Emerging Markets Equity Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$7,110

—

287

Institutional Global Value Equity Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$53

—

JPMorgan Chase

328

—

Morgan Stanley

116

—

UBS Investment Bank

79

—

Wells Fargo

217

—

Institutional International Core Equity Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$63

—

Institutional International Growth Equity Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

UBS Investment Bank

$900

—

International Equity Index Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$1,383

—

CS First Boston

1,222

—

Deutsche Bank

684

—

UBS Investment Bank

1,810

—

International Stock Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

UBS Investment Bank

$226,071

—

International Value Equity Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$50,068

—

UBS Investment Bank

117,723

—

Overseas Stock Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Barclays Capital

$19,088

—

Summit Municipal Money Market Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Wells Fargo

—

$3,000

288

U.S. Bond Enhanced Index Fund

   
 

Fiscal Year Ended 10/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$8,345

Barclays Capital

—

1,901

Citigroup Global Markets

—

11,200

Credit Agricole CIB

—

1,361

CS First Boston

—

708

Goldman Sachs

—

6,240

JPMorgan Chase

—

9,101

Morgan Stanley

—

8,208

RBC Capital Markets

—

648

UBS Investment Bank

—

3,283

Wells Fargo

—

4,403

Balanced Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$3,733

$4,956

Barclays Capital

818

3,482

Citigroup

5,333

8,807

Goldman Sachs

17

10,667

HSBC Securities

—

2,832

JPMorgan Chase

23,338

13,361

Morgan Stanley

11,370

11,112

UBS Investment Bank

—

2,121

Wells Fargo Securities

25,257

3,785

Blue Chip Growth Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Citigroup

$8,756

—

Goldman Sachs

2,322

—

JPMorgan Chase

174,252

—

Morgan Stanley

541,104

—

Capital Appreciation Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

JPMorgan Chase

$63,827

—

Wells Fargo Securities

386,462

—

Dividend Growth Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

JPMorgan Chase

$248,257

—

Morgan Stanley

14,889

—

Wells Fargo Securities

138,222

—

289

Dynamic Global Bond Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$170

Barclays Capital

—

8,573

JPMorgan Chase

—

13,369

UBS Investment Bank

—

13,301

Wells Fargo Securities

—

44,599

Equity Income Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$13,798

—

Citigroup

139,521

—

JPMorgan Chase

631,113

—

Morgan Stanley

298,565

—

Wells Fargo Securities

596,275

—

Equity Index 500 Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$265,705

—

Citigroup

149,232

—

Goldman Sachs

68,803

—

JPMorgan Chase

382,939

—

Jefferies & Company

5,349

—

Morgan Stanley

61,086

—

Wells Fargo Securities

230,546

—

Extended Equity Market Index Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Cowen and Company LLC

$252

—

Evercore ISI

537

—

Financial Services Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Citigroup

$29,767

—

JPMorgan Chase

37,012

—

Morgan Stanley

7,213

—

UBS Investment Bank

920

—

Wells Fargo Securities

37,641

—

Global High Income Bond Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

UBS Investment Bank

—

$506

290

Growth & Income Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

JPMorgan Chase

$33,070

—

Growth Stock Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

JPMorgan Chase

$209,683

—

Morgan Stanley

275,078

—

Institutional Large-Cap Core Growth Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Citigroup

$890

—

Goldman Sachs

150

—

JPMorgan Chase

13,713

—

Morgan Stanley

37,327

—

Institutional Large-Cap Growth Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Morgan Stanley

$112,013

—

Institutional Large-Cap Value Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Citigroup

$24,487

—

JPMorgan Chase

106,351

—

Morgan Stanley

52,891

—

Wells Fargo Securities

97,458

—

International Bond Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$3,354

Barclays Capital

—

3,186

Citigroup

—

817

Goldman Sachs

—

3,112

HSBC Securities

—

2,334

Morgan Stanley

—

3,127

UBS Investment Bank

—

4,816

International Bond Fund (USD Hedged)

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

—

$12,872

Barclays Capital

—

6,551

Citigroup

—

1,703

Goldman Sachs

—

12,652

HSBC Securities

—

7,018

Morgan Stanley

—

7,795

UBS Investment Bank

—

13,202

291

Mid-Cap Index Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Evercore ISI

$7

—

Mid-Cap Value Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Jefferies & Company

$44,499

—

New America Growth Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

JPMorgan Chase

$8,376

—

QM Global Equity Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$134

—

Citigroup

57

—

HSBC Securities

86

—

JPMorgan Chase

198

—

Morgan Stanley

45

—

QM U.S. Value Equity Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$458

—

Citigroup

297

—

Goldman Sachs

144

—

JPMorgan Chase

667

—

Morgan Stanley

195

—

Wells Fargo Securities

249

—

Small-Cap Index Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Cowen and Company LLC

(a)

—

(a) Less than $1,000

Total Equity Market Index Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$14,075

—

Citigroup

8,982

—

Goldman Sachs

3,167

—

JPMorgan Chase

21,172

—

Morgan Stanley

3,691

—

Wells Fargo Securities

12,687

—

292

U.S. Equity Research Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$3,349

—

Citigroup

6,768

—

JPMorgan Chase

11,927

—

Morgan Stanley

2,387

—

Wells Fargo Securities

8,644

—

U.S. Large-Cap Core Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

JPMorgan Chase

$9,755

—

Value Fund

   
 

Fiscal Year Ended 12/31/18

Brokers

Value of Stock Holdings

Value of Bond Holdings

Bank of America Merrill Lynch

$47,878

—

JPMorgan Chase

516,054

—

Morgan Stanley

159,617

—

Wells Fargo Securities

778,478

—

Portfolio Turnover

The portfolio turnover rates for the funds (if applicable) for the fiscal years indicated are as follows:

       

Fund

Fiscal Year Ended

2/28/19

2/28/18

2/28/17

California Tax-Free Bond Fund

14.2

%

6.3

%

5.6

%

California Tax-Free Money Fund

(a)

 

(a)

 

(a)

 

Floating Rate Multi-Sector Account Portfolio

68.9

 

46.0

 

57.0

 

Georgia Tax-Free Bond Fund

7.3

 

6.1

 

13.8

 

High Yield Multi-Sector Account Portfolio

51.7

 

60.7

 

86.1

 

Intermediate Tax-Free High Yield Fund

9.6

 

10.4

 

16.2

 

Investment-Grade Corporate Multi-Sector Account Portfolio

107.0

 

63.3

 

82.4

 

Maryland Short-Term Tax-Free Bond Fund

36.7

 

29.4

 

35.5

 

Maryland Tax-Free Bond Fund

15.9

 

10.9

 

14.1

 

Maryland Tax-Free Money Fund

(a)

 

(a)

 

(a)

 

Mortgage-Backed Securities Multi-Sector Account Portfolio

299.6

 

467.6

 

388.2

 

New Jersey Tax-Free Bond Fund

5.8

 

7.6

 

10.0

 

New York Tax-Free Bond Fund

6.9

 

10.4

 

7.7

 

New York Tax-Free Money Fund

(a)

 

(a)

 

(a)

 

Tax-Efficient Equity Fund

12.1

 

11.7

 

17.0

 

Tax-Exempt Money Fund

(a)

 

(a)

 

(a)

 

Tax-Free High Yield Fund

12.8

 

8.8

 

8.5

 

Tax-Free Income Fund

12.1

 

10.6

 

11.5

 

293

       

Fund

Fiscal Year Ended

2/28/19

2/28/18

2/28/17

Tax-Free Short-Intermediate Fund

30.1

 

24.9

 

27.4

 

Virginia Tax-Free Bond Fund

14.0

 

9.0

 

11.8

 

(a) Money funds are not required to show portfolio turnover.

       

Fund

Fiscal Year Ended

5/31/19

5/31/18

5/31/17

Corporate Income Fund

113.7

%

101.5

%

41.7

%

Credit Opportunities Fund

53.3

 

60.3

 

62.7

 

Floating Rate Fund

57.0

 

46.1

 

55.9

 

Global Multi-Sector Bond Fund

123.8

 

111.9

 

111.5

 

GNMA Fund

508.5

 

753.7

 

429.2

 

Government Money Fund

(a)

 

(a)

 

(a)

 

Government Reserve Fund

(a)

 

(a)

 

(a)

 

High Yield Fund

60.6

 

62.7

 

74.0

 

Inflation Protected Bond Fund

111.6

 

102.8

 

179.8

 

Institutional Cash Reserves Fund

(a)

 

(a)

 

(a)

 

Institutional Core Plus Fund

95.3

 

122.1

 

104.3

 

Institutional Floating Rate Fund

58.8

 

53.8

 

62.9

 

Institutional High Yield Fund

61.9

 

68.1

 

79.4

 

Institutional Long Duration Credit Fund

51.2

 

61.0

 

46.9

 

Limited Duration Inflation Focused Bond Fund

124.6

 

96.5

 

114.2

 

New Income Fund

139.4

 

96.1

 

99.9

 

Retirement 2005 Fund

17.8

 

35.3

 

15.9

 

Retirement 2010 Fund

16.1

 

31.2

 

11.8

 

Retirement 2015 Fund

16.2

 

33.1

 

13.4

 

Retirement 2020 Fund

15.8

 

29.5

 

14.1

 

Retirement 2025 Fund

18.8

 

29.5

 

15.6

 

Retirement 2030 Fund

18.1

 

27.7

 

16.4

 

Retirement 2035 Fund

18.8

 

25.4

 

15.8

 

Retirement 2040 Fund

18.5

 

23.2

 

17.9

 

Retirement 2045 Fund

22.1

 

26.9

 

13.6

 

Retirement 2050 Fund

25.5

 

30.0

 

16.0

 

Retirement 2055 Fund

24.9

 

35.9

 

13.9

 

Retirement 2060 Fund

23.7

 

35.2

 

18.8

 

Retirement Balanced Fund

15.7

 

24.7

 

12.3

 

Retirement I 2005 Fund—I Class

32.4

 

55.4

 

31.1

 

Retirement I 2010 Fund—I Class

24.5

 

50.4

 

19.0

 

Retirement I 2015 Fund—I Class

24.7

 

50.0

 

20.3

 

Retirement I 2020 Fund—I Class

19.7

 

39.1

 

11.6

 

Retirement I 2025 Fund—I Class

16.4

 

36.1

 

13.0

 

294

       

Fund

Fiscal Year Ended

5/31/19

5/31/18

5/31/17

Retirement I 2030 Fund—I Class

16.8

 

34.1

 

12.4

 

Retirement I 2035 Fund—I Class

15.4

 

29.9

 

12.7

 

Retirement I 2040 Fund—I Class

15.9

 

26.5

 

11.0

 

Retirement I 2045 Fund—I Class

13.4

 

25.4

 

11.1

 

Retirement I 2050 Fund—I Class

14.4

 

23.9

 

9.0

 

Retirement I 2055 Fund—I Class

13.0

 

24.4

 

11.3

 

Retirement I 2060 Fund—I Class

17.2

 

26.8

 

13.3

 

Retirement Balanced I Fund—I Class

29.8

 

45.9

 

28.0

 

Short-Term Fund

(c)

 

(c)

 

(c)

 

Short-Term Bond Fund

52.7

 

58.3

 

48.9

 

Short-Term Government Fund

(b)

 

(b)

 

(b)

 

Spectrum Conservative Allocation Fund

63.8

 

63.1

 

61.2

 

Spectrum Moderate Allocation Fund

62.6

 

59.8

 

63.1

 

Spectrum Moderate Growth Allocation Fund

56.3

 

55.8

 

58.3

 

Target 2005 Fund

46.8

 

44.4

 

33.4

 

Target 2010 Fund

25.3

 

49.0

 

22.3

 

Target 2015 Fund

26.8

 

39.7

 

19.0

 

Target 2020 Fund

24.7

 

37.1

 

17.5

 

Target 2025 Fund

18.0

 

31.2

 

17.7

 

Target 2030 Fund

19.2

 

34.4

 

17.2

 

Target 2035 Fund

18.2

 

30.3

 

16.1

 

Target 2040 Fund

21.7

 

30.5

 

20.4

 

Target 2045 Fund

19.5

 

24.5

 

19.5

 

Target 2050 Fund

22.7

 

26.5

 

25.6

 

Target 2055 Fund

19.7

 

31.9

 

24.5

 

Target 2060 Fund

32.3

 

29.4

 

55.9

 

Total Return Fund

347.5

 

356.7

 

190.8

 

Treasury Reserve Fund

(a)

 

(a)

 

(a)

 

U.S. High Yield Fund

134.3

 

194.2

 

165.3

(d)

U.S. Treasury Intermediate Fund

98.2

 

37.1

 

53.8

 

U.S. Treasury Long-Term Fund

59.3

 

15.5

 

32.7

 

U.S. Treasury Money Fund

(a)

 

(a)

 

(a)

 

Ultra Short-Term Bond Fund

40.1

 

42.1

 

115.9

 

(a) Money funds are not required to show portfolio turnover.

(b) Prior to commencement of operations.

(c) Funds holding only short-term securities are not required to show portfolio turnover.

(d) The portfolio turnover rates include activity of the Henderson High Yield Opportunities Fund (the fund’s predecessor fund) through May 19, 2017. The rates shown for the periods ended May 31, 2015, and May 31, 2016, are for the predecessor fund’s fiscal years ended July 31, 2015, and July 31, 2016, respectively. The rate shown for the period ended May 31, 2017, is for the period August 1, 2017, through May 31, 2017.

295

       

Fund

Fiscal Year Ended

10/31/18

10/31/17

10/31/16

Fund

Fiscal Year Ended

10/31/18

10/31/17

10/31/16

Africa & Middle East Fund

51.6

%

60.2

%

82.5

%

Asia Opportunities Fund

78.7

 

52.0

 

52.4

 

Cash Reserves Fund

(a)

 

(a)

 

(a)

 

China Evolution Equity Fund

(b)

 

(b)

 

(b)

 

Emerging Europe Fund

41.7

 

40.2

 

47.5

 

Emerging Markets Discovery Stock Fund

70.1

 

63.6

 

93.8

 

Emerging Markets Stock Fund

17.6

 

30.9

 

24.4

 

European Stock Fund

32.2

 

48.2

 

36.7

 

Global Allocation Fund

47.8

 

35.8

 

46.6

 

Global Growth Stock Fund

120.0

 

69.7

 

73.3

 

Global Stock Fund

104.1

 

96.4

 

134.6

 

Institutional Africa & Middle East Fund

49.6

 

55.7

 

74.9

 

Institutional Emerging Markets Equity Fund

14.0

 

19.7

 

35.6

 

Institutional Frontier Markets Equity Fund

55.6

 

57.8

 

45.5

 

Institutional Global Value Equity Fund

100.4

 

84.0

 

108.3

 

Institutional International Core Equity Fund

32.3

 

11.5

 

22.1

 

Institutional International Disciplined Equity Fund

147.0

 

112.1

 

120.3

 

Institutional International Growth Equity Fund

39.1

 

34.7

 

37.1

 

International Disciplined Equity Fund

153.2

 

118.0

 

147.8

 

International Discovery Fund

31.8

 

22.2

 

27.5

 

International Equity Index Fund

10.8

 

8.1

 

11.4

 

International Stock Fund

37.0

 

31.3

 

36.1

 

International Value Equity Fund

58.0

 

50.2

 

37.1

 

Japan Fund

33.8

 

13.4

 

25.3

 

Latin America Fund

25.7

 

27.8

 

26.9

 

Multi-Strategy Total Return Fund

82.1

 

(b)

 

(b)

 

New Asia Fund

50.2

 

71.3

 

39.4

 

Overseas Stock Fund

14.4

 

13.4

 

13.7

 

Summit Municipal Income Fund

7.3

 

10.0

 

5.7

 

Summit Municipal Intermediate Fund

17.8

 

9.7

 

12.1

 

Summit Municipal Money Market Fund

(a)

 

(a)

 

(a)

 

U.S. Bond Enhanced Index Fund

106.8

 

82.9

 

96.1

 

(a) Money funds are not required to show portfolio turnover.

(b) Prior to commencement of operations.

       

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Balanced Fund

68.2

%

48.7

%

58.4

%

296

       

Blue Chip Growth Fund

27.2

 

34.5

 

32.4

 

Capital Appreciation Fund

65.2

 

59.2

 

61.6

 

297

       

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Communications & Technology Fund

6.9

 

7.3

 

15.7

 

Diversified Mid-Cap Growth Fund

20.1

 

26.8

 

20.6

 

Dividend Growth Fund

16.9

 

15.5

 

11.3

 

Dynamic Credit Fund

(a)

 

(a)

 

(a)

 

Dynamic Global Bond Fund

165.2

 

109.6

 

178.5

 

Emerging Markets Bond Fund

48.6

 

62.6

 

59.5

 

Emerging Markets Corporate Bond Fund

112.8

 

116.9

 

130.9

 

Emerging Markets Corporate Multi-Sector Account Portfolio

105.4

 

92.9

 

137.4

 

Emerging Markets Local Currency Bond Fund

47.8

 

69.9

 

119.5

 

Emerging Markets Local Multi-Sector Account Portfolio

35.2

 

58.7

 

119.7

 

Equity Income Fund

16.2

 

20.2

 

19.4

 

Equity Index 500 Fund

7.3

 

6.8

 

8.6

 

Extended Equity Market Index Fund

20.9

 

23.2

 

22.2

 

Financial Services Fund

34.4

 

54.8

 

41.8

 

Global Consumer Fund

90.1

 

88.9

(b)

28.4

 

Global High Income Bond Fund

87.0

 

82.0

 

107.2

 

Global Industrials Fund

71.9

 

91.5

 

54.5

 

Global Real Estate Fund

16.4

 

13.2

 

17.5

 

Global Technology Fund

288.7

 

204.3

 

170.8

 

Growth & Income Fund

73.4

 

64.9

 

82.2

 

Growth Stock Fund

41.8

 

50.8

 

44.1

 

Health Sciences Fund

43.0

 

37.5

 

24.9

 

Institutional Emerging Markets Bond Fund

41.1

 

71.2

 

83.4

 

Institutional Large-Cap Core Growth Fund

27.4

 

41.1

 

40.2

 

Institutional Large-Cap Growth Fund

33.4

 

36.1

 

36.8

 

Institutional Large-Cap Value Fund

27.5

 

30.8

 

26.2

 

Institutional Mid-Cap Equity Growth Fund

35.9

 

31.1

 

35.9

 

Institutional Small-Cap Stock Fund

39.8

 

41.6

 

42.2

 

International Bond Fund

39.1

 

58.1

 

72.9

 

International Bond Fund (USD Hedged)

22.5

 

13.5

 

(a)

 

Mid-Cap Growth Fund

25.2

 

25.8

 

28.7

 

Mid-Cap Index Fund

32.3

 

28.2

 

30.2

 

Mid-Cap Value Fund

33.9

 

31.7

 

50.4

 

New America Growth Fund

77.7

 

74.9

 

92.7

 

New Era Fund

51.9

 

60.1

 

65.6

 

New Horizons Fund

39.3

 

38.8

 

42.0

 

QM Global Equity Fund

17.9

 

16.3

 

12.4

 

QM U.S. Small & Mid-Cap Core Equity Fund

24.5

 

23.6

(b)

10.6

 

QM U.S. Small-Cap Growth Equity Fund

17.9

 

12.0

 

10.1

 

QM U.S. Value Equity Fund

28.6

 

41.2

 

21.8

 

298

       

Fund

Fiscal Year Ended

12/31/18

12/31/17

12/31/16

Real Assets Fund

53.8

 

65.4

 

49.0

 

Real Estate Fund

4.0

 

10.2

 

6.1

 

Retirement Income 2020 Fund

37.5

 

14.5

 

(a)

 

Science & Technology Fund

108.5

 

66.8

 

81.2

 

Small-Cap Index Fund

25.9

 

18.8

 

22.5

 

Small-Cap Stock Fund

33.5

 

36.3

 

38.1

 

Small-Cap Value Fund

19.3

 

17.1

 

22.3

 

Spectrum Growth Fund

10.8

 

12.2

 

10.5

 

Spectrum Income Fund

22.8

 

13.3

 

17.7

 

Spectrum International Fund

15.0

 

3.9

 

10.8

 

Total Equity Market Index Fund

6.5

 

8.6

 

7.2

 

U.S. Equity Research Fund

33.5

 

36.8

 

46.6

 

U.S. Large-Cap Core Fund

76.7

 

60.5

 

79.7

 

Value Fund

146.3

 

95.7

 

106.5

 

(a) Prior to commencement of operations.

(b) The increase in the fund’s portfolio turnover rate resulted from the most recently completed fiscal year being the first full fiscal year that the fund was in operation.

SECURITIES LENDING ACTIVITIES

JPMorgan Chase and State Street Corporation (the “Agents”) each serve as a custodian and securities lending agent for the Price Funds. As the securities lending agent, they each administer the funds’ securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Price Funds and each Agent.

Each Agent is responsible for making available to approved borrowers securities from each fund’s portfolio. Each Agent is also responsible for the administration and management of each fund’s securities lending program, including the preparation and execution of an agreement with each borrower governing the terms and conditions of any securities loan, ensuring that securities loans are properly coordinated and documented, ensuring that loaned securities are valued daily and that the corresponding required cash collateral is delivered by the borrower(s), arranging for the investment of cash collateral received from borrowers in accordance with the investment vehicle approved by each fund’s Board, and arranging for the return of loaned securities to the fund in accordance with the funds’ instruction or at loan termination. As compensation for their services, each Agent receives a portion of the amount earned by each fund for lending securities.

The following table sets forth, for each fund’s most recently completed fiscal year, the fund’s gross income received from securities lending activities, any fees and/or other compensation paid by the fund for securities lending activities, and the net income earned by the fund for securities lending activities. The funds do not pay cash collateral management fees, separate administrative fees, separate indemnification fees, or other fees not reflected in the following table. Net income from securities lending activities may differ from the amount reported in a fund’s annual report, which reflects estimated accruals.

      

Fiscal Year Ended 2/28/19

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

California Tax-Free Bond Fund

(a)

(a)

(a)

(a)

(a)

California Tax-Free Money Fund

(a)

(a)

(a)

(a)

(a)

299

      

Fiscal Year Ended 2/28/19

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Floating Rate Multi-Sector Account Portfolio

(a)

(a)

(a)

(a)

(a)

Georgia Tax-Free Bond Fund

(a)

(a)

(a)

(a)

(a)

High Yield Multi-Sector Account Portfolio

(a)

(a)

(a)

(a)

(a)

Intermediate Tax-Free High Yield Fund

(a)

(a)

(a)

(a)

(a)

Investment-Grade Corporate Multi-Sector Account Portfolio

(a)

(a)

(a)

(a)

(a)

Maryland Short-Term Tax-Free Bond Fund

(a)

(a)

(a)

(a)

(a)

Maryland Tax-Free Bond Fund

(a)

(a)

(a)

(a)

(a)

Maryland Tax-Free Money Fund

(a)

(a)

(a)

(a)

(a)

Mortgage-Backed Securities Multi-Sector Account Portfolio

(a)

(a)

(a)

(a)

(a)

New Jersey Tax-Free Bond Fund

(a)

(a)

(a)

(a)

(a)

New York Tax-Free Bond Fund

(a)

(a)

(a)

(a)

(a)

New York Tax-Free Money Fund

(a)

(a)

(a)

(a)

(a)

Tax-Efficient Equity Fund

$630,129

$18,081

$524,277

$542,358

$87,771

Tax-Exempt Money Fund

(a)

(a)

(a)

(a)

(a)

Tax-Free High Yield Fund

(a)

(a)

(a)

(a)

(a)

Tax-Free Income Fund

(a)

(a)

(a)

(a)

(a)

Tax-Free Short-Intermediate Fund

(a)

(a)

(a)

(a)

(a)

Virginia Tax-Free Bond Fund

(a)

(a)

(a)

(a)

(a)

(a) This fund does not participate in securities lending.

      

Fiscal Year Ended 5/31/19

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Corporate Income Fund

$15,703

$379

$13,179

$13,557

$2,145

Credit Opportunities Fund

0

0

0

0

0

Floating Rate Fund

0

0

0

0

0

Global Multi-Sector Bond Fund

167,391

6,439

125,605

132,045

35,346

GNMA Fund

0

0

0

0

0

Government Money Fund

(a)

(a)

(a)

(a)

(a)

Government Reserve Fund

(a)

(a)

(a)

(a)

(a)

High Yield Fund

0

0

0

0

0

Inflation Protected Bond Fund

10,340

239

9,181

9,420

920

Institutional Cash Reserves Fund

(a)

(a)

(a)

(a)

(a)

Institutional Core Plus Fund

0

0

0

0

0

Institutional Floating Rate Fund

0

0

0

0

0

300

      

Fiscal Year Ended 5/31/19

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Institutional High Yield Fund

0

0

0

0

0

Institutional Long Duration Credit Fund

537

16

432

448

89

Limited Duration Inflation Focused Bond Fund

3,032

455

0

455

2,577

New Income Fund

13,615,575

314,933

11,611,863

11,926,796

1,688,779

Retirement 2005 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2010 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2015 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2020 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2025 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2030 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2035 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2040 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2045 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2050 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2055 Fund

(a)

(a)

(a)

(a)

(a)

Retirement 2060 Fund

(a)

(a)

(a)

(a)

(a)

Retirement Balanced Fund

(a)

(a)

(a)

(a)

(a)

Retirement I 2005 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2010 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2015 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2020 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2025 Fund— Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2030 Fund— Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2035 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2040 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2045 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2050 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2055 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement I 2060 Fund—I Class

(a)

(a)

(a)

(a)

(a)

Retirement Balanced I Fund—I Class

(a)

(a)

(a)

(a)

(a)

Short-Term Fund

(a)

(a)

(a)

(a)

(a)

Short-Term Bond Fund

0

0

0

0

0

Spectrum Conservative Allocation Fund

200,064

14,625

109,587

124,212

75,852

Spectrum Moderate Allocation Fund

320,514

25,376

168,001

193,377

127,137

Spectrum Moderate Growth Allocation Fund

407,472

31,966

211,327

243,293

164,179

Target 2005 Fund

(a)

(a)

(a)

(a)

(a)

Target 2010 Fund

(a)

(a)

(a)

(a)

(a)

301

      

Fiscal Year Ended 5/31/19

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Target 2015 Fund

(a)

(a)

(a)

(a)

(a)

Target 2020 Fund

(a)

(a)

(a)

(a)

(a)

Target 2025 Fund

(a)

(a)

(a)

(a)

(a)

Target 2030 Fund

(a)

(a)

(a)

(a)

(a)

Target 2035 Fund

(a)

(a)

(a)

(a)

(a)

Target 2040 Fund

(a)

(a)

(a)

(a)

(a)

Target 2045 Fund

(a)

(a)

(a)

(a)

(a)

Target 2050 Fund

(a)

(a)

(a)

(a)

(a)

Target 2055 Fund

(a)

(a)

(a)

(a)

(a)

Target 2060 Fund

(a)

(a)

(a)

(a)

(a)

Total Return Fund

(a)

(a)

(a)

(a)

(a)

Treasury Reserve Fund

(a)

(a)

(a)

(a)

(a)

U.S. High Yield Fund

(a)

(a)

(a)

(a)

(a)

U.S. Treasury Intermediate Fund

0

0

0

0

0

U.S. Treasury Long-Term Fund

0

0

0

0

0

U.S. Treasury Money Fund

(a)

(a)

(a)

(a)

(a)

Ultra Short-Term Bond Fund

0

0

0

0

0

(a) This fund does not participate in securities lending.

      

Fiscal Year Ended 10/31/18

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Africa & Middle East Fund

0

0

0

0

0

Asia Opportunities Fund

$19,675

$969

$13,213

$14,182

$5,493

Cash Reserves Fund

(a)

(a)

(a)

(a)

(a)

China Evolution Equity Fund

(b)

(b)

(b)

(b)

(b)

Emerging Europe Fund

6,500

623

2,346

2,969

3,530

Emerging Markets Discovery Stock Fund

0

0

0

0

0

Emerging Markets Stock Fund

0

0

0

0

0

European Stock Fund

62,158

8,000

8,826

16,826

45,332

Global Allocation Fund

53,246

5,825

15,093

20,918

32,329

Global Growth Stock Fund

239,249

20,242

104,295

124,537

114,712

Global Stock Fund

1,068,571

87,851

482,879

570,730

497,841

Institutional Africa & Middle East Fund

0

0

0

0

0

Institutional Emerging Markets Equity Fund

0

0

0

0

0

Institutional Frontier Markets Equity Fund

0

0

0

0

0

302

      

Fiscal Year Ended 10/31/18

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Institutional Global Value Equity Fund

6,360

513

2,937

3,450

2,910

Institutional International Core Equity Fund

115,632

12,739

30,702

43,440

72,191

Institutional International Disciplined Equity Fund

10,585

1,325

1,749

3,075

7,510

Institutional International Growth Equity Fund

18,769

1,413

9,341

10,754

8,015

International Disciplined Equity Fund

2,544

320

408

728

1,816

International Discovery Fund

7,320,961

889,433

1,391,350

2,280,783

5,040,178

International Equity Index Fund

436,171

37,962

183,025

220,987

215,184

International Stock Fund

4,924,439

412,072

2,177,222

2,589,294

2,335,144

International Value Equity Fund

7,258,714

711,775

2,513,538

3,225,313

4,033,401

Japan Fund

810,834

84,795

245,524

330,319

480,515

Latin America Fund

117,574

7,260

69,171

76,431

41,143

Multi-Strategy Total Return Fund

8,554

796

4,165

4,959

3,594

New Asia Fund

168,008

8,659

110,278

118,937

49,071

Overseas Stock Fund

10,994,094

1,123,275

3,505,582

4,628,857

6,365,237

Summit Municipal Income Fund

(a)

(a)

(a)

(a)

(a)

Summit Municipal Intermediate Fund

(a)

(a)

(a)

(a)

(a)

Summit Municipal Money Market Fund

(a)

(a)

(a)

(a)

(a)

U.S. Bond Enhanced Index Fund

244,258

5,815

207,702

213,517

30,741

(a) This fund does not participate in securities lending.

(b) Prior to commencement of operations.

      

Fiscal Year Ended 12/31/18

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Balanced Fund

$659,645

$60,802

$269,425

$330,228

$329,418

Blue Chip Growth Fund

23,453,523

990,617

17,636,987

18,627,604

4,825,919

Capital Appreciation Fund

2,342,130

340,077

177,138

517,215

1,824,915

Communications & Technology Fund

3,221,650

319,717

1,166,101

1,485,818

1,735,832

Diversified Mid-Cap Growth Fund

2,430,767

87,302

1,953,260

2,040,561

390,206

Dividend Growth Fund

4,108,560

165,539

3,329,688

3,495,226

613,333

Dynamic Credit Fund

(a)

(a)

(a)

(a)

(a)

Dynamic Global Bond Fund

513,023

42,279

246,461

288,739

224,284

Emerging Markets Bond Fund

0

0

0

0

0

Emerging Markets Corporate Bond Fund

0

0

0

0

0

303

      

Fiscal Year Ended 12/31/18

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Emerging Markets Corporate Multi-Sector Account Portfolio

(b)

(b)

(b)

(b)

(b)

Emerging Markets Local Currency Bond Fund

0

0

0

0

0

Emerging Markets Local Multi-Sector Account Portfolio

(b)

(b)

(b)

(b)

(b)

Equity Income Fund

0

0

0

0

0

Equity Index 500 Fund

8,294,194

249,174

7,013,849

7,263,023

1,031,170

Extended Equity Market Index Fund

3,510,439

232,060

2,023,114

2,255,174

1,255,265

Financial Services Fund

886,671

36,626

707,860

744,487

142,184

Global Consumer Fund

1,215

119

423

542

673

Global High Income Bond Fund

0

0

0

0

0

Global Industrials Fund

18,039

1,027

11,178

12,205

5,834

Global Real Estate Fund

0

0

0

0

0

Global Technology Fund

0

0

0

0

0

Growth & Income Fund

0

0

0

0

0

Growth Stock Fund

2,073,641

301,075

162,530

463,605

1,610,036

Health Sciences Fund

0

0

0

0

0

Institutional Emerging Markets Bond Fund

0

0

0

0

0

Institutional Large-Cap Core Growth Fund

803,231

53,241

520,233

573,473

229,758

Institutional Large-Cap Growth Fund

0

0

0

0

0

Institutional Large-Cap Value Fund

1,704,494

84,791

1,306,596

1,391,387

313,107

Institutional Mid-Cap Equity Growth Fund

323,597

46,979

24,545

71,524

252,073

Institutional Small-Cap Stock Fund

0

0

0

0

0

International Bond Fund

387,214

15,901

281,200

297,101

90,113

International Bond Fund (USD Hedged)

811,192

40,147

543,537

583,684

227,509

Mid-Cap Growth Fund

1,308,263

182,149

105,068

287,217

1,021,046

Mid-Cap Index Fund

11,388

431

8,809

9,240

2,148

Mid-Cap Value Fund

0

0

0

0

0

New America Growth Fund

0

0

0

0

0

New Era Fund

266,963

29,521

70,159

99,680

167,283

New Horizons Fund

0

0

0

0

0

QM Global Equity Fund

8,772

473

5,606

6,079

2,693

QM U.S. Small-Cap Growth Equity Fund

72,415

3,405

51,255

54,660

17,755

QM U.S. Small & Mid-Cap Core Equity Fund

9,062,079

319,370

7,149,998

7,469,368

1,592,711

QM U.S. Value Equity Fund

432

17

327

345

87

Real Assets Fund

16

2

0

2

13

304

      

Fiscal Year Ended 12/31/18

Fees and/or compensation for securities lending activities and related services

 

Fund

Gross income from securities lending activities

Fees paid to securities lending agent from a revenue split

Rebate (paid to borrower)

Aggregate fees

/compensation for securities lending activities

Net income from securities lending activities

Real Estate Fund

0

0

0

0

0

Retirement Income 2020 Fund

(b)

(b)

(b)

(b)

(b)

Science & Technology Fund

0

0

0

0

0

Small-Cap Index Fund

21,462

1,439

11,630

13,069

8,394

Small-Cap Stock Fund

0

0

0

0

0

Small-Cap Value Fund

0

0

0

0

0

Spectrum Growth Fund

(b)

(b)

(b)

(b)

(b)

Spectrum Income Fund

(b)

(b)

(b)

(b)

(b)

Spectrum International Fund

(b)

(b)

(b)

(b)

(b)

Total Equity Market Index Fund

1,035,792

48,671

751,158

799,830

235,963

U.S. Equity Research Fund

19,987

3,126

1,279

4,405

15,582

U.S. Large-Cap Core Fund

121

18

0

18

103

Value Fund

15,598,447

676,107

12,614,080

13,290,188

2,308,259

(a) Prior to commencement of operations.

(b) This fund does not participate in securities lending.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 2600, Baltimore, Maryland 21202, is the independent registered public accounting firm to the funds.

The financial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund’s annual report are incorporated into this SAI by reference. A copy of the annual report of each fund with respect to which an inquiry is made will accompany this SAI.

305

PART II – TABLE OF CONTENTS

Page

  

Investment Objectives and Policies

306

Risk Factors

306

Portfolio Securities

331

Derivatives

347

Portfolio Management Practices

363

Investment Restrictions

366

Custodian and Fund Accounting

373

Code of Ethics

373

Disclosure of Fund Portfolio Information

374

 

Pricing of Securities

377

Net Asset Value Per Share

379

Page

  

Dividends and Distributions

380

Redemptions In-Kind and Purchases

380

Tax Status

381

Capital Stock

385

Proxy Voting Policies

399

Federal Registration of Shares

402

Legal Counsel

402

Ratings of Commercial Paper

403

Ratings of Corporate Debt Securities

403

Ratings of Municipal Notes and Variable

 

Rate Securities

405

PART II

Part II of this SAI describes risks, policies, and practices that apply to the Price Funds.

INVESTMENT OBJECTIVES AND POLICIES

The following information supplements the discussion of the funds’ investment programs and policies discussed in the funds’ prospectuses. You should refer to each fund’s prospectus to determine the types of holdings in which the fund primarily invests. You will then be able to review additional information set forth herein on those types of holdings and their risks, as well as information on other holdings in which the fund may occasionally invest.

Shareholder approval is required to substantively change fund objectives. Unless otherwise specified, the investment programs and restrictions of the funds are not fundamental policies. Each fund’s operating policies are subject to change by the fund’s Board without shareholder approval. The funds’ fundamental policies may not be changed without the approval of at least a majority of the outstanding shares of the fund or, if it is less, 67% of the shares represented at a meeting of shareholders at which the holders of more than 50% of the shares are represented.

RISK FACTORS

You may also refer to the sections titled “Portfolio Securities” and “Portfolio Management Practices” for discussions of the risks associated with the investments and practices described therein as they apply to the funds.

Risk Factors of Investing in Foreign Securities

General

Foreign securities include both U.S. dollar-denominated and non-U.S. dollar-denominated securities of foreign issuers. Foreign securities include securities issued by companies that are organized under the laws of countries other than the U.S. as well as securities that are issued or guaranteed by foreign governments or by foreign supranational entities. They also include securities issued by companies whose principal trading market is in a country other than the U.S. and companies that derive a significant portion of their revenue or profits from foreign businesses, investments, or sales or that have a majority of their assets outside the United States. Foreign securities may be traded on foreign securities exchanges or in the foreign over-the-counter (“OTC”) markets. Foreign securities markets generally are not as developed or efficient as those in the United States.

Investing in foreign securities, as well as instruments that provide investment exposure to foreign securities and markets, involves risks that are not typically associated with investing in U.S. dollar-denominated securities of domestic issuers.

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Certain of these risks are inherent in any mutual fund investing in foreign securities, while others relate more to the countries and regions in which the funds may invest. Many of the risks are more pronounced for investments in emerging market countries, such as Russia and many of the countries of Africa, Asia, Eastern Europe, Latin America, and the Middle East. There are no universally accepted criteria used to determine which countries are considered developed markets and which are considered emerging markets. However, the funds rely on the classification made for a particular country by an unaffiliated, third-party data provider.

· Political, Social, and Economic Risks Foreign investments involve risks unique to the local political, economic, tax, and regulatory structures in place, as well as the potential for social instability, military unrest, or diplomatic developments that could prove adverse to the interests of U.S. investors. The economies of many of the countries in which the funds may invest are not as developed as the U.S. economy, and individual foreign economies can differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. In addition, war and terrorism have affected many countries, especially those in Africa and the Middle East. Many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline. For example, in 2007 and 2008, the meltdown in the U.S. subprime mortgage market quickly spread throughout global credit markets, triggering a liquidity crisis that affected debt and equity markets around the world.

Governments in certain foreign countries continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could have a significant effect on market prices of securities and payment of dividends. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and economic conditions of their trading partners. The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.

· Currency Risks Investments in foreign securities will normally be denominated in foreign currencies. Accordingly, a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the funds’ holdings denominated in that currency. Generally, when a given currency appreciates against the U.S. dollar (e.g., because the U.S. dollar weakens or the particular foreign currency strengthens), the value of the funds’ securities denominated in that currency will rise. When a given currency depreciates against the U.S. dollar (e.g., because the U.S. dollar strengthens or the particular foreign currency weakens), the value of the funds’ securities denominated in that currency will decline. The value of fund assets may also be affected by losses and other expenses incurred in converting between various currencies in order to purchase and sell foreign securities, and by currency restrictions, exchange control regulations, and currency devaluations. In addition, a change in the value of a foreign currency against the U.S. dollar could result in a change in the amount of income available for distribution. If a portion of a fund’s investment income may be received in foreign currencies, the fund will be required to compute its income in U.S. dollars for distribution to shareholders, and therefore, the fund will absorb the cost of currency fluctuations.

· Investment and Repatriation Restrictions Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions limit and, at times, preclude investment in such countries and increase the cost and expenses of the funds. Investments by foreign investors are subject to a variety of restrictions in many emerging market countries. These restrictions may take the form of prior governmental approval, limits on the amount or type of securities held by foreigners, and limits on the types of companies in which foreigners may invest. Additional or different restrictions may be imposed at any time by these or other countries in which the funds invest. In addition, the repatriation of both investment income and capital from several foreign countries is restricted and controlled under certain regulations, including, in some cases, the need for certain government consents.

· Market and Trading Characteristics Foreign securities markets are generally not as developed or efficient as, and are generally more volatile than, those in the United States. While growing in volume, they usually have substantially less volume than U.S. markets and the funds’ foreign portfolio securities may have lower overall liquidity, be more difficult to value, and be subject to more rapid and erratic price movements than securities of comparable U.S. companies. Foreign securities may trade at price/earnings multiples higher than comparable U.S. securities, and such levels may not be sustainable. Commissions on foreign securities trades are generally higher than commissions on U.S. exchanges, and while there are an increasing number of overseas securities markets that have adopted a system of negotiated rates, a number are still subject to an established schedule of minimum commission rates. There is generally less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than in the United States.

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Moreover, overall settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the U.S. and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to the funds. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct transactions. Delays in clearance and settlement could result in temporary periods when assets of the funds are uninvested and no return is earned. The inability of a fund to make intended security purchases due to clearance and settlement problems could cause the fund to miss attractive investment opportunities. The inability of a fund to sell portfolio securities due to clearance and settlement problems could result either in losses to the fund due to subsequent declines in the value of the portfolio security or, if the fund has entered into a contract to sell the security, liability to the purchaser. Military unrest, war, terrorism, and other factors could result in securities markets closing unexpectedly for an extended period, during which a fund would lose the ability to either purchase or sell securities traded in that market. Finally, certain foreign markets are open for trading on days when the funds do not calculate their net asset value. Therefore, the values of a fund’s holdings in those markets may be affected on days when shareholders have no access to the fund.

· Depositary Receipts It is expected that most foreign securities will be purchased in OTC markets or on securities exchanges located in the countries in which the issuers of the various securities are located, provided that is the best available market. However, the funds may also purchase depositary receipts, such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts (“EDRs”), which are certificates evidencing ownership of underlying foreign securities, as alternatives to directly purchasing the foreign securities in their local markets and currencies. An advantage of ADRs, GDRs, and EDRs is that investors do not have to buy shares through the issuing company’s home exchange, which may be difficult or expensive. ADRs, GDRs, and EDRs are subject to many of the same risks associated with investing directly in foreign securities.

Generally, ADRs are denominated in U.S. dollars and are designed for use in the U.S. securities markets. The depositaries that issue ADRs are usually U.S. financial institutions, such as a bank or trust company, but the underlying securities are issued by a foreign issuer.

GDRs may be issued in U.S. dollars or other currencies and are generally designed for use in securities markets outside the United States. GDRs represent shares of foreign securities that can be traded on the exchanges of the depositary’s country. The issuing depositary, which may be a foreign or a U.S. entity, converts dividends and the share price into the shareholder’s home currency. EDRs are generally issued by a European bank and traded on local exchanges.

For purposes of a fund’s investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, an ADR representing ownership of common stock will be treated as common stock.

· Participation Notes The funds may gain exposure to securities in certain foreign markets through investments in participation notes (“P-notes”). For instance, a fund may purchase P-notes while it is awaiting approval from a foreign exchange to trade securities directly in that market as well as to invest in foreign markets that restrict foreign investors, such as the funds, from investing directly in individual securities traded on that exchange. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity security. An investment in a P-note involves additional risks beyond the risks normally associated with a direct investment in the underlying security, and the P-note’s performance may differ from the underlying security’s performance. While the holder of a P-note is entitled to receive from the broker-dealer or bank any dividends paid by the underlying security, the holder is not entitled to the same rights (e.g., voting rights) as an owner of the underlying stock. P-notes are considered general unsecured contractual obligations of the banks or broker-dealers that issue them as the counterparty. As such, the funds must rely on the creditworthiness of the counterparty for their investment returns on the P-notes and would have no rights against the issuer of the underlying security. There is also no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security. Additionally, issuers of P-notes and the calculation agent may have broad authority to control the foreign exchange rates related to the P-notes and discretion to adjust the P-note’s terms in response to certain events.

· Investment Funds The funds may invest in investment funds that have been authorized by the governments of certain countries specifically to permit foreign investment in securities of companies listed and traded on the stock exchanges in these respective countries. Investment in these funds is subject to the provisions of the 1940 Act. If a fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses of the fund (including

308

operating expenses and the fees of the investment manager), but will also indirectly bear similar expenses of the underlying investment funds. In addition, the securities of these investment funds may trade at a premium over their net asset value.

· Financial Information and Governance There is generally less publicly available information about foreign companies when compared with the reports and ratings that are published about companies in the United States. Many foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices, and requirements comparable to those applicable to U.S. companies, and there may be less stringent investor protection and disclosure standards. It also is often more difficult to keep currently informed of corporate actions, which can adversely affect the prices of portfolio securities.

· Taxes The dividends and interest payable on certain of the funds’ foreign portfolio securities may be subject to foreign withholding taxes, thus reducing the net amount of income available for distribution to the funds’ shareholders. In addition, some governments may impose a tax on purchases by foreign investors of certain securities that trade in their country.

· Higher Costs Investors should understand that the expense ratios of funds investing primarily in foreign securities can be expected to be higher than funds that invest mainly in domestic securities. Reasons include the higher costs of maintaining custody of foreign securities, higher advisory fee rates paid by funds to investment advisers for researching and selecting foreign securities, and brokerage commission rates and trading costs that tend to be more expensive in foreign markets than in the United States.

· Other Risks With respect to certain foreign countries, especially emerging markets, there is the possibility of adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of the funds, or diplomatic developments that could affect investments by U.S. persons in those countries. Further, the funds may find it difficult or be unable to enforce ownership rights, pursue legal remedies, or obtain judgments in foreign courts. Evidence of securities ownership may be uncertain in many foreign countries. In many of these countries, the most notable of which is Russia, the ultimate evidence of securities ownership is the share register held by the issuing company or its registrar. While some companies may issue share certificates or provide extracts of the company’s share register, these are not negotiable instruments and are not effective evidence of securities ownership. In an ownership dispute, the company’s share register is controlling.

