Untitled Document

485APOS 1 stbptc-1.htm Untitled Document

Registration Nos. 002-87568/811-3894

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/

Post-Effective Amendment No. 66 /X/

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

Amendment No. 61 /X/

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

ExactName of Registrant as Specified in Charter

100 East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices

410-345-2000
Registrant’s Telephone Number, Including Area Code

David Oestreicher

100 East Pratt Street, Baltimore, Maryland 21202
Name and Address of Agent for Service

Approximate Date of Proposed Public Offering December 11, 2020

It is proposed that this filing will become effective (check appropriate box):

// Immediately upon filing pursuant to paragraph (b)

// On (date) pursuant to paragraph (b)

// 60 days after filing pursuant to paragraph (a)(1)

// On (date) pursuant to paragraph (a)(1)

/X/ 75 days after filing pursuant to paragraph (a)(2)

// On (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SUBJECT TO COMPLETION

Information contained herein is subject to completion or amendment. A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This Prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The Registration Statement of the T. Rowe Price Short-Term Bond Fund, Inc. (the “Registrant”) on Form N1A (File Nos.: 002-87568/811-3894) is hereby amended under the Securities Act of 1933 to add a new series and classes.



PROSPECTUS October 1, 2020
		T. ROWE PRICE
		Short DurationIncome Fund
XXXXX XXXXX		Investor Class I Class
SUBJECT TO COMPLETION The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state in which the offer or sale is not permitted.
	The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. Beginning on January 1, 2021, as permitted by SEC regulations, paper copies of the T. Rowe Price funds’ annual and semiannual shareholder reports will no longer be mailed, unless you specifically request them. Instead, shareholder reports will be made available on the funds’ website (troweprice.com/prospectus), and you will be notified by mail with a website link to access the reports each time a report is posted to the site. If you already elected to receive reports electronically, you will not be affected by this change and need not take any action. At any time, shareholders who invest directly in T. Rowe Price funds may generally elect to receive reports or other communications electronically by enrolling at troweprice.com/paperless or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary. You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with T. Rowe Price, please call T. Rowe Price as follows: IRA, nonretirement account holders, and institutional investors, 1-800-225-5132; small business retirement accounts, 1-800-492-7670. If you are a retirement plan sponsor or invest in the T. Rowe Price funds through a financial intermediary, please contact your representative or financial intermediary, or follow additional instructions if included with this document. Your election to receive paper copies of reports will apply to all funds held in your account with your financial intermediary or, if you invest directly in the T. Rowe Price funds, with T. Rowe Price. Your election can be changed at any time in the future.

Table of Contents


1	SUMMARY
	Short Duration Income Fund 1
2	MOREABOUT THE FUND
	Management of the Fund 8 More Information About the Fund’s Investment Objective(s), Strategies, and Risks 9 Portfolio Turnover 25 Disclosure of Fund Portfolio Information 25
3	INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS
	Investing with T. Rowe Price 27 Available Share Classes 27 Distribution and Shareholder Servicing Fees 29 Account Service Fee 31 Policies for Opening an Account 32 Pricing of Shares and Transactions 33 Investing Directly with T. RowePrice 35 Investing Through a Financial Intermediary 41 General Policies Relating to Transactions 43 Contacting T. Rowe Price 50 Information on Distributions andTaxes 52 Rights Reserved by the Funds 59


SUMMARY		1
		1

Investment Objective(s)

The fund seeks to provide income consistent with limited fluctuation in principal value and liquidity.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the Investor Class or I Class, which are not reflected in the table.

Fees and Expenses of the Fund


	Investor Class		I Class
Shareholderfees (fees paid directly from your investment)
Maximum account fee	$20	^a	—
Annualfund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Management fees	0.29	%	0.29	%

Distribution and service(12b-1) fees	—		—

Other expenses	1.67		1.58

Total annual fund operating expenses	1.96		1.87

Fee waiver/expense reimbursement	(1.56)	^b	(1.57)	^c

Total annual fund operating expenses after fee waiver/expense reimbursement	0.40	^b	0.30	^c

a Subjectto certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.

b T. Rowe Price Associates, Inc., has contractually agreed (through September 30, 2023) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to exceed 0.40% of the class’ average daily net assets. The agreement may only be terminated at any time after September 30, 2023, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 0.40%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ expense ratio (after the repayment is taken into account) to exceed the lesser of: (1) the expense limitation in place at the time such amounts were waived; or (2) the class’ current expense limitation.

c T. Rowe Price Associates, Inc., has contractually agreed (through September 30, 2023) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.01% of the class’ average daily net assets. The agreement may only be terminated at any time after September 30, 2023, with approval by the fund’s Board of Directors. Any expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund’s I Class Operating Expenses are below 0.01%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the I Class Operating


T. ROWE PRICE	2

Expenses (after the repayment is taken into account) to exceed the lesser of: (1) the limitation on I Class Operating Expenses in place at the time such amounts were waived; or (2) the current expense limitation on I Class Operating Expenses.

Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that any current expense limitation arrangement remains in place for the period noted in the table above; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 year	3 years
Investor Class	$41	$162
I Class	31	131

Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. A portfolio turnover rate is not shown since the fund had not commenced operations during its most recent fiscal year.

Investments, Risks, and Performance

Principal Investment Strategies

The fund invests in a diversified portfolio of short-duration fixed income securities. The portfolio seeks to optimize income, consistent with limiting volatility and managing risk across different market conditions and stages of the credit cycle. The fund invests primarily in investment-grade corporate and securitized instruments within the U.S. while also incorporating “plus” sectors to enhance income and portfolio diversification.

Securitized instruments include commercial mortgage-backed securities, residential mortgage-backed securities, and asset backed securities (ABS), including collateralized loan obligations (CLOs). “Plus” sectors include below investment grade (also known as high yield) instruments, leveraged loans (or bank loans), and international and emerging market debt. The fund also invests in U.S. government and agency securities.

Under normal market conditions, the fund’s effective duration will be 3 years or less.


SUMMARY	3

The fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The fund will generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

While most assets will typically be invested directly in bonds and other debt instruments, the fund also uses futures, forward currency exchange contracts, credit default and total return swaps, options on futures and options on credit default swap indices in keeping with its objective. The fund may use derivative instruments to hedge its investments, manage duration or to seek to enhance returns. Forward currency exchange contracts are typically used to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar. The fund may buy or sell credit default and total return swaps in order to generate returns, adjust the fund’s overall credit quality, or protect the value of certain portfolio holdings, as well as to profit from expected deterioration in the credit quality of an issuer or the widening of credit spreads. Index options are typically used to efficiently access or adjust exposure to certain market segments and to generate additional income.

The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or overall credit quality, or to shift assets into and out of higher- or lower-yielding securities or certain sectors.

Principal Risks

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater during periods of market disruption or volatility, are summarized as follows:

Fixed income markets Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.

Market conditions The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings


T. ROWE PRICE	4

and markets generally, including political or regulatory developments, recessions, inflation, rapid interest rate changes, war or acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

Interest rates The prices of, and the income generated by, debt instruments held by the fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk.

Credit quality An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative.

High yield investing Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment-grade. Issuers of junk bonds are usually not as strong financially and are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative.

Bank loans Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.

Foreign investing Investments in the securities of non-U.S. issuers may be adversely affected by local, political, social, and economic conditions overseas, greater volatility, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. The risks of


SUMMARY	5

investing outside the U.S. are heightened for any investments in emerging markets, which are susceptible to greater volatility than investments in developed markets.

TBAs and dollar rolls Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the fund to potential losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the fund’s portfolio turnover rate and transaction costs are increased when the fund enters into dollar roll transactions.

Prepayments and extensions The fund is subject to prepayment risks because the principal on mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.

Cybersecurity breaches The fund could be harmed by intentional cyber-attacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, customer data and confidential shareholder information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.


T. ROWE PRICE	6

Performance

Because the fund commenced operations in 2020, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year.

Current performance information is available through troweprice.com.

Management

Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)

Portfolio Manager

Title

Managed
Fund
Since

Joined
Investment
Adviser

[TBA]

Chairman of Investment

Advisory Committee

2020

XXXX

Purchaseand Sale of Fund Shares

The Investor Class generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers.

The I Class requires a $1 million minimum initial investment and there is no minimum for additional purchases, although the initial investment 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.

For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain accounts, by accessing your account online through troweprice.com.

If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.

Tax Information

The fund declares dividends daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, generally may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).


SUMMARY	7

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.


MORE ABOUT THE FUND		2
		2

MANAGEMENT OF THE FUND

Investment Adviser(s)

T. Rowe Price is the fund’s investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio pursuant to an investment management agreement between the investment adviser and the fund. T. Rowe Price is the investment adviser for all mutual funds sponsored and managed by T. Rowe Price (T. Rowe Price Funds); is an SEC-registered investment adviser that provides investment management services to individual and institutional investors and sponsors; and serves as adviser and subadviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of June 30, 2020, T. Rowe Price and its affiliates (Firm) had approximately $1.21 trillion in assets under management and provided investment management services for more than 7 million individual and institutional investor accounts.