· Europe

Europe includes both developed and emerging markets. Europe’s economies are diverse, its governments are decentralized, and its cultures vary widely. Unemployment in Europe has historically been higher than in the U.S., and public deficits have been an ongoing concern in many European countries.

Fiscal Constraints Most developed countries in western Europe are members of the European Union (“EU”), and many are also members of the European Economic and Monetary Union (“EMU”). European countries can be significantly affected by the tight fiscal and monetary controls that the EMU imposes on its members and with which candidates for EMU membership are required to comply. Member countries are required to maintain tight controls over inflation, public debt, and budget deficits, and these requirements can severely limit EMU member countries’ ability to implement monetary policy to address local or regional economic conditions. The private and public sectors’ debt problems of a single EU country can pose economic risks to the EU as a whole. The imposition of fiscal and monetary controls by EMU countries can have a significant impact on Europe as a whole. In addition, such controls could prove unsustainable and lead to an abrupt and unexpected elimination of the policy, leading to significant volatility. For instance, the Swiss National Bank had adopted a policy in 2011 to guarantee that the Swiss franc would not be worth more than 1.20 euros. In 2015, the Swiss National Bank determined, with little warning to market participants, that it would no longer cap the Swiss franc’s exchange rate against the euro, which led to significant turmoil throughout the markets not only in Europe but globally.

Eurozone Currency Issues While certain EU countries continue to use their own currency, there is a collective group of EU countries, known as the eurozone, that use the euro as their currency. Although the eurozone has adopted a common currency and central bank, there is no fiscal union; therefore, money does not automatically flow from countries with surpluses to those with fiscal deficits. Several eurozone countries continue to face deficits and budget issues, some of which may have negative long-term effects for the economies of not just eurozone countries but all of Europe. Rising government debt levels could increase market volatility and the probability of a recession, lead to emergency financing for certain countries, and foster increased speculation that certain countries may require bailouts. Eurozone policymakers have previously struggled to agree on solutions to debt crises, which has stressed the European banking system as lending

309

continued to tighten. Similar crises in the future could place additional stress on the banking system and lead to downgrades of European sovereign debt. There continues to be concern over national-level support for the euro, which could lead to the implementation of currency controls, certain countries leaving the EU, or potentially a breakup of the eurozone and dissolution of the euro. A breakup of the eurozone, particularly a disorderly breakup, would pose special challenges for the financial markets and could lead to exchange controls and/or market closures. In the event of a eurozone default or breakup, some of the most significant challenges faced by the funds with euro-denominated holdings and derivatives involving the euro would include diminished market liquidity, operational issues relating to the settlement of trades, difficulty in establishing the fair values of holdings, and the redenomination of holdings into other currencies.

British Exit From EU (“Brexit”) On June 23, 2016, the United Kingdom voted via referendum to leave the EU, which immediately led to significant market volatility around the world, as well as political, economic, and legal uncertainty. On March 29, 2017, the United Kingdom formally notified the European Council of its intention to withdraw. The ongoing negotiations surrounding Brexit have yet to provide clarity on what the outcome will be for the United Kingdom or Europe. The United Kingdom remains a member of the EU until the legally established departure date and, until such date, all existing EU derived laws and regulations continue to apply in the United Kingdom. Those laws may continue to apply for a transitional period, depending on whether an exit deal is struck and, if so, what that deal is. In any event, the United Kingdom’s on-shoring of EU legislation currently envisages no policy changes to EU law. However, the EU has not yet provided any material cushion from the effects of Brexit for financial services as a matter of EU law. In the event the United Kingdom withdraws without ratifying an agreement with the EU, the relationship between the United Kingdom and the EU would be based on the World Trade Organization rules. It is not presently possible to determine the extent of the impact this arrangement would have on the funds’ investments in the United Kingdom, and this continued uncertainty could have an adverse effect on the funds’ investments. There is also considerable uncertainty relating to the potential consequences of the exit, how the negotiations for new trade agreements will be conducted, and whether the United Kingdom’s exit will increase the likelihood of other countries to also withdraw from the EU. During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but also the broader global economy, could be significant, potentially resulting in increased volatility and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties.

· Emerging Europe, Middle East, and Africa

The economies of the countries of emerging Europe, the Middle East, and Africa, sometimes referred to as “EMEA,” are all considered emerging market economies, and they tend to be highly reliant on the exportation of commodities.

Political and Military Instability Many formerly communist, Eastern European countries have experienced significant political and economic reform over the past decade, and a continued eastward expansion of the EU could help to further anchor this reform process. However, the democratization process is still relatively new in a number of the smaller states and political turmoil and popular uprisings remain threats. In addition, Eastern European markets are particularly sensitive to social, economic, political and currency events in Russia and may suffer heavy losses as a result of their trading and investment connections to the Russian economy and currency. Political risk for Russia remains high, and steps that Russia has recently taken and may take in the future to assert its geopolitical influence, as it did with Georgia in 2008 and Ukraine beginning in 2014, may increase the tensions in the region and affect economic growth. The U.S., the regulatory bodies of certain other countries, and the EU have instituted sanctions against certain Russian individuals and Russian entities in response to political and military actions undertaken by Russia. These sanctions can consist of prohibiting certain securities trades, certain private transactions in the energy sector, asset freezes, and prohibition of all business against a Russian individual or entity. Such sanctions, and other intergovernmental actions that may be undertaken against Russia in the future, could result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a significant decline in the value and liquidity of securities issued by Russian companies or the Russian government. Further sanctions against Russia and any retaliatory action by the Russian government could result in the immediate freeze of Russian securities, either by issuer, sector, or the Russian markets as a whole, any of which would significantly impair the ability of the funds to buy, sell, or receive proceeds from those securities. Ongoing sanctions, the continued disruption of the Russian economy, or future military actions by Russia could severely impact not only the performance of any funds that hold Russian securities or derivatives with exposure to Russian securities or currency, but also the economies of other European countries including those of Eastern Europe.

310

Many Middle Eastern economies have little or no democratic tradition and are led by family structures. Opposition parties are often banned, leading to dissidence and militancy. Despite a growing trend toward a democratic process, many African nations have a history of dictatorship, military intervention, and corruption. War, terrorism, and military takeovers could result in a securities market unexpectedly closing for an extended period, which would restrict a fund from selling its securities that are traded in that market. In all parts of EMEA, such developments, if they were to recur, could reverse favorable trends toward economic and market reform, privatization, and removal of trade barriers and result in significant disruptions in securities markets.

Foreign Currency Certain countries in the region may have managed currencies that are pegged to the U.S. dollar or the euro, rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency, which may, in turn, have a disruptive and negative effect on investors. There is no significant foreign exchange market for certain currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies.

Energy/Resources Russia, the Middle East, and many African nations are highly reliant on income from oil sales. Oil prices can have a major impact on these economies. Other commodities such as base and precious metals are also important to these economies. As global supply and demand for commodities fluctuates, the EMEA economies can be significantly impacted by the prices of such commodities.

Custody and Settlement Because of the underdeveloped state of Russia’s financial and legal systems, the settlement, clearing, and registration of securities transactions are subject to heightened risks. Equity securities in Russia are issued only in book entry form, and ownership records are maintained in a decentralized fashion by registrars who are under contract with the issuers. Although a fund’s Russian sub-custodian maintains copies of the registrar’s records on its premises, such records may not be legally sufficient to establish ownership of securities. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Although a fund investing in Russian securities seeks to ensure through its custodian that its interest continues to be appropriately recorded, it is possible that a fraudulent act may deprive the fund of its ownership rights or improperly dilute its interest. In addition, it is possible that a registrar could be suspended or its license revoked, which would impact a fund’s holdings at that registrar until the suspension is lifted or the companies’ records are transferred to an alternative registrar. Finally, although applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration.

Investments in Saudi Arabia The funds generally expect to conduct their transactions in a manner in which they would not be limited by regulations to a single broker. However, there may be a limited number of brokers who can provide services to the fund in Saudi Arabia, which may have an adverse impact on the prices, quantity or timing of fund transactions.

The funds’ ability to invest in Saudi Arabian equity securities depends on the ability of T. Rowe Price as a Foreign Portfolio Manager, and the fund as a Qualified Foreign Investor (“QFI”), to obtain and maintain their respective authorizations from the Saudi Arabia Capital Market Authority (“CMA”). Even though the funds have obtained QFI approval, the funds do not have an exclusive investment quota and are subject to foreign investment limitations and other regulations imposed by the CMA on QFIs, as well as local market participants. Any change in the QFI system generally, including the possibility of T. Rowe Price or the funds losing their respective Foreign Portfolio Manager and QFI status, may adversely affect the funds.

The funds are required to use a trading account to buy and sell securities in Saudi Arabia. This trading account can be held directly with a broker, or held with a custodian, which is known as the Independent Custody Model (“ICM”). The ICM approach is generally regarded as preferable because securities are under the safe keeping and control of the custodian and would be recoverable in the event of the bankruptcy of the custodian. When a fund utilizes the ICM approach, it relies on a broker standing instruction letter to authorize the fund’s sub-custodian to move securities to a trading account for settlement, based on the details supplied by the broker. However, an authorized broker could potentially either fraudulently or erroneously sell a fund’s securities, although opportunities for a local broker to conduct fraudulent transactions are limited due to short trading hours (trading hours in Saudi Arabia are generally between 10 a.m. to 3 p.m.) In addition, the risk of fraudulent or erroneous transactions are further mitigated by a manual pre-matching process conducted by the custodian, which validates the fund’s settlement instructions with the local broker contract note and the transaction report from the depository. Similar risks also apply to using a direct broker trading account. When a fund

311

utilizes a direct broker trading account, the account is set up in the fund’s name, and the assets are likely to be treated as ring-fenced and separated from any other accounts at the broker. However, if the broker defaults, there may be a delay to recovering the fund’s assets that are held in the broker account and legal proceedings may need to be initiated in order to do so.

· Latin America

The majority of Latin American countries have been characterized at various times by high interest and unemployment rates, inflation, an over-reliance on commodity trades, and government intervention.

Inflation Most Latin American countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. For example, recent political and social unrest in Venezuela has resulted in a massive disruption in the Venezuelan economy, including a deep recession and near hyperinflation. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels.

Political Instability and Government Control Certain Latin American countries have been marred by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they were to recur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers and result in significant disruption in securities markets. Many Latin American governments have exercised significant influence over their country’s economies, which can have significant effects on companies doing business in Latin America and the securities they issue. These governments have often changed monetary, taxation, credit, tariff, and other policies to alter the direction of their economies. Actions to control inflation have involved the setting of wage and price controls, blocking access to bank accounts, imposing exchange controls, and limiting imports. Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Brazilian law provides that whenever a serious imbalance in Brazil’s balance of payments exists or is anticipated, the Brazilian government may impose temporary restrictions on the remittance to foreign investors, such as the funds, of proceeds from the sale of Brazilian securities.

Foreign Currency Certain Latin American countries may experience sudden and large adjustments in their currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries may impose restrictions on the free conversion of their currency into other currencies, including the U.S. dollar. There is no significant foreign exchange market for many Latin American currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies.

Sovereign Debt A number of Latin American countries have been among the largest debtors of emerging market countries. There have been moratoria on, and reschedulings of, repayment with respect to these debts. Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies.

Foreign Trade Because commodities, such as agricultural products, minerals, oil, and metals, represent a significant percentage of exports of many Latin American countries, the economies of those countries are particularly sensitive to fluctuations in commodity prices, currencies, and global demand for commodities. More specifically, the prices of oil and other commodities are in the midst of a period of high volatility driven, in part, by a continued slowdown in growth in China. If growth in China remains slow, or if global economic conditions worsen, Latin American countries may face significant economic difficulties.

Venezuela Investments in Venezuela may subject a fund to legal, regulatory, political, currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela is extremely well endowed with natural resources and its economy is heavily dependent on export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will likely negatively affect the Venezuelan economy. The U.S. has imposed economic sanctions, which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan government. These sanctions, or the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the ability of a fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela may in the future be imposed by the U.S. or other countries. These factors and others may

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significantly reduce the value of creditors' claims against the Venezuelan government, state owned enterprises and private business in Venezuela. Enforcing these claims may also require protracted negotiation or litigation.

· Japan

The Japanese economy fell into a recession in the late 2000s due in part to the global economic crisis during that period. This economic recession was likely compounded by an unstable financials sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major issues facing the Japanese economy. Japan’s government has recently implemented significant economic reform aimed at jump-starting the Japanese economy and boosting the competitiveness of Japanese goods in world markets. Through aggressive monetary easing, temporary fiscal stimulus, and overall structural reform, the program is designed to end the recent cycles of deflation, falling prices, and declining wages.

Banking System To help sustain Japan’s economic recovery and improve its economic growth, many believe an overhaul of the nation’s financial institutions is necessary. Banks, in particular, may have to reform themselves to become more competitive. While successful financials sector reform would contribute to Japan’s economic recovery at home and would benefit other economies in Asia, internal conflict over the proper way to reform the banking system currently persists.

Natural Disasters Japan has experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity. The risks of such phenomena, and the resulting damage, continue to exist and could have a severe and negative impact on a fund’s holdings in Japanese securities. Japan also has one of the world’s highest population densities. A significant percentage of the total population of Japan is concentrated in the metropolitan areas of Tokyo, Osaka, and Nagoya. Therefore, a natural disaster centered in or very near one of these cities could have a particularly devastating effect on Japan’s financial markets. Japan’s recovery from the recession has been affected by economic distress from the earthquake and resulting tsunami that struck northeastern Japan in March 2011 causing major damage along the coast, including damage to nuclear power plants in the region. Since the earthquake, Japan’s financial markets have fluctuated dramatically.

Energy Importation Japan has historically depended on oil for most of its energy requirements. Almost all of its oil is imported, the majority from the Middle East. In the past, oil prices have had a major impact on the domestic economy, but more recently Japan has worked to reduce its dependence on oil by encouraging energy conservation and use of alternative fuels. In addition, a restructuring of industry, with emphasis shifting from basic industries to processing and assembly type industries, has contributed to the reduction of oil consumption. However, there is no guarantee that this favorable trend will continue.

Foreign Trade Overseas trade is important to Japan’s economy, and Japan’s economic growth is significantly driven by its exports. Japan has few natural resources and must export to pay for its imports of these basic requirements. A significant portion of Japan’s trade is conducted with emerging market countries, almost all of which are located in East and Southeast Asia, and it can be affected by conditions in these other countries and currency fluctuations. Because of the concentration of Japanese exports in highly visible products such as automobiles and technology, and the large trade surpluses ensuing therefrom, Japan has had difficult relations with its trading partners, particularly the United States. Japan’s aging and shrinking population increases the cost of the country’s pension and public welfare system and lowers domestic demand, making Japan even more dependent on exports to sustain its economy. It is possible that trade sanctions or other protectionist measures could impact Japan adversely in both the short term and long term.

· Asia (excluding Japan)

Asia includes countries in all stages of economic development, some of which have been characterized at times by overextension of credit, currency fluctuations, devaluations, restrictions, unstable employment rates, over-reliance on exports, and less efficient markets. Currency fluctuations or devaluations in any one country can have a significant effect on the entire region. Furthermore, increased political and social unrest in some Asian countries could cause further economic and market uncertainty in the entire region.

Political and Social Instability The political history of some Asian countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they continue to occur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers and could result in significant disruption to securities markets. For example, there is a demilitarized border and hostile relations between North and South Korea, and the Taiwanese economy has been affected by security threats from China. China remains a totalitarian country with continuing risk of nationalization, expropriation, or confiscation of

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property and its legal system is still developing, making it more difficult to obtain or enforce judgments. At times, religious, cultural, and military disputes within and outside India have caused volatility in the Indian securities markets, and such disputes could adversely affect the value and liquidity of a fund’s investments in Indian securities in the future.

Foreign Currency Certain Asian countries may have managed currencies, which are maintained at artificial levels to the U.S. dollar rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency, which, in turn, can have a disruptive and negative effect on foreign investors. Certain Asian countries also may restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for certain currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies.

Interrelated Economies and International Trade A number of Asian companies are highly dependent on foreign loans for their operation, some of which may impose strict repayment term schedules and require significant economic and financial restructuring. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. China has had an increasingly significant and positive impact on the region and the global economy, but its continued success depends on its ability to retain the legal and financial policies that have fostered economic freedom and market expansion. China’s central government has historically exercised substantial control over the Chinese economy through administrative regulation and/or state ownership. Despite economic reforms that have resulted in less direct central and local government control over Chinese businesses, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. These activities, which may include central planning, partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors or particular Chinese companies, may adversely affect the public and private sector companies in which a fund invests. The Hong Kong, Taiwanese, and Chinese economies can be dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. These China region economies can also be significantly affected by general social, economic, and political conditions in China and other countries. The willingness and ability of the Chinese government to support the Hong Kong and Chinese economies and markets is uncertain. China has yet to develop comprehensive securities, corporate, or commercial laws, and its market is relatively new and undeveloped. Also, foreign investments may be restricted. Changes in government policy could significantly affect the local markets.

Investments in Chinese Securities

Certain funds may hold securities listed on the Shanghai Stock Exchange (“SSE”) or Shenzhen Stock Exchange (“SZSE”). Securities listed on these exchanges are divided into two classes: A shares, which are mostly limited to domestic investors (“China A Shares,” as described further below under “Risks Associated with Investing In China A Shares”), and B shares, which are allocated for both international and domestic investors (“China B Shares”). The funds’ exposure to China A shares is generally through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect programs (each a “Stock Connect” and together the “Stock Connects”) or through T. Rowe Price’s Qualified Foreign Institutional Investor (“QFII”) Quota.

The Stock Connects and T. Rowe Price’s QFII Quota are described in more detail under “Risks Associated With Investing In China A Shares,” below. In addition to China A shares and China B shares, certain funds may also invest in Hong Kong listed H shares, Hong Kong listed Red Chips (which are companies incorporated in certain foreign jurisdictions, owned by national or local governments in China and deriving substantial revenues in China, but listed in Hong Kong), P Chips (which are companies incorporated in certain foreign jurisdictions, controlled by individuals in China and deriving substantial revenues in China, but listed in Hong Kong) and companies with a majority of revenues derived from business conducted in China (regardless of the exchange on which the security is listed or the country in which the company is based).

Some funds may invest in onshore China bonds via a QFII license awarded to T. Rowe Price or through a China Interbank Bond Market (“CIBM”) registration. CIBM is an over-the-counter (“OTC”) market outside the two main stock exchanges in the People’s Republic of China (“PRC”), Shanghai Stock Exchange and Shenzhen Stock Exchange, and was established in 1997. On CIBM, institutional investors (including domestic institutional investors but also QFIIs, Renminbi QFIIs as well as other offshore institutional investors, subject to authorization) trade certain debt instruments on a one-to-one quote-driven basis. CIBM accounts for a vast majority of outstanding bond values of total trading volume in the PRC. The

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main debt instruments traded on CIBM include government bonds, financial bonds, corporate bonds, bond repo, bond lending, and People’s Bank of China (“PBOC”) bills.

Investors should be aware that trading on CIBM exposes the applicable fund to increased risks. CIBM is still in its development stage, and the market capitalization and trading volume may be lower than those of more developed markets. Market volatility and potential lack of liquidity due to low trading volume of certain debt securities may result in the prices of debt securities traded on such market to fluctuate significantly. funds investing in such a market therefore may incur significant trading, settlement and realization costs, and may face counterparty default risk, liquidity and volatility risks, resulting in significant losses for the funds and their investors. Further, since a large portion of CIBM consists of Chinese state-owned entities, the policy priorities of the Chinese government, the strategic importance of the industry, and the strength of a company’s ties to the local, provincial, or central government may and will affect the pricing of such securities.

In addition to the risks of investing in securities of Chinese issuers described in each applicable fund’s prospectus, it is important to understand that significant portions of the Chinese securities markets may become rapidly illiquid, as the Chinese regulatory authorities and Chinese issuers have the ability to suspend the trading of equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. The liquidity of Chinese securities may shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate. The liquidity of a suspended security may be significantly impaired, and may be more difficult to value accurately. Illiquidity of a fund’s holdings may limit the ability of the fund to obtain cash to meet redemptions on a timely basis.

China A Share Market Risk Investments in China and more specifically, investments in securities of the Chinese domestic securities market listed and traded on China’s domestic stock exchanges (including China A Shares) are currently subject to certain additional risks. Purchase and ownership of China A Shares is generally restricted to Chinese investors and may only be accessible to foreign investors under certain regulatory frameworks as described herein. China A Shares may only be bought from, or sold to, a fund from time to time where the relevant China A Shares may be sold or purchased on the SSE or the SZSE, as appropriate. The existence of a liquid trading market for China A Shares may depend on whether there is supply of, and demand for, China A Shares. Investors should note that the SSE and SZSE on which China A Shares are traded (collectively, the “China A Shares Markets”) are undergoing development and the market capitalization of, and trading volumes on, those exchanges may be lower than those in more developed financial markets. Market volatility and settlement difficulties in the China A Shares Markets may result in significant fluctuation in the prices of the securities traded on such markets and thereby changes in the Net Asset Value of a fund. The China A Shares Markets are considered volatile and unstable (with the risk of suspension of a particular stock or government intervention).

China QFII Investment Risk Part of the assets of certain funds may be invested in China A Shares through the use of a Qualified Foreign Institutional Investor (“QFII”) license. Under the prevailing regulations in China, foreign investors can invest in China A Shares pursuant to the applicable QFII rules and regulations (“QFII Eligible Securities”) through institutions that have obtained QFII status in China. The funds themselves are not QFIIs, but may invest directly in QFII Eligible Securities via the QFII status of an entity having QFII status. T. Rowe Price has been granted QFII status and a QFII investment quota (the “QFII Quota”) through which a fund will be able to invest in QFII Eligible Securities. Some funds, such as the China Evolution Equity Fund, have a segregated account from which they are able to utilize T. Rowe Price’s existing and unused QFII quota.

A fund’s ability to make the relevant investment to fully implement or pursue its investment objective or strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in China, which are subject to change and such change may have potential retrospective effect.

There are rules and restrictions under current QFII regulations including rules on remittance of principal, investment restrictions, lock-up periods, and repatriation of principal and profits. Due to Chinese legal restrictions on repatriation of assets, proceeds from sales of China A Shares cannot be immediately received by a fund. QFII restrictions on repatriations may apply to the QFII Quota granted to.

T. Rowe Price as the QFII as a whole and may not simply apply to investments made by a fund. The capacity of a fund to make investments in QFII Eligible Securities and the ability to repatriate funds may be thus adversely affected by the investments, performance and/or repatriation of funds invested by other client accounts or mutual funds managed by T. Rowe Price utilizing its QFII Quota or by T. Rowe Price itself.

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The QFII status of T. Rowe Price could be revoked, in particular because of material violations of rules and regulations by T. Rowe Price. If T. Rowe Price loses its QFII status, the funds may not be able to invest directly in QFII Eligible Securities and may be required to dispose of their holdings, which would likely have a material adverse effect on the funds.

As the QFII, T. Rowe Price is responsible for ensuring that all transactions and dealings by a fund in China A Shares will comply with the fund’s investment policies as well as the relevant laws and regulations applicable to T. Rowe Price as QFII. If any conflicts of interest arise, T. Rowe Price will seek to ensure that each fund is managed in the best interests of the shareholders of that fund. The QFII Quota is granted to T. Rowe Price as a whole and not simply to investments made by a particular fund. There can be no assurance that the QFII will be able to allocate a sufficient portion of its QFII Quota to meet all desired investments by a fund in China A Shares, or that redemption requests can be processed in a timely manner due to adverse changes in relevant laws or regulations, including changes in QFII repatriation restrictions.

In extreme circumstances, a fund may incur significant loss if there is insufficient QFII Quota allocated for the fund to make investments, if the approval of T. Rowe Price as QFII is revoked/terminated or otherwise invalidated as the fund may be prohibited from trading of relevant securities and repatriating of the fund’s monies, or if any of the key operators or parties (including the QFII custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).

Risks Associated with Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect A fund may invest and have direct access to certain eligible China A Shares via the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (each a “Stock Connect,” and together, the “Stock Connects”) upon approval by the relevant regulatory authority. The Shanghai-Hong Kong Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited (“HKEx”), SSE and China Securities Depository and Clearing Corporation Limited (“ChinaClear”). The Shenzhen-Hong Kong Stock Connect is a securities trading and clearing linked program developed by HKEx, SZSE and ChinaClear. The aim of each Stock Connect is to achieve mutual stock market access between mainland China and Hong Kong.

Under both Stock Connects, overseas investors (including the funds) may be allowed, subject to rules and regulations issued and amended from time to time, to trade certain China A Shares listed on either the SSE or SZSE through the relevant “Northbound Trading Link.” The list of eligible securities may be changed subject to the review and approval by the relevant Chinese regulators from time to time and the funds may invest in any security made available through the Stock Connects.

Hong Kong and overseas investors (including the funds) may only trade and settle SSE securities and SZSE securities in RMB.

Risks of investing through the Stock Connects include:

· Quota Limitations Risk Each of the Stock Connects is subject to a daily quota. If the daily quota is exceeded, further buy orders will be rejected. The daily quota is not particular to either the funds or T. Rowe Price; instead, it applies to all market participants generally. Thus, T. Rowe Price will not be able to control the use or availability of the quota. If T. Rowe Price is unable to purchase additional Stock Connect securities, it may affect T. Rowe Price’s ability to implement the funds’ respective investment strategies.

· Suspension Risk The SEHK, SZSE and SSE reserve the right to suspend trading if necessary for ensuring an orderly and fair market and managing risks prudently which could adversely affect the relevant funds’ ability to access the mainland China market.

· Differences in Trading Day The Stock Connects only operate on days when both the mainland China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. It is possible that there are occasions when it is a normal trading day for the mainland China market but Hong Kong and overseas investors (such as the funds) cannot carry out any China A Shares trading because it is not a day when the Hong Kong market is open for trading. The funds may be subject to the risk of price fluctuations in China A Shares during the time when the Stock Connects are not trading as a result.

· Extended Market Closings The Shanghai and Shenzhen stock exchanges may close for extended periods for holidays or otherwise, which impacts the fund’s ability to trade during those periods.

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· Clearing and Settlement and Custody Risks The Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of HKEx (“HKSCC”) and ChinaClear establish the clearing links and each is a participant of the other to facilitate clearing and settlement of cross-boundary trades. As the national central counterparty of China’s securities market, ChinaClear operates a comprehensive network of clearing, settlement and stock holding infrastructure. ChinaClear has established a risk management framework and measures that are approved and supervised by the China Securities Regulatory Commission (“CSRC”). The chances of a default by ChinaClear are considered to be remote. Should the remote event of a ChinaClear default occur and ChinaClear be declared as a defaulter, HKSCC will in good faith, seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or through ChinaClear’s liquidation. In that event, the relevant fund(s) may suffer delay in the recovery process or may not be able to fully recover its losses from ChinaClear. The China A Shares traded through the Stock Connects are issued without stock certificates in scripless form, so investors such as the funds will not hold any physical China A Shares. Hong Kong and overseas investors, such as a fund, who have acquired SSE Securities and/or SZSE Securities through the Stock Connects, should maintain the SSE Securities and/or SZSE Securities with their brokers’ or custodians’ stock accounts with the Central Clearing and Settlement System operated by HKSCC for the clearing securities listed or traded on SEHK.

· Operational Risk The Stock Connects are premised on the functioning of the operational systems of the relevant market participants. Market participants are able to participate in this program subject to meeting certain information technology capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing house. It should be appreciated that the securities regimes and legal systems of the two markets differ significantly and market participants may need to address issues arising from the differences on an ongoing basis. There is no assurance that the systems of the SEHK and market participants will function properly or will continue to be adapted to changes and developments in both markets. In the event that the relevant systems failed to function properly, trading in both markets through the program could be disrupted. A fund’s ability to access the China A Shares Market (and hence to pursue its investment strategy) will be adversely affected.

· Recalling Risk and Trading Restrictions A stock may be recalled from the scope of eligible SSE Securities or SZSE Securities for trading via the Stock Connects for various reasons, and in such event the stock can only be sold but is restricted from being bought. T. Rowe Price’ ability to implement a fund’s investment strategies may be adversely affected.

· Nominee Arrangements in Holding China A Shares HKSCC is the “nominee holder” of the securities acquired by overseas investors (including the relevant funds) through the Stock Connects. The CSRC Stock Connect rules expressly provided that investors enjoy the rights and benefits of the securities acquired through the Stock Connects in accordance with applicable laws. However, how a beneficial owner of the relevant securities exercises and enforces its rights over such securities in the courts in China is yet to be tested. Even if the concept of beneficial ownership is recognized under Chinese law those securities may form part of the pool of assets of such nominee holder available for distribution to creditors of such nominee holder and/or that a beneficial owner may have no rights whatsoever in respect thereof. Consequently, a fund and the Depositary cannot ensure that the funds’ ownership of these securities or title thereto is assured in all circumstances. Under the rules of the Central Clearing and Settlement System operated by HKSCC for the clearing of securities listed or traded on SEHK, HKSCC as nominee holder shall have no obligation to take any legal action or court proceeding to enforce any rights on behalf of the investors in respect of the SSE securities and/or SZSE securities in China or elsewhere. Therefore, although the relevant funds’ ownership may be ultimately recognized, that fund may suffer difficulties or delays in enforcing its rights in China. To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, the Depositary and the fund will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the fund suffers losses resulting from the performance or insolvency of HKSCC.

· Investor Compensation Investments of a fund through Northbound trading under the Stock Connects will not be covered by Hong Kong’s Investor Compensation Fund. Hong Kong’s Investor Compensation fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange-traded products

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in Hong Kong. Since default matters in Northbound trading via the Stock Connects do not involve products listed or traded in SEHK or Hong Kong Futures Exchange Limited, they will not be covered by the Investor Compensation fund. On the other hand, since a fund is carrying out Northbound trading through securities brokers in Hong Kong but not mainland Chinese brokers, therefore it is not protected by the China Securities Investor Protection Fund in China.

· Trading Costs In addition to paying trading fees and stamp duties in connection with trading China A Shares, a fund may be subject to other fees and taxes arising from stock transfers which are determined by the relevant authorities.

· Regulatory Risk Stock Connects are subject to regulations promulgated by regulatory authorities and implementation rules made by the stock exchanges in mainland China and Hong Kong. Further, new regulations may be promulgated from time to time by the regulators in connection with operations and cross-border legal enforcement in connection with cross-border trades under the Stock Connects. The relevant rules and regulations are untested so far and there is no certainty as to how they will be applied. Moreover, the rules and regulations are subject to change which may have potential retrospective effect. There can be no assurance that the Stock Connects will not be abolished. The relevant funds that may invest in mainland China markets through the Stock Connects may be adversely affected as a result of such changes.

· Risks Associated with the Small and Medium Enterprise Board and/or ChiNext Market Via Shenzhen-Hong Kong Stock Connect, the funds may access securities listed on the Small and Medium Enterprise (“SME”) board and the ChiNext market of the SZSE. Listed companies on the SME board and/or the ChiNext market are usually of an emerging nature with smaller operating scale. They are subject to higher fluctuation in stock prices and liquidity and have higher risks and turnover ratios than companies listed on the main board of the SZSE. Securities listed on the SME board and/or ChiNext may be overvalued and such exceptionally high valuation may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares. It may be more common and faster for companies listed on the SME board and/or ChiNext to delist. This may have an adverse impact on the funds if the companies that they invest in are delisted. Also, the rules and regulations regarding companies listed on ChiNext market are less stringent in terms of profitability and share capital than those on the main board and SME board. Investments in the SME board and/or ChiNext market may result in significant losses for the funds and their investors.

Risk Factors of Investing in Taxable Debt Obligations

General

Yields on short-, intermediate-, and long-term debt securities are dependent on a variety of factors, including the general conditions of the money, bond, and foreign exchange markets; the size of a particular offering; the maturity of the obligation; and the credit rating of the issue. Debt securities with longer maturities tend to carry higher yields and are generally subject to greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market prices of debt securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of portfolio investments, and a decline in interest rates will generally increase the value of portfolio investments. The ability of funds investing in debt securities to achieve their investment objectives is also dependent on the continuing ability of the issuers of the debt securities in which the funds invest to meet their obligations for the payment of interest and principal when due.

After purchase by the funds, a debt security may cease to be rated or its rating may be reduced below the minimum required for purchase by the funds. Neither event will require a sale of such security by the funds. However, such events will be considered in determining whether the funds should continue to hold the security. To the extent that the ratings given by Moody’s, S&P, or others may change as a result of changes in such organizations or their rating systems, the funds will attempt to use comparable ratings as standards for investments in accordance with the investment policies contained in the prospectus. The ratings of Moody’s, S&P, and others represent their opinions as to the quality of securities that they undertake to rate. Ratings are not absolute standards of quality. When purchasing unrated securities, T. Rowe Price, under the supervision of the funds’ Boards, determines whether the unrated security is of a quality comparable to that which the funds are allowed to purchase.

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Full Faith and Credit Securities

Securities backed by the full faith and credit of the United States (for example, Government National Mortgage Association “GNMA” and U.S. Treasury securities) are generally considered to be among the most, if not the most, creditworthy investments available. While the U.S. government has honored its credit obligations continuously for the last 200 years, political events have, at times, called into question whether the United States would default on its obligations. Such an event would be unprecedented, and there is no way to predict its impact on the securities markets or the funds. However, it is very likely that default by the United States would result in losses to the funds.

Mortgage Securities

Mortgage-backed securities, including GNMA securities differ from conventional bonds in that principal is paid back over the life of the security rather than at maturity. As a result, the holder of a mortgage-backed security (i.e., a fund) receives monthly scheduled payments of principal and interest and may receive unscheduled principal payments representing prepayments on the underlying mortgages. Therefore, GNMA securities may not be an effective means of “locking in” long-term interest rates due to the need for the funds to reinvest scheduled and unscheduled principal payments. The incidence of unscheduled principal prepayments is also likely to increase in mortgage pools owned by the funds when prevailing mortgage loan rates fall below the mortgage rates of the securities underlying the individual pool. The effect of such prepayments in a falling rate environment is to (1) cause the funds to reinvest principal payments at the then lower prevailing interest rate, and (2) reduce the potential for capital appreciation beyond the face amount of the security and adversely affect the return to the funds. Conversely, in a rising interest rate environment, such prepayments can be reinvested at higher prevailing interest rates, which will reduce the potential effect of capital depreciation to which bonds are subject when interest rates rise. When interest rates rise and prepayments decline, GNMA securities become subject to extension risk or the risk that the price of the securities will fluctuate more. In addition, prepayments of mortgage securities purchased at a premium (or discount) will cause such securities to be paid off at par, resulting in a loss (gain) to the funds. T. Rowe Price will actively manage the funds’ portfolios in an attempt to reduce the risk associated with investment in mortgage-backed securities.

The market value of adjustable rate mortgage securities (“ARMs”), like other U.S. government securities, will generally vary inversely with changes in market interest rates, declining when interest rates rise and rising when interest rates decline. Because of their periodic adjustment feature, ARMs should be more sensitive to short-term interest rates than long-term rates. They should also display less volatility than long-term mortgage-backed securities. Thus, while having less risk of a decline during periods of rapidly rising rates, ARMs may also have less potential for capital appreciation than other investments of comparable maturities. Interest rate caps on mortgages underlying ARMs may prevent income on the ARMs from increasing to prevailing interest rate levels and cause the securities to decline in value. In addition, to the extent ARMs are purchased at a premium, mortgage foreclosures and unscheduled principal prepayments may result in some loss of the holders’ principal investment to the extent of the premium paid. On the other hand, if ARMs are purchased at a discount, both a scheduled payment of principal and an unscheduled prepayment of principal will increase current and total returns and will accelerate the recognition of income that, when distributed to shareholders, will be taxable as ordinary income.

High Yield Securities

Special Risks of Investing in Junk Bonds The following special considerations are additional risk factors of funds investing in lower-rated securities.

· Lower-Rated Debt Securities An economic downturn or increase in interest rates is likely to have a greater negative effect on this market; the value of lower-rated debt securities in the funds’ portfolios; the funds’ net asset value; and the ability of the bonds’ issuers to repay principal and interest, meet projected business goals, and obtain additional financing than on higher-rated securities. These circumstances also may result in a higher incidence of defaults than with respect to higher-rated securities. Investment in funds that invest in lower-rated debt securities is more risky than investment in shares of funds that invest only in higher-rated debt securities.

· Sensitivity to Interest Rate and Economic Changes Prices of lower-rated debt securities may be more sensitive to adverse economic changes or corporate developments than higher-rated investments. Debt securities with longer maturities, which may have higher yields, may increase or decrease in value more than debt securities with shorter maturities. Market prices of lower-rated debt securities structured as zero-coupon or pay-in-kind securities are affected to a greater extent by interest

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rate changes and may be more volatile than securities that pay interest periodically and in cash. Where it deems it appropriate and in the best interests of fund shareholders, a fund may incur additional expenses to seek recovery on a debt security on which the issuer has defaulted and to pursue litigation to protect the interests of security holders of its portfolio companies.

· Liquidity and Valuation Because the market for lower-rated securities may be thinner and less active than for higher-rated securities, there may be market price volatility for these securities and limited liquidity in the resale market. Nonrated securities are usually not as attractive to as many buyers as rated securities are, a factor that may make nonrated securities less marketable. These factors may have the effect of limiting the availability of the securities for purchase by the funds and may also limit the ability of the funds to sell such securities at their fair value, either to meet redemption requests or in response to changes in the economy or the financial markets.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt securities, especially in a thinly traded market. To the extent the funds own or may acquire illiquid or restricted lower-rated securities, these securities may involve special registration responsibilities, liabilities, costs, and liquidity and valuation difficulties. Changes in values of debt securities that the funds own will affect its net asset value per share. If market quotations are not readily available for the funds’ lower-rated or nonrated securities, these securities will be valued by a method that the funds’ Boards believe accurately reflects fair value. Judgment plays a greater role in valuing lower-rated debt securities than with respect to securities for which more external sources of quotations and last sale information are available.

· Taxation Special tax considerations are associated with investing in lower-rated debt securities structured as zero-coupon or pay-in-kind securities. The funds accrue income on these securities prior to the receipt of cash payments. Similar requirements may apply to bonds purchased with market discount. The funds must distribute substantially all of their income to their shareholders to qualify for pass-through treatment under the tax laws and may, therefore, have to dispose of portfolio securities to satisfy distribution requirements.

Risk Factors of Investing in Municipal Securities

General

Yields on municipal securities are dependent on a variety of factors, including the general conditions of the money market and the municipal bond market, the size of a particular offering, the maturity of the obligations, and the credit rating and financial condition of the issuer. Municipal securities with longer maturities tend to produce higher yields and are generally subject to potentially greater price volatility than municipal securities with shorter maturities and lower yields. The market prices of municipal securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of municipal bonds and a decline in interest rates will generally increase the value of municipal bonds. The ability of all the funds to achieve their investment objectives is also dependent on the continuing ability of the issuers of municipal securities in which the funds invest to meet their obligations for the payment of interest and principal when due. The ratings of Moody’s, S&P, and Fitch represent their opinions as to the quality of municipal securities that they undertake to rate. Ratings are not absolute standards of quality; consequently, municipal securities with the same maturity, coupon, and rating may have different yields. There are variations in municipal securities, both within a particular classification and between classifications, depending on numerous factors. It should also be pointed out that, unlike other types of investments, offerings of municipal securities have traditionally not been subject to regulation by, or registration with, the SEC, although there have been proposals that would provide for regulation in the future.

The federal bankruptcy statutes relating to the debts of political subdivisions and authorities of states of the United States provide that, in certain circumstances, such subdivisions or authorities may be authorized to initiate bankruptcy proceedings without prior notice to or consent of creditors, which proceedings could result in material and adverse changes in the rights of holders of their obligations.

Municipal bankruptcies have been rare and certain provisions of the U.S. Bankruptcy Code governing such bankruptcies are unclear. Further, the application of state law to municipal bond issuers could produce varying results among the states or even among municipal bond issuers within a state. The rights of the holders of municipal bond issues, and the enforceability of municipal bond issues (and their associated financing documents), may be subject to, among others: (1) bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights, in effect now or after the date of the issuance; (2) principles of equity; and (3) the exercise of judicial discretion. The

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U.S. Bankruptcy Code limits the filing for relief to municipalities that have been specifically authorized to do so under applicable state law, whereas bonds payable exclusively by private entities may be subject to the other provisions of the United States Bankruptcy Code. Further, when a municipality experiences an adverse change in financial condition (including, but not limited to, bankruptcy), the municipality may elect not to repay obligations due to economic or political pressures or other external factors.

Proposals have been introduced in Congress to restrict or eliminate the federal income tax exemption for interest on municipal securities, and similar proposals may be introduced in the future. Some of the past proposals would have applied to interest on municipal securities issued before the date of enactment, which would have adversely affected their value to a material degree. If such a proposal were enacted, the availability of municipal securities for investment by the funds and the value of a fund’s portfolio would be affected and, in such an event, the funds would reevaluate their investment objectives and policies. The lowering of income tax rates, including lowering tax rates on dividends and capital gains, could have a negative impact on the desirability of owning municipal securities.

Although the banks and securities dealers with which the funds will transact business will be banks and securities dealers that T. Rowe Price believes to be financially sound, there can be no assurance that they will be able to honor their obligations to the funds with respect to such transactions.

Municipal Bond Insurance The funds may purchase insured bonds from time to time. Municipal bond insurance provides an unconditional and irrevocable guarantee that the insured bond’s principal and interest will be paid when due. Insurance does not guarantee the price of the bond. The guarantee is purchased from a private, nongovernmental insurance company.

There are two types of insured securities that may be purchased by the funds: bonds carrying either (1) new issue insurance or (2) secondary insurance. New issue insurance is purchased by the issuer of a bond in an effort to improve the bond’s credit rating. By meeting the insurer’s standards and paying an insurance premium based on the bond’s principal and interest value, the issuer may be able to obtain a higher credit rating for the bond. The credit rating assigned to an insured municipal bond will usually reflect the financial strength of the issuer or insurer, whichever is higher. Once purchased, municipal bond insurance cannot be canceled, and the protection it affords continues as long as the bonds are outstanding and the insurer remains solvent.

The funds may also purchase bonds that carry secondary insurance purchased by an investor after a bond’s original issuance. Such policies insure a security for the remainder of its term. Generally, the funds expect that portfolio bonds carrying secondary insurance will have been insured by a prior investor. However, the funds may, on occasion, purchase secondary insurance on their own behalf.

Each of the municipal bond insurance companies has established reserves to cover estimated losses. Both the method of establishing these reserves and the amount of the reserves vary from company to company. The risk that a municipal bond insurance company may experience a claim extends over the life of each insured bond. Municipal bond insurance companies are obligated to pay a bond’s interest and principal when due if the issuing entity defaults on the insured bond. Defaults on insured municipal bonds have been fairly low to date, but certain of these insurers’ ratings have been downgraded and they are no longer insuring newly issued bonds. It is possible that there could be additional insurer downgrades and that default rates on insured bonds could increase substantially, which could further deplete an insurer’s loss reserves and adversely affect the ability of a municipal bond insurer to pay claims to holders of insured bonds, such as the funds. The inability of an insurer to pay a particular claim, or a downgrade of the insurer’s rating, could adversely affect the values of all the bonds it insures despite the quality of the underlying issuer. The number of municipal bond insurers is relatively small and, therefore, a significant amount of a municipal bond fund’s assets may be insured by a single insurer.

High Yield Securities Lower-quality bonds, commonly referred to as “junk bonds,” are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Because investment in low- and lower-medium-quality bonds involves greater investment risk, to the extent the funds invest in such bonds, achievement of their investment objectives will be more dependent on T. Rowe Price’s credit analysis than would be the case if the funds were investing in higher-quality bonds. High yield bonds may be more susceptible to real or perceived adverse economic conditions than investment-grade bonds. A projection of an economic downturn or higher interest rates, for example, could cause a decline in high yield bond prices because the advent of such events could lessen the ability of highly leveraged issuers to make principal and interest payments on their debt securities. In addition, the secondary trading market for high yield bonds may have lower overall liquidity than the market for higher-grade bonds, which can

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adversely affect the ability of the funds to dispose of their portfolio securities. Bonds for which there is only a “thin” market can be more difficult to value because objective pricing data may be less available and judgment would therefore play a greater role in the valuation process.

Risk Factors of Investing in Money Market Funds

The T. Rowe Price money market funds limit their purchases of portfolio holdings to those U.S. dollar-denominated securities that the funds’ Boards determine present minimal credit risk and that are eligible securities as defined in Rule 2a-7 under the 1940 Act.

Rule 2a-7 requires money market funds to purchase securities that have a remaining maturity of no more than 397 calendar days and that have been determined by the money market funds’ Boards (or the funds’ investment adviser, if the Boards delegate such power to the investment adviser) to present minimal credit risks to the money market funds. Accordingly, each T. Rowe Price money market fund only purchases securities that present minimal credit risks in the opinion of T. Rowe Price, pursuant to guidelines approved by each fund’s Board. In making its minimal credit risks determinations, T. Rowe Price considers the capacity of each security’s issuer or guarantor to meet its financial obligations and, in doing so, considers, to the extent appropriate, the following factors, as required by Rule 2a-7: (1) the issuer’s or guarantor’s financial condition; (2) the issuer’s or guarantor’s sources of liquidity; (3) the issuer’s or guarantor’s ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse situation; and (4) the strength of the issuer’s or guarantor’s industry within the economy and relative to economic trends and the issuer’s or guarantor’s competitive position within its industry. In making determinations regarding minimal credit risks, T. Rowe Price may consider additional factors, including, for example, certain asset-specific factors. Pursuant to Rule 2a-7 and guidelines approved by the funds’ Boards, T. Rowe Price provides an ongoing review of the credit quality of each portfolio security to determine whether the security continues to present minimal credit risks. A security may need to be sold if its maturity or credit quality is not acceptable under Rule 2a-7.

A “government money market fund” is required to invest at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are fully collateralized by government securities or cash. Government securities include any security issued or guaranteed as to principal or interest by the U.S. government and its agencies or instrumentalities.

There can be no assurance that the funds will achieve their investment objectives or, in the case of retail or government money market funds, be able to maintain their net asset values per share at $1.00. The price of the funds is not guaranteed or insured by the U.S. government, and their yields are not fixed. While the funds invest in high-grade money market instruments, investment in the funds is not without risk, even if all portfolio instruments are paid in full at maturity. An increase in interest rates could reduce the value of the funds’ portfolio investments, and a decline in interest rates could increase the value.

Pursuant to Rule 2a-7, “retail money market funds” are required to implement policies and procedures reasonably designed to limit investments in the funds to accounts beneficially owned by natural persons. Funds designated “retail money market funds” have implemented policies and procedures designed to limit new investments to accounts beneficially owned by natural persons and have obtained assurances from financial intermediaries that they have developed adequate procedures to limit new investments in the fund to accounts beneficially owned by natural persons. The T. Rowe Price retail money market funds will involuntarily redeem investors who do not satisfy these eligibility requirements.

State Tax-Free Funds

The following information about the state tax-free funds is updated in June of each year. More current information is available in shareholder reports for these funds.

California Tax-Free Bond and California Tax-Free Money Funds

Risk Factors Associated With a California Portfolio

The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

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Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments issued by the state of California and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from California income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and California income tax. The issuers of these debt obligations include the state of California and its agencies and authorities, counties and municipalities and their agencies and authorities, various California public institutions of higher education, and certain California not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

Debt is issued for a wide variety of public purposes, including transportation, housing, education, electric power, and health care. The state of California, and its local governments, agencies, and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are generally backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. As part of its cash management program, the state regularly issues short-term notes to meet its disbursement requirements in advance of the receipt of revenues. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. Local governments also raise capital through the use of Mello-Roos Districts, 1915 Act Bonds, and Tax Increment Bonds, all of which are generally riskier than general obligation debt as they often rely on tax revenues to be generated by future development for their support.

The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Political and Legislative Conditions Certain provisions of the California state constitution and state statutes limit the taxing and spending authority of California governmental entities, thus affecting their ability to meet debt service obligations. For example, the state constitution limits ad valorem taxes on real property to 1% of “full cash value” and restricts the ability of taxing entities to increase real property taxes. It also prohibits the state from spending revenues beyond its annually adjusted “appropriations limit.” Yet another provision further restricts the ability of local governments to levy and collect existing and future taxes, assessments, and fees. In addition to limiting the financial flexibility of local governments in the state, the provision also increases the possibility of voter-determined tax rollbacks and repeals.

One effect of the tax and spending limitations in California has been a broad scale shift by local governments away from general obligation debt requiring voter approval and pledging of future tax revenues toward lease revenue financing that is subject to abatement and does not require voter approval. Lease-backed debt is generally viewed as a less secure form of borrowing and therefore entails greater credit risk.

Future initiatives, if proposed and adopted, or future court decisions could create renewed pressure on California governments and their ability to raise revenues. Although Orange County notably filed for protection under the U.S. Bankruptcy Code in 1994, overall the state and its underlying governments have displayed flexibility in overcoming the negative effects of past initiatives.

Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of California, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. While California’s economy has been diverse and resilient, and is typically the largest among the 50 states, the state of California is also normally among the most highly indebted states in the nation. The state has historically experienced more extreme swings in employment levels and property values relative to the rest of the country. In addition, California is more prone to earthquakes and other natural disasters, which can result in sudden economic downturns and the unexpected inability of issuers to meet their obligations, as well as a long-lasting negative impact on the overall California municipal securities market. More detailed information regarding economic conditions and the financial strength of California is available in the funds’ annual and semiannual shareholder reports.

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Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

The funds may from time to time invest in electric revenue issues. The financial performance of these utilities was impacted by the industry’s moves toward deregulation and increased competition. California’s original electric utility restructuring plan proved to be flawed as it placed over-reliance on the spot market for power purchases during a period of substantial supply and demand imbalance. Now that deregulation has been suspended, municipal utilities face a more traditional set of challenges. In particular, some electric revenue issuers have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Other risks include unexpected outages, plant shutdowns, and more stringent environmental regulations.

Georgia Tax-Free Bond Fund

Risk Factors Associated With a Georgia Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the state of Georgia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Georgia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and Georgia income tax. The issuers of these debt obligations include the state of Georgia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Georgia public institutions of higher education, and certain Georgia not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

The state of Georgia and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state and may or may not be subject to annual appropriations from the state’s general fund. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The Georgia Constitution imposes certain debt limits and controls. The state’s general obligation highest annual debt service requirement cannot exceed 10% of the prior year’s state treasury receipts. The state also established “debt affordability” limits, which provide that outstanding debt will not exceed 2.7% of personal income or that maximum annual debt service will not exceed 7% of the prior year’s state treasury receipts.

The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of Georgia, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. While local governments in Georgia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Georgia is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial

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health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.

The fund may invest in issues related to life-care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life-care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability.

Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, and Maryland Tax-Free Money Funds

Risk Factors Associated With a Maryland Portfolio

The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments issued by the state of Maryland and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from Maryland income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the funds’ investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and Maryland income tax. The issuers of these debt obligations include the state of Maryland and its agencies and authorities, counties and municipalities and their agencies and authorities, various Maryland public institutions of higher education, and certain Maryland not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

The state of Maryland and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, many counties, municipalities, and agencies of the state and local government are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. The state constitution imposes a 15-year maturity limit on state-issued general obligation bonds. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Maryland. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Maryland.

The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of Maryland, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. More detailed information regarding economic conditions and the financial strength of Maryland is available in the funds’ annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant

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pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and of uncertain duration.

The funds may invest in issues related to life-care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life-care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability.

New Jersey Tax-Free Bond Fund

Risk Factors Associated With a New Jersey Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the state of New Jersey and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from New Jersey income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and New Jersey income tax. The issuers of these debt obligations include the state of New Jersey and its agencies and authorities, counties and municipalities and their agencies and authorities, various New Jersey public institutions of higher education, and certain New Jersey not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

The state of New Jersey and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, many counties, municipalities, and agencies of the state and local government are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The majority of the state’s debt is appropriation-backed. This means that the debt service payments on these obligations must be funded annually by the state legislature, but the legislature has no legal obligation to continue to make such appropriations.

The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. These issues are sold through various governmental conduits, such as the New Jersey Economic Development Authority and various local issuers, and are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. In the past, a number of New Jersey Economic Development Authority issues have defaulted as a result of borrower financial difficulties.

Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of New Jersey, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. The state of New Jersey is typically among the most highly indebted states in the nation. More detailed information regarding economic conditions and the financial strength of New Jersey is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

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The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.

The fund may invest in issues related to life-care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life-care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of consumer affordability.

New York Tax-Free Bond and New York Tax-Free Money Funds

Risk Factors Associated With a New York Portfolio

The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments issued by the state of New York and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from New York income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the funds’ investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and New York income tax. The issuers of these debt obligations include: the state of New York, New York City, and their agencies and authorities; counties, other municipalities, and their agencies and authorities; various New York public institutions of higher education; and certain New York not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

The state of New York and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state of New York or New York City. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The majority of the state’s debt is appropriation-backed. This means that the debt service payments on these obligations must be funded annually by the state legislature, but the legislature has no legal obligation to continue to make such appropriations.

The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of New York, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. The state of New York is typically among the most highly indebted states in the nation, and New York City is typically one of the most indebted U.S. cities. More detailed information regarding economic conditions and the financial strength of New York is available in the funds’ annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

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The funds may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.

The funds may invest in issues related to life-care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life-care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of consumer affordability.

Virginia Tax-Free Bond Fund

Risk Factors Associated With a Virginia Portfolio

The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.

Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the commonwealth of Virginia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Virginia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least 80% of its net assets in securities that pay interest exempt from federal and Virginia income tax. The issuers of these debt obligations include the commonwealth of Virginia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Virginia public institutions of higher education, and certain Virginia not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.

Debt is issued for a wide variety of public purposes, including transportation, housing, education, health care, and industrial development. The commonwealth of Virginia and its local governments, agencies, and authorities issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. Under Virginia law, general obligation debt is limited to 1.15 times the average of the preceding three years’ income tax and sales and use collections. However, bonds issued by many counties, municipalities, and agencies of the commonwealth and local government are not backed by the full faith and credit of the commonwealth but instead are subject to annual appropriations from the commonwealth’s general fund. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.

The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Virginia. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Virginia.

The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.

Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the commonwealth of Virginia, its localities, and its agencies. Financial strength is, in turn, influenced by changing economic conditions that affect the level of taxes collected and revenues earned. While local governments in Virginia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Virginia is available in the fund’s annual and semiannual shareholder reports.

Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant

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pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.

The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.

The fund may invest in issues related to life-care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life-care municipal bonds are considered below investment grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability.

All Tax-Free Funds

Puerto Rico From time to time, the funds may invest in debt obligations of the Commonwealth of Puerto Rico and its public corporations, as well as debt obligations of other U.S. territories, the interest of which may be exempt from U.S. federal, state, and local income taxes. As of May 1, 2019, the general obligation debt of Puerto Rico was rated Ca by Moody’s and D by Fitch; the outlook is negative by Moody’s while the S&P and Fitch outlooks are not applicable. In March of 2018, S&P discontinued its ‘D’ rating for Puerto Rico general obligation debt. This reflects that each credit rating firm has downgraded its respective ratings of Puerto Rico’s general obligation debt further below investment grade or discontinued its ratings entirely, along with the ratings of certain related Puerto Rico issuers. The below investment-grade credit ratings reflect, in part, Puerto Rico’s default on its debt payments commencing on August 1, 2015, and continuing, as well as concerns regarding the deterioration of economic and fiscal conditions within the commonwealth, structural budget imbalances, impaired access to capital, diminished liquidity, underfunded pensions, and a high debt burden. Developments over the past year have continued to highlight the seriousness of Puerto Rico’s fiscal crisis. In June 2015, the commonwealth’s governor, Alejandro Garcia Padilla, said that Puerto Rico would be unable to continue servicing its debt, a reversal of the previous position of the island’s government. That was followed in September 2015 by the commonwealth’s Fiscal and Economic Growth Plan, which called into question the constitutional protection of Puerto Rico’s general obligation bonds and recommended negotiations to restructure its debt. In April 2016, Puerto Rico passed legislation that would allow the governor to declare a state of emergency that would stop payments on the island’s debts through early 2017. In reaction to these developments, the U.S. Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in June 2016, establishing a federally appointed fiscal control board (FCB) to oversee the island’s financial operations and possible debt restructuring. Members of the fiscal control board were announced by the Obama administration in August 2016. Over the course of numerous meetings between the commonwealth’s current governor, Ricardo Rossello, and the FCB, a financial plan emerged that provided only 23% bondholder recovery. When a PROMESA-allowed stay on litigation expired on May 1, 2017, the Fiscal Control Board triggered Title III of PROMESA (quasi-bankruptcy) as it deemed attempts to negotiate with bondholders unsuccessful. As a result of the challenging economic and fiscal environment facing the U.S. territory, certain securities issued by the Commonwealth of Puerto Rico and its agencies are currently considered below investment grade. Below investment-grade credit ratings, along with further downgrades, could weaken the demand for such securities, prevent those issuers from obtaining the financing they need, and limit their ability to pay interest and principal when due. Should the economic or fiscal conditions in Puerto Rico persist or worsen, the volatility, liquidity, credit quality, and performance of its municipal obligations could be severely affected. As such, a fund’s performance could be adversely impacted to the extent it has exposure to Puerto Rico municipal obligations. On September 20, 2017 Hurricane Maria crossed through Puerto Rico causing significant damage; it is expected recovery will be prolonged and require considerable resources. While the federal government has pledged assistance, through Federal Emergency Management Agency and other programs, Puerto Rico has lost population given the severity of the damage and the timeframe for re-building.

Debt As of February 1, 2017, the outstanding debt of Puerto Rico totaled $74 billion, which is large relative to the size of its economy. This includes bonds supported by the commonwealth’s general obligation pledge, appropriations, or guarantee; public corporations such as highways, water and sewer, and electric power and municipalities.

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Guaranteed direct obligations of the commonwealth supported by a general obligation pledge are subject to limitations imposed by the commonwealth’s constitution. Debts of its municipalities are typically supported by property taxes and municipal license taxes, with support from the commonwealth, if necessary. Debts of its public corporations are generally supported by the entity’s revenues or by the commonwealth’s appropriations or taxes.

Though different measures suggest Puerto Rico’s debt burden is high relative to a U.S. state, the commonwealth issues or supports bonds on behalf of municipalities and other governmental units. In many cases, this type of debt would be issued by local government or public agencies that are independent entities in the mainland United States. One measure to monitor the commonwealth debt levels is by comparing the rate of growth of its debt with the rate of growth of its gross national product (“GNP”). According to the Puerto Rico Fiscal Plan, GNP is projected to decrease 6.4% in fiscal year 2018 whereas debt levels have been essentially flat.

Economy Puerto Rico’s economy is linked in many ways to the mainland U.S. economy. Like the mainland United States, the commonwealth experienced an economic recession in the late 2000s. Government officials estimate that the economy (as measured by real GNP) contracted 3.8% in 2009, 3.6% in 2010, and 1.7% in 2011, then grew by 0.5% during 2012 and contracted by 0.1% in 2013 and 1.7% in 2014. The forecast for growth is lower than that of the mainland United States, as noted above.

Manufacturing, especially pharmaceuticals, is very important to the local economy in Puerto Rico. Manufacturing accounted for approximately 48% of GNP in 2014, and 8% of nonfarm payroll employment. Services are another component of the local economy and represented 43% of GNP and 63% of employment in 2014. Tourism is an important subsector of services and an important driver of Puerto Rico’s economy. The number of tourists and the value of their expenditures increased 28% between 2009 and 2014.

For many years, mainland U.S. companies operating in Puerto Rico were eligible to receive special tax treatment. Since 1976, Section 936 of the U.S. tax code entitled certain corporations to credit income derived from business activities in the commonwealth against their United States federal corporate income tax and spurred significant expansion in capital intensive manufacturing, particularly large pharmaceutical firms. The tax benefits, however, were eliminated beginning with the 2006 tax year. Following the phase-outs, indications are that major pharmaceutical, instrument, and electronic manufacturing firms have not exited the market, but employment in this sector is trending downward as some individual plants have closed while others have become more automated.

Financial Puerto Rico has yet to release its fiscal year 2017 audited financial statements; as such, the following financial information is based on audited fiscal year 2016 financial figures. Puerto Rico’s general fund revenues, on a budgetary basis, were $9.0 billion in fiscal year 2016. The governor and his administration implemented various fiscal measures, including substantial expense restructuring and tax reform in an effort to balance the budget. Puerto Rico’s financial disclosure practices continue to be very weak.

All Funds

Cybersecurity Risk

As the use of the Internet and other technologies has become more prevalent in the course of business, the funds have become more susceptible to operational and financial risks associated with cyberattacks. Cybersecurity incidents can result from deliberate attacks, such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cybersecurity failures or breaches of the funds, or their service providers or the issuers of securities in which the funds invest, can cause disruptions and impact business operations, potentially resulting in financial losses, the inability of fund shareholders to transact, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed that are designed to reduce the risks associated with cyberattacks, there is no guarantee that those measures will be effective, particularly since the funds do not directly control the cybersecurity defenses or plans of their service providers, financial intermediaries, and companies in which they invest or with which they do business.

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PORTFOLIO SECURITIES

Types of Securities

Set forth below is additional information about certain of the investments described in the funds’ prospectuses.

Equity Securities

Common and preferred stocks both represent an equity or ownership interest in an issuer. Common stock typically entitles the owner to vote on the election of directors and other important matters, while preferred stock does not ordinarily carry voting rights. In the event an issuer is liquidated or declares bankruptcy, the claims of secured and unsecured creditors and owners of bonds take precedence over the claims of those who own preferred stock, and the owners of preferred stock take precedence over the claims of those who own common stock.

Although owners of common stock are typically entitled to receive any dividends on such stock, owners of common stock participate in company profits on a pro-rata basis. Profits may be paid out in dividends or reinvested in the company to help it grow. Because increases and decreases in earnings are usually reflected in a company’s stock price, common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Preferred stock, unlike common stock, often has a stated dividend rate payable from the corporation’s earnings. Preferred stock dividends may be cumulative or noncumulative, participating or nonparticipating, or adjustable rate. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer’s common stock, while a passed dividend on noncumulative preferred stock is generally gone forever. Participating preferred stock may be entitled to a dividend exceeding the declared dividend in certain cases, while nonparticipating preferred stock is limited to the stipulated dividend. Adjustable rate preferred stock pays a dividend that is adjustable, usually quarterly, based on changes in certain interest rates. Convertible preferred stock is exchangeable for a specified number of common stock shares and is typically more volatile than nonconvertible preferred stock, which tends to behave more like a bond.

The funds may make equity investments in companies through initial public offerings and by entering into privately negotiated transactions involving equity securities that are not yet publicly traded on a stock exchange. Stocks may also be purchased on a “when issued” basis, which is used to refer to a security that has not yet been issued but that will be issued in the future. The term may be used for new stocks and stocks that have split but have not yet started trading.

Debt Securities

· U.S. Government Obligations Bills, notes, bonds, and other debt securities issued by the U.S. Treasury and backed by the full faith and credit of the U.S. government. These are direct obligations of the U.S. government and differ mainly in the length of their maturities. U.S. Treasury obligations may also include, among other things, the separately traded principal and interest components of securities guaranteed or issued by the U.S. Treasury if such components are traded independently under the Separate Trading of Registered Interest and Principal of Securities program (“STRIPS”), as well as Treasury inflation protected securities (“TIPS”) whose principal value is periodically adjusted according to the rate of inflation.

· U.S. Government Agency Securities Issued or guaranteed by U.S. government-sponsored enterprises and federal agencies. These include securities issued by the Federal National Mortgage Association (“FNMA”), GNMA, Federal Home Loan Bank, Federal Land Banks, Farmers Home Administration, Banks for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Bank, Farm Credit Banks, the Small Business Association, and the Tennessee Valley Authority. Some of these securities are supported by the full faith and credit of the U.S. Treasury; the remainder are supported only by the credit of the instrumentality, which may or may not include the right of the issuer to borrow from the U.S. Treasury. These may also include securities issued by eligible private institutions that are guaranteed by certain U.S. government agencies under authorized programs.

· Bank Obligations Certificates of deposit, banker’s acceptances, and other short-term debt obligations. Certificates of deposit are short-term obligations of commercial banks. A banker’s acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with international commercial transactions. Certificates of deposit may have fixed or

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variable rates. The funds may invest in U.S. banks, foreign branches of U.S. banks, U.S. branches of foreign banks, and foreign branches of foreign banks.

· Savings and Loan Obligations Negotiable certificates of deposit and other short-term debt obligations of savings and loan associations.

· Supranational Agencies Securities of certain supranational entities, such as the International Development Bank.

· Corporate Debt Securities Outstanding corporate debt securities (e.g., bonds and debentures). Corporate notes may have fixed, variable, or floating rates.

· Short-Term Corporate Debt Securities Outstanding nonconvertible corporate debt securities (e.g., bonds and debentures) that have one year or less remaining to maturity. Corporate notes may have fixed, variable, or floating rates.

· Commercial Paper and Commercial Notes Short-term promissory notes issued by corporations primarily to finance short-term credit needs. Certain notes may have floating or variable rates and may contain options, exercisable by either the buyer or the seller, that extend or shorten the maturity of the note.

· Foreign Government Securities Issued or guaranteed by a foreign government, province, instrumentality, political subdivision, or similar unit thereof.

· Funding Agreements Obligations of indebtedness negotiated privately between the funds and an insurance company. Often such instruments will have maturities with unconditional put features, exercisable by the funds, requiring return of principal within one year or less.

There are other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Mortgage-Related Securities

· Mortgage-Backed Securities Mortgage-backed securities are securities representing an interest in a pool of mortgages. The mortgages may be of a variety of types, including adjustable rate, conventional 30-year and 15-year fixed rate, and graduated payment mortgages. Principal and interest payments made on the mortgages in the underlying mortgage pool are passed through to the funds. This is in contrast to traditional bonds where principal is normally paid back at maturity in a lump sum. Unscheduled prepayments of principal shorten the securities’ weighted average life and may lower their total return. (When a mortgage in the underlying mortgage pool is prepaid, an unscheduled principal prepayment is passed through to the funds. This principal is returned to the funds at par. As a result, if a mortgage security were trading at a premium, its total return would be lowered by prepayments, and if a mortgage security were trading at a discount, its total return would be increased by prepayments.) The value of these securities also may change because of changes in the market’s perception of the creditworthiness of the federal agency that issued them or a downturn in housing prices. In addition, the mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies.

· U.S. Government Agency Mortgage-Backed Securities These are obligations issued or guaranteed by the U.S. government or one of its agencies or instrumentalities, such as GNMA, FNMA, the Federal Home Loan Mortgage Corporation (“FHLMC”), and the Federal Agricultural Mortgage Corporation (“FAMC”). FNMA, FHLMC, and FAMC obligations are not backed by the full faith and credit of the U.S. government as GNMA certificates are, but they are supported by the instrumentality’s right to borrow from the U.S. Treasury. On September 7, 2008, FNMA and FHLMC were placed under conservatorship of the Federal Housing Finance Agency, an independent federal agency. U.S. Government Agency Mortgage-Backed Certificates provide for the pass-through to investors of their pro-rata share of monthly payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees paid to the guarantor of such securities and the servicer of the underlying mortgage loans. GNMA, FNMA, FHLMC, and FAMC each guarantee timely distributions of interest to certificate holders. GNMA and FNMA guarantee timely distributions of scheduled principal. FHLMC has in the past guaranteed only the ultimate collection of principal of the underlying mortgage loan; however, FHLMC now issues mortgage-backed securities (FHLMC Gold PCS), which also guarantee timely payment of monthly principal reductions.

· GNMA Certificates GNMA is a wholly owned corporate instrumentality of the United States within the Department of Housing and Urban Development. The National Housing Act of 1934, as amended (“Housing Act”), authorizes GNMA to

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guarantee the timely payment of the principal of, and interest on, certificates that are based on and backed by a pool of mortgage loans insured by the Federal Housing Administration under the Housing Act, or Title V of the American Housing Act of 1949, or guaranteed by the Department of Veterans Affairs under the Servicemen’s Readjustment Act of 1944, as amended, or by pools of other eligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. government is pledged to the payment of all amounts that may be required to be paid under any guaranty. In order to meet its obligations under such guaranty, GNMA is authorized to borrow from the U.S. Treasury with no limitations as to amount.

· FNMA Certificates FNMA is a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage Association Charter Act of 1938. FNMA certificates represent a pro-rata interest in a group of mortgage loans purchased by FNMA. FNMA guarantees the timely payment of principal and interest on the securities it issues. The obligations of FNMA are not backed by the full faith and credit of the U.S. government.

· FHLMC Certificates FHLMC is a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970, as amended. FHLMC certificates represent a pro-rata interest in a group of mortgage loans purchased by FHLMC. FHLMC guarantees timely payment of interest and principal on certain securities it issues and timely payment of interest and eventual payment of principal on other securities it issues. The obligations of FHLMC are obligations solely of FHLMC and are not backed by the full faith and credit of the U.S. government.

· FAMC Certificates FAMC is a federally chartered instrumentality of the United States established by Title VIII of the Farm Credit Act of 1971, as amended. FAMC was chartered primarily to attract new capital for financing of agricultural real estate by making a secondary market in certain qualified agricultural real estate loans. FAMC provides guarantees of timely payment of principal and interest on securities representing interests in, or obligations backed by, pools of mortgages secured by first liens on agricultural real estate. Similar to FNMA and FHLMC, FAMC certificates are not supported by the full faith and credit of the U.S. government; rather, FAMC may borrow from the U.S. Treasury to meet its guaranty obligations.

As discussed above, prepayments on the underlying mortgages and their effect upon the rate of return of a mortgage-backed security is the principal investment risk for a purchaser of such securities, like the funds. Over time, any pool of mortgages will experience prepayments due to a variety of factors, including (1) sales of the underlying homes (including foreclosures), (2) refinancings of the underlying mortgages, and (3) increased amortization by the mortgagee. These factors, in turn, depend upon general economic factors, such as level of interest rates and economic growth. Thus, investors normally expect prepayment rates to increase during periods of strong economic growth or declining interest rates and to decrease in recessions and rising interest rate environments. Accordingly, the life of the mortgage-backed security is likely to be substantially shorter than the stated maturity of the mortgages in the underlying pool. Because of such variation in prepayment rates, it is not possible to predict the life of a particular mortgage-backed security, but FHA statistics indicate that 25- to 30-year single family dwelling mortgages have an average life of approximately 12 years. The majority of GNMA certificates are backed by mortgages of this type, and, accordingly, the generally accepted practice treats GNMA certificates as 30-year securities that prepay in full in the 12th year. FNMA and FHLMC certificates may have differing prepayment characteristics.

Fixed rate mortgage-backed securities bear a stated “coupon rate” that represents the effective mortgage rate at the time of issuance, less certain fees to GNMA, FNMA, and FHLMC for providing the guarantee and the issuer for assembling the pool and for passing through monthly payments of interest and principal.

Payments to holders of mortgage-backed securities consist of the monthly distributions of interest and principal less the applicable fees. The actual yield to be earned by a holder of mortgage-backed securities is calculated by dividing interest payments by the purchase price paid for the mortgage-backed securities (which may be at a premium to or a discount from the face value of the certificate).

Monthly distributions of interest, as contrasted to semiannual distributions that are common for other fixed interest investments, have the effect of compounding and thereby raising the effective annual yield earned on mortgage-backed securities. Because of the variation in the life of the pools of mortgages that back various mortgage-backed securities, and because it is impossible to anticipate the rate of interest at which future principal payments may be reinvested, the actual yield earned from a portfolio of mortgage-backed securities will differ significantly from the yield estimated by using an assumption of a certain life for each mortgage-backed security included in such a portfolio as described above.

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· Commercial Mortgage-Backed Securities (“CMBS”) These are securities created from a pool of commercial mortgage loans, such as loans for hotels, restaurants, shopping centers, office buildings, and apartment buildings. Interest and principal payments from the underlying loans are passed through to the funds according to a schedule of payments. CMBS are structured similarly to mortgage-backed securities in that both are backed by mortgage payments. However, CMBS involve loans related to commercial property, whereas mortgage-backed securities are based on loans relating to residential property. Because commercial mortgages tend to be structured with prepayment penalties, CMBS generally carry less prepayment risk than loans backed by residential mortgages. Credit quality depends primarily on the quality of the loans themselves and on the structure of the particular deal. However, the value of these securities may change because of actual or perceived changes in the creditworthiness of the individual borrowers, their tenants, and servicing agents or due to deterioration in the general state of commercial real estate or overall economic conditions.

· Collateralized Mortgage Obligations (“CMOs”) CMOs are bonds that are collateralized by whole-loan mortgages or mortgage pass-through securities. The bonds issued in a CMO deal are divided into groups, and each group of bonds is referred to as a “tranche.” Under the traditional CMO structure, the cash flows generated by the mortgages or mortgage pass-through securities in the collateral pool are used to first pay interest and then pay principal to the CMO bondholders. The bonds issued under such a CMO structure are retired sequentially as opposed to the pro-rata return of principal found in traditional pass-through obligations. Subject to the various provisions of individual CMO issues, the cash flow generated by the underlying collateral (to the extent it exceeds the amount required to pay the stated interest) is used to retire the bonds. Under the CMO structure, the repayment of principal among the different tranches is prioritized in accordance with the terms of the particular CMO issuance. The “fastest pay” tranche of bonds, as specified in the prospectus for the issuance, would initially receive all principal payments. When that tranche of bonds is retired, the next tranche, or tranches, in the sequence, as specified in the prospectus, receive all of the principal payments until they are retired. The sequential retirement of bond groups continues until the last tranche, or group of bonds, is retired. Accordingly, the CMO structure allows the issuer to use cash flows of long maturity, monthly pay collateral to formulate securities with short, intermediate, and long final maturities and expected average lives.

New types of CMO tranches continue to evolve, such as floating rate CMOs, planned amortization classes, accrual bonds, and CMO residuals. Some newer structures could affect the amount and timing of principal and interest received by each tranche from the underlying collateral. Under certain structures, given classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which the funds invest, the investment may be subject to a greater or lesser risk of prepayment than other types of mortgage-related securities.

The primary risk of any mortgage security is the uncertainty of the timing of cash flows. For CMOs, the primary risk results from the rate of prepayments on the underlying mortgages serving as collateral and from the structure of the deal (priority of the individual tranches). An increase or decrease in prepayment rates (resulting from a decrease or increase in mortgage interest rates) will affect the yield, average life, and price of CMOs. The prices of certain CMOs, depending on their structure and the rate of prepayments, can be volatile. Some CMOs may also not be as liquid as other securities.

· U.S. Government Agency Multi-class Pass-Through Securities Unlike CMOs, U.S. government agency multi-class pass-through securities, which include FNMA guaranteed real estate mortgage investment conduit pass-through certificates and FHLMC multi-class mortgage participation certificates, are ownership interests in a pool of mortgage assets. Unless the context indicates otherwise, all references herein to CMOs include multi-class pass-through securities.

· Multi-class Residential Mortgage Securities Such securities represent interests in pools of mortgage loans to residential home buyers made by commercial banks, savings and loan associations, or other financial institutions. Unlike GNMA, FNMA, and FHLMC securities, the payment of principal and interest on multi-class residential mortgage securities is not guaranteed by the U.S. government or any of its agencies. Accordingly, yields on multi-class residential mortgage securities have been historically higher than the yields on U.S. government mortgage securities. However, the risk of loss due to default on such instruments is higher since they are not guaranteed by the U.S. government or its agencies. Additionally, pools of such securities may be divided into senior or subordinated segments. Although subordinated mortgage securities may have a higher yield than senior mortgage securities, the risk of loss of principal is greater because losses on the underlying mortgage loans must be borne by persons holding subordinated securities before those holding senior mortgage securities.

· Privately Issued Mortgage-Backed Certificates These are pass-through certificates issued by nongovernmental issuers. Pools of conventional residential or commercial mortgage loans created by such issuers generally offer a higher rate of

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interest than government and government-related pools because there are no direct or indirect government guarantees of payment. Timely payment of interest and principal of these pools is, however, generally supported by various forms of insurance or guarantees, including individual loan, title, pool, and hazard insurance. The insurance and guarantees are issued by government entities, private insurance, or the mortgage poolers. Such insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether a mortgage-related security meets the funds’ quality standards. The funds may buy mortgage-related securities without insurance or guarantees if, through an examination of the loan experience and practices of the poolers, the investment manager determines that the securities meet the funds’ quality standards.

· Stripped Mortgage-Backed Securities These instruments represent interests in a pool of mortgages, the cash flow of which has been separated into its interest and principal components. Interest-only securities (“IOs”) receive the interest portion of the cash flow while principal-only securities (“POs”) receive the principal portion. IOs and POs are usually structured as tranches of a CMO. Stripped mortgage-backed securities may be issued by U.S. government agencies or by private issuers similar to those described above with respect to CMOs and privately issued mortgage-backed certificates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. The value of the PO, as with other mortgage-backed securities described herein, and other debt instruments, will tend to move in the opposite direction compared with interest rates. Under the Code, POs may generate taxable income from the current accrual of original issue discount, without a corresponding distribution of cash to the funds.

The cash flows and yields on IO and PO classes are extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. In the case of IOs, prepayments affect the amount of cash flows provided to the investor. In contrast, prepayments on the mortgage pool affect the timing of cash flows received by investors in POs. For example, a rapid or slow rate of principal payments may have a material adverse effect on the prices of IOs or POs, respectively. If the underlying mortgage assets experience greater-than-anticipated prepayments of principal, investors may fail to fully recoup their initial investment in an IO class of a stripped mortgage-backed security, even if the IO class is rated AAA or Aaa or is derived from a full faith and credit obligation. Conversely, if the underlying mortgage assets experience slower than anticipated prepayments of principal, the price on a PO class will be affected more severely than would be the case with a traditional mortgage-backed security.

· ARMs ARMs, like fixed rate mortgages, have a specified maturity date, and the principal amount of the mortgage is repaid over the life of the mortgage. Unlike fixed rate mortgages, the interest rate on ARMs is adjusted at regular intervals based on a specified, published interest rate “index” such as a Treasury rate index. The new rate is determined by adding a specific interest amount, the “margin,” to the interest rate of the index. Investment in ARMs allows the funds to participate in changing interest rate levels through regular adjustments in the coupons of the underlying mortgages, resulting in more variable current income and lower price volatility than longer-term fixed rate mortgage securities. ARMs are a less effective means of locking in long-term rates than fixed rate mortgages since the income from adjustable rate mortgages will increase during periods of rising interest rates and decline during periods of falling rates.

· TBAs and Dollar Rolls Funds that purchase or sell mortgage-backed securities may choose to purchase or sell certain mortgage-backed securities on a delayed delivery or forward commitment basis through the TBA market. With TBA transactions, the fund would enter into a commitment to either purchase or sell mortgage-backed securities for a fixed price, with payment and delivery at a scheduled future date beyond the customary settlement period for mortgage-backed securities. These transactions are considered TBA because the fund commits to buy a pool of mortgages that have yet to be specifically identified but will meet certain standardized parameters (such as yield, duration, and credit quality) and contain similar loan characteristics. For either purchase or sale transactions, a fund may choose to extend the settlement through a “dollar roll” transaction in which it sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. These transactions have the potential to enhance the fund’s returns and reduce its administrative burdens when compared with holding mortgage-backed securities directly, although these transactions will increase the fund’s portfolio turnover rate. During the roll period, the fund forgoes principal and interest paid on the securities. However, the fund would be compensated by the difference between the current sale price and the forward price for the future purchase, as well as by the interest earned on the cash proceeds of the initial sale.

Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the fund will still bear the risk of any decline in the value of the security to be delivered. Dollar roll

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transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the fund may be less favorable than the security delivered to the dealer.

In addition, recently finalized rules of FINRA include mandatory margin requirements that require the funds to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the funds’ TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the funds and impose added operational complexity.

· Other Mortgage-Related Securities Governmental, government-related, or private entities may create mortgage loan pools offering pass-through investments in addition to those described above. The mortgages underlying these securities may be alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may differ from customary long-term fixed rate mortgages. As new types of mortgage-related securities are developed and offered to investors, the investment manager will, consistent with the funds’ objectives, policies, and quality standards, consider making investments in such new types of securities.

Asset-Backed Securities

Background The asset-backed securities (“ABS”) market has been one of the fastest-growing sectors of the U.S. fixed income market since its inception in late 1985. Although initial ABS transactions were backed by auto loans and credit card receivables, today’s market has evolved to include a variety of asset types, including home equity loans, student loans, equipment leases, stranded utility costs, and collateralized bond/loan obligations. For investors, securitization typically provides an opportunity to invest in high-quality securities with higher credit ratings and less downgrade/event risk than corporate bonds. Unlike mortgages, prepayments on ABS collateral are less sensitive to changes in interest rates. They can also be structured into classes that meet the market’s demand for various maturities and credit quality.

Structure Asset-backed securities are bonds that represent an ownership interest in a pool of receivables sold by originators into a special purpose vehicle (“SPV”). The collateral types can vary, as long as they are secured by homogeneous assets with relatively predictable cash flows. Assets that are transferred through a sale to a SPV are legally separated from those of the seller/servicer, which insulates investors from bankruptcy or other event risk associated with the seller/servicer of those assets. Most senior tranches of ABS are structured to a AAA rated level through credit enhancement; however, ABS credit ratings range from AAA to non-investment grade. Many ABS transactions are structured to include payout events/performance triggers, which provide added protection against deteriorating credit quality.

ABS structures are generally categorized by two distinct types of collateral. Amortizing assets (such as home equity loans, auto loans, and equipment leases) typically pass through principal and interest payments directly to investors, while revolving assets (such as credit card receivables, home equity lines of credit, and dealer floor-plan loans) typically reinvest principal and interest payments in new collateral for a specified period of time. The majority of amortizing transactions are structured as straight sequential-pay transactions. In these structures, all principal amortization and prepayments are directed to the shortest maturity class until it is retired, then to the next shortest class, and so on. The majority of revolving assets are structured as bullets, whereby investors receive periodic interest payments and only one final payment of principal at maturity.

Underlying Assets The asset-backed securities that may be purchased include securities backed by pools of mortgage-related receivables known as home equity loans, or of consumer receivables such as automobile loans or credit card loans. Other types of ABS may also be purchased. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets, which in turn may be affected by a variety of economic and other factors. As a result, the yield and return on any asset-backed security is difficult to predict with precision, and actual return or yield to maturity may be more or less than the anticipated return or yield to maturity.

Methods of Allocating Cash Flows While some asset-backed securities are issued with only one class of security, many asset-backed securities are issued in more than one class, each with different payment terms. Multiple-class asset-backed securities are issued for two main reasons. First, multiple classes may be used as a method of providing credit support. This

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is accomplished typically through creation of one or more classes whose right to payments on the asset-backed security is made subordinate to the right to such payments of the remaining class or classes. Second, multiple classes may permit the issuance of securities with payment terms, interest rates, or other characteristics differing both from those of each other and from those of the underlying assets. Asset-backed securities in which the payment streams on the underlying assets are allocated in a manner different than those described above may be issued in the future. The funds may invest in such asset-backed securities if the investment is otherwise consistent with the fund’s investment objectives, policies, and restrictions.

Types of Credit Support Asset-backed securities are typically backed by a pool of assets representing the obligations of a diversified pool of numerous obligors. To lessen the effect of failures by obligors on the ability of underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two classes: liquidity protection and protection against ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that scheduled payments on the underlying pool are made in a timely fashion. Protection against ultimate default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained from third parties, “external credit enhancement,” through various means of structuring the transaction, “internal credit enhancement,” or through a combination of such approaches. Examples of asset-backed securities with credit support arising out of the structure of the transaction include:

· Excess Spread Typically, the first layer of protection against losses, equal to the cash flow from the underlying receivables remaining after deducting the sum of the investor coupon, servicing fees, and losses.

· Subordination Interest and principal that would have otherwise been distributed to a subordinate class is used to support the more senior classes. This feature is intended to enhance the likelihood that the holder of the senior class certificate will receive regular payments of interest and principal. Subordinate classes have a greater risk of loss than senior classes.

· Reserve Funds Cash that is deposited and/or captured in a designated account that may be used to cover any shortfalls in principal, interest, or servicing fees.

· Overcollateralization A form of credit enhancement whereby the principal amount of collateral used to secure a given transaction exceeds the principal of the securities issued. Overcollateralization can be created at the time of issuance or may build over time.

· Surety Bonds Typically consist of third-party guarantees to irrevocably and unconditionally make timely payments of interest and ultimate repayment of principal in the event there are insufficient cash flows from the underlying collateral.

The degree of credit support provided on each issue is based generally on historical information respecting the level of credit risk associated with such payments. Depending upon the type of assets securitized, historical information on credit risk and prepayment rates may be limited or even unavailable. Delinquency or loss in excess of that anticipated could adversely affect the return on an investment in an asset-backed security. There is no guarantee that the amount of any type of credit enhancement available will be sufficient to protect against future losses on the underlying collateral.

Some of the specific types of ABS that the funds may invest in include the following:

· Home Equity Loans These ABS typically are backed by pools of mortgage loans made to subprime borrowers or borrowers with blemished credit histories. The underwriting standards for these loans are more flexible than the standards generally used by banks for borrowers with unblemished credit histories with regard to the borrower’s credit standing and repayment ability. Borrowers who qualify generally have impaired credit histories, which may include a record of major derogatory credit items such as outstanding judgments or prior bankruptcies. In addition, they may not have the documentation required to qualify for a standard mortgage loan.

As a result, the mortgage loans in the mortgage pool are likely to experience rates of delinquency, foreclosure, and bankruptcy that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Furthermore, changes in the values of the mortgaged properties, as well as changes in interest rates, may have a greater effect on the delinquency, foreclosure, bankruptcy, and loss experience of the mortgage loans in the mortgage pool than on mortgage loans originated in a more traditional manner.

With respect to first-lien mortgage loans, the underwriting standards do not prohibit a mortgagor from obtaining, at the time of origination of the originator’s first-lien mortgage loan, additional financing that is subordinate to that first-lien

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mortgage loan, which subordinate financing would reduce the equity the mortgagor would otherwise appear to have in the related mortgaged property as indicated in the loan-to-value ratio.

Risk Regarding Mortgage Rates

The pass-through rates on the adjustable rate certificates may adjust monthly and are generally based on one-month LIBOR. The mortgage rates on the mortgage loans are either fixed or adjusted semiannually based on six-month LIBOR, which is referred to as a mortgage index. Because the mortgage index may respond to various economic and market factors different than those affecting one-month LIBOR, there is not necessarily a correlation in the movement between the interest rates on those mortgage loans and the pass-through rates of the adjustable rate certificates. As a result, the interest payable on the related interest-bearing certificates may be reduced because of the imposition of a pass-through rate cap called the “net rate cap.”

Yield and Reinvestment Could Be Adversely Affected by Unpredictability of Prepayments

No one can accurately predict the level of prepayments that an asset-backed mortgage pool may experience. Factors that influence prepayment behavior include general economic conditions, the level of prevailing interest rates, the availability of alternative financing, the applicability of prepayment charges, and homeowner mobility. Reinvestment risk results from a faster or slower rate of principal payments than expected. A rising interest rate environment and the resulting slowing of prepayments could result in greater volatility of these securities. A falling interest rate environment and the resulting increase in prepayments could require reinvestment in lower-yielding securities.

· Credit Card-Backed Securities These ABS are backed by revolving pools of credit card receivables. Due to the revolving nature of these assets, the credit quality could change over time. Unlike most other asset-backed securities, credit card receivables are unsecured obligations of the cardholder, and payments by cardholders are the primary source of payment on these securities. The revolving nature of these card accounts generally provides for monthly payments to the trust. In order to issue securities with longer dated maturities, most credit card-backed securities are issued with an initial “revolving” period during which collections are reinvested in new receivables. The revolving period may be shortened upon the occurrence of specified events, which may signal a potential deterioration in the quality of the assets backing the security.

· Automobile Loans These ABS are backed by receivables from motor vehicle installment sales contracts or installment loans secured by motor vehicles. These securities are primarily discrete pools of assets that pay down over the life of the ABS. The securities are not obligations of the seller of the vehicle or servicer of the loans. The primary source of funds for payments on the securities comes from payment on the underlying trust receivables as well as from credit support.

Inflation-Linked Securities

Inflation-linked securities are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices that erodes the purchasing power of money. TIPS are inflation-linked securities issued by the U.S. government. Inflation-linked bonds are also issued by corporations, U.S. government agencies, states, and foreign countries. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of your investment. Because of this inflation-adjustment feature, inflation protected bonds typically have lower yields than conventional fixed rate bonds. Municipal inflation bonds generally have a fixed principal amount, and the inflation component is reflected in the nominal coupon.

Inflation protected bonds normally will decline in price when real interest rates rise. (A real interest rate is calculated by subtracting the inflation rate from a nominal interest rate. For example, if a 10-year Treasury note is yielding 5% and the rate of inflation is 2%, the real interest rate is 3%.) If inflation is negative, the principal and income of an inflation protected bond will decline and could result in losses for the fund.

Inflation adjustments or TIPS that exceed deflation adjustments for the year will be distributed by a fund as a short-term capital gain, resulting in ordinary income to shareholders. Net deflation adjustments for a year could result in all or a portion of dividends paid earlier in the year by a fund being treated as a return of capital.

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Collateralized Bond or Loan Obligations

Collateralized bond obligations (“CBOs”) are bonds collateralized by corporate bonds, mortgages, or pools of asset-backed securities. Collateralized loan obligations (“CLOs”) are bonds collateralized by pools of bank loans. CBOs and CLOs are structured into tranches, and payments are allocated such that each tranche has a predictable cash flow stream and average life. Most CBOs tend to be collateralized by high yield bonds or loans, with heavy credit enhancement.

Loan Participations and Assignments

Loan participations and assignments (collectively, “participations”) will typically be participating interests in loans made by a syndicate of banks, represented by an agent bank that has negotiated and structured the loan, to corporate borrowers to finance internal growth, mergers, acquisitions, stock repurchases, leveraged buyouts, and other corporate activities. Such loans may also have been made to governmental borrowers, especially governments of developing countries, which are referred to as loans to developing countries debt (“LDC debt”). LDC debt will involve the risk that the governmental entity responsible for the repayment of the debt may be unable or unwilling to meet its obligations when they become due. The loans underlying such participations may be secured or unsecured, and the funds may invest in loans collateralized by mortgages on real property or that have no collateral. The loan participations themselves may extend for the entire term of the loan or may extend only for short “strips” that correspond to a quarterly or monthly floating rate interest period on the underlying loan. Thus, a term or revolving credit that extends for several years may be subdivided into shorter periods.