Portfolio Management

T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee chairman is ultimately responsible for the day-to-day management of the fund’s portfolio and works with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: [TBA]. The following information provides the year that the chairman (portfolio manager) first joined the Firm and the chairman’s specific business experience during the past five years (although the chairman may have had portfolio management responsibilities for a longer period). The Statement of Additional Information provides additional information about the portfolio manager’s compensation, other accounts managed by the portfolio manager, and the portfolio manager’s ownership of the fund’s shares.

The Management Fee

The management fee consists of a “group fee.” The group fee, which is designed to reflect the benefits of the shared resources of the Firm, is calculated daily based on the combined net assets of all T. Rowe Price Funds (except the funds-of-funds, TRP Reserve Funds, Multi-Sector Account Portfolios, and any index or private-label mutual funds). The group fee schedule (in the following table) is graduated, declining as the combined assets of the T. Rowe Price Funds rise, so shareholders benefit from the overall growth in mutual fund assets.


MORE ABOUT THE FUND	9

Group Fee Schedule


0.334%*	First $50 billion
0.305%	Next $30 billion
0.300%	Next $40 billion
0.295%	Next $40 billion
0.290%	Next $60 billion
0.285%	Next $80 billion
0.280%	Next $100 billion
0.275%	Next $100 billion
0.270%	Next $150 billion
0.265%	Next $195 billion
0.260%	Thereafter

* Represents a blended group fee rate containing various breakpoints.

The fund’s group fee is determined by applying the group fee rate to the fund’s average daily net assets. On May 31, 2020, the annual group fee rate was 0.29%.

A discussion about the factors considered by the fund’s Board of Directors (Board) and its conclusions in approving the fund’s investment management agreement (and any subadvisory agreement, if applicable) appear in the fund’s annual report to shareholders for the period ended May 31.

MORE INFORMATION ABOUT THE FUND’S INVESTMENT OBJECTIVE(S), STRATEGIES, AND RISKS

Investment Objective(s)

The fund seeks to provide income consistent with limited fluctuation in principal value and liquidity.

The investment objective is a fundamental policy, and shareholder approval is required to substantially change it. As with any fund, there is no guarantee the fund will achieve its objective.

Principal Investment Strategies

Duration is a calculation that seeks to measure the price sensitivity of a bond or a bond fund to changes in interest rates. It is expressed in years, like maturity, but it is a better indicator of price sensitivity than maturity because it takes into account the time value of cash flows


T. ROWE PRICE	10

generated over the bond’s life. Future interest and principal payments are discounted to reflect their present value and then multiplied by the number of years they will be received to produce a value expressed in years–the duration. “Effective” duration takes into account call features and sinking fund payments that may shorten a bond’s life.

Since duration can be computed for bond funds, you can estimate the effect of interest rate fluctuations on share prices by multiplying the fund’s duration by an expected change in interest rates. For example, the price of a bond fund with a duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. A bond fund with a longer duration will generally be more sensitive to changes in interest rates than a bond fund with a shorter duration.

The fund may invest up to 35% of its net assets in corporate bonds, bank loans, and other debt instruments that are rated below investment grade (below BBB-, or an equivalent rating), commonly known as high yield instruments, by each of the rating agencies that have assigned a rating to the security or, if unrated, deemed by T. Rowe Price to be below investment grade. The fund may purchase securities of any credit rating, including distressed and defaulted securities. If a holding is split rated (i.e., rated investment grade by at least one rating agency and non-investment grade by another rating agency), the higher rating will be used for purposes of the fund’s limitation on non-investment grade instruments. The fund may invest in securities issued by both U.S. and non-U.S. issuers, including issuers in emerging market countries.

Bonds

A bond is an interest-bearing security. The issuer has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) on a specified date. Bonds can be issued by U.S. and foreign governments, states, and municipalities, as well as a wide variety of companies.

A bond’s annual interest income, set by its coupon rate, is usually fixed for the life of the bond. Its yield (income as a percent of current price) will fluctuate to reflect changes in interest rate levels. A bond’s price usually rises when interest rates fall and vice versa, so its yield generally stays consistent with current market conditions.

Conventional fixed rate bonds offer a coupon rate for a fixed maturity with no adjustment for inflation. Real rate of return bonds also offer a fixed coupon but include ongoing inflation adjustments for the life of the bond.

Certain bonds have floating or variable interest rates that are adjusted periodically based on a particular index. These interest rate adjustments tend to minimize fluctuations in the bonds’ principal values. The maturity of certain floating rate securities may be shortened under certain specified conditions.


MORE ABOUT THE FUND	11

Bonds, including asset- and mortgage-backed securities, may be secured (backed by specific collateral) or may be unsecured (backed only by the issuer’s general creditworthiness).

Every bond has a stated maturity date when the issuer must repay the bond’s entire principal value to the investor. However, many bonds are “callable,” meaning their principal can be repaid before the stated maturity date. Bonds are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate, just as a homeowner refinances a mortgage when interest rates fall. In that environment, a bond’s “effective maturity” is usually its nearest call date. For example, the rate at which homeowners pay down their mortgage principal determines the effective maturity of mortgage-backed bonds.

A bond fund has no real maturity, but it does have a weighted average maturity and a weighted average effective maturity. Each of these numbers is an average of the stated or effective maturities of the underlying bonds, with each bond’s maturity “weighted” by the percentage of the fund’s assets it represents. (The fund’s average effective maturity takes into consideration the possibility that an issuer may call a bond before its maturity date or, with respect to a pool of mortgages, the likelihood of prepayments on the mortgages.) Some funds utilize effective maturities rather than stated maturities when managing a fund to a certain average maturity, which provides additional flexibility in portfolio management.

Mortgage-Backed Securities

The fund may invest in a variety of mortgage-backed securities. Mortgage lenders pool individual home mortgages with similar characteristics to back a certificate or bond, which is sold to investors such as the fund. Interest and principal payments generated by the underlying mortgages are passed through to the investors. The “big three” issuers are the Government National Mortgage Association, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. Government National Mortgage Association certificates are backed by the full faith and credit of the U.S. government, while others, such as the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation certificates, are only supported by the ability to borrow from the U.S. Treasury or by the credit of the agency. (The Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation operate under conservatorship of the Federal Housing Finance Agency, an independent federal agency.) Private mortgage bankers and other institutions also issue mortgage-backed securities.


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Mortgage-backed securities are subject to scheduled and unscheduled principal payments as homeowners pay down or prepay their mortgages. As these payments are received, they must be reinvested when interest rates may be higher or lower than on the original mortgage security. Therefore, these securities are not an effective means of locking in long-term interest rates. In addition, when interest rates fall, the rate of mortgage prepayments, including refinancings, tends to increase. Refinanced mortgages are paid off at face value or “par,” causing a loss for any investor who may have purchased the security at a price above par. In such an environment, this risk limits the potential price appreciation of these securities and can negatively affect the fund’s net asset value. When interest rates rise, the prices of mortgage-backed securities can be expected to decline. In addition, when interest rates rise and prepayments slow, the effective duration of mortgage-backed securities extends, resulting in increased price volatility.

Other types of mortgage-backed securities in which the fund may invest include:

Collateralized Mortgage Obligations Collateralized mortgage obligations are debt instruments that are fully collateralized by a portfolio of mortgages or mortgage-backed securities including Government National Mortgage Association, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and non-agency-backed mortgages. All interest and principal payments from the underlying mortgages are passed through to the collateralized mortgage obligations in such a way as to create different classes with varying risk characteristics, payment structures, and maturity dates. Collateralized mortgage obligation classes may pay fixed or variable rates of interest, and certain classes have priority over others with respect to the receipt of prepayments and allocation of defaults.

Stripped Mortgage Securities Stripped mortgage securities are created by separating the interest and principal payments generated by a pool of mortgage-backed securities or a collateralized mortgage obligation to create additional classes of securities. Generally, one class receives interest-only payments and another receives principal-only payments. Unlike other mortgage-backed securities and principal-only strips, the value of interest-only strips tends to move in the same direction as interest rates. The fund can use interest-only strips as a hedge against falling prepayment rates (when interest rates are rising) and/or in an unfavorable market environment. Principal-only strips can be used as a hedge against rising prepayment rates (when interest rates are falling) and/or in a favorable market environment. Interest-only strips and principal-only strips are acutely sensitive to interest rate changes and to the rate of principal prepayments.

A rapid or unexpected increase in prepayments can severely depress the price of interest-only strips, while a rapid or unexpected decrease in prepayments could have the same effect on principal-only strips. Of course, under the opposite conditions these securities may appreciate in value. These securities can be very volatile in price and may have lower overall liquidity than most other mortgage-backed securities. Certain non-stripped collateralized mortgage obligation classes may also exhibit these qualities, especially those that pay variable rates of interest that adjust inversely with, and more rapidly than, short-term interest rates. In addition, if interest rates rise rapidly and prepayment rates slow more than expected, certain


MORE ABOUT THE FUND	13

collateralized mortgage obligation classes, in addition to losing value, can exhibit characteristics of long-term securities and become more volatile. There is no guarantee that the fund’s investments in collateralized mortgage obligations, interest-only strips, or principal-only strips will be successful, and the fund’s total return could be adversely affected as a result.