The loan participations in which the funds will invest will also vary in legal structure. Occasionally, lenders assign to another institution both the lender’s rights and obligations under a credit agreement. Since this type of assignment relieves the original lender of its obligations, it is called a novation. More typically, a lender assigns only its right to receive payments of principal and interest under a promissory note, credit agreement, or similar document. A true assignment shifts to the assignee the direct debtor-creditor relationship with the underlying borrower. Alternatively, a lender may assign only part of its rights to receive payments pursuant to the underlying instrument or loan agreement. Such partial assignments, which are more accurately characterized as “participating interests,” do not shift the debtor-creditor relationship to the assignee, who must rely on the original lending institution to collect sums due and to otherwise enforce its rights against the agent bank which administers the loan or against the underlying borrower.

If the funds purchase a participation interest in another lender’s loan, as opposed to acquiring a loan directly from a lender or through an agent or as an assignment from another lender, the funds will treat both the corporate borrower and the bank selling the participation interest as an issuer for purposes of its fundamental investment restriction on diversification.

Various service fees received by the funds from loan participations may be treated as non-interest income depending on the nature of the fee (commitment, takedown, commission, service, or loan origination). To the extent the service fees are not interest income, they will not qualify as income under Section 851(b) of the Code. Thus the sum of such fees plus any other nonqualifying income earned by the funds cannot exceed 10% of total income.

The Investment Managers will generally choose not to receive material nonpublic information about the issuers of loans who also issue publicly traded securities that a Price Fund owns or may want to own. As a result, the Investment Managers may have less information than other investors about certain of the loans in which they invest or seek to invest on behalf of the Price Funds or other client accounts. In some circumstances, the Investment Managers may receive material nonpublic information about an issuer as a result of a Price Fund’s ownership of a loan involving that issuer. In these situations, a fund may be unable to enter into a transaction in a publicly traded security issued by that borrower when it would otherwise be advantageous to do so due to prohibitions on trading in securities of issuers while in possession of material nonpublic information. Unlike registered securities, such as most stocks and bonds, loans are not registered or regulated under the federal securities laws. As a result, investors in loans have less protection against fraud and other improper practices than investors in registered securities because investors in loans (such as the funds) may not be entitled to rely on the protections of the federal securities laws.

Zero-Coupon and Pay-in-Kind Bonds

A zero-coupon security has no cash coupon payments. Instead, the issuer sells the security at a substantial discount from its maturity value. The interest received by the investor from holding this security to maturity is the difference between the maturity value and the purchase price. The advantage to the investor is that reinvestment risk of the income received

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during the life of the bond is eliminated. However, zero-coupon bonds, like other bonds, retain interest rate and credit risk and usually display more price volatility than those securities that pay a cash coupon.

Pay-in-kind (“PIK”) instruments are securities that pay interest in either cash or additional securities, at the issuer’s option, for a specified period. PIKs, like zero-coupon bonds, are designed to give an issuer flexibility in managing cash flow. PIK bonds can be either senior or subordinated debt and trade flat (i.e., without accrued interest). The price of PIK bonds is expected to reflect the market value of the underlying debt plus an amount representing accrued interest since the last payment. PIKs are usually less volatile than zero-coupon bonds but more volatile than cash pay securities.

For federal income tax purposes, these types of bonds will require the recognition of gross income each year even though no cash may be paid to the funds until the maturity or call date of the bond. Similar requirements may apply to bonds purchased with market discount. The funds will nonetheless be required to distribute substantially all of this gross income each year to comply with the Code, and such distributions could reduce the amount of cash available for investment by the funds.

Trade Claims

Trade claims are non-securitized rights of payment arising from obligations other than borrowed funds. Trade claims typically arise when, in the ordinary course of business, vendors and suppliers extend credit to a company by offering payment terms. Generally, when a company files for bankruptcy protection, payments on these trade claims cease and the claims are subject to compromise along with the other debts of the company. Trade claims typically are bought and sold at a discount reflecting the degree of uncertainty with respect to the timing and extent of recovery. In addition to the risks otherwise associated with low-quality obligations, trade claims have other risks, including the possibility that the amount of the claim may be disputed by the obligor.

Many vendors are either unwilling or lack the resources to hold their claim through the extended bankruptcy process with an uncertain outcome and timing. Some vendors are also aggressive in establishing reserves against these receivables, so that the sale of the claim at a discount may not result in the recognition of a loss.

Trade claims can represent an attractive investment opportunity because these claims typically are priced at a discount to comparable public securities. This discount is a reflection of a less efficient trading market with lower overall liquidity, a smaller universe of potential buyers, and the risks peculiar to trade claim investing. It is not unusual for trade claims to be priced at a discount to public securities that have an equal or lower priority claim.

As noted above, investing in trade claims does carry some unique risks, which include:

· Establishing the Amount of the Claim Frequently, the supplier’s estimate of its receivable will differ from the customer’s estimate of its payable. Resolution of these differences can result in a reduction in the amount of the claim. This risk can be reduced by only purchasing scheduled claims (claims already listed as liabilities by the debtor) and seeking representations from the seller.

· Defenses to Claims The debtor has a variety of defenses that can be asserted under the bankruptcy code against any claim. Trade claims are subject to these defenses, the most common of which for trade claims relates to preference payments. (Preference payments are all payments made by the debtor during the 90 days prior to the filing. These payments are presumed to have benefited the receiving creditor at the expense of the other creditors. The receiving creditor may be required to return the payment unless it can show the payments were received in the ordinary course of business.) While none of these defenses can result in any additional liability of the purchaser of the trade claim, they can reduce or wipe out the entire purchased claim. This risk can be reduced by seeking representations and indemnification from the seller.

· Documentation/Indemnification Each trade claim purchased requires documentation that must be negotiated between the buyer and seller. This documentation is extremely important since it can protect the purchaser from losses such as those described above. Legal expenses in negotiating a purchase agreement can be fairly high. Additionally, it is important to note that the value of an indemnification depends on the seller’s credit.

· Volatile Pricing Due to Illiquid Market There are only a handful of brokers for trade claims, and the quoted price of these claims can be volatile. Generally, it is expected that trade claims would be considered illiquid investments.

· No Current Yield/Ultimate Recovery Trade claims are almost never entitled to earn interest. As a result, the return on such an investment is very sensitive to the length of the bankruptcy, which is uncertain. Although not unique to trade

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claims, it is worth noting that the ultimate recovery on the claim is uncertain and there is no way to calculate a conventional yield to maturity on this investment. Additionally, the exit for this investment is a plan of reorganization, which may include the distribution of new securities. The liquidity of these securities may be tied to the liquidity of the original trade claim investment.

· Tax Issue Although the issue is not free from doubt, it is likely that gains from trade claims would not be treated as gains from the sale of securities for federal income tax purposes. As a result, any gains would be considered “nonqualifying” under the Code. The funds may have up to 10% of their gross income (including capital gains) derived from nonqualifying sources.

Municipal Securities

Subject to the investment objectives and programs described in the prospectus and the additional investment restrictions described in this SAI, the funds’ portfolios may consist of any combination of the various types of municipal securities described below or other types of municipal securities that may be developed. The amount of the funds’ assets invested in any particular type of municipal security can be expected to vary.

The term “municipal securities” means obligations issued by or on behalf of states, territories, and possessions of the United States and the District of Columbia and their political subdivisions, agencies, and instrumentalities, as well as certain other persons and entities, the interest from which is generally exempt from federal income tax. In determining the tax-exempt status of a municipal security, the funds rely on the opinion of the issuer’s bond counsel at the time of the issuance of the security. However, it is possible this opinion could be overturned, and, as a result, the interest received by the funds from a municipal security assumed to be tax-exempt might not be exempt from federal income tax.

Municipal securities are normally classified by maturity as notes, bonds, or adjustable rate securities. Municipal securities include the following:

Municipal notes generally are used to provide short-term operating or capital needs and generally have maturities of one year or less.

· Tax Anticipation Notes Tax anticipation notes are issued to finance working capital needs of municipalities. Generally, they are issued in anticipation of various seasonal tax revenue, such as income, property, use, and business taxes, and are payable from these specific future taxes.

· Revenue Anticipation Notes Revenue anticipation notes are issued in expectation of receipt of revenues, such as sales taxes, toll revenues, or water and sewer charges, that are used to pay off the notes.

· Bond Anticipation Notes Bond anticipation notes are issued to provide interim financing until long-term financing can be arranged. In most cases, the long-term bonds then provide the money for the repayment of the notes.

· Tax-Exempt Commercial Paper Tax-exempt commercial paper is a short-term obligation with a stated maturity of 270 days or less. It is issued by state and local governments or their agencies to finance seasonal working capital needs or as short-term financing in anticipation of longer-term financing.

Municipal bonds, which meet longer-term capital needs and generally have maturities of more than one year when issued, have two principal classifications: general obligation bonds and revenue bonds. Additional categories of potential purchases include municipal lease obligations, prerefunded/escrowed to maturity bonds, private activity bonds, industrial development bonds, and participation interests.

· General Obligation Bonds Issuers of general obligation bonds include states, counties, cities, towns, and special districts. The proceeds of these obligations are used to fund a wide range of public projects, including construction or improvement of schools, public buildings, highways and roads, and general projects not supported by user fees or specifically identified revenues. The basic security behind general obligation bonds is the issuer’s pledge of its full faith and credit and taxing power for the payment of principal and interest. The taxes that can be levied for the payment of debt service may be limited or unlimited as to the rate or amount of special assessments. In many cases voter approval is required before an issuer may sell this type of bond.

· Revenue Bonds The principal security for a revenue bond is generally the net revenues derived from a particular facility or enterprise or, in some cases, the proceeds of a special charge or other pledged revenue source. Revenue bonds are issued to

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finance a wide variety of capital projects, including: electric, gas, water, and sewer systems; highways, bridges, and tunnels; port and airport facilities; colleges and universities; and hospitals. Revenue bonds are sometimes used to finance various privately operated facilities provided they meet certain tests established for tax-exempt status.

Although the principal security behind these bonds may vary, many provide additional security in the form of a mortgage or debt service reserve fund. Some authorities provide further security in the form of the state’s ability (without obligation) to make up deficiencies in the debt service reserve fund. Revenue bonds usually do not require prior voter approval before they may be issued.

· Municipal Lease Obligations Municipal borrowers may also finance capital improvements or purchases with tax-exempt leases. The security for a lease is generally the borrower’s pledge to make annual appropriations for lease payments. The lease payment is treated as an operating expense subject to appropriation risk and not a full faith and credit obligation of the issuer. Lease revenue bonds and other municipal lease obligations are generally considered less secure than a general obligation or revenue bond and often do not include a debt service reserve fund. To the extent such securities are determined to be illiquid, they will be subject to the funds’ limit on illiquid investments. There have also been certain legal challenges to the use of lease revenue bonds in various states.

· Prerefunded/Escrowed to Maturity Bonds Certain municipal bonds have been refunded with a later bond issue from the same issuer. The proceeds from the later issue are used to defease the original issue. In many cases the original issue cannot be redeemed or repaid until the first call date or original maturity date. In these cases, the refunding bond proceeds typically are used to buy U.S. Treasury securities that are held in an escrow account until the original call date or maturity date. The original bonds then become “prerefunded” or “escrowed to maturity” and are considered high-quality investments. While still tax-exempt, the security is the proceeds of the escrow account. To the extent permitted by the SEC and the IRS, a fund’s investment in such securities refunded with U.S. Treasury securities will, for purposes of diversification rules applicable to the funds, be considered an investment in U.S. Treasury securities.

· Private Activity Bonds Under current tax law, all municipal debt is divided broadly into two groups: governmental purpose bonds and private activity bonds. Governmental purpose bonds are issued to finance traditional public purpose projects such as public buildings and roads. Private activity bonds may be issued by a state or local government or public authority but principally benefit private users and are considered taxable unless a specific exemption is provided.

The tax code currently provides exemptions for certain private activity bonds such as not-for-profit hospital bonds, small-issue industrial development revenue bonds, and mortgage subsidy bonds, which may still be issued as tax-exempt bonds. Interest on tax-exempt private activity bonds has generally been subject to the alternative minimum tax (AMT). However, interest on all private activity bonds issued in 2009 or 2010 will be exempt from the AMT. In addition, interest on private activity bonds that were issued after 2003, and refunded during 2009 or 2010, will be exempt from the AMT.

· Industrial Development Bonds Industrial development bonds are considered municipal bonds if the interest paid is exempt from federal income tax. They are issued by or on behalf of public authorities to raise money to finance various privately operated facilities for business and manufacturing, housing, sports, and pollution control. These bonds are also used to finance public facilities such as airports, mass transit systems, ports, and parking. The payment of the principal and interest on such bonds is dependent solely on the ability of the facility’s user to meet its financial obligations and the pledge, if any, of real and personal property so financed as security for such payment.

· Build America Bonds The American Recovery and Reinvestment Act of 2009 created Build America Bonds, which allowed state and local governments to issue taxable bonds to finance any capital expenditures for which they otherwise could issue tax-exempt governmental bonds. State and local governments received a federal subsidy payment for a portion of their borrowing costs on these bonds equal to 35% of the total coupon interest paid to investors. The municipality could elect to either take the federal subsidy or it can pass a 35% tax credit along to bondholders. Investments in these bonds will result in taxable interest income, and the funds may elect to pass through to shareholders any corresponding tax credits. The tax credits can generally be used to offset federal income taxes and the AMT, but those tax credits are generally not refundable.

· Participation Interests The funds may purchase from third parties participation interests in all or part of specific holdings of municipal securities. The purchase may take different forms: In the case of short-term securities, the participation may be backed by a liquidity facility that allows the interest to be sold back to the third-party (such as a trust, broker, or bank) for a predetermined price of par at stated intervals. The seller may receive a fee from the funds in connection with the arrangement.

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In the case of longer-term bonds, the funds may purchase interests in a pool of municipal bonds or a single municipal bond or lease without the right to sell the interest back to the third-party.

The funds will not purchase participation interests unless a satisfactory opinion of counsel or ruling of the IRS has been issued that the interest earned from the municipal securities on which the funds hold participation interests is exempt from federal income tax to the funds. However, there is no guarantee the IRS would treat such interest income as tax-exempt.

When-Issued Securities

New issues of municipal securities are often offered on a when-issued basis; that is, delivery and payment for the securities normally takes place 15 to 45 days or more after the date of the commitment to purchase. The payment obligation and the interest rate that will be received on the securities are each fixed at the time the buyer enters into the commitment. The funds will only make a commitment to purchase such securities with the intention of actually acquiring the securities. However, the funds may sell these securities before the settlement date if it is deemed advisable as a matter of investment strategy. Each fund will maintain cash, high-grade marketable debt securities, or other suitable cover with its custodian bank equal in value to commitments for when-issued securities. Such securities either will mature or, if necessary, be sold on or before the settlement date. Securities purchased on a when-issued basis and the securities held in the funds’ portfolios are subject to changes in market value based upon the public perception of the creditworthiness of the issuer and changes in the level of interest rates (which will generally result in similar changes in value, i.e., both experiencing appreciation when interest rates decline and depreciation when interest rates rise). Therefore, to the extent the funds remain fully invested or almost fully invested at the same time that they have purchased securities on a when-issued basis, there will be greater fluctuations in their net asset value than if they solely set aside cash to pay for when-issued securities. In the case of the retail or government money funds, this could increase the possibility that the market value of the funds’ assets could vary from $1.00 per share. In addition, there will be a greater potential for the realization of capital gains, which are not exempt from federal income tax. When the time comes to pay for when-issued securities, the funds will meet their obligations from then-available cash flow, sale of securities, or, although it would not normally expect to do so, from sale of the when-issued securities themselves (which may have a value greater or less than the payment obligation). The policies described in this paragraph are not fundamental and may be changed by the funds upon notice to shareholders.

Forwards

In some cases, the funds may purchase bonds on a when-issued basis with longer-than-standard settlement dates, in some cases exceeding one to two years. In such cases, the funds must execute a receipt evidencing the obligation to purchase the bond on the specified issue date and must segregate cash internally to meet that forward commitment. Municipal “forwards” typically carry a substantial yield premium to compensate the buyer for the risks associated with a long when-issued period, including: shifts in market interest rates that could materially impact the principal value of the bond, deterioration in the credit quality of the issuer, loss of alternative investment options during the when-issued period, changes in tax law or issuer actions that would affect the exempt interest status of the bonds and prevent delivery, failure of the issuer to complete various steps required to issue the bonds, and limited liquidity for the buyer to sell the escrow receipts during the when-issued period.

Residual Interest Bonds

Residual interest bonds are a type of high-risk derivative. The funds may purchase municipal bond issues that are structured as two-part, residual interest bond and variable rate security offerings. The issuer is obligated only to pay a fixed amount of tax-free income that is to be divided among the holders of the two securities. The interest rate for the holders of the short-term, variable rate securities will typically be determined by an index or auction process held approximately every seven to 35 days while the long-term bondholders will receive all interest paid by the issuer minus the amount given to the variable rate security holders and a nominal auction fee. Therefore, the coupon of the residual interest bonds, and thus the income received, will move inversely with respect to short-term, 7- to 35-day tax-exempt interest rates. There is no assurance that the auction will be successful and that the variable rate security will provide short-term liquidity. The issuer is not obligated to provide such liquidity. In general, these securities offer a significant yield advantage over standard municipal securities, due to the uncertainty of the shape of the yield curve (i.e., short-term versus long-term rates) and consequent income flows, but they tend to be more volatile than other municipal securities of similar maturity and credit quality.

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Unlike many adjustable rate securities, residual interest bonds are not necessarily expected to trade at par and in fact present significant market risks. In certain market environments, residual interest bonds may carry substantial premiums, trade at deep discounts, or have limited liquidity. Residual interest bonds entail varying degrees of leverage, which could result in greater volatility and losses greater than investing directly in the underlying municipal bond.

The funds may invest in other types of derivative instruments as they become available.

For the purpose of the funds’ investment restrictions, the identification of the “issuer” of municipal securities that are not general obligation bonds is made by T. Rowe Price, on the basis of the characteristics of the obligation as described previously, the most significant of which is the source of funds for the payment of principal and interest on such securities.

There are, of course, other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Adjustable Rate Securities

Generally, the maturity of a security is deemed to be the period remaining until the date (noted on the face of the instrument) on which the principal amount must be paid or, in the case of an instrument called for redemption, the date on which the redemption payment must be made. However, certain securities may be issued with demand features or adjustable interest rates that are reset periodically by predetermined formulas or indexes in order to minimize movements in the principal value of the investment in accordance with Rule 2a-7 under the 1940 Act. Such securities may have long-term maturities but may be treated as a short-term investment under certain conditions. Generally, as interest rates decrease or increase, the potential for capital appreciation or depreciation on these securities is less than for fixed rate obligations. These securities may take a variety of forms, including variable rate, floating rate, and put option securities.

On July 27, 2017, the United Kingdom’s Financial Conduct Authority announced a decision to transition away from LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. Any potential effects of the transition away from LIBOR on a fund, or on certain instruments in which a fund invests, are not known. The transition process may result in, among other things, an increase in volatility or illiquidity of markets for instruments that currently rely on LIBOR, a reduction in the value of certain instruments held by a fund, or a reduction in the effectiveness of related fund transactions such as hedges. Any such effects could have an adverse impact on a fund’s performance.

Variable Rate Securities Variable rate instruments are those whose terms provide for the adjustment of their interest rates on set dates and which, upon such adjustment, can reasonably be expected to have a market value that approximates its par value. A variable rate instrument, the principal amount of which is scheduled to be paid in 397 days or less, is deemed to have a maturity equal to the period remaining until the next readjustment of the interest rate. A variable rate instrument that is subject to a demand feature entitles the purchaser to receive the principal amount of the underlying security or securities.

Forward Commitment Contracts

The price of such securities, which may be expressed in yield terms, is fixed at the time the commitment to purchase is made, but delivery and payment take place at a later date. Normally, the settlement date occurs within 90 days of the purchase for when-issued securities, but may be substantially longer for forwards. During the period between purchase and settlement, no payment is made by the funds to the issuer and no interest accrues to the funds. The purchase of these securities will result in a loss if their values decline prior to the settlement date. This could occur, for example, if interest rates increase prior to settlement. The longer the period between purchase and settlement, the greater the risks. At the time the funds make the commitment to purchase these securities, it will record the transaction and reflect the value of the security in determining its net asset value. The funds will cover these securities by maintaining cash, liquid, high-grade debt securities, or other suitable cover as permitted by the SEC, with its custodian bank equal in value to its commitments for the securities during the time between the purchase and the settlement. Therefore, the longer this period, the longer the period during which alternative investment options are not available to the funds (to the extent of the securities used for cover). Such securities either will mature or, if necessary, will be sold on or before the settlement date.

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To the extent the funds remain fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time they purchase these securities, there will be greater fluctuations in the funds’ net asset value than if the funds did not purchase them.

Real Estate Investment Trusts (“REITs”)

Investments in REITs may experience many of the same risks involved with investing in real estate directly. These risks include: declines in real estate values; risks related to local or general economic conditions, particularly lack of demand; overbuilding and increased competition; increases in property taxes and operating expenses; changes in zoning laws; heavy cash flow dependency; possible lack of availability of mortgage funds; obsolescence; losses due to natural disasters; condemnation of properties; regulatory limitations on rents and fluctuations in rental income; variations in market rental rates; and possible environmental liabilities. REITs may own real estate properties (“Equity REITs”) and be subject to these risks directly or may make or purchase mortgages (“Mortgage REITs”) and be subject to these risks indirectly through underlying construction, development, and long-term mortgage loans that may default or have payment problems.

Equity REITs can be affected by rising interest rates that may cause investors to demand a high annual yield from future distributions, which, in turn, could decrease the market prices for the REITs. In addition, rising interest rates also increase the costs of obtaining financing for real estate projects. Since many real estate projects are dependent upon receiving financing, this could cause the value of the Equity REITs in which the funds invest to decline.

Mortgage REITs may hold mortgages that the mortgagors elect to prepay during periods of declining interest rates, which may diminish the yield on such REITs. In addition, borrowers may not be able to repay mortgages when due, which could have a negative effect on the funds.

Some REITs have relatively small market capitalizations, which could increase their volatility. REITs tend to be dependent upon specialized management skills and have limited diversification, so they are subject to risks inherent in operating and financing a limited number of properties. In addition, when the funds invest in REITs, a shareholder will bear his or her proportionate share of fund expenses and indirectly bear similar expenses of the REITs. REITs depend generally on their ability to generate cash flow to make distributions to shareholders. Certain REITs may be able to pay up to 90% of their dividends in the form of stock instead of cash. Even if a fund receives all or part of a REIT distribution in stock, the fund will still be deemed to have received 100% of the distribution in cash and the entire distribution will be part of the fund’s taxable income. In addition, both Equity and Mortgage REITs are subject to the risks of failing to qualify for tax-free status of income under the Code or failing to maintain their exemptions from the 1940 Act.

Partnerships

The funds may invest in securities issued by companies that are organized as publicly traded partnerships or master limited partnerships, as well as limited liability companies. These entities may be publicly traded on certain stock exchanges or markets, and are generally operated under the supervision of one or more managing partners or members. Limited partners, unitholders, or members (such as a fund that invests in a partnership) are not usually involved in the day-to-day management of the company, but are allocated income and capital gains associated with the partnership project in accordance with the terms of the partnership or limited liability company agreement.

Risks involved with investing in partnerships include, among other things, risks associated with the partnership structure itself and the specific industry or industries in which the partnership invests (for example, real estate development, oil, or gas). State law governing partnerships is often less restrictive than state law governing corporations. As a result, there may be fewer legal protections afforded to investors in a partnership than to investors in a corporation. At times, partnerships may potentially offer relatively high yields compared with common stocks. Because partnerships are generally treated as “pass through” entities for tax purposes, they do not ordinarily pay income taxes but instead pass their earnings on to unitholders (except in the case of some publicly traded partnerships that may be taxed as corporations).

Restricted Securities

Certain restricted securities may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold in current market conditions in seven calendar days or less without the sale significantly changing the market value of the security. Certain restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the 1933 Act. Where registration is

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required, the fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the time of the decision to sell and the time the fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the fund might obtain a less favorable price than that which prevailed when it decided to sell. Restricted securities will be priced at fair value as determined in accordance with procedures prescribed by the funds’ Boards.

Notwithstanding the above, the funds may purchase securities that, while privately placed, are eligible for purchase and sale under Rule 144A under the 1933 Act. This rule permits certain qualified institutional buyers, such as the funds, to trade in privately placed securities even though such securities are not registered under the 1933 Act. The liquidity of these securities is monitored based on a variety of factors.

All Funds (Other Than the Money Funds)

Investments in Other Investment Companies

Unaffiliated Investment Companies The funds may invest in other investment companies that are not sponsored by T. Rowe Price, which include open-end funds, closed-end funds, exchange-traded funds (“ETFs”), unit investment trusts, and other investment companies that have elected to be treated as business development companies under the 1940 Act.

The funds may purchase shares of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The funds might also purchase shares of another investment company to gain exposure to the securities in the investment company’s portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with a fund’s objective and investment program.

Investing in another investment company involves risks similar to those of investing directly in the investment company’s portfolio securities, including the risk that the values of the portfolio securities may fluctuate due to changes in the financial condition of the securities’ issuers and other market factors. An investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund’s performance. In addition, because closed-end funds trade on a stock exchange or in the OTC market and ETFs trade on a securities exchange, their shares may trade at a substantial premium or discount to the actual net asset value of its portfolio securities, and their potential lack of liquidity could result in greater volatility.

If a fund invests in a non-T. Rowe Price investment company, the fund must pay its proportionate share of that investment company’s fees and expenses, which are in addition to the management fee and other operational expenses incurred by the fund. The expenses associated with certain investment companies, such as business development companies, may be significant. The fund could also incur a sales charge or redemption fee in connection with purchasing or redeeming an investment company security.

A Price Fund’s investments in non-T. Rowe Price registered investment companies are subject to the limits that apply to such investments under the 1940 Act unless the fund invests in reliance on exemptive relief, which permits it to exceed the 1940 Act limits. The 1940 Act generally provides that a fund may invest up to 10% of its total assets in securities of other investment companies. In addition, a fund may not own more than 3% of the total outstanding voting stock of any investment company, and not more than 5% of the fund’s total assets may be in invested in a particular investment company.

Affiliated Investment Companies The funds may also invest in certain Price Funds as a means of gaining efficient and cost-effective exposure to specific asset classes, provided the investment is consistent with an investing fund’s investment program and policies. Such an investment could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in the asset class and will subject the fund to the risks associated with the particular asset class. Examples of asset classes in which other Price Funds invest include high yield bonds, floating rate loans, inflation-linked securities, international bonds, emerging market bonds, and emerging market stocks. To ensure that the fund does not incur duplicate management fees as a result of its investment in another Price Fund, the management fee paid by the fund will be reduced in an amount sufficient to offset the fees paid by the underlying fund related to the investment.

Hedge Funds Investments in unregistered hedge funds may be used to gain exposure to certain asset classes. Hedge funds are not subject to the same regulatory requirements as mutual funds and other registered investment companies, and an

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investing fund may not be able to rely on the protections under the 1940 Act that are available to investors in registered investment companies.

There are often advance notice requirements and withdrawal windows that limit investors’ ability to readily redeem shares of a hedge fund. If a hedge fund were to engage in activity deemed inappropriate by a fund or pursue a different strategy than the fund was led to believe, the fund may not be able to withdraw its investment in a hedge fund promptly after a decision has been made to do so, causing the fund to incur a significant loss and adversely affect its total return.

Hedge funds are not required to provide periodic pricing or valuation information to investors, and such funds often engage in leveraging, short-selling, commodities investing, and other speculative investment practices that are not fully disclosed and may increase the risk of investment loss. Their underlying holdings and investment strategies are not as transparent to investors or typically as diversified as those of traditional mutual funds; therefore, an investing fund is unable to look through to the hedge fund’s underlying investments in determining compliance with its own investment restrictions.

For the various reasons cited above, investments in a hedge fund are generally considered illiquid by an investing fund. Valuations of illiquid securities involve various judgments and consideration of factors that may be subjective, and there is a risk that inaccurate valuations of hedge fund positions could adversely affect the stated value of the fund. Fund investors should be aware that situations involving uncertainties as to the valuation of portfolio positions could have an adverse effect on the fund’s net assets, which, in turn, would affect amounts paid on redemptions of fund shares if the judgments made regarding appropriate valuations should be proven incorrect. If the net asset value of a fund is not accurate, purchasing or redeeming shareholders may pay or receive too little or too much for their shares and the interests of remaining shareholders may become overvalued or diluted.

Money Funds

Determination of Maturity of Money Market Securities

The funds may only purchase securities that, at the time of investment, have remaining maturities of 397 calendar days or less or adjustable rate government securities that may have maturities longer than 397 calendar days but have interest rate resets within 397 calendar days. The other funds may also purchase money market securities. In determining the maturity of money market securities, funds will follow the provisions of Rule 2a-7 under the 1940 Act.

Eligible Money Market Securities Defined

Under Rule 2a-7, money market funds are required to invest only in eligible securities, as defined in Rule 2a-7. An eligible security is a security that (i) is issued by a registered investment company that is a money market fund, (ii) is a government security, and/or (iii) has a remaining maturity of 397 calendar days or less and has been determined by the fund’s Board (or its delegate) to present minimal credit risks to the fund. The credit risk determination must include an analysis of the capacity of the security’s issuer or guarantor (including the provider of a conditional demand feature, when applicable) to meet its financial obligations. In doing so, the analysis must include, to the extent appropriate, consideration of:

(a) the security’s issuer’s or guarantor’s financial condition;

(b) the security’s issuer’s or guarantor’s sources of liquidity;

(c) the security’s issuer’s or guarantor’s ability to react to future market-wide and issuer- or guarantor-specific events, including ability to repay debt in a highly adverse situation; and

(d) the strength of the issuer’s or guarantor’s industry within the economy and relative to economic trends, and the issuer’s or guarantor’s competitive position within its industry.

The credit risk analysis may include additional factors that may be relevant in evaluating certain specific asset types, as described in Rule 2a-7.

DERIVATIVES

The funds may use derivatives whose characteristics are consistent with the funds’ investment programs. In the future, a fund may employ instruments and strategies that are not presently contemplated, but which may be subsequently

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developed, to the extent such investment methods are consistent with the fund’s investment objectives and are legally permissible. There can be no assurance that an instrument, if employed, will be successful.

A derivative is a financial instrument that has a value based on—or “derived from”—the value of other assets, reference rates, or indexes. Derivatives generally take the form of contracts under which the parties agree to payments between them based upon the performance of a wide variety of underlying references, such as stocks, bonds, commodities, interest rates, currency exchange rates, and various domestic and foreign indexes. The main types of derivatives are futures, options, forward contracts, swaps, and hybrid instruments. A hybrid instrument can combine the characteristics of securities, futures, and options. For example, the principal amount or interest rate of a hybrid instrument could be tied (positively or negatively) to the price of some currency or securities index or another interest rate. The interest rate or the principal amount payable at maturity of a hybrid security may be increased or decreased, depending on changes in the value of the reference asset. Some hybrid instruments are either equity or debt derivative securities with one or more commodity-dependent components that have payment features similar to a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and security-like characteristics. Hybrid instruments are derivative instruments because at least part of their value is derived from the value of an underlying commodity, futures contract, index or other readily measurable economic variable.

Some derivatives are traded on an exchange, while other derivatives are entered into or traded on the OTC market. Exchange-traded derivatives are traded via specialized derivatives exchanges, securities exchanges, or both. The exchange acts as an intermediary to the transactions and the terms for each type of contract are generally standardized. OTC derivatives are traded between two parties directly without going through a regulated exchange. The terms of the contract are subject to negotiation by the parties to the contract.

The funds may use derivatives for a variety of purposes and may use them to establish both long and short positions within the portfolio. Potential uses include, but are not limited to, the following: adjusting duration; managing or establishing exposure to interest rates, cash market securities, currency exchange rates, or credit quality; investing in broad segments of the market or certain asset classes with greater efficiency and at a lower cost than is possible through direct investment; enhancing income; improving risk-adjusted returns; expressing positive or negative views on a particular issuer, country, or currency; and managing cash flows into and out of a fund and maintaining liquidity while remaining invested in the market. The funds may use derivatives to take a short position in a currency, which allows a fund to sell a currency in excess of the value of its holdings denominated in that currency or to sell a currency even if it does not hold any assets denominated in the currency. The funds may also use derivatives to take short positions with respect to their exposure to a particular issuer, country, or market. For example, a fund could sell futures contracts on a particular index where the value of the futures contract exceeds the value of the bonds or stocks represented in the index that are held by the fund, or the fund could sell futures or enter into interest rate swaps with respect to a particular bond market without owning any bonds in that market.

Each fund may use derivatives for hedging and risk management purposes. Hedging is a strategy in which a derivative is used to offset or mitigate risks associated with other fund holdings. Losses on the other investment may be substantially reduced by gains on a derivative that reacts in an opposite manner to market movements.

There can be no assurance that a fund’s hedging strategies will be effective. No fund is required to engage in hedging transactions. While derivatives may be used to help offset the risks of other positions and exposures within the portfolio, some funds may also use derivatives for speculative purposes, such as seeking to achieve gains or enhance returns, rather than offsetting the risk of other positions. When a fund invests in a derivative for speculative purposes, the fund will be fully exposed to the risks of loss of that derivative, which may sometimes require payments in addition to the derivative’s original cost.

From time to time, a single order to purchase or sell derivatives (for example, a futures contract or option thereon) may be made on behalf of a fund and other Price Funds and allocated by the manager across the various funds. Such aggregated orders would be allocated among the fund and the other Price Funds in a manner that is consistent with the allocation policy for the funds, which seeks to make such allocations in a fair and nondiscriminatory manner over time.

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Risk Factors in Derivatives

Derivatives can be volatile, have lower overall liquidity and involve a higher risk of loss than other investment instruments and involve significant risks, including:

· Correlation Risk Changes in the value of a derivative will not match the changes in the value of its reference asset or the portfolio holdings that are being hedged or of the particular market or security to which the fund seeks exposure.

· Counterparty Risks Certain OTC derivatives are subject to counterparty risk, whereas the risk of default for exchange-traded derivatives is assumed by the exchange’s clearinghouse and its member firms. Counterparty risk is the risk that a party to an OTC derivative contract may fail to perform or be legally unable to perform on its obligations. A loss may be sustained as a result of the insolvency or bankruptcy of the counterparty, the failure of the counterparty to make required payments or comply with the terms of the contract and other reasons affecting the counterparty, such as changes in law and imposition of currency controls. In the event of insolvency of the counterparty, a fund may be unable to liquidate, settle or transfer a derivatives position. Because derivatives traded in OTC markets are not guaranteed by an exchange or, in most cases, a clearing corporation, and may not, in some cases, require the counterparty to post margin to the fund to secure its obligations (although margin will generally be required), to the extent that a fund has unrealized gains in such instruments or has deposited collateral with its counterparty, the fund is at risk that its counterparty will become bankrupt or otherwise fail to honor its obligations. The Price Funds attempt to minimize these risks by engaging in transactions in derivatives traded in OTC markets only with financial institutions that have substantial capital or that have provided the fund with a third-party guaranty or other credit enhancement or margin that is held at the custodian for the Price Funds (or at the futures commodity merchant for futures contracts).

· Credit Event Risks The counterparty in a derivative transaction may be unable to honor its financial obligation to a fund, or the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations.

· Currency Risks For certain types of currency-related derivatives, changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment and could cause losses on the investment.

· Hedging Risks A fund’s hedging techniques may not result in the anticipated results. When using derivatives for hedging and risk management purposes, losses on other investment may be substantially reduced by gains on a derivative that reacts in an opposite manner to market movements. While hedging can reduce losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the fund or if the cost of the derivative outweighs the benefit of the hedge. There is also a risk of loss by a fund of margin deposits or collateral posted by the fund to the counterparty in the event of bankruptcy of a counterparty with whom the fund has an open position. There can be no assurance that a fund’s hedging strategies will be effective.

· Leverage Risks Certain types of investments or trading strategies (such as, for example, borrowing money to increase the amount of investments) involve the risk that relatively small market movements may result in large changes in the value of an investment. Certain derivatives and trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.

· Illiquidity Risk Derivative positions may be (or become) difficult or impossible to exit at the time that the fund would like or at a price that the fund believes the derivative is currently worth.

· Index Risk If a derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, a fund could receive lower interest payments or experience a reduction in the value of the derivative below the level that the fund paid. Certain indexed securities, including inverse securities (which move in an opposite direction to the index), may create leverage to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.

· Valuation Risk Derivatives that are not traded on an exchange may not have a widely agreed upon valuation. In addition, some derivatives may be customized for the fund and may include complex features and, thus, without comparable instruments to compare for pricing purposes, they may be difficult to value.

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Options

Options are a type of potentially high-risk derivative. The funds may buy or sell listed options on securities, futures, swaps, and commodities, also known as exchange-traded options, as well as buy from or sell options to counterparties, including dealers, which are known as OTC options.

Writing Call Options A call option gives the holder (buyer) the right to purchase, and the writer (seller) has the obligation to sell, a security or currency at a specified price (the exercise price) at expiration of the option (European style) or at any time prior to the expiration date (American style). Options may be settled physically, meaning that the writer or seller must deliver the referenced securities, currency or commodities to the buyer in exchange for the exercise price, or options may be cash settled, which means that the writer or seller must deliver to the buyer cash equal to the difference between the referenced price level of the security, currency or commodity and the exercise price. The funds are authorized to write covered call options on the securities or instruments in which they may invest. A covered call option is an option in which a fund, in return for a premium, gives another party a right to buy specified instruments owned by the fund at (or by) a specified future date and price set at the time of the contract. The principal reason for writing covered call options is the attempt to realize, through the receipt of premiums, a greater return than would be realized by only owning the underlying asset. By writing covered call options, a fund gives up the opportunity, while the option is in effect, to profit from any price increase in the underlying security above the option exercise price. In addition, a fund’s ability to sell the underlying security will be limited while the option is in effect unless the fund enters into a closing purchase transaction or the option is cash settled. A closing purchase transaction cancels out a fund’s position as the writer of an option by means of an offsetting purchase of an identical option prior to the expiration of the option it has written. Unlike owning securities, currencies or other commodities that are not subject to an option, the funds have no control over when they may be required to sell the underlying securities, currencies or commodities, since they may be assigned an exercise notice at any time prior to the expiration of its obligation as a writer. If a call option a fund has written expires, the fund will realize a gain in the amount of the premium; however, such gain may be offset by a decline in the market value of the underlying security, currency or commodity during the option period. If the call option is exercised, the fund will realize a gain or loss from the sale of the underlying security or currency. Covered call options also serve as a partial hedge to the extent of the premium received against the price of the underlying security declining.

A fund is also permitted to write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that are not currently held by the fund provided that at the time the call is written, the fund covers the call with an equivalent dollar value of deliverable securities or liquid assets. The principal reason for writing uncovered call options is to realize income without committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options, a fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised. In addition, in connection with each transaction, a fund will determine daily an amount of cash, liquid assets, or other suitable cover (such as owning an offsetting derivative position) as permitted by the SEC, equal to the market value of the options contract (less any related margin deposits) to cover the position. Such segregation will ensure that the fund has assets available to satisfy its obligations with respect to the transaction. Such segregation will not limit the fund’s exposure to loss. During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable strategy to increase a fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because there is no underlying security held by a fund that can act as a partial hedge.

Uncovered calls have speculative characteristics and the potential for loss by the writer of the option is unlimited. When an uncovered call is exercised, a fund must purchase the underlying security or currency to meet its call obligation. There is also a risk, especially with respect to call options written on preferred and debt securities with lower overall liquidity, that the securities may not be available for purchase. If the purchase price exceeds the exercise price, a fund will lose the difference.

Index options are option contracts in which the underlying value is based on the value of a particular securities index. As the seller of an index call option, the fund receives a premium from the purchaser. The purchaser of an index call option has the right to any appreciation in the value of the index over a fixed price (the exercise price) by the expiration date of the option. If the purchaser does not exercise the option, the fund retains the premium. If the purchaser exercises the option, the fund pays the purchaser the difference between the value of the index and the exercise price of the option. The premium, the exercise price, and the value of the index determine the gain or loss realized by the fund as the seller of the index call option. The fund can also repurchase the call option prior to the expiration date, thereby ending its obligation. In

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this case, the difference between the cost of repurchasing the option and the premium received will determine the gain or loss realized by the fund.

The premium received represents the market value of an option. The premium the funds will receive from writing a call option will reflect, among other things, the current market price of the underlying security or currency, the relationship of the exercise price to such market price, the historical price volatility of the underlying security or currency, and the length of the option period. T. Rowe Price, in determining whether a particular call option should be written on a particular security or currency, will consider the reasonableness of the anticipated premium and the likelihood that a liquid secondary market will exist for those options. The premium received by the funds for writing covered call options will be recorded as a liability of the funds. This liability will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset values per share of the funds are computed (close of the NYSE, normally 4 p.m. ET) or, in the absence of such sale, the mean of closing bid and ask prices. The option will be terminated upon expiration of the option, the purchase of an identical option in a closing transaction, or delivery of the underlying security or currency upon the exercise of the option.

Closing transactions will be effected in order to realize a profit on an outstanding call option, to prevent an underlying security or currency from being called, or to permit the sale of the underlying security or currency. Furthermore, effecting a closing transaction will permit the funds to write another call option on the underlying security or currency with either a different exercise price, expiration date, or both. If the funds desire to sell a particular security or currency from their portfolios on which they have written a call option or purchased a put option, they will seek to effect a closing transaction prior to, or concurrently with, the sale of the security or currency. There is, of course, no assurance that the funds will be able to effect such closing transactions at favorable prices. If the funds cannot enter into such a transaction, they may be required to hold a security or currency that they might otherwise have sold. This could result in higher transaction costs. The funds will pay transaction costs in connection with the writing of options to close out previously written options. Such transaction costs are normally higher than those applicable to purchases and sales of portfolio securities.

The exercise price of the options may be below, equal to, or above the current market values of the underlying securities or currencies at the time the options are written. From time to time, the funds may purchase an underlying security or currency for delivery in accordance with an exercise notice of a call option assigned to it, rather than delivering such security or currency from their portfolios. In such cases, additional costs may be incurred.

The funds will realize a profit or loss from a closing purchase transaction if the cost of the transaction is less or more than the premium received from the writing of the option. Because increases in the market price of a call option will generally reflect increases in the market price of the underlying security or currency, any loss resulting from the repurchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security or currency owned by the funds.

Writing Put Options A put option gives the purchaser of the option the right to sell, and the writer (seller) has the obligation to buy, the underlying security, currency, or index at the exercise price during the option period (American style) or at the expiration of the option (European style). So long as the obligation of the writer (i.e., the fund) continues, it may be assigned an exercise notice by the broker-dealer through whom such option was sold, requiring the fund to make payment of the exercise price against delivery of the underlying security or currency. The operation of put options in other respects, including their related risks and rewards, is substantially identical to that of call options.

Each fund has authority to write put options on the types of securities or instruments that may be held by the fund. A fund will receive a premium for writing a put option, which increases the fund’s return.

A fund would generally write covered put options in circumstances where T. Rowe Price wishes to purchase the underlying security or currency for the fund’s portfolios at a price lower than the current market price of the security or currency. In such circumstances, the funds would write a put option at an exercise price which, reduced by the premium received on the option, reflects the lower price it is willing to pay. Since the fund would also receive interest on debt securities or currencies maintained to cover the exercise price of the option, this technique could be used to enhance current return during periods of market uncertainty. The risk in such a transaction would be that the market price of the underlying security or currency would decline below the exercise price, less the premiums received. Such a decline could be substantial and result in a significant loss to the fund. In addition, because the fund does not own the specific securities or currencies which it may be required to purchase in exercise of the put, it cannot benefit from appreciation, if any, with respect to such specific securities or currencies.

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The funds are also authorized to write (i.e., sell) uncovered put options on instruments in which they may invest but the fund does not currently have a corresponding short position or has not deposited as collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to acquire such securities or instruments at a net cost below the current market value. A fund has the obligation to buy the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below the exercise price. If the price of the securities or instruments increases during the option period, the option will expire worthless and a fund will retain the premium and will not have to purchase the securities or instruments at the exercise price. In connection with such a transaction, a fund will segregate unencumbered liquid assets with a value at least equal to the fund’s exposure, on a marked-to-market basis (as calculated pursuant to requirements of the SEC). Such segregation will ensure that a fund has assets available to satisfy its obligations with respect to the transaction. Such segregation will not limit the fund’s exposure to loss.

The premium received by the funds for writing put options will be recorded as a liability of the funds. This liability will be adjusted daily to the option’s current market value, which will be the latest sale price on its primary exchange at the time at which the net asset value per share of the funds is computed (close of the NYSE, normally 4 p.m. ET), or, in the absence of such sale, the mean of the closing bid and ask prices.

Purchasing Put Options The funds may purchase American or European style put options. As the holder of a put option, the funds have the right to sell the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). The funds may enter into closing sale transactions with respect to such options, exercise them, or permit them to expire.

The funds may purchase a put option on an underlying security or currency (a “protective put”) owned by the funds as a defensive technique in order to protect against an anticipated decline in the value of the security or currency. Such hedge protection is provided only during the life of the put option when the funds, as holder of the put option, are able to sell the underlying security or currency at the put exercise price regardless of any decline in the underlying security’s market price or currency’s exchange value. For example, a put option may be purchased in order to protect unrealized appreciation of a security or currency where T. Rowe Price deems it desirable to continue to hold the security or currency because of tax considerations. The premium paid for the put option and any transaction costs would reduce any capital gain otherwise available for distribution when the security or currency is eventually sold.