Commercial Mortgage-Backed Securities Commercial mortgage-backed securities are securities created from a pool of commercial mortgage loans, such as loans for hotels, shopping centers, office buildings, and apartment buildings. Interest and principal payments from the loans are passed on to the investor according to a schedule of payments. Credit quality depends primarily on the quality of the loans themselves and on the structure of the particular deal. Generally, deals are structured with senior and subordinate classes. The degree of subordination is determined by the rating agencies that rate the individual classes of the structure. Commercial mortgages are generally structured with prepayment penalties, which greatly reduce prepayment risk to the investor. However, the value of these securities may change because of actual or perceived changes in the creditworthiness of the individual borrowers, their tenants, the servicing agents, or the general state of commercial real estate.

Asset-Backed Securities

An underlying pool of assets, such as credit card or automobile trade receivables or corporate loans or bonds, backs these bonds and provides the interest and principal payments to investors. On occasion, the pool of assets may also include a swap obligation, which is used to change the cash flows on the underlying assets. As an example, a swap may be used to allow floating rate assets to back a fixed rate obligation. Credit quality depends primarily on the quality of the underlying assets, the level of any credit support provided by the structure or by a third-party insurance wrap or a line of credit, and the credit quality of the swap counterparty, if any. The underlying assets (i.e., loans) are sometimes subject to prepayments, which can shorten the security’s effective maturity and may lower its return. The value of these securities also may change because of actual or perceived changes in the creditworthiness of the individual borrowers, the originator, the servicing agent, the financial institution providing the credit support, or the swap counterparty. There is no limit on the fund’s investments in asset-backed securities.

Bank Loans and Floating Rate Debt Instruments

Floating rate bank loans and floating rate and variable rate debt instruments have interest rates that reset periodically. Floating rate loans may include bank loans, term loans, delayed draw term loans, bridge loans, and synthetic (or funded) letters of credit. Floating rate debt instruments include variable rate bonds and notes.

Floating rate loans may be senior or subordinated obligations of the borrower and may be unsecured or secured by collateral of the borrower. Senior floating rate loans have a claim to the assets of the borrower that is senior to certain other creditors of the borrower and to certain other floating rate loans (such as second lien loans). The proceeds of floating rate loans are used by the borrower for a variety of purposes, including financing leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, dividends, and to finance internal growth. The fund may invest in loans where a company is in uncertain financial condition,


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where the borrower has defaulted in the payment of interest or principal or performance of its covenants or agreements, or is involved in bankruptcy proceedings, reorganizations, or financial restructurings.

A term loan is a loan that has a specified repayment schedule. A delayed draw loan is a special feature in a term loan that permits the borrower to withdraw predetermined portions of the total amount borrowed at certain times. A bridge loan is a short-term loan arrangement typically made by a borrower in anticipation of longer-term permanent financing. Most bridge loans are structured so that their interest rates rise the longer the loans remain outstanding. A letter of credit is a guarantee by a bank that the borrower’s payment to the lender will be received on time and for the correct amount. If the fund enters into a commitment with a borrower regarding a delayed draw term loan or bridge loan, the fund will be obligated on one or more dates in the future to lend the borrower monies (up to an aggregate stated amount) if called upon to do so by the borrower.

Bank loans may be acquired directly through an agent acting on behalf of the lenders participating in the loan, as an assignment from another lender who holds a direct interest in the loan, or as a participation interest in another lender’s portion of the loan. An assignment typically results in the purchaser succeeding to all rights and obligations under the loan agreement between the assigning lender and the borrower. However, assignments may be arranged through private negotiations, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.

A participation interest is a fractional interest in a loan, issued by a lender or other financial institution. To the extent the fund invests in loans through participation interests, it will be more difficult for it to enforce its rights against the borrower because it will have established a direct contractual relationship with the seller of the participation interest but not with the borrower. When the fund invests in a loan by participation, it must rely on another party not only for the enforcement of its rights against the borrower, but also for the receipt and processing of payments due under the loan. Investing in a participation interest limits the fund’s ability to file a claim directly as a creditor in the event of the borrower’s bankruptcy.

The fund may make investments in a company through the purchase or execution of a privately negotiated note representing the equivalent of a loan. Larger loans to corporations or governments, including governments of less developed countries, may be shared or syndicated among several lenders, usually banks. The fund could participate in such syndicates or could buy part of a loan, becoming a direct lender. These loans may often be obligations of companies or governments in financial distress or in default.

There is no organized exchange or board of trade on which loans are traded. Instead, the secondary market for loans is an unregulated inter-dealer or inter-bank resale market. Market quotations for a particular loan may vary over time, and if the credit quality of a loan unexpectedly declines, secondary trading of that loan may decline or cease. In general, a secondary market may be subject to irregular trading activity, wide bid/ask spreads and


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extended trade settlement periods, which may impair the fund’s ability to realize full value and thus cause a significant decline in the fund’s net asset value.

Loans in which the fund invests may require the consent of the borrower and/or the agent prior to sale or assignment. These consent requirements can delay or impede the fund’s ability to sell loans and may adversely affect the price that can be obtained.

Collateralized Loan Obligations

CLOs are bonds collateralized by pools of bank loans. CLOs are structured into tranches, and payments are allocated such that each tranche has a predictable cash flow stream and average life. Most CLOs tend to be collateralized by loans, with heavy credit enhancement.

Foreign Securities

The fund may invest in foreign securities. Foreign securities could include non-U.S. dollar-denominated securities traded outside the U.S. and U.S. dollar-denominated securities of foreign issuers traded in the U.S. (such as Yankee bonds). Investing in foreign securities involves special risks that can increase the potential for losses. These include exposure to potentially adverse local, political, social, and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; government interference in markets such as nationalization and exchange controls, expropriation of assets, or imposition of punitive taxes; the imposition of international trade and capital barriers and other protectionist or retaliatory measures; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices and legal rights that differ from U.S. standards; and the potential for fluctuations in foreign exchange rates to decrease the investment’s value (favorable changes can increase its value). These risks are heightened for the fund’s investments in emerging markets.

Derivatives and Leverage

A derivative is a financial instrument whose value is derived from an underlying security, such as a stock or bond, or from a market benchmark, such as an interest rate index. Many types of investments representing a wide range of risks and potential rewards may be considered derivatives, including conventional instruments such as futures and options, as well as other potentially more complex investments such as swaps and structured notes. The use of


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derivatives can involve leverage. Leverage has the effect of magnifying returns, positively or negatively. The effect on returns will depend on the extent to which an investment is leveraged. For example, an investment of $1, leveraged at 2 to 1, would have the effect of an investment of $2. Leverage ratios can be higher or lower with a corresponding effect on returns. The fund may use derivatives in a variety of situations, including for the purposes of accomplishing any or all of the following: to hedge against a decline in principal value, to increase yield, to gain exposure to eligible asset classes or securities with greater efficiency and at a lower cost than is possible through a direct investment, or to adjust portfolio duration or credit risk exposures. In accordance with the Investment Company Act of 1940 and various SEC positions, the fund must “set aside” (often referred to as “asset segregation”) liquid assets, or engage in other measures, to “cover” open positions with respect to certain kinds of derivative instruments.

In November 2019, the SEC proposed new regulations governing the use of derivatives by registered investment companies. If adopted as proposed, new Rule 18f-4 would impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the Investment Company Act of 1940, treat derivatives as senior securities so that a failure to comply with the proposed limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Derivatives that may be used include the following instruments, as well as others that combine the risk characteristics and features of futures, options, and swaps:

Futures and Options Futures are often used to establish exposures or manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options may be used to generate additional income, to enhance returns, or as a defensive technique to protect against anticipated declines in the value of an asset. Call options give the investor the right to purchase (when the investor purchases the option), or the obligation to sell (when the investor “writes” or sells the option), an asset at a predetermined price in the future. Put options give the purchaser of the option the right to sell, or the seller (or “writer”) of the option the obligation to buy, an asset at a predetermined price in the future. Futures and options contracts may be bought or sold for any number of reasons, including to manage exposure to changes in interest rates, bond prices, foreign currencies, and credit quality; as an efficient means of increasing or decreasing the fund’s exposure to certain markets; in an effort to enhance income; to improve risk-adjusted returns; to protect the value of portfolio securities; and to serve as a cash management tool. Call or put options may be purchased or sold on securities, futures, financial indexes, and foreign currencies. The fund may choose to continue a futures contract by “rolling over” an expiring futures contract into an identical contract with a later maturity date. This could increase the fund’s transaction costs and portfolio turnover rate.

Futures and options contracts may not always be successful investments or hedges; their prices can be highly volatile; using them could lower the fund’s total return; the potential loss from


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the use of futures can exceed the fund’s initial investment in such contracts; and the losses from certain options written by the fund could be unlimited.

Swaps The fund may invest in interest rate, index, total return, credit default, and other types of swap agreements, as well as options on swaps, commonly referred to as “swaptions,” and interest rate swap futures, which are instruments that provide a way to obtain swap exposure and the benefits of futures in one contract. All of these agreements are considered derivatives and, in certain cases, high-risk derivatives. Interest rate, index, and total return swaps are two-party contracts under which the fund and a counterparty, such as a broker or dealer, agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or indexes. Credit default swaps are agreements where one party (the protection buyer) will make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as defaults and bankruptcies related to an issuer or underlying credit instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to settle in cash at a future date at the price determined by a specific benchmark rate at the end of a fixed period. Swaps, swaptions, and swap futures can be used for a variety of purposes, including to manage the fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the fund’s exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk exposure.

There are risks in the use of swaps and related instruments. Swaps could result in losses if interest or foreign currency exchange rates or credit quality changes are not correctly anticipated by the fund. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated. Credit default swaps can increase the fund’s exposure to credit risk and could result in losses if evaluation of the creditworthiness of the counterparty, or of the company or government on which the credit default swap is based, is incorrect. The use of swaps, swaptions, and swap futures may not always be successful. Using them could lower the fund’s total return, their prices can be highly volatile, and the potential loss from the use of swaps can exceed the fund’s initial investment in such instruments. Also, the other party to a swap agreement could default on its obligations or refuse to cash out the fund’s investment at a reasonable price, which could turn an expected gain into a loss. Although there should be minimal counterparty risk associated with investments in interest rate swap futures, the fund could experience delays and/or losses due to the bankruptcy of a swap dealer through which the fund engaged in the transaction.

Currency Derivatives A fund that invests in foreign securities may attempt to hedge its exposure to potentially unfavorable currency changes. The primary means of doing this is through the use of forward currency exchange contracts, which are contracts between two counterparties to exchange one currency for another on a future date at a specified exchange rate. The fund may also use these instruments to create a synthetic bond, which is issued in one currency with the currency component transformed into another currency. However, futures, swaps, and options on foreign currencies may also be used. In certain circumstances, the fund may use currency derivatives to substitute a different currency for the currency in which the


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investment is denominated, a strategy known as proxy hedging. If the fund were to engage in any of these foreign currency transactions, it could serve to protect its foreign securities from adverse currency movements relative to the U.S. dollar, although the fund may also use currency derivatives in an effort to gain exposure to a currency expected to appreciate in value versus other currencies. As a result, the fund could be invested in a currency without holding any securities denominated in that currency. Such transactions involve, among other risks, the risk that anticipated currency movements will not occur, which could reduce the fund’s total return. There are certain markets, including many emerging markets, where it is not possible to engage in effective foreign currency hedging.

When-Issued Securities and Forwards

The fund may purchase securities on a when-issued or delayed delivery basis or may purchase or sell securities on a forward commitment basis. There is no limit on the fund’s investments in these securities. The price of these securities is fixed at the time of the commitment to buy, but delivery and payment take place after the customary settlement period for that type of security (often a month or more later). During the interim period, the price and yield of the securities can fluctuate, and typically no interest accrues to the purchaser. At the time of delivery, the market value of the securities may be more or less than the purchase or sale price. To the extent the fund remains fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time it purchases these securities, there will be greater fluctuations in the fund’s net asset value than if the fund did not purchase them.

Principal Risks

Consistent with the fund’s objective, the portfolio manager uses various tools to try to reduce risks and increase total return, including:

· attempting to reduce the impact of a single holding on the fund’s net asset value;

· thorough credit research performed by T. Rowe Price analysts; and

· adjusting the fund’s duration to try to reduce the drop in its share price when interest rates rise or to benefit from a rise in bond prices when interest rates fall. (For example, when interest rates rise, the portfolio manager may seek to lower the fund’s overall duration in an effort to reduce the adverse impact on the fund’s share price.)

The principal risks associated with the fund’s principal investment strategies include the following:

Fixed income markets The market price of investments owned by the fund may go up or down, sometimes rapidly or unpredictably. The fund’s investments may decline in value due to factors affecting the overall fixed income markets, or particular industries or sectors. The value of a holding may decline due to developments related to a particular issuer, but also due to general fixed income market conditions, including real or perceived adverse economic developments such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry, such as labor shortages, increased production costs,


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or competitive conditions. The fund may experience heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value.

Market conditions The value of investments held by the fund may decline, sometimes rapidly or unpredictably, due to factors affecting certain issuers, particular industries or sectors, or the overall markets. Rapid or unexpected changes in market conditions could cause the fund to liquidate its holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that issuer, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation, or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, or competitive conditions. In addition, local, regional, or global events such as war, acts of terrorism, political and social unrest, regulatory changes, recessions, shifts in monetary or trade policies, natural or environmental disasters, and the spread of infectious diseases or other public health issues could have a significant negative impact on securities markets and the fund’s investments. Unpredictable events such as natural disasters, pandemics, and widespread health crises may lead to unexpected suspensions or closures of securities exchanges, travel restrictions or quarantines, and an extended adverse impact on global market conditions.

Interest rates The prices of bonds and other fixed income securities typically increase as interest rates fall and prices typically decrease as interest rates rise (bond prices and interest rates usually move in opposite directions). Prices fall because the bonds and notes in the fund’s portfolio become less attractive to other investors when securities with higher yields become available. Generally, securities with longer maturities or durations and funds with longer weighted average maturities or durations have greater interest rate risk. As a result, in a rising interest rate environment, the net asset value of a fund with a longer weighted average maturity or duration typically decreases at a faster rate than the net asset value of a fund with a shorter weighted average maturity or duration. Interest rates have recently been near historically low levels. Extremely low or negative interest rates may increase the fund’s susceptibility to interest rate risk and reduce the fund’s yield. In addition, recent and potential future changes in monetary policy made by central banks and/or governments are likely to affect the level of interest rates. As a result, rapid changes in interest rates may increase the fund’s overall exposure to interest rate risk.

Credit quality An issuer of a debt instrument held by the fund could default (fail to make scheduled interest or principal payments), potentially reducing the fund’s income and share price. Credit risk is increased when portfolio holdings are downgraded or the perceived financial condition of an issuer deteriorates. Holdings with an investment-grade rating (AAA through BBB, or an equivalent rating) should have a relatively low risk of encountering financial problems and a relatively high probability of future payments. However, holdings rated BBB (or an equivalent rating) are more susceptible to adverse economic conditions than other investment-grade holdings and may have speculative characteristics. Holdings rated below investment grade should be regarded as speculative because their issuers may be more susceptible to financial setbacks and recession than more creditworthy issuers.


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High Yield investing High yield, commonly reffered to “junk,” investing subjects the fund to heightened credit risk. Issuers of high yield bonds and loans are not as strong financially as those with higher credit ratings, so the issuers and lenders are more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. As a result, below investment grade investments carry greater risks of default and erratic price swings due to real or perceived changes in the credit quality of the issuer or lender.

Because the credit quality of the issuer is lower, such investments are more sensitive to developments affecting the issuer’s or lender’s underlying fundamentals, such as changes in financial condition or a particular country’s general economy. In addition, the entire below investment-grade bond and loan markets can experience sudden and sharp price swings due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by institutional investors, a high-profile default, or a change in the market’s psychology. This type of volatility is usually associated more with stocks than bonds, but investors in lower-quality bonds and loans should also anticipate it. Since mutual funds can be a major source of demand in certain junk bond and loan markets, substantial cash flows into and out of these funds can affect prices. If, for example, a significant number of funds were to sell bonds or loans to meet shareholder redemptions, bond and loan prices and funds’ share prices could fall more than underlying fundamentals might justify.

Any investments in distressed or defaulted instruments subject the fund to even greater credit risk than investments in other below investment-grade investments. Investments in obligations of restructured, distressed, and bankrupt issuers, including debt obligations that are already in default, generally trade significantly below par and may lack liquidity. Defaulted securities might be repaid only after lengthy bankruptcy proceedings, during which the issuer might not make any interest or other payments, and such proceedings may result in only partial recovery of principal or no recovery at all. Recovery could involve an exchange of the defaulted obligation for other debt instruments or equity securities of the issuer or its affiliates, each of which may in turn lack liquidity or be speculative and be valued by the fund at significantly less than its original purchase price. In addition, investments in distressed issuers may subject the fund to liability as a lender.

Bank loans Bank loans often have contractual restrictions on resale. These restrictions can delay or impede the fund’s ability to sell loans and may adversely affect the price that can be obtained. Loans and unlisted securities are typically less liquid than securities traded on national exchanges. The secondary market for loans may be subject to irregular trading activity and extended settlement periods, and the liquidity of bank loans can vary significantly over time. For example, if the credit quality of a bank loan unexpectedly declines significantly, secondary market trading in that floating rate loan can also decline. During periods of infrequent trading, valuing a bank loan can be more difficult and buying or selling a loan at an acceptable price may not be possible or may be delayed.

The terms of the bank loans held by the fund may require that the borrowing company maintain collateral to support payment of its obligations. However, the value of the collateral


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securing a bank loan can decline or be insufficient to meet the obligations of the company. In addition, collateral securing a loan may be found invalid, may be used to pay other outstanding obligations of the borrower, or may be difficult to liquidate. The fund’s access to the collateral may be limited by bankruptcy, other insolvency laws, or by the type of loan the fund has purchased. For example, if the fund purchases a participation interest instead of an assignment, it would not have direct access to collateral of the borrower. As a result, a bank loan may not be fully collateralized and can decline significantly in value.