The funds may also purchase put options at a time when they do not own the underlying security or currency. By purchasing put options on a security or currency they do not own, the funds seek to benefit from a decline in the market price of the underlying security or currency. If the put option is not sold when it has remaining value and if the market price of the underlying security or currency remains equal to or greater than the exercise price during the life of the put option, the funds will lose their entire investment in the put option. In order for the purchase of a put option to be profitable, the market price of the underlying security or currency must decline sufficiently below the exercise price to cover the premium and transaction costs, unless the put option is sold in a closing sale transaction.

Purchasing Call Options The funds may purchase American or European style call options. As the holder of a call option, the funds have the right to purchase the underlying security or currency at the exercise price at any time during the option period (American style) or at the expiration of the option (European style). The funds may enter into closing sale transactions with respect to such options, exercise them, or permit them to expire.

Call options may be purchased by the funds for the purpose of acquiring the underlying securities or currencies for their portfolios. Utilized in this fashion, the purchase of call options enables the funds to acquire the securities or currencies at the exercise price of the call option plus the premium paid. At times, the net cost of acquiring securities or currencies in this manner may be less than the cost of acquiring the securities or currencies directly. This technique may also be useful to the funds when seeking to purchase a large block of securities or currencies that would be difficult to acquire by direct market purchases. So long as a fund holds such a call option, rather than the underlying security or currency itself, the fund is partially protected from any unexpected decline in the market price of the underlying security or currency and in such event could allow the call option to expire, incurring a loss only to the extent of the premium paid for the option.

The funds may also purchase call options on underlying securities or currencies they own in order to protect unrealized gains on call options previously written by them. A call option would be purchased for this purpose where tax considerations make it inadvisable to realize such gains through a closing purchase transaction. Call options may also be purchased at times to avoid realizing losses.

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The funds may engage in transactions involving dealer (OTC) options. Certain risks, including credit risk and counterparty risk, are specific to dealer options. While the funds would look to a clearing corporation to exercise exchange-traded options, if the funds were to purchase a dealer option, they would rely primarily on the dealer from whom they purchased the option to perform if the option were exercised. Failure by the dealer to do so could result in the loss of the premium paid by the funds as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market, while dealer options could have less or no liquidity. Consequently, the funds will generally be able to realize the value of a dealer option they have purchased only by exercising it or reselling it to the dealer who issued it. Under certain conditions, the funds may also be able to resell or assign a purchased dealer option to another dealer on substantially the same terms. Similarly, when the funds write a dealer option, unless they can assign the option to another dealer, they generally will be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to which the funds originally wrote the option. While the funds will seek to enter into dealer options only with dealers who will agree to and are expected to be capable of entering into closing transactions with the funds, there can be no assurance that the dealers will consent to the closing transaction nor is it assured that the funds will realize a favorable price. Until a fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, they will not be able to liquidate securities (or other assets) or currencies used as cover until the option expires or is exercised. In the event of insolvency of the counterparty, the funds may be unable to liquidate a dealer option. With respect to options written by the funds, the inability to enter into a closing transaction may result in material losses to the funds.

The funds may consider OTC options to be liquid holdings; however, any OTC options that cannot be unwound, reassigned, or sold within 7 days may be considered to be illiquid. The funds may treat the cover used for written OTC options as liquid if the dealer agrees that the funds may repurchase the OTC option they have written for a maximum price to be calculated by a predetermined formula. In such cases, the OTC option would be considered illiquid only to the extent the maximum repurchase price under the formula exceeds the intrinsic value of the option.

Special Risks Associated with Options There are several risks associated with transactions in options on securities and indexes. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded OTC or on an exchange may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Futures Contracts

The funds may enter into futures contracts involving indexes, interest rates, commodities, currencies, and other reference assets (“futures” or “futures contracts”). Futures contracts are a type of potentially high-risk derivative. A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific instrument (e.g., units of a stock index) for a specified price, date, time, and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and margin deposits must be maintained during the term of the contract. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Futures may involve substantial leverage risk.

The funds will enter into futures contracts that are traded on national (or foreign) futures exchanges and are standardized as to maturity date and underlying financial instrument. Futures exchanges and trading in the United States are regulated under the Commodity Exchange Act by the Commodity Futures Trading Commission (“CFTC”). Although techniques other than the sale and purchase of futures contracts could be used as an alternative to futures contracts, futures contracts are effective and relatively low cost.

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Unlike when the funds purchase or sell a security, no price would be paid or received by the funds upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the funds’ open positions in futures contracts, the funds would be required to deposit in a segregated account with the clearing broker for the futures contract an amount of cash or liquid assets known as “initial margin.” The margin required for a particular futures contract is set by the exchange on which the contract is traded and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

Futures are valued daily at closing settlement prices. If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the clearing broker will require a payment by the funds (“variation margin”) to restore the margin account to the amount of the initial margin.

Subsequent payments (“mark-to-market payments”) to and from the futures clearing broker are made on a daily basis as the price of the underlying assets fluctuates, making the long and short positions in the futures contract more or less valuable. If the value of the open futures position increases in the case of a sale or decreases in the case of a purchase, the funds will pay the amount of the daily change in value to the clearing broker. However, if the value of the open futures position decreases in the case of a sale or increases in the case of a purchase, the clearing broker will pay the amount of the daily change in value to the funds.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice, most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical securities and the same delivery date. If the offsetting purchase price is less than the original sale price, the fund realizes a gain; if it is more, the fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the fund realizes a gain; if it is less, the fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the funds will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the funds are not able to enter into an offsetting transaction, the funds will continue to be required to maintain the margin deposits on the futures contract.

As an example of an offsetting transaction in which the underlying instrument is not delivered, the contractual obligations arising from the sale of one contract of September Treasury bills on an exchange may be fulfilled at any time before delivery of the contract is required (i.e., on a specified date in September, the “delivery month”) by the purchase of one contract of September Treasury bills on the same exchange. In such instance, the difference between the price at which the futures contract was sold and the price paid for the offsetting purchase, after allowance for transaction costs, represents the profit or loss to the funds.

The funds may invest in futures on indexes, such as stock and bond indexes. For example, a stock index assigns relative values to the common stocks included in the index and the index value fluctuates with the changes in the market value of those stocks. Stock index futures are contracts based on the future value of the basket of securities that comprise the underlying stock index. The contracts obligate the seller to deliver and the purchaser to take cash to settle the futures transaction or to enter into an obligation contract. No physical delivery of the securities underlying the index is required when settling the futures obligation and no monetary amount is paid or received by a fund on the purchase or sale of a stock index future. At any time prior to the expiration of the future, a fund may elect to close out its position by taking an opposite position, at which time a final determination of variation margin is made and additional cash is required to be paid by or released to the fund. Any gain or loss is then realized by the fund on the future for tax purposes. Although stock index futures by their terms call for settlement by the delivery of cash, in most cases the settlement obligation is fulfilled without such delivery by entering into an offsetting transaction.

With respect to a futures contract that is settled with an exchange of cash payments, a fund will cover (and mark-to-market on a daily basis) with liquid assets that, when added to the amounts deposited with a futures commission merchant as margin, are equal to the variation margin of the futures contract. When entering into a futures contract that does not settle in cash (a physically settled futures contract), a fund will maintain (and mark-to-market on a daily basis) liquid assets that, when added to the amounts deposited with a futures commission merchant as margin, are equal to the full notional value of the contract. Alternatively, the fund may cover its position in a long future by purchasing a put option on the same futures contract with a strike price as high or higher than the price of the contract held by the fund. A position in a short future may be covered by purchasing a call option on the same futures contract with a strike price no higher than the

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futures contract. For asset segregation purposes, physically settled futures contracts (and written options on such contracts) will be treated like cash settled futures contracts when a fund has entered into a contractual arrangement with a futures commission merchant or other counterparty to off-set the fund’s exposure under the contract and, failing that, to assign its delivery obligation under the contract to the counterparty.

It is possible that hedging activities of funds investing in municipal securities will occur through the use of U.S. Treasury bond futures.

Special Risks of Transactions in Futures The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; and (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the risk of loss in the event of bankruptcy of its futures commission merchant.

In addition, the funds are subject to “fellow-customer risk,” which is the risk that one or more customers of a futures commission merchant will default on their obligations and that the resulting losses will be so great that the futures commission merchant will default on its obligations and that margin posted by one customer will be used to cover a loss caused by a different customer.

There are rules that generally prohibit the use of one customer’s funds to meet the obligations of another customer, and that limit the ability to use customer margin posted by non-defaulting customers to satisfy losses caused by defaulting customers, by requiring the futures commission merchant to use its own funds to meet a defaulting customer’s obligations. While a customer’s loss would likely need to be substantial before other customers would be exposed to fellow-customer risk, these rules nevertheless permit the commingling of margin and do not limit the mutualization of customer losses from investment losses, custodial failures, fraud, or other causes. If the loss is so great that, notwithstanding the application of the futures commission merchant’s own funds, there is a shortfall in the amount of customer funds required to be held in segregation, the futures commission merchant could default and be placed into bankruptcy. In these circumstances, the Bankruptcy Code provides that non-defaulting customers will share pro rata in any shortfall. A shortfall in customer segregated funds may also make the transfer of the accounts of non-defaulting customers to another futures commission merchant more difficult.

Options on Futures

Options on futures are similar to options on underlying instruments, except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer’s futures margin account, which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid. Options on futures contracts are valued daily at the last sale price on its primary exchange at the time at which the net asset value per share of the funds are computed (close of the NYSE, normally at 4 p.m. ET), or, in the absence of such sale, the mean of closing bid and ask prices.

Investments in options on futures contracts involve some of the same considerations that are involved in connection with investments in future contracts (for example, the existence of a liquid secondary market). In addition, the purchase or sale of an option also entails the risk that changes in the value of the underlying futures contract will not correspond to changes in the value of the option purchased. Depending on the pricing of the option compared to either the futures contract upon which it is based, or upon the price of the securities being hedged, an option may or may not be less risky than ownership of the futures contract or such securities. In general, the market prices of options can be expected to be more volatile than the market prices on underlying futures contract. Compared to the purchase or sale of futures contracts, however, the purchase of call or put options on futures contracts may frequently involve less potential risk to a fund because the maximum amount at risk is the premium paid for the options (plus transaction costs).

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Foreign Futures and Options

Participation in foreign futures and foreign options transactions involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade. Neither the National Futures Association nor any domestic exchange regulates activities of any foreign boards of trade, including the execution, delivery, and clearing of transactions, or has the power to compel enforcement of the rules of a foreign board of trade or any applicable foreign law. This is true even if the exchange is formally linked to a domestic market so that a position taken on the market may be liquidated by a transaction on another market. Moreover, such laws or regulations will vary depending on the foreign country in which the foreign futures or foreign options transaction occurs. For these reasons, when the funds trade foreign futures or foreign options contracts, they may not be afforded certain of the protective measures provided by the Commodity Exchange Act, the CFTC’s regulations, and the rules of the National Futures Association and any domestic exchange, including the right to use reparations proceedings before the CFTC and arbitration proceedings provided by the National Futures Association or any domestic futures exchange. In particular, proceeds derived from foreign futures or foreign options transactions may not be provided the same protections as proceeds derived from transactions on U.S. futures exchanges. In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon may be affected by any variance in the foreign exchange rate between the time the funds’ orders are placed and the time they are liquidated, offset, or exercised.

Swap Agreements

The funds may enter into swap agreements with respect to securities, futures, currencies, indices, commodities and other instruments.

Swap agreements are typically two-party contracts entered into primarily by institutional investors for a specified period of time. In a standard bilateral swap transaction, two parties agree on the terms to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined index, currency or other investment. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a notional amount, i.e., the dollar amount invested at a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a particular security or basket of securities representing a particular index.

The funds may enter into swap agreements on either a bilateral basis or cleared basis. In bilateral swap transactions, all aspects of an agreed trade are dealt with directly between the transacting parties and set forth in the agreements between the parties. Each party takes on the risk, known as counterparty risk, that the other party may default at some time during the life of the contract. Collateral for bilateral agreements is exchanged but subject to negotiations between the counterparties. With centralized clearing, the original buyer and seller of a contract are no longer counterparties to each other. The central clearinghouse becomes the buyer to every seller and the seller to every buyer. These trades require daily settlements of margin to act as collateral to mitigate counterparty risk.

For centrally cleared swaps, the funds will maintain sufficient liquid assets to satisfy any unsettled variation margin payable; however, for bilateral OTC swaps, the funds will maintain sufficient liquid assets to meet the swaps confirmed settlement method (i.e., physical settlement or cash settlement). For cash settled swaps, the funds will maintain sufficient liquid assets to satisfy any unsettled variation margin payable. For long physically settled swap positions, the funds will generally maintain sufficient liquid assets to cover future payment obligations; however, for short physically settled contracts, the funds will maintain sufficient liquid assets to cover the notional amount. For example; when trading credit default swaps, a fund will maintain sufficient coverage for the full notional amount of the credit default swap when it sells credit default swap protection; however, when buying credit default swap protection, the fund will maintain sufficient liquid assets to satisfy its aggregate future payment obligations. The fund may net swap positions for purposes of asset coverage if the long and short positions have the same expiration date, reference obligation, and counterparty. The fund will net its obligations using notional amounts and will cover the net position with sufficient liquid assets.

The funds may also enter into options on swap agreements (“swaptions”) on the types of swaps listed above as well as swap forwards. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement at some designated future time on specified terms. The funds may write (sell) and purchase put and call swaptions. A swap forward is an agreement to enter into a swap agreement at some point in the future, usually in 3 to 6 months.

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Special Risks of Swaps The use of swap agreements by the funds entails certain risks. Whether a swap agreement will be successful will depend on the adviser’s ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Interest rate and currency swaps could result in losses if interest rate or currency changes are not correctly anticipated by the funds. Total return swaps could result in losses if the reference index, security, or other investments do not perform as anticipated by the funds. Credit default swaps could result in losses if the funds do not correctly evaluate the creditworthiness of the company on which the credit default swap is based.

A fund will generally incur a greater degree of risk when it writes a swaption than when it purchases a swaption. When the fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when the fund writes a swaption, it will become obligated, upon exercise of the option, according to the terms of the underlying agreement.

Because swaps are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered illiquid. Moreover, the funds bear the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The funds will enter into swap agreements only with counterparties that meet certain standards of creditworthiness. Swap agreements also bear the risk that a fund will not be able to meet it payment obligations to the counterparty. However, the funds will segregate liquid assets (as required by the SEC) in an amount equal to or greater than the market value of the fund’s liabilities under the swap agreement or the amount it would cost the fund initially to make an equivalent direct investment plus or minus any amount the fund is obligated to pay or is to receive under the swap agreement. Restrictions imposed by the tax rules applicable to regulated investment companies may limit the fund’s abilities to use swap agreements. The swaps market is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the funds’ ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Interest Rate Swaps, Caps and Floors In order to hedge the value of a fund’s portfolio against interest rate fluctuations or to enhance a fund’s income, a fund may enter into various transactions, such as interest rate swaps and the purchase or sale of interest rate caps and floors. Interest rate swaps are OTC contracts in which each party agrees to make a periodic interest payment based on an index or the value of an asset in return for a periodic payment from the other party based on a different index or asset. The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate floor. The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a predetermined interest rate, to receive payments of interest on a notional principal amount from the party selling such interest rate cap.

A fund expects to enter into these transactions primarily to preserve a return or spread on a particular investment or portion of its portfolio or to protect against any increase in the price of securities the fund anticipates purchasing at a later date. A fund generally will use these transactions primarily as a hedge and not as a speculative investment. However, a fund may also invest in interest rate swaps to enhance income or to increase the fund’s yield during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates). In an interest rate swap, a fund may exchange with another party their respective commitments to pay or receive interest, e.g., an exchange of fixed rate payments for floating rate payments. For example, if a fund holds a mortgage-backed security with an interest rate that is reset only once each year, it may swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week. This would enable a fund to offset a decline in the value of the mortgage backed security due to rising interest rates but would also limit its ability to benefit from falling interest rates. Conversely, if a fund holds a mortgage-backed security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest at a rate that is fixed for one year. Such a swap would protect the fund from a reduction in yield due to falling interest rates and may permit the fund to enhance its income through the positive differential between one week and one year interest rates, but would preclude it from taking full advantage of rising interest rates.

A fund usually will enter into interest rate swap transactions on a net basis (i.e., the two payment streams are netted against one another with the fund receiving or paying, as the case may be, only the net amount of the two payment streams). The net amount of the excess, if any, of a fund’s obligations over its entitlements with respect to each interest rate swap will be accrued on a daily basis, and an amount of liquid assets that have an aggregate net asset value at least equal to the accrued excess will be maintained pursuant to SEC and SEC staff positions.

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If the interest rate swap transaction is entered into on other than a net basis, the full amount of a fund’s obligations will be accrued on a daily basis, and the full amount of the fund’s obligations will be maintained pursuant to SEC and SEC staff positions.

Typically the parties with which a fund will enter into interest rate transactions will be broker-dealers and other financial institutions. Certain classes of interest rate swaps are required to be cleared by Derivatives Clearing Organizations registered with the CFTC.

If there is a default by the counterparty to such a transaction, a fund will have contractual remedies pursuant to the agreements related to the transaction. Caps and floors, however, have lower overall liquidity than swaps. Certain federal income tax requirements may limit a fund’s ability to engage in certain interest rate transactions. Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or, in certain circumstances, as long term capital gains to shareholders.

Credit Default Swap Agreements and Similar Instruments Certain funds may enter into credit default swap agreements and similar agreements, and may also buy other credit-linked derivatives. The credit default swap agreement or similar instrument may have as reference obligations one or more securities that are not currently held by a fund.

A fund may be either the buyer or seller in a credit default swap transaction. If a fund is a buyer and no credit event occurs, the fund recovers nothing if the swap is held through its termination date. However, if a credit event occurs, the fund may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value. As a seller, a fund generally receives an up-front payment or a fixed rate of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event. If a credit event occurs, generally the seller must pay the buyer the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have little or no value.

Credit default swaps and similar instruments involve greater risks than if a fund had invested in the reference obligation directly, since, in addition to general market risks, they are subject to illiquidity risk, counterparty risk and credit risk. A buyer also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. There may also be disputes between the buyer and seller of a credit default swap agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the up-front or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the fund. When a fund acts as a seller of a credit default swap or a similar instrument, it is exposed to many of the same risks of leverage since, if a credit event occurs, the seller may be required to pay the buyer the full notional value of the contract net of any amounts owed by the buyer related to its delivery of deliverable obligations.

Total Return Swap Agreements Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to the fund’s portfolio because, in addition to its total net assets, the fund would be subject to investment exposure on the notional amount of the swap.

Total return swap agreements are subject to the risk that a counterparty will default on its payment obligations to the fund thereunder. Swap agreements also bear the risk that the fund will not be able to meet its obligation to the counterparty. Generally, the fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted against one another with the fund receiving or paying, as the case may be, only the net amount of the two payments). The net amount of the excess, if any, of a fund’s obligations over its entitlements with respect to each total return swap will be accrued on a daily basis, and an amount of liquid assets that have an aggregate net asset value at least equal to the accrued excess will be maintained pursuant to SEC and SEC staff positions. If the total return swap transaction is entered into on other than a net basis, the full amount of the fund’s obligations will be accrued on a daily basis, and the full amount of the fund’s obligations will be segregated by the fund in an amount equal to or greater than the market value of the liabilities under the total return

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swap agreement or the amount it would have cost the fund initially to make an equivalent direct investment, plus or minus any amount the fund is obligated to pay or is to receive under the total return swap agreement.

There are other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Currency Derivatives

Currency derivatives are a type of potentially high-risk derivative. The funds may use currency derivatives for a variety of purposes, such as, but not limited to, settling trades in a foreign currency, attempting to protect a fund’s holdings from unfavorable changes in currency exchange rates, and various currency hedging techniques (for example, gaining exposure to a currency expected to appreciate in value versus other currencies).

Foreign Exchange Transactions A fund may engage in spot and forward foreign exchange transactions and currency swaps, purchase and sell options on currencies and purchase and sell currency futures and related options thereon (collectively, “Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar or, with respect to certain funds, to seek to enhance returns. Such transactions could be effected with respect to hedges on foreign dollar denominated securities owned by a fund, sold by a fund but not yet delivered, or committed or anticipated to be purchased by a fund. As an illustration, a fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated security. In such circumstances, for example, the fund may purchase a foreign currency put option enabling it to sell a specified amount of yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in part, the cost of acquiring such a put option, the fund may also sell a call option which, if exercised, requires it to sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By selling such a call option in this illustration, the fund gives up the opportunity to profit without limit from increases in the relative value of the yen to the dollar. Straddles of the type that may be used by a fund are considered to constitute hedging transactions. Certain funds have a fundamental investment restriction that restricts currency option strategies.

Forward Foreign Exchange Transactions Forward foreign exchange transactions are OTC contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and future date set at the time of the contract. Spot foreign exchange transactions are similar but require current, rather than future, settlement. A fund will enter into foreign exchange transactions for purposes of hedging either a specific transaction or a portfolio position, or, with respect to certain funds, to seek to enhance returns. A fund may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example, purchasing a currency needed to settle a security transaction or selling a currency in which the fund has received or anticipates receiving a dividend or distribution. A fund may enter into a foreign exchange transaction for purposes of hedging a portfolio position by selling forward a currency in which a portfolio position of the fund is denominated or by purchasing a currency in which the fund anticipates acquiring a portfolio position in the near future. A fund may also hedge portfolio positions through other types of currency derivatives. A fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value of existing or anticipated holdings of portfolio securities. Proxy hedging is often used when the currency to which the fund is exposed is difficult to hedge or to hedge against the dollar. Proxy hedging entails entering into a forward contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies in which some or all of the fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency transactions can result in losses to the fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies may not be present or may not be present during the particular time that a fund is engaged in proxy hedging. A fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that are expected to decline in value relative to other currencies to which the fund has or in which the fund expects to have portfolio exposure. For example, a fund may hold both Canadian government bonds and Japanese government bonds, and T. Rowe Price may believe that Canadian dollars will deteriorate against Japanese yen. This strategy would be a hedge against a decline in the value of Canadian dollars, although it would expose the fund to declines in the value of the Japanese yen relative to the US dollar. Forward foreign exchange transactions involve substantial currency risk, and also involve credit and illiquidity risk. A fund may also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than the currency being hedged (a “cross-hedge”).

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Some of the forward foreign currency contracts entered into by the funds are classified as non-deliverable forwards (“NDF”). NDFs are cash-settled, short-term forward contracts that may be thinly traded or are denominated in non-convertible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The settlement date is the date by which the payment of the difference is due to the party receiving payment. NDFs are commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars. They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally traded.

Currency Futures A fund may also seek to enhance returns or hedge against the decline in the value of a currency through use of currency futures or options thereon. Currency futures are similar to forward foreign exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk, and also involve leverage risk.

Currency Options A fund may also seek to enhance returns or hedge against the decline in the value of a currency through the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. A fund may engage in transactions in options on currencies either on exchanges or OTC markets. Currency options involve substantial currency risk, and may also involve credit, leverage or illiquidity risk.

Currency Swaps In order to protect against currency fluctuations, a fund may enter into currency swaps. A fund may also hedge portfolio positions through currency swaps, which are transactions in which one currency is simultaneously bought for a second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the exchange of the rights of a fund and another party to make or receive payments in specified currencies. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Because currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations.

Limitations on Currency Transactions Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. While a fund’s use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the net asset value of the fund’s shares, the net asset value of the fund’s shares will fluctuate. Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be accurately predicted and that the fund’s hedging strategies will be ineffective. To the extent that a fund hedges against anticipated currency movements that do not occur, the fund may realize losses and decrease its total return as the result of its hedging transactions. Furthermore, a fund will only engage in hedging activities from time to time and may not be engaging in hedging activities when movements in currency exchange rates occur.

In connection with its trading in forward foreign currency contracts, a fund will contract with a foreign or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. There have been periods during which certain banks or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.

Governmental imposition of credit controls might limit any such forward contract trading. With respect to its trading of forward contracts, if any, a fund will be subject to the risk of bank or dealer failure and the inability of, or refusal by, a bank or dealer to perform with respect to such contracts. Any such default would deprive the fund of any profit potential or force the fund to cover its commitments for resale, if any, at the then market price and could result in a loss to the fund.

It may not be possible for a fund to hedge against currency exchange rate movements, even if correctly anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the fund is not able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a market with respect to which Currency Instruments are not available and it is not possible to engage in effective foreign currency hedging. The

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cost to a fund of engaging in foreign currency transactions varies with such factors as the currencies involved, the length of the contract period and the market conditions then prevailing. Since transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are involved.

Rights and Warrants

Rights and warrants can be highly volatile and have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. Warrants generally entitle, but do not obligate, their holder to purchase other equity or fixed-income securities at a specified price at a later date. Rights are similar to warrants but typically have a shorter duration and are issued by a company to existing holders of its stock to provide those holders the right to purchase additional shares of stock at a later date. Additionally, a warrant or right ceases to have value if it is not exercised prior to its expiration date. As a result, warrants and rights may be considered more speculative than certain other types of investments. Rights and warrants differ from call options in that they are issued by the issuer of the security which may be purchased on their exercise, whereas call options may be written or issued by anyone. The prices of rights and warrants do not necessarily move parallel to the prices of the underlying securities.

There are, of course, other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.

Regulation of and Limitations on Derivatives

In accordance with the 1940 Act and various SEC and SEC staff interpretive positions, the fund must “set aside” (often referred to as “asset segregation”) liquid assets, or engage in other SEC or staff-approved measures, to “cover” open positions with respect to certain kinds of derivative instruments. If a derivative agreement contractually requires a fund to settle in cash, the fund will determine its daily obligation to the counterparty and will maintain sufficient liquid assets to cover that obligation. Segregated assets cannot be sold or transferred unless equivalent assets are substituted in their place or it is no longer necessary to segregate them. As a result, there is a possibility that segregation of a large percentage of a fund’s assets could impede portfolio management or the fund’s ability to meet redemption requests or other current obligations.

The CFTC’s rules limit the ability of a mutual fund to use CFTC-regulated commodities, futures, options contracts, swaps and certain other derivatives (“CFTC Derivatives”) if its investment adviser does not register with the CFTC as a commodity pool operator (“CPO”) with respect to the fund. It is expected that the Price Funds will normally execute their investment programs within the limits and exemptions prescribed by the CFTC’s rules by limiting their direct investments in CFTC Derivatives to the extent necessary for T. Rowe Price and its affiliates to claim exclusion from regulation as a CPO with respect to the funds under CFTC Rule 4.5, as amended. To comply with the exclusion in accordance with Rule 4.5, each fund will limit its trading activity in CFTC Derivatives (excluding activity for “bona fide hedging purposes,” as defined by the CFTC) such that it meets one of the following tests: (1) the aggregate initial margin deposits and premium required to establish positions in CFTC Derivatives do not exceed 5% of the liquidation value of the fund’s portfolio, after taking into account unrealized profits and unrealized losses on any such contracts that they have entered into, provided, however, that in the case of an option that is in-the-money at the time of purchase, the in-the-money amount may be excluded in calculating the 5% limitation; or (2) the aggregate net notional value of the fund’s positions in CFTC Derivatives does not exceed 100% of the liquidation value of the fund’s portfolio, after taking into account unrealized profits and unrealized losses on such positions.

As a result, T. Rowe Price does not intend to register with the CFTC as a CPO on behalf of any of the Price Funds. If the CFTC or other regulatory authorities adopt different (including less stringent) or additional restrictions, the funds would comply with such new restrictions. In the event one of the Price Funds engages in transactions that necessitate future registration with the CFTC, T. Rowe Price will register as a CPO and comply with applicable regulations with respect to that fund. Compliance with these additional regulatory requirements could increase the fund’s expenses.

In addition to operating in accordance with CFTC Rule 4.5, the funds have adopted a policy with respect to the purchase or sale of futures contracts or related options that do not qualify as bona fide hedging under applicable CFTC rules. Similar to the CFTC exclusion, the aggregate initial margin deposits and premium required to establish those positions cannot exceed 5% of the liquidation value of the funds after taking into account unrealized profits and unrealized losses on any such contracts they have entered into, provided, however, that in the case of an option that is in-the-money at the time of

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purchase, the in-the-money amount may be excluded in calculating the 5% limitation. For purposes of this policy, options on futures contracts and foreign currency options traded on a commodities exchange will be considered “related options.” This policy may be modified by the Boards without a shareholder vote and does not limit the percentage of the funds’ assets at risk to 5%.

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, swap dealers are required to post and collect variation margin (comprised of specified liquid instruments and subject to a required haircut) in connection with trading of OTC swaps with a fund. Shares of investment companies (other than certain money market funds) may not be posted as collateral under these regulations. Requirements for posting of initial margin in connection with OTC swaps will be phased-in through 2020. In addition, regulations adopted by regulators that will begin to take effect in 2019 will require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as a fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential additional government regulation and other developments in the market, could adversely affect a fund’s ability to terminate existing derivatives agreements or to realize amounts to be received under such agreements.

Federal Tax Treatment of Certain Derivatives

The funds may enter into certain derivative contracts, such as options, futures, forward foreign exchange contracts, and swaps, including options and futures on currencies. Entering into such transactions can affect the timing and character of the income and gains realized by the funds and the timing and character of fund distributions.

Such contracts, if they qualify as Section 1256 contracts, will be considered to have been closed at the end of the funds’ taxable years and any gains or losses will be recognized for tax purposes at that time. Section 1256 contracts include regulated futures contracts and certain broad-based index options traded on a qualified board or exchange, but generally exclude swaps. Gains or losses from a Section 1256 contract (as well as gains or losses from the normal closing or settlement of such transactions) will be characterized as 60% long-term capital gain (taxable at a maximum rate of 20%) or loss and 40% short-term capital gain or loss regardless of the holding period of the instrument (ordinary income or loss for foreign exchange contracts). The funds will be required to distribute net gains on such transactions to shareholders even though the funds may not have closed the transaction and received cash to pay such distributions.

Certain options, futures, forward foreign exchange contracts, and swaps, which offset another security in the fund, including options, futures, and forward exchange contracts on currencies, which offset a foreign dollar-denominated bond or currency position, may be considered straddles for tax purposes. Generally, a loss on any position in a straddle will be subject to deferral to the extent of any unrealized gain in an offsetting position. For securities that were held for one year or less at inception of the straddle, the holding period may be deemed not to begin until the straddle is terminated. If securities comprising a straddle have been held for more than one year at inception of the straddle, losses on offsetting positions may be treated as entirely long-term capital losses even if the offsetting positions have been held for less than one year. However, a fund may choose to comply with certain identification requirements for offsetting positions that are components of a straddle. Losses with respect to identified positions are not deferred, rather the basis of the identified position that offset the loss position is increased.

In order for the funds to continue to qualify for federal income tax treatment as regulated investment companies, at least 90% of their gross income for a taxable year must be derived from qualifying income, e.g., generally dividends, interest, income derived from loans of securities, and gains from the sale of securities or currencies. Tax regulations could be issued limiting the extent to which the net gain realized from options, futures, swaps or forward foreign exchange contracts on currencies is qualifying income for purposes of the 90% requirement. The funds may also enter into swaps referencing commodities, commodity indices, or commodity exchange traded funds. The income or gains from such commodity swaps may not be qualifying income for purposes of the 90% requirement.

Entering into certain options, futures, forward foreign exchange contracts, or swaps may result in a “constructive sale” of offsetting stocks or debt securities of the funds. In such a case, the funds will be required to realize gain, but not loss, on the deemed sale of such positions as if the position were sold on that date. The funds may also enter into short sales of securities directly or through the use of options. Any gains or losses from short sales are typically treated as short-term

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capital gains or losses, as the case may be. As a result, a fund’s ordinary dividends subject to ordinary income tax rates may be increased or decreased by such gains or losses.

For certain options, futures, forward foreign exchange contracts, or swaps, the IRS has not issued comprehensive rules relating to the timing and character of income and gains realized on such contracts. It is possible that new tax legislations and new IRS regulations could result in changes to the amounts recorded by the funds, potentially resulting in tax consequences to the funds.

PORTFOLIO MANAGEMENT PRACTICES

Lending of Portfolio Securities

Securities loans may be made by the funds to broker-dealers, institutional investors, or other persons pursuant to agreements requiring that the loans be continuously secured by collateral at least equal at all times to the value of the securities lent, marked to market on a daily basis. The collateral received will consist of cash, U.S. government securities, letters of credit, or such other collateral as may be permitted under the funds’ investment programs. The collateral, in turn, is invested in short-term securities, including shares of a T. Rowe Price internal money fund or short-term bond fund. While the securities are being lent, the funds making the loan will continue to receive the equivalent of the reasonable interest and the dividends or other distributions paid by the issuer on the securities, as well as a portion of the interest on the investment of the collateral. Normally, the funds employ an agent to implement their securities lending program, and the agent receives a reasonable fee from the funds for its services. The funds have a right to call each loan and obtain the securities within such period of time that coincides with the normal settlement period for purchases and sales of such securities in the respective markets. The funds will not have the right to vote on securities while they are being lent, but they may call a loan in anticipation of any important vote, when practical. The risks in lending portfolio securities, as with other extensions of secured credit, consist of a possible default by the borrower, delay in receiving additional collateral or in the recovery of the securities, or possible loss of rights in the collateral, should the borrower fail financially. Loans will be made only if, in the judgment of T. Rowe Price, the consideration to be earned from such loans would justify the risk. Additionally, the funds bear the risk that the reinvestment of collateral will result in a principal loss. Finally, there is also the risk that the price of the securities will increase while they are on loan and the collateral will not adequately cover their value.

Borrowing and Lending

The Price Funds are parties to an interfund lending exemptive order received from the SEC on December 8, 1998, amended on November 23, 1999, that permits them to borrow money from and/or lend money to other funds in the T. Rowe Price complex to help the funds meet short-term redemptions and liquidity needs. All loans are set at an interest rate between the rates charged on overnight repurchase agreements and short-term bank loans. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The program is subject to the oversight and periodic review of the Boards of the Price Funds.

In addition, to help certain funds meet short-term redemptions and liquidity needs, the Floating Rate Fund, Floating Rate Multi-Sector Account Portfolio, and Institutional Floating Rate Fund have entered into a committed line of credit facility administered by JPMorgan Chase Bank, N.A. (“JPMorgan”), with JPMorgan, BNY Mellon, Bank of America, Wells Fargo, Citibank, Goldman Sachs, Morgan Stanley, State Street Bank and Trust Company, Barclays Bank, Credit Suisse, HSBC Bank, Deutsche Bank, and Royal Bank of Canada as lenders pursuant to which the funds may borrow up to $800 million in order to provide them with temporary liquidity on a first-come, first-served basis. Interest is charged to a borrowing fund at a rate per annum equal to the federal funds rate (plus applicable margin) plus 2.00% where the federal funds rate for any day equals the greatest of (a) the Eurodollar rate for a one-month interest period commencing two business days after such day, (b) the federal funds effective rate effective on such day, (c) the overnight bank funding rate in effect on such day. A commitment fee, equal to 0.15% per annum of the average daily undrawn commitment, is allocated to the participating funds based on each fund’s relative net assets. Loans are generally unsecured; however, the fund must collateralize any borrowings under the facility on an equivalent basis if it has other collateralized borrowings.

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Repurchase Agreements

The funds may enter into a repurchase agreement through which an investor (such as the funds) purchases securities (known as the “underlying security”) from well-established securities dealers or banks that are members of the Federal Reserve System. Any such dealer or bank will be on T. Rowe Price’s approved list. At that time, the bank or securities dealer agrees to repurchase the underlying security at the same price, plus specified interest. Repurchase agreements are generally for a short period of time, often less than a week. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. The funds will enter into repurchase agreements only where (1) the underlying securities are of the type (excluding maturity limitations) that the funds’ investment guidelines would allow them to purchase directly; (2) the market value of the underlying security, including interest accrued, will be at all times equal to or exceed the value of the repurchase agreement; and (3) payment for the underlying security is made only upon physical delivery or evidence of book-entry transfer to the account of the custodian or a bank acting as agent. In the event of a bankruptcy or other default of a seller of a repurchase agreement, the funds could experience both delays in liquidating the underlying security and losses, including: (a) possible decline in the value of the underlying security during the period while the funds seek to enforce their rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing their rights. To the extent required by the 1940 Act, the funds will only enter into repurchase agreements that are fully collateralized, as defined by the 1940 Act.

Reverse Repurchase Agreements

Although the funds have no current intention of engaging in reverse repurchase agreements, they reserve the right to do so. Reverse repurchase agreements are ordinary repurchase agreements in which a fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of the securities because it avoids certain market risks and transaction costs. A reverse repurchase agreement may be viewed as a type of borrowing by the funds, subject to Investment Restriction (1). (See “Investment Restrictions.”)

Cash Reserves

The funds may invest their cash reserves primarily in one or more money market funds or short-term bond funds established for the exclusive use of the T. Rowe Price family of mutual funds and other clients of T. Rowe Price. Currently, two such money market funds are in operation and used for cash reserves management: the T. Rowe Price Government Reserve Fund and the T. Rowe Price Treasury Reserve Fund. In addition, two such short-term bond funds may be used for cash reserves management: the T. Rowe Price Short-Term Government Fund and the T. Rowe Price Short-Term Fund. Cash collateral from securities lending is invested in the T. Rowe Price Short-Term Fund. Each of the four funds is a series of the T. Rowe Price Reserve Investment Funds, Inc. These funds were created and operate under an exemptive order issued by the SEC. Additional money market funds or short-term bond funds may be created in the future.

The Government Reserve Fund and Treasury Reserve Fund comply with the requirements of Rule 2a-7 under the 1940 Act governing money market funds. The Short-Term Government Fund and Short-Term Fund are short-term bond funds and are not regulated under Rule 2a-7 and do not use amortized cost in an effort to maintain a stable $1.00 share price. The Treasury Reserve Fund and Government Reserve Fund operate as government money market funds in accordance with Rule 2a-7.

The TRP Reserve Funds provide an efficient means of managing the cash reserves of the Price Funds. While none of the TRP Reserve Funds pays an advisory fee to T. Rowe Price, each will incur other expenses. However, the TRP Reserve Funds are expected by T. Rowe Price to operate at very low expense ratios. The Price Funds will only invest in the TRP Reserve Funds to the extent consistent with their investment objectives and programs.

None of the funds are insured or guaranteed by the FDIC or any other government agency. Although the Government Reserve Fund and Treasury Reserve Fund seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in them.

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Short Sales

Credit Opportunities, Dynamic Credit, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, Multi-Strategy Total Return, and U.S. High Yield Funds

While most Price Funds are permitted to take short positions through various types of derivatives, these funds are also permitted to enter into short sales involving individual securities. Short sales are transactions in which the funds sell a security they do not already own, typically in anticipation of a decline in the market value of that security. Short sales are typically executed through a prime broker or in the absence of a primer broker relationship with the use of a repurchase agreement. In order to complete a short-sale transaction, the funds must borrow the security to make delivery to the buyer. The funds then are obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the fund. Until the security is replaced, the funds are required to pay to the lender amounts equal to any dividends or interest which accrue during the period of the loan. To borrow the security, the funds also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale may be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out. A fund secures its obligation to replace borrowed securities by also depositing collateral with the broker, usually in cash, U.S. government securities, or other liquid securities similar to those borrowed.

Until the funds replace a borrowed security in connection with a short sale, the funds will: (a) maintain daily a segregated account, containing cash, U.S. government securities, or other liquid securities as permitted by the SEC, at such a level that the amount deposited in the account plus the amount deposited with the broker as collateral will equal the current value of the security sold short; or (b) otherwise cover its short position.

The funds will incur a loss as a result of the short sale if the price of the security sold short increases between the date of the short sale and the date on which the funds replace the borrowed security. The funds will realize a gain if the security sold short declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in a security. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends, or interest the funds may be required to pay in connection with a short sale. Any gain or loss on the security sold short would be separate from a gain or loss on the funds’ security being hedged by the short sale.

The Taxpayer Relief Act of 1997 requires a mutual fund to recognize gain upon entering into a constructive sale of stock, a partnership interest, or certain debt positions occurring after June 8, 1997. A constructive sale is deemed to occur if the funds enter into a short sale, an offsetting notional principal contract, or a futures or forward contract that is substantially identical to the appreciated position. Some of the transactions in which the funds are permitted to invest may cause certain appreciated positions in securities held by the funds to qualify as a “constructive sale,” in which case it would be treated as sold and the resulting gain subjected to tax or, in the case of a mutual fund, distributed to shareholders. If this were to occur, a fund would be required to distribute such gains even though it would receive no cash until the later sale of the security. Such distributions could reduce the amount of cash available for investment by the funds. Because these rules do not apply to “straight” debt transactions, it is not anticipated that they will have a significant impact on the funds; however, the effect cannot be determined until the issuance of clarifying regulations.

Credit Opportunities, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, and U.S. High Yield Funds

For these funds, no securities will be sold short if, after the effect is given to any such short sale, the total market value of all securities sold short would exceed 2% of the value of the funds’ net assets.

Liquidity Risk Management Rule

Rule 22e-4 under the 1940 Act requires, among other things, open-end mutual funds (other than money market funds), such as the Price Funds, to adopt a liquidity risk management program that is reasonably designed to assess and manage liquidity risk. Such funds are also required to provide additional disclosures about a fund’s redemptions and liquidity risk. As required by the rule, the Price Funds implemented a liquidity risk management program (the “Liquidity Program”), pursuant to which each investment has been classified as “highly liquid,” “moderately liquid,” “less liquid,” or “illiquid” investment. The Board of each fund, including a majority of the independent directors, has appointed T. Rowe Price as the administrator of the Liquidity Program.

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INVESTMENT RESTRICTIONS

Each Price Fund's fundamental and operating policies are included below, although each Price Fund's investments may be subject to further restrictions and operating policies described in its prospectus. Fundamental policies may not be changed without the approval of the lesser of (1) 67% of the funds’ shares present at a meeting of shareholders if the holders of more than 50% of the outstanding shares are present in person or by proxy or (2) more than 50% of the funds’ outstanding shares. Other restrictions in the form of operating policies are subject to change by the funds’ Boards without shareholder approval. Any investment restriction that involves a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after, and is caused by, an acquisition of securities or assets of, or borrowings by, the funds. With the exception of the diversification test required by the Code, calculation of the funds’ total assets for compliance with any of the following fundamental or operating policies or any other investment restrictions set forth in the funds’ prospectuses or SAI will not include collateral held in connection with securities lending activities. For purposes of the tax diversification test, calculation of the funds’ total assets will include investments made with cash received by the funds as collateral for securities loaned. The diversification test required by the Code is set forth in the prospectuses of the funds referred to by name in restrictions (8) and (9) below.