Foreign investing The fund’s investments outside the U.S. are subject to special risks, whether the securities (including depositary receipts and other instruments that represent interests in a non-U.S. issuer) are denominated in U.S. dollars or foreign currencies. These risks include potentially adverse local, political, social, and economic conditions overseas, greater volatility, lower liquidity, and the possibility that settlement practices and regulatory and accounting standards will differ from those of U.S. issuers. Foreign currencies could decline against the U.S. dollar, lowering the value of securities denominated in those currencies and possibly the fund’s share price. These risks are heightened for any investments in emerging markets, which are more susceptible to governmental interference, less efficient trading markets, and the imposition of local taxes or restrictions on gaining access to sales proceeds for foreign investors.

Derivatives The use of futures, forward currency exchange contracts, credit default and total return swaps, options on futures and options on credit default swap indices exposes the fund to additional volatility in comparison to investing directly in bonds and other debt instruments. These instruments can experience reduced liquidity and become difficult to value, and any of these instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The use of these instruments involves the risks that anticipated interest rate movements and changes in currency exchange rates will not be accurately predicted. Interest rates and yield curves vary from country to country depending on local economic conditions and monetary and fiscal policies, and interest rate changes and their impact tend to be more difficult to predict for foreign countries, particularly emerging market countries. Any efforts at buying or selling currencies could result in significant losses for the fund and, if the fund takes a short position in a particular currency, it will lose money if the currency appreciates in value. Further, if the fund’s foreign currency transactions are intended to hedge the currency risk associated with investing in foreign securities and minimize the risk of loss that would result from a decline in the value of the hedged currency, these transactions also may limit any potential gain that might result should the value of such currency increase. The use of credit default swaps exposes the fund to the risk of losses and the risk that anticipated changes in the creditworthiness of an issuer or the likelihood of a credit event will not be accurately predicted. If the fund buys a credit default swap and no credit event occurs, the fund may recover nothing if the swap is held through its termination date.

TBAs and dollar rolls TBA and dollar roll transactions present special risks to the fund. Although the particular TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis


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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 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.

Prepayments and extensions A fund investing in mortgage-backed securities, certain asset-backed securities, and other debt instruments that have embedded call options can be negatively impacted when interest rates fall because borrowers tend to refinance and prepay principal. Receiving increasing prepayments in a falling interest rate environment causes the average maturity of the portfolio to shorten, reducing its potential for price gains. It also requires the fund to reinvest proceeds at lower interest rates, which reduces the fund’s total return and yield, and could result in a loss if bond prices fall below the level that the fund paid for them. A rise in interest rates or lack of refinancing opportunities can cause the fund’s average maturity to lengthen unexpectedly due to a drop in expected prepayments of mortgage-backed securities, asset-backed securities, and callable debt instruments. This would increase the fund’s sensitivity to rising rates and its potential for price declines.

Liquidity The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interest in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Sectors of the bond market can experience sudden downturns in trading activity. During periods of reduced market liquidity, the spread between the price at which a security can be bought and the price at which it can be sold can widen, and the fund may not be able to sell a holding readily at a price that reflects what the fund believes it should be worth. Securities with lower overall liquidity can also become more difficult to value. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional broker-dealers to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where selling activity from fixed income investors may be higher than normal, potentially causing increased supply in the market.

Cybersecurity breaches The fund may be subject to operational and information security risks resulting from breaches in cybersecurity. Cybersecurity breaches may involve deliberate attacks and unauthorized access to the digital information systems (for example, through “hacking” or malicious software coding) used by the fund or its third-party service providers but may also result from outside attacks such as denial-of-service attacks. These breaches may, among other things, result in financial losses to the fund and its shareholders, cause the fund to lose proprietary information, disrupt business operations, or result in the unauthorized release of confidential information. Further, cybersecurity breaches involving the fund’s third-party service providers, financial intermediaries, trading counterparties, or issuers in which the fund invests could subject the fund to many of the same risks associated with direct breaches.


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Additional Strategies, Risks, and Investment Management Practices

In addition to the principal investment strategies and principal risks previously described, the fund may employ other, non-principal investment strategies and may be subject to other risks, which include the following:

Investments in Other Investment Companies

The fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.

The fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting the purchase of securities or as an efficient means of gaining exposure to a particular asset class. The fund might also purchase shares of another investment company, including shares of other T. Rowe Price Funds, 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, or as a means of gaining efficient and cost-effective exposure to certain asset classes. Any investment in another investment company would be consistent with the fund’s objective and investment program.

The risks of owning another investment company are generally similar to the risks of investing directly in the securities in which that investment company invests. However, 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 and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities, and their shares may have greater volatility if an active trading market does not exist.

As a shareholder of another investment company, the fund must pay its pro-rata share of that investment company’s fees and expenses. The fund’s investments in non-T. Rowe Price investment companies are subject to the limits that apply to investments in other funds under the Investment Company Act of 1940 or under any applicable exemptive order.

Investments in other investment companies could allow the fund to obtain the benefits of a more diversified portfolio than might otherwise be available through direct investments in a particular asset class, and will subject the fund to the risks associated with the particular asset class or asset classes in which an underlying fund invests. Examples of asset classes in which other mutual funds (including T. Rowe Price Funds) focus their investments include high yield bonds, inflation-linked securities, floating rate loans, international bonds, emerging market bonds, stocks of companies involved in activities related to real assets, stocks of companies that focus on a particular industry or sector, and emerging market stocks. If the fund invests in another T. Rowe Price Fund, the management fee paid by the fund will be reduced to ensure that the fund does not incur duplicate management fees as a result of its investment.

Illiquid Securities and Maintaining Liquid Investments

Some of the fund’s holdings may be considered illiquid because they cannot be sold in the ordinary course of business within seven days at approximately the prices at which they are valued. The sale of illiquid investments may involve substantial delays and additional costs, and


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the fund may only be able to sell such securities at prices substantially lower than what it believes they are worth.

The fund must generally hold a significant percentage of its assets in securities that are liquid; that is, securities that may be readily sold in the market or will mature within a short period of time.

Reserve Position

A certain portion of the fund’s assets may be held in reserves. The fund’s reserve positions will primarily consist of: (1) shares of a T. Rowe Price internal money market fund or short-term bond fund (which do not charge any management fees and are not available for public purchase); (2) short-term, high-quality U.S. money market securities, including repurchase agreements; and (3) U.S. dollar or non-U.S. dollar currencies. In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position that is inconsistent with its principal investment objective(s) and/or strategies and may invest, without limitation, in reserves. If the fund has significant holdings in reserves, it could compromise its ability to achieve its objective(s). The reserve position provides flexibility in meeting redemptions, paying expenses, and managing cash flows into the fund and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.

Borrowing Money and Transferring Assets

The fund may borrow from banks, other persons, and other T. Rowe Price Funds for temporary or emergency purposes, to facilitate redemption requests, or for other purposes consistent with the fund’s policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with the fund’s assets, subject to certain restrictions.

Borrowings may not exceed 33¹/₃% of the fund’s total assets. This limitation includes any borrowings for temporary or emergency purposes, applies at the time of the transaction, and continues to the extent required by the Investment Company Act of 1940.

Meeting Redemption Requests

We expect that the fund will hold cash or cash equivalents to meet redemption requests. The fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the fund. These redemption methods will be used regularly and may also be used in deteriorating or stressed market conditions. The fund reserves the right to pay redemption proceeds with securities from the fund’s portfolio rather than in cash (redemptions in-kind), as described under “Large Redemptions.” Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of the fund’s net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. In general, any redemptions in-kind will represent a pro-rata distribution of the fund’s securities, subject to certain limited exceptions. Redemptions in-kind may be used regularly in circumstances as described above and may also be used in stressed market conditions.


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The fund, along with other T. Rowe Price Funds, is a party to an interfund lending exemptive order received from the SEC that permits the T. Rowe Price Funds to borrow money from and/or lend money to other T. Rowe Price Funds to help the funds meet short-term redemptions and liquidity needs.

During periods of deteriorating or stressed market conditions, when an increased portion of the fund’s portfolio may be composed of holdings with reduced liquidity or lengthy settlement periods, or during extraordinary or emergency circumstances, the fund may be more likely to pay redemption proceeds with cash obtained through interfund lending or short-term borrowing arrangements (if available), or by redeeming a large redemption request in-kind.

Lending of Portfolio Securities

The fund may lend its securities to broker-dealers, other institutions, or other persons to earn additional income. Risks include the potential insolvency of the broker-dealer or other borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the reinvestment of collateral received on loaned securities in investments that decline in value, default, or do not perform as well as expected. Cash collateral from securities lending is invested in the T. Rowe Price Short-Term Fund.

The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.

PORTFOLIO TURNOVER

Turnover is an indication of frequency of trading. Each time the fund purchases or sells a security, it incurs a cost. This cost is reflected in the fund’s net asset value but not in its operating expenses. The higher the turnover rate, the higher the transaction costs and the greater the impact on the fund’s total return. Higher turnover can also increase the possibility of taxable capital gain distributions. A portfolio turnover rate is not shown since the fund had not commenced operations during its most recent fiscal year.