Fundamental Policies

As a matter of fundamental policy, the funds may not:

(1) (a) Borrowing (All Funds Except Dynamic Credit, Multi-Strategy Total Return, and Spectrum Funds) Borrow money, except that the funds may (i) borrow for non-leveraging, temporary, or emergency purposes; and (ii) engage in reverse repurchase agreements and make other investments or engage in other transactions, which may involve a borrowing, in a manner consistent with the funds’ investment objectives and programs, provided that the combination of (i) and (ii) shall not exceed 33⅓% of the value of the funds’ total assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by law. Any borrowings that come to exceed this amount will be reduced in accordance with applicable law. The funds may borrow from banks, other Price Funds, or other persons to the extent permitted by applicable law. In addition, the Target Date Funds may not, in any manner, transfer as collateral for indebtedness any securities owned by the fund except in connection with permissible borrowings, which in no event will exceed 33⅓% of the fund's total assets valued at market;

 (b) Borrowing (Dynamic Credit and Multi-Strategy Total Return Funds) Borrow money, except that the funds may (i) borrow from other Price Funds for non-leveraging, temporary, or emergency purposes; and (ii) engage in reverse repurchase agreements and make other investments or engage in other transactions, which may involve a borrowing or the creation or increase of leverage, in a manner consistent with the funds’ investment objectives and programs, provided that the combination of (i) and (ii) shall not exceed 33⅓% of the value of the funds’ total assets (including the amount borrowed) less liabilities (other than borrowings) or such other percentage permitted by law. Any borrowings that come to exceed this amount will be reduced in accordance with applicable law. The funds may borrow from banks, other Price Funds, or other persons to the extent permitted by applicable law;

 (c) Borrowing (Spectrum Funds) Borrow money, except the funds may borrow from banks or other Price Funds as a temporary measure for extraordinary or emergency purposes, and then only in amounts not exceeding 30% of total assets valued at market. The funds will not borrow in order to increase income (leveraging), but only to facilitate redemption requests that might otherwise require untimely disposition of portfolio securities. Interest paid on any such borrowings will reduce net investment income. In addition, the funds may not, in any manner, transfer as collateral for indebtedness any securities owned by the fund except in connection with permissible borrowings, which in no event will exceed 30% of the fund's total assets valued at market;

(2) (a) Commodities (All Funds Except Money Funds, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, Short-Term, and Short-Term Government Funds) Purchase or sell commodities, except to the extent permitted by applicable law;

 (b) Commodities (Institutional Mid-Cap Equity Growth and Institutional Small-Cap Stock Funds) Purchase or sell physical commodities, except that the funds may enter into futures and options contracts thereon;

 (c) Commodities (Money Funds, Short-Term, and Short-Term Government Funds) Purchase or sell commodities;

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(3) Equity Securities (Summit Municipal Money Market Fund) Purchase equity securities or securities convertible into equity securities;

(4) (a) Industry Concentration (All Funds Except Cash Reserves, Emerging Europe, Equity Index 500, Extended Equity Market Index, Financial Services, Global Real Estate, Government Money, Health Sciences, Institutional Cash Reserves, Institutional Frontier Markets Equity, International Equity Index, Mid-Cap Index, Real Estate, TRP Reserve, Small-Cap Index, Spectrum, Target Date, Total Equity Market Index, and U.S. Bond Enhanced Index Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the funds’ net assets would be invested in the securities of issuers having their principal business activities in the same industry;

 (b) Industry Concentration (Emerging Europe, Financial Services, Global Real Estate, Health Sciences, Institutional Frontier Markets Equity, and Real Estate Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the funds’ net assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that (i) the Emerging Europe Fund may purchase the securities of any issuer if, as a result, no more than 35% of the fund’s net assets would be invested in any industry that accounts for more than 20% of the emerging European market as a whole, as measured by an index determined by T. Rowe Price to be an appropriate measure of the emerging European market (as defined in the fund’s prospectus); (ii) the Health Sciences Fund will invest more than 25% of its net assets in the health sciences industry as defined in the fund’s prospectus; (iii) the Financial Services Fund will invest more than 25% of its net assets in the financial services industry as defined in the fund’s prospectus; (iv) the Global Real Estate and Real Estate Funds will invest more than 25% of their net assets in the real estate industry as defined in the funds’ prospectuses; and (v) the Institutional Frontier Markets Equity Fund will invest more than 25% of its net assets in securities issued by banks and other financial services companies;

 (c) Industry Concentration (Equity Index 500, Extended Equity Market Index, International Equity Index, Mid-Cap Index, Small-Cap Index, Total Equity Market, and U.S. Bond Enhanced Index Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the fund’s net assets would be invested in the securities of issuers having their principal business activities in the same industry, except that the fund will invest more than 25% of the value of its net assets in issuers having their principal business activities in the same industry to the extent necessary to replicate the index that the fund uses as its benchmark as set forth in its prospectus;

 (d) Industry Concentration (Cash Reserves, Government Money, Institutional Cash Reserves, and TRP Reserve Funds) Purchase the securities of any issuer if, as a result, more than 25% of the value of the funds’ net assets would be invested in the securities of issuers having their principal business activities in the same industry, provided, however, that this limitation does not apply to securities of the banking industry including, but not limited to, certificates of deposit and banker’s acceptances;

 (e) Industry Concentration (Funds-of-Funds) Concentrate in any industry, except that the funds will concentrate (invest more than 25% of net assets) in the mutual fund industry;

(5) (a) Loans (All Funds Except Spectrum and Target Date Funds) Make loans, although the funds may (i) lend portfolio securities and participate in an interfund lending program with other Price Funds provided that no such loan may be made if, as a result, the aggregate of such loans would exceed 33⅓% of the value of the funds’ total assets; (ii) purchase money market securities and enter into repurchase agreements; and (iii) acquire publicly distributed or privately placed debt securities and purchase debt;

 (b) Loans (Spectrum and Target Date Funds) Make loans, although the funds may purchase money market securities and enter into repurchase agreements;

(6) Margin (Spectrum Funds) Purchase securities on margin, except for use of short-term credit necessary for clearance of purchases of portfolio securities;

(7) Mortgaging (Spectrum Funds) Mortgage, pledge, hypothecate, or, in any manner, transfer any security owned by the funds as security for indebtedness, except as may be necessary in connection with permissible borrowings, in which event such mortgaging, pledging, or hypothecating may not exceed 30% of the funds’ total assets, valued at market;

(8) Percent Limit on Assets Invested in Any One Issuer (All Funds Except Africa & Middle East, Asia Opportunities, China Evolution Equity, Communications & Technology, Dynamic Credit, Dynamic Global Bond, Emerging Europe,

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Emerging Markets Bond, Emerging Markets Local Currency Bond, Financial Services, Georgia Tax-Free Bond, Global Consumer, Global Industrials, Global Real Estate, Global Technology, Health Sciences, Institutional Africa & Middle East, Institutional Emerging Markets Bond, Institutional Frontier Markets Equity, Institutional International Disciplined Equity, Institutional Large-Cap Growth, International Bond, International Bond Fund (USD Hedged), International Disciplined Equity, Latin America, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, Multi-Strategy Total Return, New Asia, New Era, New Jersey Tax-Free Bond, New York Tax-Free Bond, Real Estate, Science & Technology, and Virginia Tax-Free Bond Funds; and Emerging Markets Corporate Multi-Sector Account Portfolio and Emerging Markets Local Multi-Sector Account Portfolio) Purchase a security if, as a result, with respect to 75% of the value of the funds’ total assets, more than 5% of the value of the funds’ total assets would be invested in the securities of a single issuer, except for cash; securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities; and securities of other investment companies;

(9) Percent Limit on Share Ownership of Any One Issuer (All Funds Except Africa & Middle East, Asia Opportunities, China Evolution Equity, Communications & Technology, Dynamic Credit, Dynamic Global Bond, Emerging Europe, Emerging Markets Bond, Emerging Markets Local Currency Bond, Financial Services, Georgia Tax-Free Bond, Global Consumer, Global Industrials, Global Real Estate, Global Technology, Health Sciences, Institutional Africa & Middle East, Institutional Emerging Markets Bond, Institutional Frontier Markets Equity, Institutional International Disciplined Equity, Institutional Large-Cap Growth, International Bond, International Bond Fund (USD Hedged), International Disciplined Equity, Latin America, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, Multi-Strategy Total Return, New Asia, New Era, New Jersey Tax-Free Bond, New York Tax-Free Bond, Real Estate, Science & Technology, and Virginia Tax-Free Bond Funds; and Emerging Markets Corporate Multi-Sector Account Portfolio and Emerging Markets Local Multi-Sector Account Portfolio) Purchase a security if, as a result, with respect to 75% of the value of the funds’ total assets, more than 10% of the outstanding voting securities of any issuer would be held by the funds (other than cash; securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities; and securities of other investment companies);

(10) (a) Real Estate (All Funds Except Spectrum and Target Date Funds) Purchase or sell real estate, including limited partnership interests therein, unless acquired as a result of ownership of securities or other instruments (but this shall not prevent the funds from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

 (b) Real Estate (Spectrum and Target Date Funds) Purchase or sell real estate, including limited partnership interests therein, unless acquired as a result of ownership of securities or other instruments (although the funds may purchase money market securities secured by real estate or interests therein or issued by companies or investment trusts which invest in real estate or interests therein);

(11) (a) Senior Securities (All Funds Except Spectrum Funds) Issue senior securities except in compliance with the 1940 Act;

 (b) Senior Securities (Spectrum Funds) Issue senior securities;

(12) Short Sales (Spectrum Funds) Effect short sales of securities;

(13) Taxable Securities (State Tax-Free and Tax-Free Funds) During periods of normal market conditions, purchase any security if, as a result, less than 80% of the funds’ income would be exempt from federal and, if applicable, any state, city, or local income tax. Normally, the funds will not purchase a security if, as a result, more than 20% of the funds’ income could be derived from securities subject to the AMT; or

(14) Underwriting Underwrite securities issued by other persons, except to the extent that the funds may be deemed to be an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of fund portfolio securities in the ordinary course of pursuing their investment programs.

NOTES

 The following notes should be read in connection with the above-described fundamental policies. The notes are not fundamental policies.

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 Money Funds With respect to investment restriction (1), the funds have no current intention of engaging in any borrowing transactions.

With respect to investment restriction (1)(b), when borrowing from other Price Funds, the Multi-Strategy Total Return Fund may only (i) engage in derivatives transactions that involve unwinding or closing out existing derivatives contracts or (ii) enter into new derivatives contracts that serve as a full or partial offset of one or more existing derivatives contracts.

 With respect to investment restriction (4)(d), each of the Government Money, Government Reserve, and Treasury Reserve Funds invests its assets in the manner necessary to qualify as a “government money market fund” under Rule 2a-7 under the 1940 Act. Accordingly, each of the Government Money, Government Reserve, and Treasury Reserve Funds will not invest more than 25% of its net assets in the securities of the banking industry, including, but not limited to, certificates of deposit and banker’s acceptances, for as long as each fund intends to qualify as a “government money market fund.”

 Multi-Strategy Total Return Fund With respect to investment restriction 4(d), to the extent the fund invests in other Price Funds, the fund will look-through to any underlying Price Fund’s investments for purposes of determining the fund’s concentration in any particular industry. To the extent the fund invests in investment companies that are not Price Funds, the fund will consider those funds’ investments for purposes of determining the fund’s concentration in any industry as follows: if an unaffiliated fund that has a name suggesting it focuses its investments in a particular industry and a disclosed policy to invest at least 80% of its assets in that industry, or if the fund has a disclosed fundamental policy to concentrate its investments in a particular industry, the Multi-Strategy Total Return Fund will deem its investment in that fund to be invested in that industry (provided this approach is deemed by the Multi-Strategy Total Return Fund to be consistent with guidance from the SEC or its staff).

 All Funds Except Money Funds, Institutional Mid-Cap Equity Growth, Institutional Small-Cap Stock, Short-Term, and Short-Term Government Funds With respect to investment restriction (2), the funds may not directly purchase or sell commodities that require physical storage unless acquired as a result of ownership of securities or other instruments, but the funds may invest in any derivatives and other financial instruments that involve commodities or represent interests in commodities to the extent permitted by the 1940 Act or other applicable law.

 Institutional Mid-Cap Equity Growth and Institutional Small-Cap Stock Funds With respect to investment restriction (2), the funds do not consider currency contracts or hybrid investments to be commodities.

 All Funds Except Spectrum and Target Date Funds For purposes of investment restriction (4):

· U.S., state, or local governments, or related agencies or instrumentalities, are not considered an industry. With respect to the tax-free funds, each fund has adopted an operating policy requiring investments in industrial development bonds supported principally by the assets or revenues of non-governmental users related to the same industry (such as solid waste, nuclear utility, or airlines) to be limited to 25% of the fund’s total assets. Bonds that are refunded with escrowed U.S. government securities are not subject to the 25% limitation.

· For the international equity funds (except for the Japan Fund), Tax-Efficient Equity, and Equity Funds (except Communications & Technology, Financial Services, Global Industrials, Global Technology, New Era, Real Assets, and Science & Technology Funds), industries are determined by reference to the classifications of industries and subindustries set forth in the Morgan Stanley Capital International/Standard & Poor’s (“MSCI/S&P”) Global Industry Classification Standard. For the Japan Fund, industries are determined by reference to the industries and subindustries set forth by the Tokyo Stock Price Index (“TOPIX”) industry structure. For the Communications & Technology, Financial Services, Global Industrials, Global Technology, New Era, Real Assets, and Science & Technology Funds, industries are determined by reference to industry classifications set forth in their semiannual and annual reports. For the Corporate Income, Global Multi-Sector Bond, Inflation Protected Bond, Institutional Core Plus, Institutional Long Duration Credit, Limited Duration Inflation Focused Bond, New Income, Short-Term Bond, Total Return, and U.S. Bond Enhanced Index Funds and Investment-Grade Corporate Multi-Sector Account Portfolio and the fixed income investments of the Balanced, Global Allocation, and Spectrum II Funds, industries are determined by reference to the classifications of industries and subindustries set forth in the Bloomberg Barclays Global

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Aggregate Bond Index. For the Credit Opportunities, Dynamic Credit, Dynamic Global Bond, Emerging Markets Bond, Emerging Markets Corporate Bond, Emerging Markets Local Currency Bond, Floating Rate, Global High Income Bond, GNMA, Government Money, High Yield, Institutional Cash Reserves, Institutional Emerging Markets Bond, Institutional Floating Rate, Institutional High Yield, International Bond, International Bond Fund (USD Hedged), Multi-Strategy Total Return, TRP Reserve, Summit Income, U.S. High Yield, U.S. Treasury, and Ultra Short-Term Bond Funds; and Emerging Markets Corporate Multi-Sector Account Portfolio, Emerging Markets Local Multi-Sector Account Portfolio, Floating Rate Multi-Sector Account Portfolio, High Yield Multi-Sector Account Portfolio, and Mortgage-Backed Securities Multi-Sector Account Portfolio, industries are determined by reference to industry classifications set forth in their semiannual and annual reports. Periodic changes by MSCI/S&P, TOPIX, Bloomberg Barclays, and other index providers to their classifications will be implemented within 30 days after the effective date of the changes. T. Rowe Price reserves the right to classify a particular holding into a different industry or subindustry than the classification made by MSCI/S&P, TOPIX, Bloomberg Barclays, or another index provider in situations where the index provider’s classification does not accurately reflect the company’s principal business activities or is deemed to no longer be appropriate (for example, due to significant changes to the company’s business or operations that were not yet taken into consideration by the index provider). The Africa & Middle East, Institutional Africa & Middle East, and Latin America Funds consider telecommunications and banking companies of a single country to be separate industries from telecommunications and banking companies of any other country. It is the position of the staff of the SEC that foreign governments are industries for purposes of this restriction. For as long as this staff position is in effect, the International Bond Funds and the Dynamic Credit Fund will not invest more than 25% of total assets in the securities of any single foreign governmental issuer. For purposes of this restriction, governmental entities are considered separate issuers.

 All Funds Except Summit Income and U.S. Bond Enhanced Index Funds For purposes of investment restriction (5), the funds will consider the acquisition of a debt security to include the execution of a note or other evidence of an extension of credit with a term of more than nine months.

 All Funds For purposes of investment restrictions (8) and (9), the funds will treat bonds that are refunded with escrowed U.S. government securities as U.S. government securities.

 Taxable Bond and Money Funds For purposes of investment restrictions (8) and (9), the funds will consider a repurchase agreement fully collateralized with U.S. government securities to be U.S. government securities.

 With respect to investment restrictions (1) and (11), under the 1940 Act, open-end investment companies (such as the Price Funds) can borrow money from a bank provided that immediately after such borrowing there is asset coverage of at least 300% for all borrowings. If the asset coverage falls below 300%, the investment company must, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to satisfy the 300% requirement. Any borrowings by a Price Fund from a bank and transactions by a Price Fund that may be considered to result in the issuance of a senior security will comply with the requirements of the 1940 Act, including any interpretations of the 1940 Act by the SEC or the SEC staff. In addition, any transactions involving reverse repurchase agreements will be covered in accordance with the 1940 Act and applicable SEC guidance. Any borrowings from other Price Funds will comply with the terms and conditions of the Price Funds’ interfund lending exemptive order.

 For purposes of investment restriction (13), the funds measure the amount of their income from taxable securities, including AMT securities, over the course of the funds’ taxable year.

Operating Policies

As a matter of operating policy, the funds may not:

(1) (a) Borrowing (All Funds Except Dynamic Credit, Global Allocation, and Multi-Strategy Total Return Funds) Purchase additional securities when money borrowed exceeds 5% of total assets;

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 (b) Borrowing (All Funds Except Global Allocation and Multi-Strategy Total Return Funds) Transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 33⅓% of its total assets;

(2) Control of Portfolio Companies Invest in companies for the purpose of exercising management or control;

(3) Equity Securities (State Tax-Free and Tax-Free Funds) Purchase any equity security or security convertible into an equity security, provided that the funds (other than the Money Funds) may invest up to 10% of total assets in equity securities that pay tax-exempt dividends and that are otherwise consistent with the funds’ investment objectives and, further provided, that Money Funds may invest up to 10% of total assets in equity securities of other tax-free open-end money market funds;

(4) Forward Currency Contracts (RDFs and Spectrum Funds) Purchase forward currency contracts, although the funds reserve the right to do so in the future;

(5) Illiquid Investment Acquire an illiquid investment if, immediately after the acquisition, the fund would have invested more than 15% of net assets (10% of net assets for Spectrum Funds and 5% of total assets for Money Funds) in such investments;

(6) Investment Companies (All Funds Except Spectrum and Target Date Funds) Purchase securities of open-end or closed-end investment companies except (i) securities of the TRP Reserve Funds (provided that the investing fund does not invest more than 25% of its net assets in such funds); (ii) securities of other Price Funds; (iii) in the case of the Money Funds, only securities of other money market funds; or (iv) otherwise consistent with the 1940 Act;

(7) Margin (All Funds Except Spectrum Funds) Purchase securities on margin, except (i) for use of short-term credit necessary for clearance of purchases of portfolio securities and (ii) they may make margin deposits in connection with futures contracts or other permissible investments;

(8) Mortgaging (All Funds Except Spectrum Funds) Mortgage, pledge, hypothecate, or, in any manner, transfer any security owned by the funds as security for indebtedness, except as may be necessary in connection with permissible borrowings or investments, and then such mortgaging, pledging, or hypothecating may not exceed 33⅓% of the funds’ total assets at the time of borrowing or investment;

(9) Oil and Gas Programs Purchase participations or other direct interests in or enter into leases with respect to oil, gas, or other mineral exploration or development programs if, as a result thereof, more than 5% of the value of the total assets of the funds would be invested in such programs;

(10) (a) Short Sales (All Funds Except Credit Opportunities, Dynamic Credit, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, Multi-Strategy Total Return, and U.S. High Yield Funds) Effect short sales of securities;

 (b) Short Sales (Credit Opportunities, Dynamic Credit, Floating Rate, Global High Income Bond, High Yield, Institutional Floating Rate, Institutional High Yield, Multi-Strategy Total Return, and U.S. High Yield Funds) Effect short sales of securities, other than as set forth in the funds’ prospectuses and SAI;

(11) Warrants (Other Than the Dynamic Credit and Multi-Strategy Total Return Funds) Invest in warrants if, as a result, more than 10% of the value of the fund’s net assets would be invested in warrants, provided that, the Money, State Tax-Free, Tax-Free, and Summit Municipal Funds will not invest in warrants;

(12) Commodities (Real Assets Fund) Purchase or sell physical commodities, although the fund reserves the right to do so in the future;

(13) Equity Securities (International Bond (USD Hedged) Invest in preferred stocks and securities that are convertible into, or which carry warrants for, common stocks or other equity securities if, as a result, more than 5% of the fund's total assets would be invested in such instruments. Under normal conditions, the fund does not expect to directly purchase common stocks. Any shares of common stock that are received through a reorganization, restructuring, exercise, exchange, conversion, or similar action will be sold within a reasonable timeframe taking into consideration market conditions and any legal restrictions;

(14) Loan Participations and Assignments (International Bond (USD Hedged) Invest in loan participations and assignments if, as a result, more than 5% of the fund's total assets would be invested in such instruments; and

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(15) Corporate Issuers (International Bond (USD Hedged) In general, invest more than 5% of its assets in any individual corporate issuer, provided that (1) the fund may place assets in bank deposits or other short-term bank instruments with a maturity of up to 30 days provided that (a) the bank has a short-term credit rating of A1+ (or, if unrated, an equivalent rating as determined by the adviser) and (b) the fund will not maintain more than 10% of its total assets with any single bank; and (2) the fund may maintain more than 5% of its total assets, including cash and currencies, in custodial accounts or deposits of the fund’s custodian or sub-custodians.

NOTES

The following notes should be read in connection with the above-described operating policies. The notes are not operating policies.

For purposes of investment restriction (6), an illiquid security is a security that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

For purposes of investment restriction (8), margin purchases are not considered borrowings and effecting a short sale will be deemed to not constitute a margin purchase. If a fund is subject to an 80% name test as set forth in its prospectus, the 80% investment policy will be based on the fund’s net assets plus any borrowings for investment purposes. For purposes of determining whether a fund invests at least 80% of its net assets in a particular country or geographic region, the funds use the country assigned to an equity security by MSCI Inc. or another unaffiliated third-party data provider, and the funds use the country assigned to a fixed income security by Bloomberg Barclays or another unaffiliated third-party data provider. The funds generally follow this same process with respect to the remaining 20% of assets but may occasionally make an exception after assessing various factors relating to a company. For example, T. Rowe Price may assign a different country to a holding than the classification made by a third-party data provider in situations where, among other things, the data provider’s classification does not accurately reflect the company’s country of risk, location of management or primary operations, country with the most sales or revenues, or the country classification is deemed to no longer be appropriate (such as significant changes to the company’s business or operations that were not yet taken into consideration by the data provider). If a particular holding is assigned a country by T. Rowe Price and no third-party data provider has assigned that same country, that holding will not be included toward a fund’s 80% investment policy. The data providers use various criteria to determine the country to which a security is economically tied. Examples include the following: (1) the country under which the issuer is organized, (2) the location of the issuer’s principal place of business or principal office, (3) where the issuer’s securities are listed or traded principally on an exchange or over-the-counter market, and (4) where the issuer conducts the predominant part of its business activities or derives a significant portion (e.g., at least 50%) of its revenues or profits. In addition, for purposes of determining whether a particular country is considered a developed market or an emerging market, the stock funds consider a country to be an emerging market if it is not included in an MSCI Inc. developed market index and the bond funds consider a country to be an emerging market if it is either included in a JPMorgan emerging market bond index or not included in the International Monetary Fund’s listing of advanced economies.

A 30% withholding tax is currently imposed on any dividends paid, and will be imposed on redemption proceeds paid after December 31, 2018, to: (i) foreign financial institutions, including non-U.S. investment funds, unless they agree to collect and disclose to the IRS information regarding their direct and indirect U.S. account holders and (ii) certain other foreign entities unless they certify certain information regarding their direct and indirect U.S. owners. To avoid withholding, non-exempt foreign financial institutions will need to enter into agreements with the IRS (unless resident in a country that provides for an alternative regime through an intergovernmental agreement with the U.S.) stipulating that they will provide the IRS with certain information (including name, address, and taxpayer identification number) for direct and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information with respect to U.S. accounts maintained, and agree to withhold tax on certain payments made to noncompliant foreign financial institutions or to account holders who fail to provide the required information. Other foreign entities will need to provide the name, address, and taxpayer identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply.

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Blue Chip Growth, Communications & Technology, Financial Services, Global Technology, Health Sciences, High Yield, Institutional High Yield, Mid-Cap Value, QM U.S. Small-Cap Growth Equity, Real Estate, Spectrum II, Summit Income, Summit Municipal, U.S. Bond Enhanced Index, U.S. Equity Research, and Value Funds

Notwithstanding anything in the previously listed fundamental and operating restrictions to the contrary, the funds listed above may invest all of their assets in a single investment company or a series thereof in connection with a “master-feeder” arrangement. Such an investment would be made where the funds (a “Feeder”), and one or more other funds with the same investment objective and program as the funds, sought to accomplish their investment objectives and programs by investing all of their assets in the shares of another investment company (the “Master”). The Master would, in turn, have the same investment objective and program as the funds. The funds would invest in this manner in an effort to achieve the economies of scale associated with having a Master fund make investments in portfolio companies on behalf of a number of Feeder funds.

Foreign Investments

In addition to the restrictions previously described, some foreign countries limit, or prohibit, all direct foreign investment in the securities of their companies. However, P-notes may sometimes be used to gain access to these markets. In addition, the governments of some countries have authorized the organization of investment funds to permit indirect foreign investment in such securities. For tax purposes, these funds may be known as Passive Foreign Investment Companies. The funds are subject to certain percentage limitations under the 1940 Act relating to the purchase of securities of investment companies and may be subject to the limitation that no more than 10% of the value of the fund’s total assets may be invested in such securities.

Funds-of-Funds

There is no limit on the amount the Spectrum Funds and Target Date Funds may own of the total outstanding voting securities of other Price Funds. The Funds-of-Funds, in accordance with their prospectuses, may invest more than 5% of their total assets in any single Price Fund and may invest more than 10% of their total assets, collectively, in one or more of the Price Funds.

CUSTODIAN AND FUND ACCOUNTING

State Street Bank and Trust Company is the custodian for the funds’ U.S. securities and cash, but it does not participate in the funds’ investment decisions. Portfolio securities purchased in the U.S. are maintained in the custody of the bank and may be entered into the Federal Reserve Book Entry System, or the security depository system of the Depository Trust Corporation, or any central depository system allowed by federal law. In addition, funds investing in municipal securities are authorized to maintain certain of their securities, in particular, variable rate demand notes, in uncertificated form, in the proprietary deposit systems of various dealers in municipal securities. State Street Bank’s main office is at One Lincoln Street, Boston, Massachusetts 02111. State Street Bank maintains shares of the Funds-of-Funds in the book entry system of the funds’ transfer agent, T. Rowe Price Services, Inc.

All funds that can invest in foreign securities have entered into a Custodian Agreement with JPMorgan Chase Bank, London, pursuant to which portfolio securities that are purchased outside the United States are maintained in the custody of various foreign branches of JPMorgan and such other custodians, including foreign banks and foreign securities depositories as are approved in accordance with regulations under the 1940 Act. The address for JPMorgan is Woolgate House, Coleman Street, London, EC2P 2HD, England.

T. Rowe Price and BNY Mellon, subject to the oversight of T. Rowe Price, each provide certain fund accounting services to the Price Funds.

CODE OF ETHICS

The funds, their investment adviser and investment subadviser, if applicable (T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Japan), and their principal underwriter (T. Rowe Price Investment Services) have adopted a written Code of Ethics and Conduct pursuant to Rule 17j-1 of the 1940 Act, which requires persons with access to

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investment information (“Access Persons”) to obtain prior clearance before engaging in most personal securities transactions. Transactions must be executed within three business days of their clearance. In addition, all Access Persons must report their personal securities transactions within 30 days after the end of the calendar quarter. Aside from certain limited transactions involving securities in certain issuers with high trading volumes, Access Persons are typically not permitted to effect transactions in a security if: there are pending client orders in the security; the security has been purchased or sold by a client within seven calendar days; the security is being considered for purchase for a client; a change has occurred in T. Rowe Price’s rating of the security within seven calendar days prior to the date of the proposed transaction; or the security is subject to internal trading restrictions. In addition, Access Persons are prohibited from profiting from short-term trading (e.g., purchases and sales involving the same security within 60 days). Any person becoming an Access Person must file a statement of personal securities holdings within 10 days of this date. All Access Persons are required to file an annual statement with respect to their personal securities holdings. Any material violation of the Code of Ethics is reported to the Boards of the funds. The Boards also review the administration of the Code of Ethics on an annual basis.

DISCLOSURE OF FUND PORTFOLIO INFORMATION

Each Price Fund’s complete portfolio holdings as of their fiscal year-ends are disclosed in their annual shareholder reports and their complete portfolio holdings as of their fiscal mid-point are disclosed in their semiannual shareholder reports. The annual and semiannual shareholder reports are filed with the SEC and sent to the funds’ shareholders within 60 days of the period covered. The shareholder reports are publicly available immediately upon filing with the SEC. The Price Funds (other than the money market funds) also publicly disclose their complete portfolio holdings as of their first and third fiscal quarter-ends on Form N-PORT, along with other fund information. Form N-PORT is filed with the SEC each quarter, and the fund’s complete portfolio holdings as of its first and third fiscal quarter-ends are made publicly available 60 days after the end of each quarter. Under certain conditions, the shareholder reports, Form N-PORT, and Form N-Q may include up to 5% of a fund’s holdings under the caption “Miscellaneous Securities” without identifying the specific security or issuer. Generally, a holding would not be individually identified if it is determined that its disclosure could be harmful to the fund or its shareholders. A holding will not be excluded for these purposes from a fund’s SEC filings for more than one year. The money market funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP is publicly available immediately upon filing with the SEC.

In addition, most T. Rowe Price Funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. At the discretion of the investment adviser, these holdings reports may exclude the issuer name and other information relating to a holding in order to protect the fund’s interests and prevent harm to the fund or its shareholders. Private placements and other restricted securities may not be individually identified in the calendar quarter-end holdings on troweprice.com, but would be disclosed in any SEC filings. Money market funds also disclose on troweprice.com their month-end complete portfolio holdings five business days after each month-end and historical information about the fund’s investments for the previous six months, as of the last business day of the preceding month. This information includes, among other things, the percentage of the fund’s investments in daily and weekly liquid assets, the fund’s weighted average maturity and weighted average life, the fund’s market-based net asset value, and the fund’s net inflows and outflows. The calendar quarter-end portfolio holdings will remain on the website for one year and the month-end money market fund portfolio holdings will remain on the website for six months. In addition, most T. Rowe Price Funds disclose their 10 largest holdings, along with the percentage of the relevant fund’s total assets that each of the 10 holdings represents, on troweprice.com on the seventh business day after each month-end. These holdings are listed in numerical order based on such percentages of the fund’s assets. Each monthly top 10 list will remain on the website for six months.

The funds’ Boards have adopted policies and procedures with respect to the disclosure of the funds’ portfolio securities and the disclosure of portfolio commentary and statistical information about the funds’ portfolios and their securities. In addition, T. Rowe Price has adopted and implemented policies and procedures reasonably designed to ensure compliance with the policies governing the disclosure of portfolio holdings, including the requirement to first confirm that an appropriate nondisclosure agreement has been obtained from each recipient of nonpublic holdings. The policies relating to the general manner in which the funds’ portfolio securities are disclosed, including the frequency with which portfolio holdings are disclosed and the length of time required between the effective date of the holdings information and the date on which the information is disclosed, are set forth in each fund’s prospectus. In addition, portfolio holdings with respect

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to periods prior to the most recent quarter-end may be disclosed upon request, subject to the sole discretion of T. Rowe Price.

This SAI sets forth details of the funds’ policy on portfolio holdings disclosure as well as the funds’ policy on disclosing information about the funds’ portfolios. In adopting the policies, the Boards of the funds took into account the views of the equity, fixed income, and/or international steering committees of the funds’ investment advisers on what information should be disclosed and when and to whom it should be disclosed. The steering committees have oversight responsibilities for managing the Price Funds. Each steering committee comprises senior investment management personnel of T. Rowe Price, T. Rowe Price International, Price Hong Kong, Price Japan, and/or Price Singapore. Each committee as a whole determines the funds’ policy on the disclosure of portfolio holdings and related information. The funds’ Boards believe the policies they have adopted are in the best interests of the funds and that they strike an appropriate balance between the desire of some persons for information about the funds’ portfolios and the need to protect the funds from potentially harmful disclosures.

From time to time, officers of the funds, the funds’ investment adviser (and investment subadviser, if applicable) or the funds’ distributor (collectively, “TRP”) may express their views orally or in writing on one or more of the funds’ portfolio securities or may state that the funds have recently purchased or sold one or more securities. Such views and statements may be made to members of the press, shareholders in the funds, persons considering investing in the funds, or representatives of such shareholders or potential shareholders, such as fiduciaries of a 401(k) plan or a trust and their advisers and rating and ranking organizations such as Lipper Inc. and Morningstar, Inc. The nature and content of the views and statements provided to each of these persons may differ. The securities subject to these views and statements may be ones that were purchased or sold since the funds’ most recent quarter-end and therefore may not be reflected on the list of the funds’ most recent quarter-end portfolio holdings disclosed on the website.

Additionally, TRP may provide oral or written information (“portfolio commentary”) about the funds, including, but not limited to, how the funds’ investments are divided among various sectors, industries, countries; value and growth stocks; small-, mid-, and large-cap stocks and among stocks, bonds, currencies, and cash, types of bonds, bond maturities, bond coupons, and bond credit quality ratings. This portfolio commentary may also include information on how these various weightings and factors contributed to fund performance. TRP may also provide oral or written information (“statistical information”) about various financial characteristics of the funds or their underlying portfolio securities including, but not limited to, alpha, beta, R-squared, duration, maturity, information ratio, Sharpe ratio, earnings growth, payout ratio, price/book value, projected earnings growth, return on equity, standard deviation, tracking error, weighted average quality, market capitalization, percent debt to equity, price to cash flow, dividend yield or growth, default rate, portfolio turnover, and risk and style characteristics. This portfolio commentary and statistical information about the funds may be based on the funds’ most recent quarter-end portfolio or on some other interim period such as month-end. The portfolio commentary and statistical information may be provided to members of the press, shareholders in the funds, persons considering investing in the funds, or representatives of such shareholders or potential shareholders, such as fiduciaries of a 401(k) plan or a trust and their advisers and rating and ranking organizations. The content and nature of the information provided to each of these persons may differ.

None of the persons described above will receive any of the information described above if, in the sole judgment of TRP, the information could be used in a manner that would be harmful to the funds. The T. Rowe Price Code of Ethics contains a provision to this effect.

TRP also discloses portfolio holdings in connection with the day-to-day operations and management of the funds. Complete portfolio holdings are disclosed to the funds’ custodians, accounting vendors, and auditors. Portfolio holdings are disclosed to the funds’ pricing service vendors and other persons who provide systems or software support in connection with fund operations, including accounting, compliance support, and pricing. Portfolio holdings may also be disclosed to persons assisting the funds in the voting of proxies. In connection with managing the funds, the funds’ investment advisers and investment subadvisers may use analytical systems provided by third parties who may have access to the funds’ portfolio holdings. In all of these situations, the funds or TRP have entered into an agreement with the outside party under which the party undertakes to maintain the funds’ portfolio holdings on a confidential basis and to refrain from trading on the basis of the information. TRP relies on these nondisclosure agreements in determining that such disclosures are not harmful to the funds. The names of these persons and the services they provide are set forth in the following table under “Fund Service Providers.” The policies and procedures adopted by the funds’ Boards require that any additions to the list of “Fund Service Providers” be approved by specified officers at TRP.

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In certain limited situations, the funds may provide nonpublic portfolio holdings when T. Rowe Price believes that such disclosure will not be harmful to the fund. Examples include providing holdings to an institutional client (or its custodian or other agent) when the client is effecting a redemption in-kind from one of the Price Funds and in connection with trial agreements with risk analytics vendors, data providers, and other service providers in order to fully evaluate the value of their services. In these situations, T. Rowe Price makes it clear through nondisclosure agreements or other means that the recipient must ensure that the confidential information is used only as necessary to effect the redemption-in-kind or allow T. Rowe Price to evaluate the services to be provided and that the recipient will not trade on the information and will maintain the information in a manner designed to protect against unauthorized access or misuse.

Additionally, when purchasing and selling its securities through broker-dealers, requesting bids on securities, obtaining price quotations on securities, as well as in connection with litigation involving the funds’ portfolio securities, the funds may disclose one or more of their securities.

Fund Service Providers

  

Service Provider

Service

Adobe

Systems Vendor

Algorithmics

Systems Vendor

Barclays

Fixed Income Analytics

Bloomberg

Pricing and Data Vendor

Bloomberg Port

Fixed Income Analytics

BNY Mellon

Fund Accounting and Middle Office

Broadridge

Printing and Mailing Vendor

Broadridge Systems

Systems Vendor

Charles River

Systems Vendor

COR-FS Ltd.

Systems Vendor

Corporate Communication Group

Printing and Mailing Vendor

DG3

Typesetting Vendor

Donnelley Financial Solutions

Printing and Mailing Vendor

DST Systems

Systems Vendor

DTCC Derivatives Repository Ltd.

Derivatives Reporting Vendor

eVestment Alliance

Systems Vendor

FactSet

Systems Vendor

FTSE Fixed Income LLC

Fixed Income Analytics

FX Transparency

FX Analytics

ISS

Proxy and Systems Vendor

Intercontinental Exchange, Inc.

Fixed Income Analytics

Interactive Data

Pricing and Systems Vendor

Investor Tools, Inc.

Fixed Income Analytics

ITG, Inc.

Pricing and Systems Vendor

Iron Mountain

Records Management Vendor

JPMorgan

Custodian and Securities Lending Agent

JW Boarman

Printing Vendor

KPMG

Audit and Tax Services

Lend Amend

Bank Debt Amendment Data Provider and Service

Linedata

Fund Accounting Oversight Platform Vendor

Lionbridge

Translation Vendor

London Stock Exchange Group

Transaction Reporting Vendor

Markit WSO Corporation

Bank Debt Reconciliation, Pricing, and Systems Vendor

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Service Provider

Service

MBI Solutions, LLC

Systems Vendor

Merrill Corporation

Printing and Mailing Vendor

Moody’s Analytics

Systems Vendor

MSCI

Investment Risk and Liquidity Analytics Provider

Omgeo LLC

Systems Vendor

Portware, LLC

Systems Vendor

PricewaterhouseCoopers LLP

Independent Registered Public Accounting Firm

RR Donnelley

Systems, Printing, and Mailing Vendor

Refinitiv

Pricing Vendor

SDL

Translation Vendor

Serena

Systems Vendor

SmartStream Technologies

Systems Vendor

Solvency Analytics AG

Systems Vendor

SS&C Technologies Holdings

Systems Vendor

Standard & Poor’s

Pricing Vendor

State Street Corporation

Custodian and Securities Lending Agent

Style Research

Systems Vendor

Sybase Inc.

Systems Vendor

TriOptima

Derivatives Reconciliation Systems Vendor

Veritas

Records Management Vendor

Veritext Global

Transcription Vendor

WCI Consulting

Systems Vendor

PRICING OF SECURITIES

All Price Funds (Except Money Funds and Funds-of-Funds)

Equity securities listed or regularly traded on a securities exchange or in the OTC market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made, except for OTC Bulletin Board securities, which are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities and the last quoted sale or closing price for international securities.

Debt securities are generally traded in the OTC market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Investments in mutual funds are valued at the mutual fund’s closing net asset value per share on the day of valuation. Listed options, and OTC options with a listed equivalent, are valued at the mean of the closing bid and asked prices. Exchange-traded options on futures contracts are valued at the closing settlement prices. Forward currency exchange contracts are valued using the prevailing forward exchange rate. Financial futures contracts are valued at closing settlement prices. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers.

Price Funds Investing in Foreign Securities

Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective date of the transaction.

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Trading in the portfolio securities of the funds may take place in various foreign markets on certain days (such as Saturday) when the funds are not open for business and do not calculate their net asset value. As a result, net asset values may be significantly affected by trading on days when shareholders cannot make transactions. In addition, trading in the funds’ portfolio securities may not occur on days when the funds are open.

If the Valuation Committee determines that developments between the close of a foreign market and the close of the NYSE (normally 4 p.m. ET) will affect the value of some or all of a fund’s portfolio securities, that fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. The fund uses outside pricing services to provide it with quoted prices and information to evaluate and/or adjust those prices. As a means of evaluating its security valuation process, the fund routinely compares closing prices, the next day’s opening prices in the same markets, and adjusted prices.

Money Funds

For all government and retail money funds, securities are valued at amortized cost in accordance with Rule 2a-7 under the 1940 Act. Transactions in the Institutional Cash Reserves Fund’s shares are based on a net asset value reflecting the current market-based values of its portfolio securities (i.e., a “floating” net asset value).

Price Funds Investing in Other Price Funds

Investments in the underlying Price Funds held by each fund are valued at their closing net asset value per share on the day of valuation.

Price Funds Investing in Hedge Funds

A fund relies primarily on the limited pricing and valuation information provided by the hedge fund managers in order to value its hedge fund investments. The funds attempt, to the extent they are able to do so, to review the valuation methodology utilized by a hedge fund to gauge whether its principles of fair value are consistent with those used by the funds for valuing their own investments. A fund will seek as much information as possible from the hedge fund in order to value its investment and determine the fair value of its interest in the hedge fund based on all relevant circumstances. This may include the most recent estimated net asset value and estimated returns reported by the hedge fund, as well as accrued management fees and any other relevant information available at the time the fund values its assets.

All Price Funds

The values assigned to private placements and other restricted securities, and to those investments for which the valuation procedures previously described are inappropriate, are stated at fair value as determined in good faith by the Valuation Committee. The Valuation Committee is an internal committee that has been delegated certain responsibilities by the funds’ 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 regularly makes good faith judgments to establish and adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will determine an appropriate valuation technique based on available information, which may include both observable and unobservable inputs. The Valuation Committee typically will afford the greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; or some combination. Fair value determinations are reviewed on a regular basis and updated as information becomes available, including actual purchase and sale transactions of the issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from those of other market participants. The Price Funds rely on various sources to calculate their net asset values. The information may be provided

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by third parties that are believed to be reliable, but the information may not be accurate due to errors by fund accounting providers, pricing sources, technological issues, or otherwise.

NET ASSET VALUE PER SHARE

The purchase and redemption price of the funds’ shares is equal to the funds’ net asset value per share or share price. The funds determine their net asset value per share by subtracting their liabilities (including accrued expenses and dividends payable) from their total assets (the market value of the securities the funds hold plus cash and other assets, including income accrued but not yet received) and dividing the result by the total number of shares outstanding. The net asset value per share of the funds is calculated as of the close of regular trading on the NYSE, normally 4 p.m. ET, every day the NYSE is open for trading. However, the net asset value may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC.

Determination of net asset value (and the offering, sale, redemption, and purchase of shares) for the funds may be suspended at times (a) during which the NYSE is closed, other than customary weekend and holiday closings, (b) during which trading on the NYSE is restricted, (c) during which an emergency exists as a result of which disposal by the funds of securities owned by them is not reasonably practicable or it is not reasonably practicable for the funds fairly to determine the value of their net assets, or (d) during which a governmental body having jurisdiction over the funds may by order permit such a suspension for the protection of the funds’ shareholders, provided that applicable rules and regulations of the SEC (or any succeeding governmental authority) shall govern as to whether the conditions prescribed in (b), (c), or (d) exist. Under certain limited conditions, a money fund may accept and process purchase and redemption orders during times that the NYSE is not open for trading.

Money Funds

Maintenance of Retail and Government Money Funds’ Net Asset Value per Share at $1.00

It is the current policy of all TRP retail and government money market funds to attempt to maintain a net asset value of $1.00 per share by using the amortized cost method of valuation permitted by Rule 2a-7 under the 1940 Act. Under this method, securities are valued by reference to the funds’ acquisition costs as adjusted for amortization of premium or accumulation of discount, rather than by reference to their market value. Under Rule 2a-7:

(a) The Boards must establish written procedures reasonably designed, taking into account current market conditions and the funds’ investment objectives, to stabilize the funds’ net asset value per share, as computed for the purpose of distribution, redemption, and repurchase, at a single value;

(b) The funds must (i) maintain a dollar-weighted average portfolio maturity appropriate to their objective of maintaining a stable price per share; (ii) not purchase any instrument with a remaining maturity greater than 397 calendar days, except for certain adjustable rate government securities or other instruments that meet the requirements of Rule 2a-7; (iii) maintain a dollar-weighted average portfolio maturity of 60 calendar days or less; (iv) maintain a dollar-weighted average life of 120 calendar days or less; (v) not acquire any security other than a “weekly liquid asset,” as defined in Rule 2a-7, unless they hold at least 30% of their total assets in weekly liquid assets; and (vi) for the taxable funds, not acquire any security other than a “daily liquid asset,” as defined in Rule 2a-7, unless they hold at least 10% of their total assets in daily liquid assets;

(c) The funds must limit their purchase of portfolio instruments, including repurchase agreements, to those U.S. dollar-denominated instruments that the funds’ Boards determine present minimal credit risks and that are eligible securities as defined by Rule 2a-7; and

(d) The Boards must determine that (i) it is in the best interest of the funds and the shareholders to maintain a stable net asset value per share under the amortized cost method, and (ii) the funds will continue to use the amortized cost method only as long as the Boards believe that it fairly reflects the market-based net asset value per share.

Although each retail and government fund believes that it will be able to maintain its net asset value at $1.00 per share under most conditions, there can be no absolute assurance that they will be able to do so on a continuous basis. If a retail or government fund’s net asset value per share declined, or was expected to decline, below $1.00 (rounded to the nearest one cent), the Board of the fund might temporarily reduce or suspend dividend payments in an effort to maintain the net asset value at $1.00 per share. As a result of such reduction or suspension of dividends, an investor would receive less income

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during a given period than if such a reduction or suspension had not taken place. Such action could result in an investor receiving no dividend during this period and receiving, upon redemption, a price per share lower than the price paid. On the other hand, if the funds’ net asset value per share were to increase, or were anticipated to increase, above $1.00 (rounded to the nearest one cent), the Boards of the funds might supplement dividends in an effort to maintain the net asset value at $1.00 per share.

Liquidity Fees and Redemption Gates

Pursuant to Rule 2a-7, if a retail or institutional prime money market fund’s weekly liquid assets fall below 30% of its total assets, the fund’s Board, in its discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed or temporarily suspend redemptions from the fund for up to 10 business days during any 90-day period (i.e., a “redemption gate”). In addition, if the fund’s weekly liquid assets fall below 10% of its total assets at the end of any business day, the fund must impose a 1% liquidity fee on shareholder redemptions unless the fund’s Board determines that not doing so is in the best interests of the fund.

Money market funds that are designated “government money market funds” pursuant to Rule 2a-7 are not required to impose a liquidity fee or redemption gate upon a sale of shares. However, the Board of a government money market fund reserves the right to impose liquidity fees in the future.

A money fund may permanently suspend redemptions and payment of redemptions if: the fund’s Board determines that the deviation between a fund’s amortized cost price per share and its market-based net asset value per share may result in material dilution or unfair results; the Board has irrevocably approved the liquidation of the fund; and the fund notifies the SEC of its decision to liquidate prior to suspending redemptions. A money market fund’s Board may suspend redemptions and payment of redemption proceeds if the fund, at the end of a business day, has invested less than 10% of its total assets in weekly liquid assets.

DIVIDENDS AND DISTRIBUTIONS

Unless you elect otherwise, capital gain distributions, final quarterly dividends and annual dividends, if any, will be reinvested on the reinvestment date using the net asset values per share on that date. The reinvestment date normally precedes the payment date by one day, although the exact timing is subject to change and can be as great as 10 days.

REDEMPTIONS IN-KIND AND PURCHASES

Redemptions In-Kind

Certain Price Funds have filed with the SEC a notice of election under Rule 18f-1 of the 1940 Act. This election permits a fund to effect a redemption in-kind if, in any 90-day period, a shareholder redeems: (i) more than $250,000 from the fund or (ii) redeems more than 1% of the fund’s net assets. If either of these conditions is met, the fund has the right to pay the difference between the redemption amount and the lesser of these two figures with securities from the fund’s portfolio rather than in cash.