DISCLOSURE OF FUND PORTFOLIO INFORMATION

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 to prevent harm to the fund or its shareholders. 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. A description of


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T. Rowe Price’s policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information.


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS		3
INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS

The following policies and procedures generally apply to Investor Class, I Class, Advisor Class, R Class, and Z Class accounts in the T. Rowe Price Funds. The front cover and Section 1 of this prospectus indicate which share classes are available for the fund.

INVESTING WITH T. ROWE PRICE

This section of the prospectus explains the basics of investing with T. Rowe Price and describes some of the different share classes that may be available. Certain share classes can be held directly with T. Rowe Price, while other share classes must typically be held through a financial intermediary, such as a bank, broker, retirement plan recordkeeper, or investment advisor. The Z Class is only available to funds managed 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.

AVAILABLE SHARE CLASSES

Each class of a fund’s shares represents an interest in the same fund with the same investment program and investment policies. However, each class is designed for a different type of investor and has a different cost structure primarily due to shareholder services or distribution arrangements that may apply only to that class. For example, certain classes may make payments to financial intermediaries for various administrative services they provide (commonly referred to as administrative fee payments, or AFP) and/or make payments to certain financial intermediaries for distribution of the fund’s shares (commonly referred to as 12b-1 fee payments). Determining the most appropriate share class depends on many factors, including how much you plan to invest, whether you are investing directly in the fund or through a financial intermediary, and whether you are investing on behalf of a person or an organization.

This section generally describes the differences between Investor Class, I Class, Advisor Class, R Class, and Z Class shares. This section does not describe the policies that apply to accounts in T. Rowe Price institutional funds and certain other types of funds. Policies for these other funds are described in their respective prospectuses, and all available share classes for the T. Rowe Price Funds are described more fully in the funds’ Statement of Additional Information. While many T. Rowe Price Funds are offered in more than one share class, not all funds offer all of the share classes described in this section.

Investor Class

A T. Rowe Price Fund that does not include the term “institutional” or indicate a specific share class as part of its name is considered to be the Investor Class of that fund. The Investor Class is


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available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly from T. Rowe Price or through a retirement plan or financial intermediary. The Investor Class does not impose sales charges and does not make any 12b-1 fee payments to financial intermediaries but may make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. In addition, you may also incur brokerage commissions and other charges when buying or selling Investor Class shares through a financial intermediary. For investors holding the Investor Class through the T. Rowe Price^® ActivePlus Portfolios program, the terms and conditions of the program will be applicable.

I Class

The I Class may be purchased directly from T. Rowe Price or through a financial intermediary. The I Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries. However, you may incur brokerage commissions and other charges when buying or selling I Class shares through a financial intermediary.

The I Class requires a $1 million initial investment minimum, although the minimum generally is waived for retirement plans, financial intermediaries, certain institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other accounts. For investors eligible for the I Class through the T. Rowe Price^® ActivePlus Portfolios program, the terms and conditions of the program will be applicable. Accounts that are not eligible for the I Class may be converted to the Investor Class following notice to the financial intermediary or investor.

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 financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.25% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. You may also incur other fees or charges when buying or selling Advisor Class shares through a financial intermediary.

The Advisor Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of Advisor Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the Advisor Class (including any accounts that are no longer serviced by a financial intermediary or for which the financial intermediary does not accept or assess 12b-1 fee payments) may be converted to the Investor Class following notice to the financial intermediary or investor.


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R Class

The R Class is designed to be sold through financial intermediaries for employer-sponsored defined contribution retirement plans and certain other retirement accounts. The R Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The R Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.50% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. You may also incur other fees or charges when buying or selling R Class shares through a financial intermediary.

The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of R Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the R Class (including any accounts that are no longer serviced by a financial intermediary or for which the financial intermediary does not accept or assess 12b-1 fee payments) may be converted to the Investor Class or Advisor Class following notice to the financial intermediary or investor.

Z Class

The Z Class is only available to funds managed 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. There is no minimum initial investment and no minimum for additional purchases. The Z Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries.

DISTRIBUTION AND SHAREHOLDER SERVICING FEES

Administrative Fee Payments (Investor Class, Advisor Class, and R Class)

Certain financial intermediaries perform recordkeeping and administrative services for their clients that would otherwise be performed by the funds’ transfer agent. Investor Class, Advisor Class, and R Class shares may make administrative fee payments to retirement plan recordkeepers, broker-dealers, and other financial intermediaries (at an annual rate of up to 0.15% of the class’ average daily net assets) for transfer agency, recordkeeping, and other administrative services that they provide on behalf of the funds. These administrative services may include maintaining account records for each customer; transmitting purchase and redemption orders; delivering shareholder confirmations, statements, and tax forms; and providing support to respond to customers’ questions regarding their accounts. Except for funds that have an all-inclusive management fee, these separate administrative fee payments are reflected in the “Other expenses” line that appears in the table titled “Fees and Expenses of the Fund” in Section 1.


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12b-1 Fee Payments (Advisor Class and R Class)

Mutual funds are permitted to adopt a 12b-1 plan to pay certain expenses associated with the distribution of the fund’s shares out of the fund’s assets. Each fund offering Advisor and/or R Class shares has adopted a 12b-1 plan under which those classes may make payments (for the Advisor Class, at an annual rate of up to 0.25% of the class’ average daily net assets, and for the R Class, at an annual rate of up to 0.50% of the class’ average daily net assets) to various financial intermediaries, such as broker-dealers, registered investment advisers, banks, insurance companies, and retirement plan recordkeepers, for distribution and/or shareholder servicing of the Advisor Class and R Class shares. The 12b-1 plans provide for the class to pay such fees to the fund’s distributor and for the distributor to then pay such fees to the financial intermediaries that provide services for the class and/or make the class available to investors.

For the Advisor Class, distribution payments may include payments to financial intermediaries for making the Advisor Class shares available to their customers (for example, providing the fund with “shelf space” or inclusion on a “preferred list” or “supermarket” platform). For the R Class, distribution payments may include payments to financial intermediaries for making the R Class shares available as investment options to retirement plans and retirement plan participants, assisting plan sponsors in conducting searches for investment options, and providing ongoing monitoring of investment options.

Shareholder servicing payments under the plans may include payments to financial intermediaries for providing shareholder support services to existing shareholders of the Advisor Class and R Class. These payments may be more or less than the costs incurred by the financial intermediaries. Because the fees are paid from the Advisor Class or R Class net assets on an ongoing basis, they will increase the cost of your investment over time. In addition, payments of 12b-1 fees may influence your financial advisor’s recommendation of the fund or of any particular share class of the fund. Payments of 12b-1 fees are reflected in the “Distribution and service (12b-1) fees” line that appears in the table titled “Fees and Expenses of the Fund” in Section 1.

Additional Compensation to Financial Intermediaries

In addition to the administrative fee payments made by certain funds and the 12b-1 payments made by the Advisor Class and R Class, T. Rowe Price or the fund’s distributor will, at their own expense, provide compensation to certain financial intermediaries that have sold shares of or provide shareholder or other services to the T. Rowe Price Funds, commonly referred to as revenue sharing. These payments may be in the form of asset-based, transaction-based, or flat payments. These payments are used to compensate third parties for distribution and shareholder servicing activities, including sub-accounting, sub-transfer agency, or other services. Some of these payments may include expense reimbursements and meeting and marketing support payments (out of T. Rowe Price’s or the fund’s distributor’s own resources and not as an expense of the funds) to financial intermediaries, such as broker-dealers, registered investment advisers, banks, insurance companies, and retirement plan recordkeepers, in connection with the sale, distribution, marketing, and/or servicing of the


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T. Rowe Price Funds. The Statement of Additional Information provides more information about these payment arrangements.

The receipt of, or the prospect of receiving, these payments and expense reimbursements from T. Rowe Price or the fund’s distributor may influence financial intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment options for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation). In addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of the T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or provide preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments 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 T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor. You may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or the fund’s distributor.

Comparison of Fees

The following table summarizes the distribution and service (12b-1) fee and administrative fee arrangements applicable to each class.


Class	12b-1 Fee Payments	Administrative Fee Payments
Investor Class	None	Up to 0.15% per year
I Class	None	None
Advisor Class	Up to 0.25% per year	Up to 0.15% per year
R Class	Up to 0.50% per year	Up to 0.15% per year
Z Class	None	None

ACCOUNT SERVICEFEE

Investor Class

In an effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds’ transfer agent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may result in a taxable gain or loss to you.

The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which


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T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price^® ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price brokerage sweep account. Regardless of a particular fund account’s balance as of the last business day of August, the account service fee is automatically waived for accounts that satisfy any of the following conditions:

· Any accounts for which the shareholder has elected to receive electronic delivery of all of the following: account statements, transaction confirmations, prospectuses, and shareholder reports (paper copies of fund documents are available, free of charge, upon request, to any shareholder regardless of whether the shareholder has elected electronic delivery);

· Any accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets include investments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a retirement plan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or

· Any accounts of a shareholder who is a T. Rowe Price Select Client Services client—visit troweprice.com or call 1-800-332-6161 for more information.

T. Rowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price IRA, Education Savings Account, or small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares from such accounts.

POLICIES FOR OPENING AN ACCOUNT

Investor Class and I Class shares may be purchased directly from T. Rowe Price or through various financial intermediaries. Advisor Class and R Class shares must be purchased through a financial intermediary (except for certain retirement plans held directly at T. Rowe Price). If you are opening an account through an employer-sponsored retirement plan or other financial intermediary, you should contact the retirement plan or financial intermediary for information regarding its policies on opening an account, including the policies relating to purchasing, exchanging, and redeeming shares, and the applicable initial and subsequent investment minimums.

Tax Identification Number

Investors must provide T. Rowe Price with a valid Social Security number or taxpayer identification number on a signed new account form or Form W-9, and financial intermediaries must provide T. Rowe Price with their certified taxpayer identification number. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject you or the financial intermediary to an Internal Revenue Service fine. If this information is not received within 60 days of the account being established, the account may be redeemed at the fund’s then-current net asset value.


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Important Information Required to Open a New Account

Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account.

When you open an account, you will be asked for the name, U.S. street address (post office boxes are not acceptable), date of birth, and Social Security number or taxpayer identification number for each account owner and person(s) opening an account on behalf of others, such as custodians, agents, trustees, or other authorized signers. When opening an entity account, you will be asked to identify and provide personal information for: (i) any individual who, either directly or indirectly, owns 25% or more of the equity interest of the entity and (ii) a single individual who controls, manages, or directs the entity. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an account. Certain other fiduciary accounts (such as trusts or power of attorney arrangements) require documentation, which may include an original or certified copy of the trust agreement or power of attorney, to open an account.

T. Rowe Price will use this information to verify the identity of the person(s)/entity opening the account. An account cannot be opened until all of this information is received. If the identity of the account holder cannot be verified, T. Rowe Price is authorized to take any action permitted by law, including but not limited to restricting additional purchases, freezing the account, or involuntarily redeeming the shares in the account at the net asset value calculated the day the account is redeemed.

Institutional investors and financial intermediaries should call Financial Institution Services at 1-800-638-8790 for more information on these requirements, as well as to be assigned an account number and instructions for opening an account. Other investors should call Investor Services at 1-800-638-5660 for more information about these requirements.

The funds are generally available only to investors residing in the United States. In addition, nongovernment money market funds that operate as “retail money market funds” pursuant to Rule 2a-7 under the Investment Company Act of 1940 are required to limit their beneficial owners to natural persons. An investor in a retail money market fund is required to demonstrate eligibility (for example, by providing a valid Social Security number) before an account can be opened.

PRICING OF SHARES AND TRANSACTIONS

How and When Shares Are Priced

The trade date for your transaction request depends on the day and time that T. Rowe Price receives your request and will normally be executed using the next share price calculated after your order is received in correct form by T. Rowe Price or its agent (or by your financial


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intermediary if it has the authority to accept transaction orders on behalf of the fund). The share price, also called the net asset value, for each share class of a fund is calculated as of the close of trading on the New York Stock Exchange (NYSE), which is normally 4 p.m. ET, on each day that the NYSE is open for business. Net asset values are not calculated for the funds on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would typically be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the funds reserve the right to treat such day as a business day and accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.

To calculate the net asset value, a fund’s assets are valued and totaled, liabilities are subtracted, and each class’ proportionate share of the balance, called net assets, is divided by the number of shares outstanding of that class. Market values are used to price portfolio holdings for which market quotations are readily available. Market values generally reflect the prices at which securities actually trade or represent prices that have been adjusted based on evaluations and information provided by the fund’s pricing services. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. If a market value for a portfolio holding is not available or normal valuation procedures are deemed to be inappropriate, the fund will make a good faith effort to assign a fair value to the holding by taking into account various factors and methodologies that have been approved by the fund’s Board. This value may differ from the value the fund receives upon sale of the securities.

Amortized cost is used to price securities held by money market funds and certain short-term debt securities held by other funds. The retail and government money market funds, which seek to maintain a stable net asset value of $1.00, use the amortized cost method of valuation to calculate their net asset value. Amortized cost allows the money market funds to value a holding at the fund’s acquisition cost with adjustments for any premiums or discounts and then round the net asset value per share to the nearest whole cent. The amortized cost method of valuation enables the money market funds to maintain a $1.00 net asset value, but it may also result in periods during which the stated value of a security held by the funds differs from the market-based price the funds would receive if they sold that holding. The current market-based net asset value per share for each business day in the preceding six months is available for the retail and government money market funds through troweprice.com. These market-based net asset values are for informational purposes only and are not used to price transactions.

The funds use various pricing services to provide closing market prices, as well as information used to adjust those prices and to value most fixed income securities. A fund cannot predict how often it will use closing prices or how often it will adjust those prices. As a means of evaluating its fair value process, the fund routinely compares closing market prices, the next day’s opening prices in the same markets, and adjusted prices.


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Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If a fund determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund’s securities, the fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, the fund reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.

A fund may also fair value certain securities or a group of securities in other situations—for example, when a particular foreign market is closed but the fund is open. For a fund that has investments in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the fund does not price its shares, the fund’s net asset value may change on days when shareholders will not be able to purchase or redeem the fund’s shares. If an event occurs that affects the value of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, a fund may make a price adjustment depending on the nature and significance of the event. The funds also evaluate a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different amounts or assign different fair values than the fair value that the fund assigns to the same security.

The various ways you can purchase, sell, and exchange shares are explained throughout this section. These procedures differ based on whether you hold your account directly with T. Rowe Price or through an employer-sponsored retirement plan or financial intermediary.

INVESTING DIRECTLY WITH T. ROWE PRICE

The following policies apply to accounts that are held directly with T. Rowe Price and not through a financial intermediary.

Options for Opening Your Account

If you own other T. Rowe Price Funds, you should consider registering any new account identically to your existing accounts so you can exchange shares among them easily (the name(s) of the account owner(s) and the account type must be identical).

For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for


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certain transactions (for example, to transfer ownership). There are multiple ways to establish a new account directly with T. Rowe Price.

Online You can open a new Investor Class account online. (I Class accounts currently must be opened either by telephone or in writing.) Go to troweprice.com/newaccount to choose the type of account you wish to open.

You can exchange shares online from an existing account in one fund to open a new account in another fund. The new account will have the same registration as the account from which you are exchanging, and any services (other than systematic purchase and systematic distribution arrangements) that you have preauthorized will carry over from the existing account to the new account.

To open an account online for the first time or with a different account registration, you must be a U.S. citizen residing in the U.S. or a resident alien and not subject to Internal Revenue Service backup withholding. Additionally, you must provide consent to receive certain documents electronically. You will have the option of providing your bank account information, which will enable you to make electronic funds transfers to and from your bank account. To set up this banking service online, additional steps will be taken to verify your identity.

By Mail If you are sending a check, please make your check payable to T. Rowe Price Funds (otherwise it may be returned) and send the check, together with the applicable new account form, to the appropriate address. (Please refer to the appropriate address under “Contacting T. Rowe Price” later in this section to avoid a delay in opening your new account.) T. Rowe Price does not accept third-party checks for initial purchases; however, third-party checks are typically accepted for additional purchases to an existing account. In addition, T. Rowe Price does not accept purchases by cash, traveler’s checks, money orders, or credit card checks. For exchanges from an identically registered account, be sure to specify the fund(s) and account number(s) that you are exchanging out of and the fund(s) you wish to exchange into.

By Telephone Direct investors can call Shareholder Services at 1-800-225-5132 (institutional investors should call 1-800-638-8790) to exchange from an existing fund account to open a new identically registered account in another fund. You may also be eligible to open a new account by telephone and provide your bank account information in order to make an initial purchase. To set up the account and banking service by telephone, additional steps will be taken to verify your identity and the authenticity of your bank account. Although the account may be opened and the purchase made, services may not be established and an Internal Revenue Service penalty withholding may occur until we receive the necessary signed form to certify your Social Security number or taxpayer identification number.

How Your Trade Date Is Determined

If you invest directly with T. Rowe Price and your request to purchase, sell, or exchange shares is received by T. Rowe Price or its agent in correct form by the close of the NYSE (normally 4 p.m. ET), your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your


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transaction will be priced at the next business day’s net asset value. Systematic transactions that are scheduled to occur on a date the NYSE is closed will normally be processed the next business day (except for certain retirement plan payroll deduction orders generated by T. Rowe Price where the orders are processed the day before the day the NYSE is closed).

Note: There may be times when you are unable to contact us by telephone or access your account online due to extreme market activity, the unavailability of the T. Rowe Price website, or other circumstances. Should this occur, your order must still be placed and received in correct form by T. Rowe Price prior to the time the NYSE closes to be priced at that business day’s net asset value. The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET.

Transaction Confirmations

T. Rowe Price sends immediate confirmations for most of your fund transactions. However, certain transactions, such as systematic purchases and systematic redemptions, dividend reinvestments, checkwriting redemptions from money market funds, and transactions in money market funds used as a brokerage sweep account, do not receive an immediate transaction confirmation but are reported on your account statement. Please review transaction confirmations and account statements as soon as you receive them, and promptly report any discrepancies to Shareholder Services.