In the unlikely event a shareholder receives a redemption in-kind of portfolio securities from a fund, it would be the responsibility of the shareholder to dispose of the securities. The shareholder would be subject to the risks that the value of the securities could decline prior to their sale, the securities could be difficult to sell, and brokerage fees could be incurred.

The Price Funds may also redeem securities in-kind to certain affiliates according to procedures adopted by the Price Funds’ Boards. The procedures generally require a pro-rata distribution of the fund’s securities subject to certain limited exceptions. Securities that may be excluded from an in-kind distribution include, among others: holdings that cannot be transferred or have other legal restrictions, such as certain types of derivatives; de minimis positions; positions being eliminated by the distributing fund and that will not be held by the receiving shareholder; and positions used as collateral. Any securities that are excluded from an in-kind distribution are not selected by either the affiliated shareholder nor any other party with the ability and the pecuniary incentive to influence the redemption in-kind.

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Purchases In-Kind

Transactions involving the issuance of fund shares for securities or assets other than cash will be limited to (1) bona fide reorganizations; (2) statutory mergers; or (3) other acquisitions of portfolio securities that: (a) meet the investment objectives and investment policies of the funds; (b) are generally acquired for investment and not for resale; (c) have a value that is readily ascertainable, which may include securities listed or traded in a recognized U.S. or international exchange or market; and (d) are not illiquid. The securities received in-kind must be deemed by the fund’s portfolio manager to be appropriate, in type and amount, for investment by the fund receiving the securities in light of its investment objectives, investment programs and policies, and its current holdings.

TAX STATUS

The tax discussion in the prospectus and this SAI provides only a brief summary of some of the tax consequences affecting the funds and the shareholders of the funds in general under the U.S. federal income tax law. You may also be subject to foreign, state, and local laws, which are not discussed here. No attempt has been made to discuss tax consequences specifically applicable to any particular shareholder. You should discuss with your tax advisor to determine tax consequences applicable to you and your investments.

Taxation of the Funds

The funds intend to qualify as “regulated investment companies” under Subchapter M of the Code. If, in any taxable year, a fund does not qualify as a regulated investment company under the Code: (1) the fund would be taxed at the normal corporate rates on the entire amount of its taxable income, if any, without a deduction for dividends or other distributions to shareholders; (2) the fund’s distributions, to the extent made out of the fund’s current or accumulated earnings and profits, would be taxable to shareholders as ordinary dividends regardless of whether they would otherwise have been considered capital gain dividends; (3) the fund’s distributions may qualify for taxation at a reduced rate for non-corporate shareholders and for the deduction for dividends received by corporations; and (4) foreign tax credits and qualified REIT dividends, as explained in “Taxation of Fund Shareholders” below, would not “pass through” to shareholders. A fund may avoid losing its qualification as a regulated investment company under certain circumstances by using remedies provided in the Code, but such remedies may still result in a significant tax penalty to the fund.

To be entitled to the special tax benefits applicable to regulated investment companies, the funds will be required to distribute the sum of 90% of their investment company taxable income and 90% of their net tax-exempt income, if any, each year. The investment company taxable income may include income required to be accrued before the fund receives cash associated with such income (for example, an original issue discount or market discount associated with debt obligations) and income or gains allocated from an investment in a partnership. In order to avoid federal income tax, the funds must distribute all of their investment company taxable income, including any accrued income, and realized long-term capital gains for each fiscal year within 12 months after the end of the fiscal year. To avoid federal excise tax, the funds must declare dividends by December 31 of each year equal to at least 98% of ordinary income (as of December 31) and 98.2% of capital gains (as of October 31) and distribute such amounts prior to February 1 of the following calendar year. In some cases, a fund may have to make additional dividend distributions on subsequently determined undistributed income for a prior tax year. Shareholders are required to include such distributions in their income for federal income tax purposes whether dividends and capital gain distributions are paid in cash or in additional shares. If a fund is not able to meet the distribution requirements, the fund may have to pay tax on the undistributed income.

Taxation of Fund Shareholders

For individual shareholders, a portion of the funds’ ordinary dividends representing “qualified dividend income” may be subject to tax at the lower rate applicable to long-term capital gains, rather than ordinary income. “Qualified dividend income” is composed of certain dividends received from domestic and qualified foreign corporations. It excludes dividends representing payments in lieu of dividends related to loaned securities, dividends received on certain hedged positions, dividends on nonqualified foreign corporations, and dividends on stocks the funds have not held for more than 60 days during the 121-day period beginning 60 days before the stock became ex-dividend (90 and 181 days for certain preferred stock). Individual shareholders can only apply the lower rate to the qualified portion of the funds’ dividends if they have held the shares in the funds on which the dividends were paid for the holding period surrounding the ex-dividend date of

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the funds’ dividends. Little, if any, of the ordinary dividends paid by the bond, money market, Global Real Estate or Real Estate Funds, is expected to qualify for this lower rate.

For taxable years beginning after December 31, 2017 and before January 1, 2026, certain taxpayers, such as individuals, trusts and estates, may be eligible to claim, subject to limitations, a 20% federal income tax deduction for certain qualified business income, including “qualified REIT dividends” from real estate investment trusts (REITs) and “qualified publicly traded partnership income” from publicly traded partnerships (PTPs). For qualified REIT dividends and qualified publicly traded partnership income derived by the funds, the Code, however, does not currently have a provision permitting the funds to pass through the qualified REIT dividends or qualified publicly traded partnership income to their shareholders. In January of 2019, the IRS published interim guidance allowing mutual funds to pass through qualified REIT dividends to their shareholders in accordance with the interim guidance while it continues to consider whether mutual funds can pass through qualified publicly traded partnership income. Based on such interim guidance, a fund that decides to pass through the qualified REIT dividends will report such dividends to its shareholders in accordance with the IRS requirements. Due to the lack of IRS guidance on qualified publicly traded partnership income, a fund that invests directly or indirectly in PTPs will not pass through any qualified publicly traded partnership income derived by the fund. As a result, investors that invest directly in PTPs may be entitled to this 20% deduction for qualified publicly traded partnership income while shareholders in a fund that invests directly or indirectly in PTPs will not be entitled to this 20% deduction for qualified publicly traded partnership income derived by the fund.

For corporate shareholders, a portion of the funds’ ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the funds’ income consists of dividends paid by U.S. corporations. This deduction does not include dividends representing payments in lieu of dividends related to loaned securities, dividends received on certain hedged positions, dividends received from certain foreign corporations, and dividends on stocks the funds have not held for more than 45 days during the 91-day period beginning 45 days before the stock became ex-dividend (90 and 181 days for certain preferred stock). Corporate shareholders can only apply the lower rate to the qualified portion of the funds’ dividends if they have held the shares in the funds on which the dividends were paid for the holding period surrounding the ex-dividend date of the funds’ dividends. Little, if any, of the ordinary dividends paid by the international equity funds (and the global funds that hold significant non-U.S. securities) or the bond and money funds is expected to qualify for this deduction. Long-term capital gain distributions paid by the funds are not eligible for the dividends-received deduction.

Dividends and other distributions by a fund are generally treated under the Code as received by the shareholders at the time the dividend or distribution is made. However, any dividend declared by the fund in October, November, or December of any calendar year and payable to shareholders of record on a specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar year and to have been paid by the fund not later than such December 31, provided such dividend is actually paid by the fund during January of the following calendar year.

Dividends of net investment income and distributions of net realized short-term capital gains are taxable to a U.S. shareholder as ordinary income, whether paid in cash or in shares. Distributions of net realized long-term capital gains, if any, that a fund reports as capital gains dividends are taxable as long-term capital gains, whether paid in cash or in shares and regardless of how long a shareholder has held shares of the fund. Such dividends will not be eligible for the dividends received deduction. Dividends and distributions paid by a fund attributable to dividends on stock of U.S. corporations received by the fund, with respect to which the fund meets certain holding period requirements, will be eligible for the deduction for dividends received by corporations. Special rules apply, however, to regular dividends paid to individuals. Such a dividend may be subject to tax at the rates generally applicable to long-term capital gains for individuals, provided that the individual receiving the dividend satisfies certain holding period and other requirements.

The funds may treat a portion of amounts paid to redeem shares as a distribution of investment company taxable income and realized capital gains that are reflected in net asset value. This practice, commonly referred to as “equalization,” has no effect on redeeming shareholders or a fund’s total return, and reduces the amounts that would otherwise be required to be paid as taxable dividends to the remaining shareholders. Because of uncertainties surrounding some of the technical issues relating to computing the amount of equalization, it is possible that the IRS could challenge the funds’ equalization methodology or calculations, and any such challenge could result in additional tax, interest, or penalties to be paid by the funds.

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At the time of your purchase of shares (except in retail and government money market funds), the funds’ net asset value may reflect undistributed income, capital gains, or net unrealized appreciation of securities held by the funds. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable as either dividend or capital gain distributions. The funds may be able to reduce the amount of such distributions by utilizing their capital loss carryovers, if any. For federal income tax purposes, the funds are permitted to carry forward any net realized capital losses indefinitely for any such losses incurred in taxable years beginning after December 22, 2010, and use such losses, subject to applicable limitations, to offset net capital gains up to the amount of such losses without being required to pay taxes on, or distribute, such gains.

However, the amount of capital losses that can be carried forward and used in any single year may be limited if a fund experiences an “ownership change” within the meaning of Section 382 of the Code. An ownership change generally results when the shareholders owning 5% or more of the fund increase their aggregate holdings by more than 50 percentage points over a three-year period. An increase in the amount of taxable gains distributed to a fund’s shareholders could result from an ownership change. The Price Funds undertake no obligation to avoid or prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions. Moreover, because of circumstances beyond a fund’s control, there can be no assurance that a fund will not experience, or has not already experienced, an ownership change.

Upon the sale or exchange of your shares in a fund, you will realize a taxable gain or loss equal to the difference between the amount realized and your basis in the shares. A redemption of shares by a fund will be treated as a sale for this purpose. Such gain or loss will be treated as capital gain or loss if the shares are capital assets in your hands and will be long-term capital gain or loss if the shares are held for more than one year and short-term capital gain or loss if the shares are held for one year or less. Any loss realized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced, including replacement through the reinvesting of dividends and capital gains distributions in the fund, within a 61-day period beginning 30 days before and ending 30 days after the disposition of the shares. In such a case, the basis of the shares acquired will be increased to reflect the disallowed loss. Any loss realized by a shareholder on the sale of a fund share held by the shareholder for six months or less will be treated for U.S. federal income tax purposes as a long-term capital loss to the extent of any distributions or deemed distributions of long-term capital gains received by the shareholder with respect to such share during such six-month period.

A 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gain, of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly), and of estates and trusts.

Taxation of Foreign Shareholders

Foreign shareholders may be subject to U.S. tax on the sale of shares in any fund, or on distributions of ordinary income and/or capital gains realized by a fund, depending on a number of factors, including the foreign shareholder’s country of tax residence, its other U.S. operations (if any), and the nature of the distribution received. Foreign shareholders should consult their own tax adviser to determine the precise U.S. and local tax consequences to an investment in any fund.

A 30% withholding tax is currently imposed on all or a portion of any dividends paid, but not on gross proceeds from a fund redemption (until further guidance to the contrary is issued by the U.S. government), to: (i) foreign financial institutions, including non-U.S. investment funds and trusts, unless they agree to collect and disclose to the IRS, or in certain cases to their country of residence, information regarding their direct and indirect U.S. account holders or are exempt from these requirements and certify as such and (ii) certain other foreign entities unless they certify certain information regarding their direct and indirect U.S. owners. To avoid withholding, nonexempt foreign financial institutions will need to enter into agreements with the IRS (unless resident in a country that provides for an alternative regime through an intergovernmental agreement with the U.S.) stipulating that they will provide the IRS with certain information (including name, address, and taxpayer identification number) for direct and indirect U.S. account holders, comply with due diligence procedures with respect to the identification of U.S. accounts, report to the IRS certain information with respect to U.S. accounts maintained, and agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to account holders who fail to provide the required information. Other foreign entities will need to provide the name, address, and taxpayer identification number of each substantial U.S. owner or certifications of no substantial U.S. ownership unless certain exceptions apply.

Certain properly reported distributions of qualifying interest income or short-term capital gain made by a fund to its foreign shareholders are exempt from U.S. withholding tax, provided such foreign shareholders furnish valid tax documentation certifying such foreign shareholders’ non-U.S. status. A fund is permitted, but is not required, to report any

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of its distributions as eligible for such relief, and some distributions (e.g., distributions of interest a fund receives from non-U.S. issuers) are not eligible for this relief. For some funds, T. Rowe Price may choose to report qualifying distributions and apply the withholding tax exemption to those distributions when made to foreign shareholders investing in a fund. If you are investing in these funds through an intermediary, you should check with your intermediary whether any withholding tax would be applied to such distributions. For other funds, T. Rowe Price may choose not to report qualifying distributions or apply the withholding tax exemption to qualifying fund distributions made to foreign shareholders. A foreign shareholder subject to withholding tax on the qualifying fund distributions may have to file a U.S. federal income tax return to reclaim such withholding tax directly from the IRS.

Funds-of-Funds

Each Fund-of-Funds pursues its objective by investing in a diversified portfolio of underlying Price Funds that represent various asset classes and sectors. Dividends, interest, and capital gains earned by the underlying Price Funds with respect to non-U.S. positions may give rise to withholding and other taxes imposed by non-U.S. countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of the total assets of any given underlying Price Fund at the close of a year consists of non-U.S. stocks or securities (and 50% of the total assets of the fund at the close of the year consists of foreign securities, or, at the close of each quarter, shares of underlying Price Funds), the fund may “pass through” to you certain non-U.S. income taxes (including withholding taxes) paid by the fund or the underlying Price Fund. This means that you would be considered to have received as an additional dividend your share of such non-U.S. taxes, but you may be entitled to either a corresponding tax deduction in calculating your taxable income or, subject to certain limitations, a credit in calculating your U.S. federal income tax.

Short-term capital gains earned by the underlying Price Funds will be ordinary income when distributed to the fund and will not be offset by the fund’s capital losses. Upon the sale or other disposition by the fund of shares of the underlying Price Fund, the fund will realize a capital gain or loss that will be long term or short term, generally depending on the fund’s holding period for the shares. Losses realized upon such redemptions may result in a substantial number of “wash sales” and deferral, perhaps indefinitely, of realized losses to the fund.

If you are neither a resident nor a citizen of the United States or if you are a non-U.S. entity, the fund’s ordinary income dividends (which include distributions of net short-term capital gains) will generally be subject to a 30% U.S. federal withholding tax, unless a lower treaty rate applies.

Distributions by the underlying Price Funds, redemptions of shares in the underlying Price Funds, and changes in asset allocations may result in taxable distributions of ordinary income or capital gains. In addition, the Funds-of-Funds will generally not be able to currently offset gains realized by one underlying Price Fund in which the Funds-of-Funds invest against losses realized by another underlying Price Fund. These factors could affect the amount, timing, and character of distributions to shareholders.

State Tax-Free and Tax-Free Funds

The funds anticipate that substantially all of the dividends to be paid by each fund will be exempt from federal income taxes. It is possible that a portion of the funds’ dividends is not exempt from federal income taxes, such as income from pre-refunding bonds and market discounts. You will receive a Form 1099-DIV, or other IRS forms, as required, reporting the taxability of all dividends. The funds will also advise you of the percentage of your dividends, if any, which should be included in the computation of the AMT. Social Security recipients who receive income dividends from tax-free funds may have to pay taxes on a portion of their Social Security benefits.

Because the income dividends of the funds are expected to be derived from tax-exempt interest on municipal securities, any interest on money you borrow that is directly or indirectly used to purchase fund shares is not deductible. Further, entities or persons that are “substantial users” (or persons related to “substantial users”) of facilities financed by industrial development bonds should consult their tax advisers before purchasing shares of these funds. The income from such bonds may not be tax-exempt for such substantial users.

Foreign Income Taxes

Income received by the funds from sources within various foreign countries may be subject to foreign income taxes. Under the Code, if more than 50% of the value of the funds’ total assets at the close of the taxable year comprises securities issued by foreign corporations or governments, the funds may file an election to “pass through” to the funds’ shareholders any eligible foreign income taxes paid by the funds. Certain funds of funds may also be able to pass through foreign taxes paid

384

by other mutual funds in which they are invested if at least 50% of the value of the funds’ total assets at the end of each fiscal quarter comprises interests in such regulated investment companies. There can be no assurance that the funds will be able to do so. Pursuant to this election, shareholders will be required to: (1) include in gross income, even though not actually received, their pro-rata share of foreign income taxes paid by the funds; (2) treat their pro-rata share of foreign income taxes as paid by them; and (3) either deduct their pro-rata share of foreign income taxes in computing their taxable income or use it as a foreign tax credit against U.S. income taxes subject to certain limitations (but not both). A deduction for foreign income taxes may only be claimed by a shareholder who itemizes deductions.

Foreign Currency Gains and Losses

Foreign currency gains and losses, including the portion of gain or loss on the sale of debt securities attributable to foreign exchange rate fluctuations, are taxable as ordinary income. If the net effect of these transactions is a gain, the ordinary income dividend paid by the funds will be increased. If the result is a loss, the ordinary income dividend paid by the funds will be decreased, or, to the extent such dividend has already been paid, it may be classified as a return of capital. Adjustments to reflect these gains and losses will be made at the end of the funds’ taxable year.

Passive Foreign Investment Companies

The funds may purchase, directly or indirectly, the securities of certain foreign investment funds or trusts, called “passive foreign investment companies” for U.S. tax purposes. Sometimes such investments are the only or primary way to invest in companies in certain countries. Some or all of the capital gains on the sale of such holdings may be considered ordinary income regardless of how long the funds held the investment. In addition, the funds may be subject to corporate income tax and/or an interest charge on certain dividends and capital gains earned from these investments, regardless of whether such income and gains are distributed to shareholders.

To avoid such tax and/or interest, the funds may treat these securities, when possible, as sold on the last day of each of their fiscal years and to recognize any gains for tax purposes at that time; deductions for losses may be allowable only to the extent of any gains resulting from these deemed sales in prior taxable years. Such gains and losses will be treated as ordinary income or losses. The funds will be required to distribute any resulting income, even though they have not sold the security and received cash to pay such distributions.

Investing in Mortgage Entities

Special tax rules may apply to the funds’ investments in entities that invest in or finance mortgage debt. Such investments include residual interests in real estate mortgage investment conduits and interests in a REIT that qualifies as a taxable mortgage pool under the Code or has a qualified REIT subsidiary that is a taxable mortgage pool under the Code. Although it is the practice of the funds not to make such investments, there is no guarantee that the funds will be able to sustain this practice or avoid an inadvertent investment.

Such investments may result in the funds receiving excess inclusion income (“EII”) in which case a portion of its distributions will be characterized as EII and shareholders receiving such distributions, including shares held through nominee accounts, will be deemed to have received EII. This can result in the funds being required to pay tax on the portion allocated to disqualified organizations: certain cooperatives, agencies or instrumentalities of a government or international organization, and tax-exempt organizations that are not subject to tax on unrelated business taxable income. In addition, such amounts will be treated as unrelated business taxable income to tax-exempt organizations that are not disqualified organizations and will be subject to a 30% withholding tax for shareholders who are not U.S. persons, notwithstanding any exemptions or rate reductions in any relevant tax treaties.

CAPITAL STOCK

All of the funds are organized as Maryland corporations (“Corporations”) or series thereof. The funds’ charters authorize the Boards to classify and reclassify any and all shares that are then unissued, including unissued shares of capital stock into any number of classes or series; each class or series consisting of such number of shares and having such designations, such powers, preferences, rights, qualifications, limitations, and restrictions as shall be determined by the Boards subject to the 1940 Act and other applicable law. The shares of any such additional classes or series might therefore differ from the shares of the present class and series of capital stock and from each other as to preferences, conversions, or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption, subject to

385

applicable law, and might thus be superior or inferior to the capital stock or to other classes or series in various characteristics. The Boards may increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the funds have authorized to issue without shareholder approval.

Except to the extent that the funds’ Boards might provide that holders of shares of a particular class are entitled to vote as a class on specified matters presented for a vote of the holders of all shares entitled to vote on such matters, there would be no right of class vote unless and to the extent that such a right might be construed to exist under Maryland law. The directors have provided that as to any matter with respect to which a separate vote of any class is required by the 1940 Act, such requirement as to a separate vote by that class shall apply in lieu of any voting requirements established by the Maryland General Corporation Law. Otherwise, holders of each class of capital stock are not entitled to vote as a class on any matter. Accordingly, the preferences, rights, and other characteristics attaching to any class of shares might be altered or eliminated, or the class might be combined with another class or classes, by action approved by the vote of the holders of a majority of all the shares of all classes entitled to be voted on the proposal, without any additional right to vote as a class by the holders of the capital stock or of another affected class or classes.

Shareholders are entitled to one vote for each full share held (and fractional votes for fractional shares held) and will vote in the election of or removal of directors (to the extent hereinafter provided) and on other matters submitted to the vote of shareholders. There will normally be no meetings of shareholders for the purpose of electing directors unless and until such time as less than a majority of the directors holding office have been elected by shareholders, at which time the directors then in office will call a shareholders’ meeting for the election of directors. Except as set forth above, the directors shall continue to hold office and may appoint successor directors. Voting rights are not cumulative, so that the holders of more than 50% of the shares voting in the election of directors can, if they choose to do so, elect all the directors of the funds, in which event the holders of the remaining shares will be unable to elect any person as a director. As set forth in the bylaws of the Corporations, a special meeting of shareholders of the Corporations shall be called by the secretary of the Corporations on the written request of shareholders entitled to cast (a) in the case of a meeting for the purpose of removing a director, at least 10% and (b) in the case of a meeting for any other purpose, at least 25%, in each case of all the votes entitled to be cast at such meeting, provided that any such request shall state the purpose or purposes of the meeting and the matters proposed to be acted on. Shareholders requesting such a meeting must pay to the Corporations the reasonably estimated costs of preparing and mailing the notice of the meeting. The Corporations, however, will otherwise assist the shareholders seeking to hold the special meeting in communicating to the other shareholders of the Corporations to the extent required by Section 16(c) of the 1940 Act.

The series (and classes) set forth in the following table have been established by the Boards under the articles of incorporation of the indicated Corporations. Each series represents a separate pool of assets of the Corporations’ shares and has different objectives and investment policies. Maryland law provides that the debts, liabilities, obligations, and expenses incurred with respect to a particular series or class are enforceable against the assets associated with that series or class only. The articles of incorporation also provide that the Boards may issue additional series of shares. Each share of each fund represents an equal proportionate share in that fund with each other share and is entitled to such dividends and distributions of income belonging to that fund as are declared by the directors. In the event of the liquidation of a fund, each share is entitled to a pro-rata share of the net assets of that fund. Classes represent separate shares in the funds but share the same portfolios as the indicated funds. Each fund is registered with the SEC under the 1940 Act as an open-end management investment company, commonly known as a “mutual fund.”

  

Corporations

Year of Inception

T. Rowe Price Balanced Fund, Inc. (corporation)

1939

T. Rowe Price Balanced Fund (series)

1939

T. Rowe Price Balanced Fund (Investor Class)

1939

T. Rowe Price Balanced Fund—I Class (class)

2015

T. Rowe Price Blue Chip Growth Fund, Inc. (corporation)

1993

T. Rowe Price Blue Chip Growth Fund (series)

1993

T. Rowe Price Blue Chip Growth Fund (Investor Class)

1993

T. Rowe Price Blue Chip Growth Fund—Advisor Class (class)

2000

T. Rowe Price Blue Chip Growth Fund—I Class (class)

2015

T. Rowe Price Blue Chip Growth Fund—R Class (class)

2002

386

  

Corporations

Year of Inception

T. Rowe Price Capital Appreciation Fund, Inc. (corporation)(a)

1986

T. Rowe Price Capital Appreciation Fund (series)

1986

T. Rowe Price Capital Appreciation Fund (Investor Class)

1986

T. Rowe Price Capital Appreciation Fund—Advisor Class (class)

2004

T. Rowe Price Capital Appreciation Fund—I Class (class)

2015

T. Rowe Price Communications & Technology Fund, Inc. (corporation)

1993

T. Rowe Price Communications & Technology Fund (series)

1993

T. Rowe Price Communications & Technology Fund (Investor Class)

1993

T. Rowe Price Communications & Technology Fund—I Class (class)

2016

T. Rowe Price Corporate Income Fund, Inc. (corporation)

1995

T. Rowe Price Corporate Income Fund (series)

1995

T. Rowe Price Corporate Income Fund (Investor Class)

1995

T. Rowe Price Corporate Income Fund—I Class (class)

2015

T. Rowe Price Credit Opportunities Fund, Inc. (corporation)

2014

T. Rowe Price Credit Opportunities Fund (series)

2014

T. Rowe Price Credit Opportunities Fund (Investor Class)

2014

T. Rowe Price Credit Opportunities Fund—Advisor Class (class)

2014

T. Rowe Price Credit Opportunities Fund—I Class (class)

2016

T. Rowe Price Diversified Mid-Cap Growth Fund, Inc. (corporation)

2003

T. Rowe Price Diversified Mid-Cap Growth Fund (series)

2003

T. Rowe Price Diversified Mid-Cap Growth Fund (Investor Class)

2003

T. Rowe Price Diversified Mid-Cap Growth Fund—I Class (class)

2017

T. Rowe Price Dividend Growth Fund, Inc. (corporation)

1992

T. Rowe Price Dividend Growth Fund (series)

1992

T. Rowe Price Dividend Growth Fund (Investor Class)

1992

T. Rowe Price Dividend Growth Fund—Advisor Class (class)

2005

T. Rowe Price Dividend Growth Fund—I Class (class)

2015

T. Rowe Price Equity Income Fund, Inc. (corporation)(a)

1985

T. Rowe Price Equity Income Fund (series)

1985

T. Rowe Price Equity Income Fund (Investor Class)

1985

T. Rowe Price Equity Income Fund—Advisor Class (class)

2000

T. Rowe Price Equity Income Fund—I Class (class)

2015

T. Rowe Price Equity Income Fund—R Class (class)

2002

T. Rowe Price Financial Services Fund, Inc. (corporation)

1996

T. Rowe Price Financial Services Fund (series)

1996

T. Rowe Price Financial Services Fund (Investor Class)

1996

T. Rowe Price Financial Services Fund—I Class (class)

2016

T. Rowe Price Floating Rate Fund, Inc. (corporation)

2011

T. Rowe Price Floating Rate Fund (series)

2011

T. Rowe Price Floating Rate Fund (Investor Class)

2011

T. Rowe Price Floating Rate Fund—Advisor Class (class)

2011

T. Rowe Price Floating Rate Fund—I Class (class)

2016

T. Rowe Price Global Allocation Fund, Inc. (corporation)

2013

T. Rowe Price Global Allocation Fund (series)

2013

T. Rowe Price Global Allocation Fund (Investor Class)

2013

T. Rowe Price Global Allocation Fund—Advisor Class (class)

2013

T. Rowe Price Global Allocation Fund—I Class (class)

2016

T. Rowe Price Global Multi-Sector Bond Fund, Inc. (corporation)

2008

T. Rowe Price Global Multi-Sector Bond Fund (series)

2008

T. Rowe Price Global Multi-Sector Bond Fund (Investor Class)

2008

T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class (class)

2008

T. Rowe Price Global Multi-Sector Bond Fund—I Class (class)

2016

T. Rowe Price Global Real Estate Fund, Inc. (corporation)

2008

T. Rowe Price Global Real Estate Fund (series)

2008

T. Rowe Price Global Real Estate Fund (Investor Class)

2008

T. Rowe Price Global Real Estate Fund—Advisor Class (class)

2008

T. Rowe Price Global Real Estate Fund—I Class (class)

2016

T. Rowe Price Global Technology Fund, Inc. (corporation)

2000

T. Rowe Price Global Technology Fund (series)

2000

T. Rowe Price Global Technology Fund (Investor Class)

2000

T. Rowe Price Global Technology Fund—I Class (class)

2016

387

  

Corporations

Year of Inception

T. Rowe Price GNMA Fund, Inc. (corporation)(a)

1985

T. Rowe Price GNMA Fund (series)

1985

T. Rowe Price GNMA Fund (Investor Class)

1985

T. Rowe Price GNMA Fund—I Class (class)

2017

T. Rowe Price Government Money Fund, Inc. (corporation)

1976

T. Rowe Price Government Money Fund (series)

1976

T. Rowe Price Government Money Fund (Investor Class)

2076

T. Rowe Price Government Money Fund—I Class (class)

2017

T. Rowe Price Growth & Income Fund, Inc. (corporation)

1982

T. Rowe Price Growth & Income Fund (series)

1982

T. Rowe Price Growth & Income Fund (Investor Class)

1982

T. Rowe Price Growth & Income Fund—I Class (class)

2016

T. Rowe Price Growth Stock Fund, Inc. (corporation)

1950

T. Rowe Price Growth Stock Fund (series)

1950

T. Rowe Price Growth Stock Fund (Investor Class)

1950

T. Rowe Price Growth Stock Fund—Advisor Class (class)

2001

T. Rowe Price Growth Stock Fund—I Class (class)

2015

T. Rowe Price Growth Stock Fund—R Class (class)

2002

T. Rowe Price Health Sciences Fund, Inc. (corporation)

1995

T. Rowe Price Health Sciences Fund (series)

1995

T. Rowe Price Health Sciences Fund (Investor Class)

1995

T. Rowe Price Health Sciences Fund—I Class (class)

2016

T. Rowe Price High Yield Fund, Inc. (corporation)

1984

T. Rowe Price High Yield Fund (series)

1984

T. Rowe Price High Yield Fund (Investor Class)

1984

T. Rowe Price High Yield Fund—Advisor Class (class)

2000

T. Rowe Price High Yield Fund—I Class (class)

2015

T. Rowe Price U.S. High Yield Fund (series)

2017

T. Rowe Price U.S. High Yield Fund (Investor Class)

2017

T. Rowe Price U.S. High Yield Fund—Advisor Class (class)

2013(c)

T. Rowe Price U.S. High Yield Fund—I Class (class)

2013(c)

T. Rowe Price Index Trust, Inc. (corporation)

1989

T. Rowe Price Equity Index 500 Fund (series)

1990

T. Rowe Price Equity Index 500 Fund (Investor Class)

1990

T. Rowe Price Equity Index 500 Fund—I Class (class)

2015

T. Rowe Price Extended Equity Market Index Fund (series)

1998

T. Rowe Price Extended Equity Market Index Fund (Investor Class)

1998

T. Rowe Price Mid-Cap Index Fund (series)

2015

T. Rowe Price Mid-Cap Index Fund (Investor Class)

2015

T. Rowe Price Mid-Cap Index Fund—I Class (class)

2015

T. Rowe Price Small-Cap Index Fund (series)

2015

T. Rowe Price Small-Cap Index Fund (Investor Class)

2015

T. Rowe Price Small-Cap Index Fund—I Class (class)

2015

T. Rowe Price Total Equity Market Index Fund (series)

1998

T. Rowe Price Total Equity Market Index Fund (Investor Class)

1998

T. Rowe Price Inflation Protected Bond Fund, Inc. (corporation)

2002

T. Rowe Price Inflation Protected Bond Fund (series)

2002

T. Rowe Price Inflation Protected Bond Fund (Investor Class)

2002

T. Rowe Price Inflation Protected Bond Fund—I Class (class)

2015

T. Rowe Price Institutional Equity Funds, Inc. (corporation)

1996

T. Rowe Price Institutional Large-Cap Core Growth Fund (series)

2003

T. Rowe Price Institutional Large-Cap Growth Fund (series)

2001

T. Rowe Price Institutional Large-Cap Value Fund (series)

2000

T. Rowe Price Institutional Mid-Cap Equity Growth Fund (series)

1996

T. Rowe Price Institutional Small-Cap Stock Fund (series)

2000

T. Rowe Price Institutional Income Funds, Inc. (corporation)

2000

T. Rowe Price Institutional Cash Reserves Fund (series)

2016

T. Rowe Price Institutional Core Plus Fund (series)

2004

T. Rowe Price Institutional Floating Rate Fund (series)

2008

T. Rowe Price Institutional Floating Rate Fund—F Class (class)

2010

T. Rowe Price Institutional High Yield Fund (series)

2002

T. Rowe Price Institutional Long Duration Credit Fund (series)

2013

388

  

Corporations

Year of Inception

T. Rowe Price Institutional International Funds, Inc. (corporation)

1989

T. Rowe Price Institutional Africa & Middle East Fund (series)

2008

T. Rowe Price Institutional Emerging Markets Bond Fund (series)

2006

T. Rowe Price Institutional Emerging Markets Equity Fund (series)

2002

T. Rowe Price Institutional Frontier Markets Equity Fund (series)

2014

T. Rowe Price Institutional Global Value Equity Fund (series)

2012

T. Rowe Price Institutional International Core Equity Fund (series)

2010

T. Rowe Price Institutional International Disciplined Equity Fund (series)

2010

T. Rowe Price Institutional International Growth Equity Fund (series)

1989

T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. (corporation)

2014

T. Rowe Price Intermediate Tax-Free High Yield Fund (series)

2014

T. Rowe Price Intermediate Tax-Free High Yield Fund (Investor Class)

2014

T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class (class)

2014

T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class (class)

2017

T. Rowe International Funds, Inc. (corporation)

1979

T. Rowe Price Africa & Middle East Fund (series)

2007

T. Rowe Price Africa & Middle East Fund (Investor Class)

2007

T. Rowe Price Africa & Middle East Fund—I Class (class)

2017

T. Rowe Price Asia Opportunities Fund (series)

2014

T. Rowe Price Asia Opportunities Fund (Investor Class)

2014

T. Rowe Price Asia Opportunities Fund—Advisor Class (class)

2014

T. Rowe Price Asia Opportunities Fund—I Class (class)

2017

T. Rowe Price China Evolution Equity Fund (series)

2019

T. Rowe Price China Evolution Equity Fund (Investor Class)

2019

T. Rowe Price China Evolution Equity Fund—I Class (class)

2019

T. Rowe Price Dynamic Credit Fund (series)

2019

T. Rowe Price Dynamic Credit Fund (Investor Class)

2019

T. Rowe Price Dynamic Credit Fund—I Class (class)

2019

T. Rowe Price Dynamic Global Bond Fund (series)

2015

T. Rowe Price Dynamic Global Bond Fund (Investor Class)

2015

T. Rowe Price Dynamic Global Bond Fund—Advisor Class (class)

2015

T. Rowe Price Dynamic Global Bond Fund—I Class (class)

2015

T. Rowe Price Emerging Europe Fund (series)

2000

T. Rowe Price Emerging Europe Fund (Investor Class)

2000

T. Rowe Price Emerging Europe Fund—I Class (class)

2017

T. Rowe Price Emerging Markets Bond Fund (series)

1994

T. Rowe Price Emerging Markets Bond Fund (Investor Class)

1994

T. Rowe Price Emerging Markets Bond Fund—Advisor Class (class)

2015

T. Rowe Price Emerging Markets Bond Fund—I Class (class)

2015

T. Rowe Price Emerging Markets Corporate Bond Fund (series)

2012

T. Rowe Price Emerging Markets Corporate Bond Fund (Investor Class)

2012

T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class (class)

2012

T. Rowe Price Emerging Markets Corporate Bond Fund—I Class (class)

2015

T. Rowe Price Emerging Markets Discovery Stock Fund (series)

2015

T. Rowe Price Emerging Markets Discovery Stock Fund (Investor Class)

2015

T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class (class)

2015

T. Rowe Price Emerging Markets Discovery Stock Fund—I Class (class)

2017

T. Rowe Price Emerging Markets Local Currency Bond Fund (series)

2011

T. Rowe Price Emerging Markets Local Currency Bond Fund (Investor Class)

2017

T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class (class)

2011

T. Rowe Price Emerging Markets Local Currency Bond Fund—I Class (class)

2015

T. Rowe Price Emerging Markets Stock Fund (series)

1995

T. Rowe Price Emerging Markets Stock Fund (Investor Class)

1995

T. Rowe Price Emerging Markets Stock Fund—I Class (class)

2015

T. Rowe Price European Stock Fund (series)

1990

T. Rowe Price European Stock Fund (Investor Class)

1990

T. Rowe Price European Stock Fund—I Class (class)

2017

T. Rowe Price Global Consumer Fund (series)

2016

T. Rowe Price Global Consumer Fund (Investor Class)

2016

T. Rowe Price Global Growth Stock Fund (series)

2008

T. Rowe Price Global Growth Stock Fund (Investor Class)

2008

T. Rowe Price Global Growth Stock Fund—Advisor Class (class)

2008

T. Rowe Price Global Growth Stock Fund—I Class (class)

2017

389

  

Corporations

Year of Inception

T. Rowe Price Global High Income Bond Fund (series)

2015

T. Rowe Price Global High Income Bond Fund (Investor Class)

2015

T. Rowe Price Global High Income Bond Fund—Advisor Class (class)

2015

T. Rowe Price Global High Income Bond Fund—I Class (class)

2015

T. Rowe Price Global Industrials Fund (series)

2013

T. Rowe Price Global Industrials Fund (Investor Class)

2013

T. Rowe Price Global Industrials Fund—I Class (class)

2017

T. Rowe Price Global Stock Fund (series)

1995

T. Rowe Price Global Stock Fund (Investor Class)

1995

T. Rowe Price Global Stock Fund—Advisor Class (class)

2006

T. Rowe Price Global Stock Fund—I Class (class)

2017

T. Rowe Price International Bond Fund (series)

1986

T. Rowe Price International Bond Fund (Investor Class)

1986

T. Rowe Price International Bond Fund—Advisor Class (class)

2000

T. Rowe Price International Bond Fund—I Class (class)

2015

T. Rowe Price International Bond Fund (USD Hedged) (series)

2017

T. Rowe Price International Bond Fund (USD Hedged) (Investor Class)

2017

T. Rowe Price International Bond Fund (USD Hedged)—Advisor Class (class)

2017

T. Rowe Price International Bond Fund (USD Hedged)—I Class (class)

2017

T. Rowe Price International Disciplined Equity Fund (series)

2014

T. Rowe Price International Disciplined Equity Fund (Investor Class)

2014

T. Rowe Price International Disciplined Equity Fund—Advisor Class (class)

2014

T. Rowe Price International Disciplined Equity Fund—I Class (class)

2017

T. Rowe Price International Discovery Fund (series)

1988

T. Rowe Price International Discovery Fund (Investor Class)

1988

T. Rowe Price International Discovery Fund—I Class (class)

2015

T. Rowe Price International Stock Fund (series)

1980

T. Rowe Price International Stock Fund (Investor Class)

1980

T. Rowe Price International Stock Fund—Advisor Class (class)

2000

T. Rowe Price International Stock Fund—I Class (class)

2015

T. Rowe Price International Stock Fund—R Class (class)

2002

T. Rowe Price International Value Equity Fund (series)

1998

T. Rowe Price International Value Equity Fund (Investor Class)

1998

T. Rowe Price International Value Equity Fund—Advisor Class (class)

2002

T. Rowe Price International Value Equity Fund—I Class (class)

2015

T. Rowe Price International Value Equity Fund—R Class (class)

2002

T. Rowe Price Japan Fund (series)

1991

T. Rowe Price Japan Fund (Investor Class)

1991

T. Rowe Price Japan Fund—I Class (class)

2017

T. Rowe Price Latin America Fund (series)

1993

T. Rowe Price Latin America Fund (Investor Class)

1993

T. Rowe Price Latin America Fund—I Class (class)

2017

T. Rowe Price New Asia Fund (series)

1990

T. Rowe Price New Asia Fund (Investor Class)

1990

T. Rowe Price New Asia Fund—I Class (class)

2015

T. Rowe Price Overseas Stock Fund (series)

2006

T. Rowe Price Overseas Stock Fund (Investor Class)

2006

T. Rowe Price Overseas Stock Fund—Advisor Class (class)

2015

T. Rowe Price Overseas Stock Fund—I Class (class)

2015

T. Rowe Price International Index Fund, Inc. (corporation)

2000

T. Rowe Price International Equity Index Fund (series)

2000

T. Rowe Price International Equity Index Fund (Investor Class)

2000

T. Rowe Price Limited Duration Inflation Focused Bond Fund, Inc. (corporation)

2006

T. Rowe Price Limited Duration Inflation Focused Bond Fund (series)

2006

T. Rowe Price Limited Duration Inflation Focused Bond Fund (Investor Class)

2006

T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class (class)

2015

T. Rowe Price Mid-Cap Growth Fund, Inc. (corporation)

1992

T. Rowe Price Mid-Cap Growth Fund (series)

1992

T. Rowe Price Mid-Cap Growth Fund (Investor Class)

1992

T. Rowe Price Mid-Cap Growth Fund—Advisor Class (class)

2000

T. Rowe Price Mid-Cap Growth Fund—I Class (class)

2015

T. Rowe Price Mid-Cap Growth Fund—R Class (class)

2002

T. Rowe Price Mid-Cap Value Fund, Inc. (corporation)

1996

390

  

Corporations

Year of Inception

T. Rowe Price Mid-Cap Value Fund (series)

1996

T. Rowe Price Mid-Cap Value Fund (Investor Class)

1996

T. Rowe Price Mid-Cap Value Fund—Advisor Class (class)

2002

T. Rowe Price Mid-Cap Value Fund—I Class (class)

2015

T. Rowe Price Mid-Cap Value Fund—R Class (class)

2002

T. Rowe Price Multi-Sector Account Portfolios, Inc. (corporation)

2011

T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio (series)

2012

T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio (series)

2012

T. Rowe Price Floating Rate Multi-Sector Account Portfolio (series)

2012

T. Rowe Price High Yield Multi-Sector Account Portfolio (series)

2012

T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio (series)

2012

T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio (series)

2012

T. Rowe Price Multi-Strategy Total Return Fund, Inc. (corporation)

2018

T. Rowe Price Multi-Strategy Total Return Fund (series)

2018

T. Rowe Price Multi-Strategy Total Return Fund (Investor Class)

2018

T. Rowe Price Multi-Strategy Total Return Fund—Advisor Class (class)

(a)

T. Rowe Price Multi-Strategy Total Return Fund—I Class (class)

2018

T. Rowe Price New America Growth Fund, Inc. (corporation)(a)

1985

T. Rowe Price New America Growth Fund (series)

1985

T. Rowe Price New America Growth Fund (Investor Class)

1985

T. Rowe Price New America Growth Fund—Advisor Class (class)

2005

T. Rowe Price New America Growth Fund—I Class (class)

2015

T. Rowe Price New Era Fund, Inc. (corporation)

1969

T. Rowe Price New Era Fund (series)

1969

T. Rowe Price New Era Fund (Investor Class)

1969

T. Rowe Price New Era Fund—I Class (class)

2015

T. Rowe Price New Horizons Fund, Inc. (corporation)

1960

T. Rowe Price New Horizons Fund (series)

1960

T. Rowe Price New Horizons Fund (Investor Class)

1960

T. Rowe Price New Horizons Fund—I Class (class)

2015

T. Rowe Price New Income Fund, Inc. (corporation)

1973

T. Rowe Price New Income Fund (series)

1973

T. Rowe Price New Income Fund (Investor Class)

1973

T. Rowe Price New Income Fund—Advisor Class (class)

2002

T. Rowe Price New Income Fund—I Class (class)

2015

T. Rowe Price New Income Fund—R Class (class)

2002

T. Rowe Price Quantitative Management Funds, Inc. (corporation)

1997

T. Rowe Price QM Global Equity Fund (series)

2016

T. Rowe Price QM Global Equity Fund (Investor Class)

2016

T. Rowe Price QM Global Equity Fund—Advisor Class (class)

2016

T. Rowe Price QM Global Equity Fund—I Class (class)

2016

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (series)

2016

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund (Investor Class)

2016

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class (class)

2016

T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—I Class (class)

2016

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund (series)

1997

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund (Investor Class)

1997

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—Advisor Class (class)

2016

T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—I Class (class)

2016

T. Rowe Price QM U.S. Value Equity Fund (series)

2016

T. Rowe Price QM U.S. Value Equity Fund (Investor Class)

2016

T. Rowe Price QM U.S. Value Equity Fund—Advisor Class (class)

2016

T. Rowe Price QM U.S. Value Equity Fund—I Class (class)

2016

T. Rowe Price Real Assets Fund, Inc. (corporation)

2010

T. Rowe Price Real Assets Fund (series)

2010

T. Rowe Price Real Assets Fund (Investor Class)

2010

T. Rowe Price Real Assets Fund—I Class (class)

2015

T. Rowe Price Real Estate Fund, Inc. (corporation)

1997

T. Rowe Price Real Estate Fund (series)

1997

T. Rowe Price Real Estate Fund (Investor Class)

1997

T. Rowe Price Real Estate Fund—Advisor Class (class)

2004

T. Rowe Price Real Estate Fund—I Class (class)

2015

391

  

Corporations

Year of Inception

T. Rowe Price Reserve Investment Funds, Inc. (corporation)

1997

T. Rowe Price Government Reserve Fund (series)

1997

T. Rowe Price Short-Term Fund (series)

2013

T. Rowe Price Short-Term Government Fund (series)

(a)

T. Rowe Price Treasury Reserve Fund (series)

2013

T. Rowe Price Retirement Funds, Inc. (corporation)

2002

T. Rowe Price Retirement 2005 Fund (series)

2004

T. Rowe Price Retirement 2005 Fund (Investor Class)

2004

T. Rowe Price Retirement 2005 Fund—Advisor Class (class)

2007

T. Rowe Price Retirement 2005 Fund—R Class (class)

2007

T. Rowe Price Retirement 2010 Fund (series)

2002

T. Rowe Price Retirement 2010 Fund (Investor Class)

2002

T. Rowe Price Retirement 2010 Fund—Advisor Class (class)

2003

T. Rowe Price Retirement 2010 Fund—R Class (class)

2003

T. Rowe Price Retirement 2015 Fund (series)

2004

T. Rowe Price Retirement 2015 Fund (Investor Class)

2004

T. Rowe Price Retirement 2015 Fund—Advisor Class (class)

2007

T. Rowe Price Retirement 2015 Fund—R Class (class)

2007

T. Rowe Price Retirement 2020 Fund (series)

2002

T. Rowe Price Retirement 2020 Fund (Investor Class)

2002

T. Rowe Price Retirement 2020 Fund—Advisor Class (class)

2003

T. Rowe Price Retirement 2020 Fund—R Class (class)

2003

T. Rowe Price Retirement 2025 Fund (series)

2004

T. Rowe Price Retirement 2025 Fund (Investor Class)

2004

T. Rowe Price Retirement 2025 Fund—Advisor Class (class)

2007

T. Rowe Price Retirement 2025 Fund—R Class (class)

2007

T. Rowe Price Retirement 2030 Fund (series)

2002

T. Rowe Price Retirement 2030 Fund (Investor Class)

2002

T. Rowe Price Retirement 2030 Fund—Advisor Class (class)

2003

T. Rowe Price Retirement 2030 Fund—R Class (class)

2003

T. Rowe Price Retirement 2035 Fund (series)

2004

T. Rowe Price Retirement 2035 Fund (Investor Class)

2004

T. Rowe Price Retirement 2035 Fund—Advisor Class (class)

2007

T. Rowe Price Retirement 2035 Fund—R Class (class)

2007

T. Rowe Price Retirement 2040 Fund (series)

2002

T. Rowe Price Retirement 2040 Fund (Investor Class)

2002

T. Rowe Price Retirement 2040 Fund—Advisor Class (class)

2003

T. Rowe Price Retirement 2040 Fund—R Class (class)

2003

T. Rowe Price Retirement 2045 Fund (series)

2005

T. Rowe Price Retirement 2045 Fund (Investor Class)

2005

T. Rowe Price Retirement 2045 Fund—Advisor Class (class)

2007

T. Rowe Price Retirement 2045 Fund—R Class (class)

2007

T. Rowe Price Retirement 2050 Fund (series)

2006

T. Rowe Price Retirement 2050 Fund (Investor Class)

2006

T. Rowe Price Retirement 2050 Fund—Advisor Class (class)

2006

T. Rowe Price Retirement 2050 Fund—R Class (class)

2006

T. Rowe Price Retirement 2055 Fund (series)

2006

T. Rowe Price Retirement 2055 Fund (Investor Class)

2006

T. Rowe Price Retirement 2055 Fund—Advisor Class (class)

2007

T. Rowe Price Retirement 2055 Fund—R Class (class)

2007

T. Rowe Price Retirement 2060 Fund (series)

2014

T. Rowe Price Retirement 2060 Fund (Investor Class)

2014

T. Rowe Price Retirement 2060 Fund—Advisor Class (class)

2014

T. Rowe Price Retirement 2060 Fund—R Class (class)

2014

T. Rowe Price Retirement Balanced Fund (series)

2002

T. Rowe Price Retirement Balanced Fund (Investor Class)

2002

T. Rowe Price Retirement Balanced Fund—Advisor Class (class)

2003

T. Rowe Price Retirement Balanced Fund—R Class (class)

2003

T. Rowe Price Retirement I 2005 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2010 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2015 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2020 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2025 Fund—I Class (series)

2015

392

  

Corporations

Year of Inception

T. Rowe Price Retirement I 2030 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2035 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2040 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2045 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2050 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2055 Fund—I Class (series)

2015

T. Rowe Price Retirement I 2060 Fund—I Class (series)

2015

T. Rowe Price Retirement Balanced I Fund—I Class (series)

2015

T. Rowe Price Retirement Income 2020 Fund (series)

2017

T. Rowe Price Target 2005 Fund (series)

2013

T. Rowe Price Target 2005 Fund (Investor Class)

2013

T. Rowe Price Target 2005 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2005 Fund—I Class (class)

2016

T. Rowe Price Target 2010 Fund (series)

2013

T. Rowe Price Target 2010 Fund (Investor Class)

2013

T. Rowe Price Target 2010 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2010 Fund—I Class (class)

2016

T. Rowe Price Target 2015 Fund (series)

2013

T. Rowe Price Target 2015 Fund (Investor Class)

2013

T. Rowe Price Target 2015 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2015 Fund—I Class (class)

2016

T. Rowe Price Target 2020 Fund (series)

2013

T. Rowe Price Target 2020 Fund (Investor Class)

2013

T. Rowe Price Target 2020 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2020 Fund—I Class (class)

2016

T. Rowe Price Target 2025 Fund (series)

2013

T. Rowe Price Target 2025 Fund (Investor Class)

2013

T. Rowe Price Target 2025 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2025 Fund—I Class (class)

2016

T. Rowe Price Target 2030 Fund (series)

2013

T. Rowe Price Target 2030 Fund (Investor Class)

2013

T. Rowe Price Target 2030 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2030 Fund—I Class (class)

2016

T. Rowe Price Target 2035 Fund (series)

2013

T. Rowe Price Target 2035 Fund (Investor Class)

2013

T. Rowe Price Target 2035 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2035 Fund—I Class (class)

2016

T. Rowe Price Target 2040 Fund (series)

2013

T. Rowe Price Target 2040 Fund (Investor Class)

2013

T. Rowe Price Target 2040 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2040 Fund—I Class (class)

2016

T. Rowe Price Target 2045 Fund (series)

2013

T. Rowe Price Target 2045 Fund (Investor Class)

2013

T. Rowe Price Target 2045 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2045 Fund—I Class (class)

2016

T. Rowe Price Target 2050 Fund (series)

2013

T. Rowe Price Target 2050 Fund (Investor Class)

2013

T. Rowe Price Target 2050 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2050 Fund—I Class (class)

2016

T. Rowe Price Target 2055 Fund (series)

2013

T. Rowe Price Target 2055 Fund (Investor Class)

2013

T. Rowe Price Target 2055 Fund—Advisor Class (class)

2013

T. Rowe Price Target 2055 Fund—I Class (class)

2016

T. Rowe Price Target 2060 Fund (series)

2014

T. Rowe Price Target 2060 Fund (Investor Class)

2014

T. Rowe Price Target 2060 Fund—Advisor Class (class)

2014

T. Rowe Price Target 2060 Fund—I Class (class)

2016

T. Rowe Price Science & Technology Fund, Inc. (corporation)

1987

T. Rowe Price Science & Technology Fund (series)

1987

T. Rowe Price Science & Technology Fund (Investor Class)

1987

T. Rowe Price Science & Technology Fund—Advisor Class (class)

2000

T. Rowe Price Science & Technology Fund—I Class (class)

2016

T. Rowe Price Short-Term Bond Fund, Inc. (corporation)

1984

393

  

Corporations

Year of Inception

T. Rowe Price Short-Term Bond Fund (series)

1984

T. Rowe Price Short-Term Bond Fund (Investor Class)

1984

T. Rowe Price Short-Term Bond Fund—Advisor Class (class)

2004

T. Rowe Price Short-Term Bond Fund—I Class (class)

2015

T. Rowe Price Ultra Short-Term Bond Fund (series)

2012

T. Rowe Price Ultra Short-Term Bond Fund (Investor Class)

2012

T. Rowe Price Ultra Short-Term Bond Fund—I Class (class)

2017

T. Rowe Price Small-Cap Stock Fund, Inc. (corporation)

1956

T. Rowe Price Small-Cap Stock Fund (series)

1956

T. Rowe Price Small-Cap Stock Fund (Investor Class)

1956

T. Rowe Price Small-Cap Stock Fund—Advisor Class (class)

2000

T. Rowe Price Small-Cap Stock Fund—I Class (class)

2015

T. Rowe Price Small-Cap Value Fund, Inc. (corporation)

1988

T. Rowe Price Small-Cap Value Fund (series)

1988

T. Rowe Price Small-Cap Value Fund (Investor Class)

1988

T. Rowe Price Small-Cap Value Fund—Advisor Class (class)

2000

T. Rowe Price Small-Cap Value Fund—I Class (class)

2015

T. Rowe Price Spectrum Fund, Inc. (corporation)

1987

Spectrum Growth Fund (series)

1990

Spectrum Income Fund (series)

1990

Spectrum International Fund (series)

1996

T. Rowe Price Spectrum Funds II, Inc. (corporation)

1994

T. Rowe Price Spectrum Conservative Allocation Fund (series)

1994

T. Rowe Price Spectrum Conservative Allocation Fund (Investor Class)

1994

T. Rowe Price Spectrum Conservative Allocation Fund—I Class (class)

2016

T. Rowe Price Spectrum Moderate Allocation Fund (series)

1994

T. Rowe Price Spectrum Moderate Allocation Fund (Investor Class)

1994

T. Rowe Price Spectrum Moderate Allocation Fund—I Class (class)

2016

T. Rowe Price Spectrum Moderate Growth Allocation Fund (series)

1994

T. Rowe Price Spectrum Moderate Growth Allocation Fund (Investor Class)

1994

T. Rowe Price Spectrum Moderate Growth Allocation Fund—I Class (class)

2016

T. Rowe Price State Tax-Free Funds, Inc. (corporation)(a)

1986

T. Rowe Price California Tax-Free Bond Fund (series)

1986

T. Rowe Price California Tax-Free Bond Fund (Investor Class)

1986

T. Rowe Price California Tax-Free Bond Fund—I Class (class)

2017

T. Rowe Price California Tax-Free Money Fund (series)

1986

T. Rowe Price California Tax-Free Money Fund (Investor Class)

1986

T. Rowe Price California Tax-Free Money Fund—I Class (class)

2017

T. Rowe Price Georgia Tax-Free Bond Fund (series)

1993

T. Rowe Price Georgia Tax-Free Bond Fund (Investor Class)

1993

T. Rowe Price Georgia Tax-Free Bond Fund—I Class (class)

2017

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (series)

1993

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (Investor Class)

1993

T. Rowe Price Maryland Short-Term Tax-Free Bond Fund—I Class (class)

2017

T. Rowe Price Maryland Tax-Free Bond Fund (series)

1987

T. Rowe Price Maryland Tax-Free Bond Fund (Investor Class)

1987

T. Rowe Price Maryland Tax-Free Bond Fund—I Class (class)

2017

T. Rowe Price Maryland Tax-Free Money Fund (series)

2001

T. Rowe Price Maryland Tax-Free Money Fund (Investor Class)

2001

T. Rowe Price Maryland Tax-Free Money Fund—I Class (class)

2017

T. Rowe Price New Jersey Tax-Free Bond Fund (series)

1991

T. Rowe Price New Jersey Tax-Free Bond Fund (Investor Class)

1991

T. Rowe Price New Jersey Tax-Free Bond Fund—I Class (class)

2017

T. Rowe Price New York Tax-Free Bond Fund (series)

1986

T. Rowe Price New York Tax-Free Bond Fund (Investor Class)

1986

T. Rowe Price New York Tax-Free Bond Fund—I Class (class)

2017

T. Rowe Price New York Tax-Free Money Fund (series)

1986

T. Rowe Price New York Tax-Free Money Fund (Investor Class)

1986

T. Rowe Price New York Tax-Free Money Fund—I Class (class)

2017

T. Rowe Price Virginia Tax-Free Bond Fund (series)

1991

T. Rowe Price Virginia Tax-Free Bond Fund (Investor Class)

1991

T. Rowe Price Virginia Tax-Free Bond Fund—I Class (class)

2017

394

  

Corporations

Year of Inception

T. Rowe Price Summit Funds, Inc. (corporation)

1993

T. Rowe Price Cash Reserves Fund (series)

1993

T. Rowe Price Cash Reserves Fund (Investor Class)

1993

T. Rowe Price Summit Municipal Funds, Inc. (corporation)

1993

T. Rowe Price Summit Municipal Money Market Fund (series)

1993

T. Rowe Price Summit Municipal Money Market Fund (Investor Class)

1993

T. Rowe Price Summit Municipal Intermediate Fund (series)

1993

T. Rowe Price Summit Municipal Intermediate Fund (Investor Class)

1993

T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class (class)

2012

T. Rowe Price Summit Municipal Intermediate Fund—I Class (class)

2019

T. Rowe Price Summit Municipal Income Fund (series)

1993

T. Rowe Price Summit Municipal Income Fund (Investor Class)

1993

T. Rowe Price Summit Municipal Income Fund—Advisor Class (class)

2012

T. Rowe Price Summit Municipal Income Fund—I Class (class)

2019

T. Rowe Price Tax-Efficient Funds, Inc. (corporation)

1997

T. Rowe Price Tax-Efficient Equity Fund (series)

2000

T. Rowe Price Tax-Efficient Equity Fund (Investor Class)

2000

T. Rowe Price Tax-Efficient Equity Fund—I Class (class)

2017

T. Rowe Price Tax-Exempt Money Fund, Inc. (corporation)

1981

T. Rowe Price Tax-Exempt Money Fund (series)

1981

T. Rowe Price Tax-Exempt Money Fund (Investor Class)

1981

T. Rowe Price Tax-Exempt Money Fund—I Class(class)

2017

T. Rowe Price Tax-Free High Yield Fund, Inc. (corporation)

1985

T. Rowe Price Tax-Free High Yield Fund (series)

1985

T. Rowe Price Tax-Free High Yield Fund (Investor Class)

1985

T. Rowe Price Tax-Free High Yield Fund—Advisor Class (class)

2012

T. Rowe Price Tax-Free High Yield Fund—I Class (class)

2016

T. Rowe Price Tax-Free Income Fund, Inc. (corporation)

1976

T. Rowe Price Tax-Free Income Fund (series)

1976

T. Rowe Price Tax-Free Income Fund (Investor Class)

1976

T. Rowe Price Tax-Free Income Fund—Advisor Class (class)

2002

T. Rowe Price Tax-Free Income Fund—I Class (class)

2017

T. Rowe Price Tax-Free Short-Intermediate Fund, Inc. (corporation)

1983

T. Rowe Price Tax-Free Short-Intermediate Fund (series)

1983

T. Rowe Price Tax-Free Short-Intermediate Fund (Investor Class)

1983

T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class (class)

2012

T. Rowe Price Tax-Free Short-Intermediate Fund—I Class (class)

2016

T. Rowe Price Total Return Fund, Inc. (corporation)

2016

T. Rowe Price Total Return Fund (series)

2016

T. Rowe Price Total Return Fund (Investor Class)

2016

T. Rowe Price Total Return Fund—Advisor Class (class)

2016

T. Rowe Price Total Return Fund—I Class (class)

2016

T. Rowe Price U.S. Bond Enhanced Index Fund, Inc. (corporation)

2000

T. Rowe Price U.S. Bond Enhanced Index Fund (series)

2000

T. Rowe Price U.S. Bond Enhanced Index Fund (Investor Class)

2000

T. Rowe Price U.S. Equity Research Fund, Inc. (corporation)

1994

T. Rowe Price U.S. Equity Research Fund (series)

1994

T. Rowe Price U.S. Equity Research Fund (Investor Class)

1994

T. Rowe Price U.S. Equity Research Fund—Advisor Class (class)

2004

T. Rowe Price U.S. Equity Research Fund—I Class (class)

2016

T. Rowe Price U.S. Equity Research Fund—R Class (class)

2004

T. Rowe Price U.S. Large-Cap Core Fund, Inc. (corporation)

2009

T. Rowe Price U.S. Large-Cap Core Fund (series)

2009

T. Rowe Price U.S. Large-Cap Core Fund (Investor Class)

2009

T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class (class)

2009

T. Rowe Price U.S. Large-Cap Core Fund—I Class (class)

2016

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Corporations

Year of Inception

T. Rowe Price U.S. Treasury Funds, Inc. (corporation)

1989

U.S. Treasury Intermediate Fund (series)

1989

U.S. Treasury Intermediate Fund (Investor Class)

1989

U.S. Treasury Intermediate Fund—I Class (class)

2017

U.S. Treasury Long-Term Fund (series)

1989

U.S. Treasury Long-Term Fund (Investor Class)

1989

U.S. Treasury Long-Term Fund—I Class (class)

2017

U.S. Treasury Money Fund (series)

1982

U.S. Treasury Money Fund (Investor Class)

1982

U.S. Treasury Money Fund—I Class (class)

2017

T. Rowe Price Value Fund, Inc. (corporation)

1994

T. Rowe Price Value Fund (series)

1994

T. Rowe Price Value Fund (Investor Class)

1994

T. Rowe Price Value Fund—Advisor Class (class)

2000

T. Rowe Price Value Fund—I Class (class)

2015

(a) Reflects the inception date of the corporation’s predecessor, a Massachusetts business trust. The predecessor was reorganized and redomiciled into a Maryland corporation on October 30, 2017. Has not yet incepted.

(b) Reflects the inception date of the Henderson High Yield Opportunities Fund. The U.S. High Yield Fund’s Investor Class incepted in 2017.

Balanced Fund

On August 31, 1992, the T. Rowe Price Balanced Fund acquired substantially all of the assets of the Axe-Houghton Fund B, a series of Axe-Houghton Funds, Inc. As a result of this acquisition, the SEC requires that the historical performance information of the Balanced Fund be based on the performance of Fund B. Therefore, all performance information of the Balanced Fund prior to September 1, 1992, reflects the performance of Fund B and investment managers other than T. Rowe Price. Performance information after August 31, 1992, reflects the combined assets of the Balanced Fund and Fund B.

California Tax-Free Bond, California Tax-Free Money, Georgia Tax-Free Bond, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, Maryland Tax-Free Money, New Jersey Tax-Free Bond, New York Tax-Free Bond, New York Tax-Free Money, and Virginia Tax-Free Bond Funds

On October 30, 2017, each fund was reorganized and redomiciled as series of a newly organized Maryland corporation, T. Rowe Price State Tax-Free Funds, Inc. Prior to that time, the California Tax-Free Bond and the California Tax-Free Money Funds were each organized as a sub-trust of T. Rowe Price California Tax-Free Income Trust, a Massachusetts business trust, and each of the Georgia Tax-Free Bond, Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, Maryland Tax-Free Money, New Jersey Tax-Free Bond, New York Tax-Free Bond, New York Tax-Free Money, and Virginia Tax-Free Bond Funds were each organized as a sub-trust of T. Rowe Price State Tax-Free Income Trust, a Massachusetts business trust.

Capital Appreciation, Equity Income, GNMA, and New America Growth Funds

On October 30, 2017, each fund was reorganized and redomiciled into corresponding, newly organized Maryland corporations. Prior to that time, each fund was organized as a Massachusetts business trust.

Cash Reserves Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Summit Cash Reserves Fund to T. Rowe Price Cash Reserves Fund.

Communications & Technology Fund

Effective May 1, 2018, the fund’s name was changed from T. Rowe Price Media & Telecommunications Fund to T. Rowe Price Communications & Technology Fund.

On July 28, 1997, the fund converted its status from a closed-end fund to an open-end mutual fund. Prior to the conversion, the fund was known as New Age Media Fund.

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Dynamic Global Bond Fund

Effective May 1, 2017, the fund’s name was changed from T. Rowe Price Global Unconstrained Bond Fund to T. Rowe Price Dynamic Global Bond Fund.

Emerging Europe Fund

Effective March 1, 2012, the fund’s name was changed from T. Rowe Price Emerging Europe & Mediterranean Fund to T. Rowe Price Emerging Europe Fund.

Emerging Markets Corporate Multi-Sector Account Portfolio

Effective July 1, 2013, the fund’s name was changed from T. Rowe Price Emerging Markets Bond Multi-Sector Account Portfolio to T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio.

Emerging Markets Discovery Stock Fund

Effective March 1, 2019, the fund’s name was changed from T. Rowe Price Emerging Markets Value Stock Fund to T. Rowe Price Emerging Markets Discovery Stock Fund.

Equity Index 500 Fund

Effective January 30, 1998, the fund’s name was changed from T. Rowe Price Equity Index Fund to T. Rowe Price Equity Index 500 Fund.

Global Growth Stock Fund and Global Growth Stock Fund—Advisor Class

Effective November 1, 2013, the funds’ names were changed from T. Rowe Price Global Large-Cap Stock Fund and T. Rowe Price Global Large-Cap Stock Fund—Advisor Class to T. Rowe Price Global Growth Stock Fund and T. Rowe Price Global Growth Stock Fund—Advisor Class, respectively.

Global Multi-Sector Bond Fund and Global Multi-Sector Bond Fund—Advisor Class

Effective July 1, 2015, the funds’ names were changed from T. Rowe Price Strategic Income Fund and T. Rowe Price Strategic Income Fund—Advisor Class to T. Rowe Price Global Multi-Sector Bond Fund and T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class, respectively.

Government Money Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Prime Reserve Fund to T. Rowe Price Government Money Fund.

Government Reserve Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Reserve Investment Fund to T. Rowe Price Government Reserve Fund.

Institutional International Disciplined Equity Fund

Effective March 1, 2019, the fund’s name was changed from T. Rowe Price Institutional International Concentrated Equity Fund to T. Rowe Price Institutional International Disciplined Equity Fund. Prior to November 1, 2014, the fund was named T. Rowe Price Institutional Concentrated International Equity Fund.

Institutional International Growth Equity Fund

Effective June 1, 2010, the fund’s name was changed from T. Rowe Price Institutional Foreign Equity Fund to T. Rowe Price Institutional International Growth Equity Fund.

International Disciplined Equity Fund

Effective March 1, 2019, the fund’s name was changed from T. Rowe Price International Concentrated Equity Fund to T. Rowe Price International Disciplined Equity Fund.

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International Value Equity Fund

Effective January 1, 2017, the fund’s name was changed from T. Rowe Price International Growth & Income Fund to T. Rowe Price International Value Equity Fund.

Limited Duration Inflation Focused Bond Fund

Effective September 29, 2015, the fund’s name was changed from T. Rowe Price Inflation Focused Bond Fund to T. Rowe Price Limited Duration Inflation Focused Bond Fund. Prior to July 7, 2010, the fund was named T. Rowe Price Short-Term Income Fund.

QM U.S. Small-Cap Growth Equity Fund

Effective February 24, 2016, the fund’s name was changed from T. Rowe Price Diversified Small-Cap Growth Fund to T. Rowe Price QM U.S. Small-Cap Growth Equity Fund.

Retirement Balanced Fund, Retirement Balanced Fund—Advisor Class, and Retirement Balanced Fund—R Class

Effective December 29, 2014, the funds’ names were changed from T. Rowe Price Retirement Income Fund, T. Rowe Price Retirement Income Fund—Advisor Class, and T. Rowe Price Retirement Income Fund—R Class to T. Rowe Price Retirement Balanced Fund, T. Rowe Price Retirement Balanced Fund—Advisor Class, and T. Rowe Price Retirement Balanced Fund—R Class, respectively.

Short-Term Fund

Effective October 1, 2016, the fund’s name was changed from T. Rowe Price Short-Term Reserve Fund to T. Rowe Price Short-Term Fund.

Short-Term Government Fund

Effective October 1, 2016, the fund’s name was changed from T. Rowe Price Short-Term Government Reserve Fund to T. Rowe Price Short-Term Government Fund.

Small-Cap Stock Fund

Effective May 1, 1997, the fund’s name was changed from T. Rowe Price OTC Fund to T. Rowe Price Small-Cap Stock Fund.

Spectrum Moderate Allocation Fund, Spectrum Moderate Growth Allocation Fund, Spectrum Conservative Allocation Fund

Effective January 1, 2020, the funds’ names were changed from T. Rowe Price Personal Strategy Balanced Fund, T. Rowe Price Personal Strategy Growth Fund, and T. Rowe Price Personal Strategy Income Fund to T. Rowe Price Spectrum Moderate Allocation Fund, T. Rowe Price Spectrum Moderate Growth Allocation Fund, and T. Rowe Price Spectrum Conservative Allocation Fund, respectively.

Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Target 2060 Fund, Target 2005 Fund—Advisor Class, Target 2010 Fund—Advisor Class, Target 2015 Fund—Advisor Class, Target 2020 Fund—Advisor Class, Target 2025 Fund—Advisor Class, Target 2030 Fund—Advisor Class, Target 2035 Fund—Advisor Class, Target 2040 Fund—Advisor Class, Target 2045 Fund—Advisor Class, Target 2050 Fund—Advisor Class, Target 2055 Fund—Advisor Class, and Target 2060 Fund—Advisor Class

Effective February 24, 2016, the fund’s names were changed from Target Retirement 2005 Fund, Target Retirement 2010 Fund, Target Retirement 2015 Fund, Target Retirement 2020 Fund, Target Retirement 2025 Fund, Target Retirement 2030 Fund, Target Retirement 2035 Fund, Target Retirement 2040 Fund, Target Retirement 2045 Fund, Target Retirement 2050 Fund, Target Retirement 2055 Fund, Target Retirement 2060 Fund, Target Retirement 2005 Fund—Advisor Class, Target Retirement 2010 Fund—Advisor Class, Target Retirement 2015 Fund—Advisor Class, Target Retirement 2020 Fund—Advisor Class, Target Retirement 2025 Fund—Advisor Class, Target Retirement 2030 Fund—Advisor Class, Target Retirement 2035 Fund—Advisor Class, Target Retirement 2040 Fund—Advisor Class, Target Retirement 2045 Fund—Advisor Class, Target Retirement 2050 Fund—Advisor Class, Target Retirement 2055 Fund—Advisor Class, and Target

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Retirement 2060 Fund—Advisor Class to Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, Target 2060 Fund, Target 2005 Fund—Advisor Class, Target 2010 Fund—Advisor Class, Target 2015 Fund—Advisor Class, Target 2020 Fund—Advisor Class, Target 2025 Fund—Advisor Class, Target 2030 Fund—Advisor Class, Target 2035 Fund—Advisor Class, Target 2040 Fund—Advisor Class, Target 2045 Fund—Advisor Class, Target 2050 Fund—Advisor Class, Target 2055 Fund—Advisor Class, and Target 2060 Fund—Advisor Class, respectively.

Treasury Reserve Fund

Effective August 1, 2016, the fund’s name was changed from T. Rowe Price Government Reserve Investment Fund to T. Rowe Price Treasury Reserve Fund.

U.S. Bond Enhanced Index Fund

Effective May 6, 2011, the fund’s name was changed from T. Rowe Price U.S. Bond Index Fund to T. Rowe Price U.S. Bond Enhanced Index Fund.

U.S. Equity Research Fund

Effective July 1, 2019, the fund’s name was changed from T. Rowe Price Capital Opportunity Fund to T. Rowe Price U.S. Equity Research Fund.

U.S. High Yield Fund

On May 22, 2017, all of the assets and liabilities of the Henderson High Yield Opportunities Fund were transferred to the U.S. High Yield Fund in a tax-free reorganization as set forth in an agreement and plan of reorganization (the “Reorganization”). As a result of the Reorganization, the Henderson High Yield Opportunities Fund’s shareholders received shares of the U.S. High Yield Fund based on the value of their accounts on May 19, 2017. The U.S. High Yield Fund’s Advisor Class assumed the performance and accounting history of the Henderson High Yield Opportunities Fund’s Class A, and the U.S. High Yield Fund’s I Class assumed the performance and accounting history of the Henderson High Yield Opportunities Fund’s Class I. Shareholders who owned Class A or Class C shares of the Henderson High Yield Opportunities Fund received Advisor Class shares of the U.S. High Yield Fund, and shareholders who owned Class I or Class R6 shares of the Henderson High Yield Opportunities Fund received I Class shares of the U.S. High Yield Fund in the Reorganization.

PROXY VOTING POLICIES

T. Rowe Price recognizes and adheres to the principle that one of the privileges of owning stock in a company is the right to vote on issues submitted to shareholder vote—such as election of directors and important matters affecting a company’s structure and operations. As an investment adviser with a fiduciary responsibility to its clients, T. Rowe Price analyzes the proxy statements of issuers whose stock is owned by the Price Funds, as well as other managed funds and institutional and private counsel clients who have delegated such responsibility to T. Rowe Price.

Proxy Administration

The T. Rowe Price Proxy Committee develops our firm’s positions on all major proxy voting issues, creates guidelines, and oversees the voting process. The Proxy Committee, comprised of portfolio managers, investment analysts, operations managers, and internal legal counsel, analyzes proxy policies based on whether they would adversely affect shareholders’ interests and make a company less attractive to own. In establishing our proxy policies each year, the Proxy Committee relies upon our own fundamental research, independent research provided by an outside proxy advisor, and information presented by company managements and shareholder groups.

Once the Proxy Committee establishes its recommendations, they are distributed to the firm’s portfolio managers as voting guidelines. Ultimately, the portfolio managers decide how to vote on the proxy proposals of companies held in their portfolios. Because portfolio managers may have differences of opinion on portfolio companies and their unique governance issues, the Price Funds may cast different votes at the same shareholder meeting. When portfolio managers cast votes that are counter to the Proxy Committee’s guidelines, they are required to document their reasons in writing to the

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Proxy Committee. Annually, the Proxy Committee reviews T. Rowe Price’s proxy voting process, policies, and voting records.

T. Rowe Price has retained Institutional Shareholder Services (“ISS”), an expert in the proxy voting and corporate governance area, to provide fiduciary-level proxy advisory and voting services. These services include voting recommendations as well as vote execution and reporting for the handling of proxy voting responsibility. In order to reflect T. Rowe Price’s issue-by-issue voting guidelines as approved each year by the Proxy Committee, ISS maintains and implements a custom voting policy for the Price Funds and other client accounts.

Fiduciary Considerations

T. Rowe Price’s decisions with respect to proxy issues are made in light of the anticipated impact of the issue on the desirability of investing in the portfolio company. Proxies are voted solely in the interests of the client, Price Fund shareholders, or where employee benefit plan assets are involved, in the interests of plan participants and beneficiaries. Practicalities and costs involved with international investing may make it impossible at times, and at other times disadvantageous, to vote proxies in every instance. For example, we might refrain from voting if we or our agents are required to appear in person at a shareholder meeting or if the exercise of voting rights results in the imposition of trading or other ownership restrictions.

Consideration Given Management Recommendations

One of the primary factors T. Rowe Price considers when determining the desirability of investing in a particular company is the quality and depth of its management. We recognize that a company’s management is entrusted with the day-to-day operations of the company, as well as its long-term direction and strategic planning, subject to the oversight of the company’s Board of Directors. Accordingly, our proxy voting guidelines are not intended to substitute our judgment for management’s with respect to the company’s day-to-day operations. Rather, our proxy voting guidelines are designed to promote accountability of a company’s management and Board of Directors to its shareholders; to align the interests of management with those of shareholders; and to encourage companies to adopt best practices in terms of their corporate governance. In addition to our proxy voting guidelines, we rely on a company’s disclosures, its Board’s recommendations, a company’s track record, country-specific best practices codes, our research providers and, most importantly, our investment professionals’ views, in making voting decisions.

T. Rowe Price Voting Policies

Specific proxy voting guidelines have been adopted by the Proxy Committee for all regularly occurring categories of management and shareholder proposals. A detailed set of proxy voting guidelines is available through troweprice.com. The following is a summary of our guidelines on the most significant proxy voting topics:

Election of Directors

For U.S. companies, T. Rowe Price generally supports slates with a majority of independent directors. However, T. Rowe Price may vote against outside directors who do not meet our criteria relating to their independence, particularly when they serve on key Board committees, such as compensation and nominating committees, for which we believe that all directors should be independent. Outside of the U.S., we expect companies to adhere to the minimum independence standard established by regional corporate governance codes. At a minimum, however, we believe Boards in all regions should include a blend of executive and non-executive members, and we are likely to vote against senior executives at companies without any independent directors. We also vote against directors who are unable to dedicate sufficient time to their Board duties due to their commitments to other Boards. We may vote against certain directors who have served on company Boards where we believe there has been a gross failure in governance or oversight. Additionally, we may vote against compensation committee members who approve excessive executive compensation or severance arrangements. We support efforts to elect all Board members annually because Boards with staggered terms lessen directors’ accountability to shareholders and act as deterrents to takeover proposals. To strengthen Boards’ accountability, T. Rowe Price supports proposals calling for a majority vote threshold for the election of directors and we may withhold votes from an entire Board if it fails to implement shareholder proposals that receive majority support.

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Antitakeover, Capital Structure, and Corporate Governance Issues

T. Rowe Price generally opposes antitakeover measures since they adversely impact shareholder rights and limit the ability of shareholders to act on potential value-enhancing transactions. Such antitakeover mechanisms include classified Boards, supermajority voting requirements, dual share classes, and poison pills. When voting on capital structure proposals, T. Rowe Price will consider the dilutive impact to shareholders and the effect on shareholder rights. We may support shareholder proposals that call for the separation of the chairman and CEO positions if we determine that insufficient governance safeguards are in place at the company.

Executive Compensation Issues

T. Rowe Price’s goal is to ensure that a company’s equity-based compensation plan is aligned with shareholders’ long-term interests. We evaluate plans on a case-by-case basis, using a number of factors, including dilution to shareholders, problematic plan features, burn rate, and the equity compensation mix. Plans that are constructed to effectively and fairly align executives’ and shareholders’ incentives generally earn our approval. Conversely, we oppose compensation packages that provide what we view as excessive awards to few senior executives or contain the potential for excessive dilution relative to the company’s peers. We also may oppose equity plans at any company where we deem the overall compensation practices to be problematic. We generally oppose efforts to reprice options in the event of a decline in value of the underlying stock unless such plans appropriately balance shareholder and employee interests. For companies with particularly egregious pay practices such as excessive severance packages, executives with outsized pledged/hedged stock positions, executive perks, and bonuses that are not adequately linked to performance, we may vote against compensation committee members. We analyze management proposals requesting ratification of a company’s executive compensation practices (“Say-on-Pay” proposals) on a case-by-case basis, using a screen that assesses the long-term linkage between executive compensation and company performance as well as the presence of objectionable structural features in compensation plans. With respect to the frequency in which companies should seek advisory votes on compensation, we believe shareholders should be offered the opportunity to vote annually. Finally, we may withhold votes from compensation committee members or even the entire board if we have cast votes against a company’s Say-on-Pay vote in consecutive years.

Mergers and Acquisitions

T. Rowe Price considers takeover offers, mergers, and other extraordinary corporate transactions on a case-by-case basis to determine if they are beneficial to shareholders’ current and future earnings stream and to ensure that our Price Funds and clients are receiving fair consideration for their securities. We oppose a high proportion of proposals for the ratification of executive severance packages (“Say on Golden Parachute” proposals) in conjunction with merger transactions if we conclude these arrangements reduce the alignment of executives’ incentives with shareholders’ interests.

Corporate Social Responsibility Issues

T. Rowe Price analyzes corporate responsibility issues on a case-by-case basis utilizing research from ISS, company filings and sustainability reports, research from other investors and nongovernmental organizations, our internal industry research analysts, and our internal responsible investment specialists. T. Rowe Price generally votes with a company’s management on social, environmental, and corporate responsibility issues unless the issue has substantial investment implications for the company’s business or operations that have not been adequately addressed by management. T. Rowe Price supports well-targeted shareholder proposals on environmental and other public policy issues that are particularly relevant to a company’s businesses.

Monitoring and Resolving Conflicts of Interest

The Proxy Committee is also responsible for monitoring and resolving potential material conflicts between the interests of T. Rowe Price and those of its clients with respect to proxy voting. We have adopted safeguards to ensure that our proxy voting is not influenced by interests other than those of our fund shareholders. While membership on the Proxy Committee is diverse, it does not include individuals whose primary duties relate to client relationship management, marketing, or sales. Since T. Rowe Price’s voting guidelines are predetermined by the Proxy Committee, application of the guidelines by Price Fund portfolio managers to vote fund proxies should in most instances adequately address any potential conflicts of interest. However, for proxy votes inconsistent with T. Rowe Price guidelines, the Proxy Committee reviews all such proxy votes to determine whether the portfolio manager’s voting rationale appears reasonable. The Proxy

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Committee also assesses whether any business or other material relationships between T. Rowe Price and a portfolio company (unrelated to the ownership of the portfolio company’s securities) could have influenced an inconsistent vote on that company’s proxy.

Issues raising potential conflicts of interest are referred to designated members of the Proxy Committee for immediate resolution prior to the time T. Rowe Price casts its vote. With respect to personal conflicts of interest, T. Rowe Price’s Code of Ethics and Conduct requires all employees to avoid placing themselves in a “compromising position” in which their interests may conflict with those of our clients and restrict their ability to engage in certain outside business activities. Portfolio managers or Proxy Committee members with a personal conflict of interest regarding a particular proxy vote must recuse themselves and not participate in the voting decisions with respect to that proxy.

Index, Spectrum, and Target Date Funds

Specific Conflict of Interest Situations

Voting of T. Rowe Price Group, Inc., common stock (sym: TROW) by certain T. Rowe Price Index Funds will be done in all instances in accordance with T. Rowe Price policy, and votes inconsistent with policy will not be permitted. In the event that there is no previously established guideline for a specific voting issue appearing on the T. Rowe Price Group proxy, the Price Funds will abstain on that voting item. In addition, T. Rowe Price has voting authority for proxies of the holdings of certain Price Funds that invest in other Price Funds. In cases where the underlying fund of an investing Price Fund, including a fund-of-funds, holds a proxy vote, T. Rowe Price will mirror vote the fund shares held by the upper-tier fund in the same proportion as the votes cast by the shareholders of the underlying funds (other than the T. Rowe Price Reserve Investment Funds).

Limitations on Voting Proxies of Banks

T. Rowe Price has obtained relief from the U.S. Federal Reserve Board (the “FRB Relief”) which permits, subject to a number of conditions, T. Rowe Price to acquire in the aggregate on behalf of its clients, 10% or more of the total voting stock of a bank, bank holding company, savings and loan holding company or savings association (in this section, each a “Bank”), not to exceed a 15% aggregate beneficial ownership maximum in such Bank. One such condition affects the manner in which T. Rowe Price will vote its clients’ shares of a Bank in excess of 10% of the Bank’s total voting stock (“Excess Shares”). The FRB Relief requires that T. Rowe Price use its best efforts to vote the Excess Shares in the same proportion as all other shares voted, a practice generally referred to as “mirror voting,” or in the event that such efforts to mirror vote are unsuccessful, Excess Shares will not be voted. With respect to a shareholder vote for a Bank of which T. Rowe Price has aggregate beneficial ownership of greater than 10% on behalf of its clients, T. Rowe Price will determine which of its clients’ shares are Excess Shares on a pro-rata basis across all of its clients’ portfolios for which T. Rowe Price has the power to vote proxies.

Proxy Vote Disclosure

The Price Funds make broad disclosure of their proxy votes on troweprice.com and on the SEC’s Internet site at http://www.sec.gov. All funds, regardless of their fiscal years, must file with the SEC by August 31, their proxy voting records for the most recent 12-month period ended June 30.

FEDERAL REGISTRATION OF SHARES

The funds’ shares (except for the TRP Reserve Funds) are registered for sale under the 1933 Act. Registration of the funds’ shares are not required under any state law, but the funds are required to make certain filings with and pay fees to the states in order to sell their shares in the states.

LEGAL COUNSEL

Willkie Farr & Gallagher LLP, whose address is 787 Seventh Avenue, New York, New York 10019, is legal counsel to the funds.

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RATINGS OF COMMERCIAL PAPER

Moody’s P-1 superior capacity for repayment. P-2 strong capacity for repayment. P-3 acceptable capacity for repayment of short-term promissory obligations.

S&P A-1 highest category, degree of safety regarding timely payment is strong. Those issues determined to possess extremely strong safety characteristics are denoted with a plus sign (+) designation. A-2 satisfactory capacity to pay principal and interest. A-3 adequate capacity for timely payment, but are more vulnerable to adverse effects of changes in circumstances than higher-rated issues. B and C speculative capacity to pay principal and interest.

Fitch F-1+ exceptionally strong credit quality, strongest degree of assurance for timely payment. F-1 very strong credit quality. F-2 good credit quality, having a satisfactory degree of assurance for timely payment. F-3 fair credit quality, assurance for timely payment is adequate, but adverse changes could cause the securities to be rated below investment grade.

Moody’s The rating of Prime-1 is the highest commercial paper rating assigned by Moody’s. Among the factors considered by Moody’s in assigning ratings are the following: valuation of the management of the issuer; economic evaluation of the issuer’s industry or industries and an appraisal of speculative-type risks that may be inherent in certain areas; evaluation of the issuer’s products in relation to competition and customer acceptance; liquidity; amount and quality of long-term debt; trend of earnings over a period of 10 years; financial strength of the parent company and the relationships that exist with the issuer; and recognition by the management of obligations that may be present or may arise as a result of public interest questions and preparations to meet such obligations. These factors are all considered in determining whether the commercial paper is rated P-1, P-2, or P-3.

S&P Commercial paper rated A (highest quality) by S&P has the following characteristics: liquidity ratios are adequate to meet cash requirements; long-term senior debt is rated “A” or better, although in some cases “BBB” credits may be allowed. The issuer has access to at least two additional channels of borrowing. Basic earnings and cash flow have an upward trend with allowance made for unusual circumstances. Typically, the issuer’s industry is well established and the issuer has a strong position within the industry. The reliability and quality of management are unquestioned. The relative strength or weakness of the above factors determines whether the issuer’s commercial paper is rated A-1, A-2, or A-3.

Fitch 1–Highest grade Commercial paper assigned this rating is regarded as having the strongest degree of assurance for timely payment. Fitch 2–Very good grade Issues assigned this rating reflect an assurance of timely payment only slightly less in degree than the strongest issues.

RATINGS OF CORPORATE DEBT SECURITIES

Moody’s

Aaa–Bonds rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edged.”

Aa–Bonds rated Aa are judged to be of high quality by all standards. Together with the Aaa group, they comprise what are generally known as high-grade bonds.

A–Bonds rated A possess many favorable investment attributes and are to be considered as upper medium-grade obligations.

Baa–Bonds rated Baa are considered as medium-grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present, but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba–Bonds rated Ba are judged to have speculative elements: their futures cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

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B–Bonds rated B generally lack the characteristics of a desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa–Bonds rated Caa are of poor standing. Such issues may be in default, or there may be present elements of danger with respect to repayment of principal or payment of interest.

Ca–Bonds rated Ca represent obligations that are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C–Bonds rated C represent the lowest rated and have extremely poor prospects of attaining investment standing.

S&P

AAA–This is the highest rating assigned by S&P’s to a debt obligation and indicates an extremely strong capacity to pay principal and interest.

AA–Bonds rated AA also qualify as high-quality debt obligations. Capacity to pay principal and interest is very strong.

A–Bonds rated A have a strong capacity to pay principal and interest, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions.

BBB–Bonds rated BBB are regarded as having an adequate capacity to pay principal and interest. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay principal and interest for bonds in this category than for bonds in the A category.

BB, B, CCC, CC, C–Bonds rated BB, B, CCC, CC, and C are regarded on balance as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. BB indicates the lowest degree of speculation and C the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

D–In default.

Fitch

AAA–High-grade, broadly marketable, suitable for investment by trustees and fiduciary institutions, and liable to slight market fluctuation other than through changes in the money rate. The prime feature of an AAA bond is the showing of earnings several times or many times interest requirements for such stability of applicable interest that safety is beyond reasonable question whenever changes occur in conditions. Other features may enter, such as wide margin of protection through collateral, security, or direct lien on specific property. Sinking funds or voluntary reduction of debt by call or purchase are often factors, while guarantee or assumption by parties other than the original debtor may influence the rating.

AA–Of safety virtually beyond question and readily salable. Their merits are not greatly unlike those of AAA class, but a bond so rated may be junior, though of strong lien, or the margin of safety is less strikingly broad. The issue may be the obligation of a small company, strongly secured, but influenced as to rating by the lesser financial power of the enterprise and more local type of market.

A–Bonds rated A are considered to be investment grade and of high credit quality. The obligor’s ability to pay interest and repay principal is considered to be strong but may be more vulnerable to adverse changes in economic conditions and circumstances than bonds with higher ratings.

BBB–Bonds rated BBB are considered to be investment grade and of satisfactory credit quality. The obligor’s ability to pay interest and repay principal is considered to be adequate. Adverse changes in economic conditions and circumstances, however, are more likely to have adverse impact on these bonds and therefore impair timely payment. The likelihood that the ratings of these bonds will fall below investment grade is higher than for bonds with higher ratings.

BB, B, CCC, CC, and C–Bonds rated BB, B, CCC, CC, and C are regarded on balance as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation for bond issues not in default. BB indicates the lowest degree of speculation and C the highest degree of speculation. The rating takes

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into consideration special features of the issue, its relationship to other obligations of the issuer, and the current and prospective financial condition and operating performance of the issuer.

RATINGS OF MUNICIPAL NOTES AND VARIABLE RATE SECURITIES

Moody’s VMIG-1/MIG-1 the best quality. VMIG-2/MIG-2 high quality, with margins of protection ample, though not so large as in the preceding group. VMIG-3/MIG-3 favorable quality, with all security elements accounted for, but lacking the undeniable strength of the preceding grades. Market access for refinancing, in particular, is likely to be less well established. SG adequate quality, but there is specific risk.

S&P SP-1 very strong or strong capacity to pay principal and interest. Those issues determined to possess overwhelming safety characteristics will be given a plus (+) designation. SP-2 satisfactory capacity to pay interest and principal. SP-3 speculative capacity to pay principal and interest.

Fitch F-1+ exceptionally strong credit quality, strongest degree of assurance for timely payment. F-1 very strong credit quality. F-2 good credit quality, having a satisfactory degree of assurance for timely payment. F-3 fair credit quality, assurance for timely payment is adequate, but adverse changes could cause the securities to be rated below investment grade.

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