Telephone and Online Account Transactions

You may access your accounts and conduct transactions involving Investor Class accounts using the telephone or the T. Rowe Price website at troweprice.com. You can only conduct transactions involving the I Class over the telephone or in writing.

Preventing Unauthorized Transactions

The T. Rowe Price Funds and their agents use reasonably designed procedures to verify that telephone, electronic, and other instructions are genuine. These procedures include, among other things, recording telephone calls; requiring personalized security codes or other information online and certain identifying information for telephone calls; requiring Medallion signature guarantees for certain transactions and account changes; and promptly sending confirmations of transactions and address changes. For transactions conducted online, we recommend the use of a secure internet browser.

T. Rowe Price Account Protection Program Shareholders who invest in the T. Rowe Price Funds directly are eligible for the Account Protection Program. The Account Protection Program restores eligible losses due to unauthorized or fraudulent activity, provided that you follow all security best practices when you access and maintain your account(s). T. Rowe Price reserves the right to modify or withdraw the Account Protection Program at any time. The Account Protection Program security best practices and additional information may be


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accessed online at https://www.troweprice.com/personal-investing/help/policies-and-security/account-protection-program.html.

If our verification procedures are followed, and the losses are not eligible to be restored under the Account Protection Program, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions.

If you suspect any unauthorized account activity, notice errors or discrepancies in your T. Rowe Price account, or are not receiving your T. Rowe Price account statements, please contact T. Rowe Price immediately. Telephone conversations are recorded.

Trusted Contacts Investors who hold shares of a T. Rowe Price Fund directly or through a T. Rowe Price Brokerage account have the option to add one or more trusted contacts to their brokerage and mutual fund accounts. Trusted contacts are intended to be a resource to help protect client assets. Any individuals designated as a trusted contact will be authorized to serve as a primary contact if T. Rowe Price has questions or concerns related to potentially fraudulent account activity, suspected financial exploitation, or to confirm your contact information if we are unable to reach you (but are not authorized to act on your account). For more information or to add trusted contacts to your account, visit troweprice.com or call 1-800-225-5132.

If you are age 65 or older, or if you are age 18 or older and we have reason to believe you have a mental or physical impairment that renders you unable to protect your own interest, we may place a temporary hold on the disbursement of redemption proceeds from your account in an effort to protect you if we reasonably believe that you have been or will be the victim of actual or attempted financial exploitation. You will receive notice of this temporary delay, and it will be for no more than 15 business days while we conduct an internal review of the suspected financial exploitation (including contacting your trusted contact if one is on file). We may delay an additional 10 business days if T. Rowe Price reasonably believes that actual or attempted financial exploitation has occurred or will occur. At the expiration of the hold time, if we have not confirmed that exploitation has occurred, the proceeds will be released to you.

Purchasing Shares

Shares may be purchased in a variety of ways.

By Check Please make your check payable to the T. Rowe Price Funds. Include a new account form if establishing a new account, and include either a fund investment slip or a letter indicating the fund and your account number if adding to an existing account. Your transaction will receive the share price for the business day that the request is received by T. Rowe Price or its agent prior to the close of the NYSE (not the day the request is received at the post office box).

By Electronic Transfer Shares may be purchased using the Automated Clearing House system if you have established the service on your account, which allows T. Rowe Price to request payment for your shares directly from your bank account or other financial institution account. You may also arrange for a wire to be sent to T. Rowe Price (wire transfer instructions


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can be found at troweprice.com/wireinstructions or by calling Shareholder Services). T. Rowe Price must receive the wire by the close of the NYSE to receive that day’s share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution.

By Exchange You may purchase shares of a fund using the proceeds from the redemption of shares from another fund. The redemption and purchase will receive the same trade date, and if you are establishing a new account, it will have the same registration as the account from which you are exchanging. The purchase must still generally meet the applicable minimum investment requirement.

Systematic Purchases (Automatic Asset Builder) You can instruct T. Rowe Price to automatically transfer money from your account at your bank or other financial institution at least once per month, or you can instruct your employer to send all or a portion of your paycheck to the fund or funds that you designate. Each systematic purchase must be at least $100 per fund account to be eligible for the Automatic Asset Builder service. To automatically transfer money to your account from a bank account or through payroll deductions, complete the appropriate section of the new account form when opening a new account or complete an Account Services Form to add the service to an existing account. Prior to establishing payroll deductions, you must set up the service with T. Rowe Price so that the appropriate instructions can be provided to your employer.

Initial Investment Minimums

Investor Class accounts, other than the Retirement Income 2020 Fund and Summit Funds, require a $2,500 minimum initial investment ($1,000 minimum initial investment for IRAs; certain small business retirement accounts; and custodial accounts for minors, known as Uniform Gifts to Minors Act or Uniform Transfer to Minors Act accounts). The Retirement Income 2020 Fund and Summit Funds require a $25,000 minimum initial investment. I Class accounts require a $1 million minimum initial investment, although the minimum generally is waived for certain types of accounts. If you request the I Class of a particular fund when you open a new account but the investment amount does not meet the applicable minimum, the purchase will be automatically invested in the Investor Class of the same fund.

Additional Investment Minimums

Investor Class accounts, other than Summit Funds, require a $100 minimum for additional purchases, including those made through Automatic Asset Builder. Summit Funds require a $100 minimum for additional purchases through Automatic Asset Builder and a $1,000 minimum for all other additional purchases. I Class accounts require a $100 minimum for additional purchases through Automatic Asset Builder but do not require a minimum amount for other additional purchases.

Exchanging and Redeeming Shares

Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes.


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(Institutional investors are restricted from exchanging into a fund that operates as a retail money market fund.) You can set up systematic exchanges so that money is automatically moved from one fund account to another on a regular basis.

Receiving Redemption Proceeds Redemption proceeds can be mailed to your account address by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. You can set up systematic redemptions and have the proceeds automatically sent via check or Automated Clearing House on a regular basis. If your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the NYSE, proceeds are usually sent on the next business day. However, if you request a redemption from a money market fund on a business day prior to noon ET and request to have proceeds sent via bank wire, proceeds are normally sent later that same day.

Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale, and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale (except for wire redemptions from money market funds received prior to noon ET). A $5 fee will be charged for an outgoing wire of less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.

If for some reason your request to exchange or redeem shares cannot be processed because it is not received in correct form, we will attempt to contact you.

If you request to redeem a specific dollar amount and the market value of your account is less than the amount of your request and we are unable to contact you, your redemption will not be processed and you must submit a new redemption request in correct form.

If you change your address on an account, proceeds may not be mailed to the new address for 15 calendar days after the address change, unless we receive a letter of instruction with a Medallion signature guarantee.

Please note that large purchase and redemption requests initiated through the Automated Clearing House may be rejected, and in such instances, the transaction must be placed by calling Shareholder Services.

Checkwriting You may write an unlimited number of free checks on any money market fund and certain bond funds, with a minimum of $500 per check. Keep in mind, however, that a check results in a sale of fund shares; a check written on a bond fund will create a taxable event that must be reported by T. Rowe Price to the Internal Revenue Service as a redemption.

Converting to Another Share Class

You may convert from one share class of a fund to another share class of the same fund (which may have a higher expense ratio). Although the conversion has no effect on the dollar value of your investment in the fund, the number of shares owned after the conversion may be greater or less than the number of shares owned before the conversion, depending on the net asset values of the two share classes. A conversion between share classes of the same fund is a


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	41

nontaxable event. The new account will have the same registration as the account from which you are converting.

T. Rowe Price may conduct periodic reviews of account balances. If your account balance in a fund exceeds the minimum amount required for the I Class, T. Rowe Price may, but is not required to, automatically convert your Investor Class shares to I Class shares with advance notice. However, if T. Rowe Price has investment discretion, T. Rowe Price may convert your shares without advance notice.

Maintaining Your Account Balance

Investor Class Due to the relatively high cost to a fund of maintaining small accounts, we ask that you maintain an account balance of at least $1,000 ($10,000 for Summit Funds). If, for any reason, your balance is below this amount for three months or longer, we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance.

I Class To keep operating expenses lower, we ask that you maintain an account balance of at least $1 million. If your investment falls below $1 million (even if due to market depreciation), we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance or convert your account to a different share class in the same fund (if available) with a higher expense ratio with advance notice. However, if T. Rowe Price has investment discretion, T. Rowe Price may convert your shares without advance notice.

The redemption of your account could result in a taxable gain or loss.

Investors holding the fund through the T. Rowe Price^® ActivePlus Portfolios program will be subject to the minimum account balance requirements of the program, which may differ from the minimum account balance requirements listed above.

INVESTING THROUGH A FINANCIAL INTERMEDIARY

The following policies apply to accounts that are held through a financial intermediary.

Accounts in Investor Class and I Class shares are not required to be held through a financial intermediary, but accounts in Advisor Class and R Class shares must be held through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). It is important that you contact your retirement plan or financial intermediary to determine the policies, procedures, and transaction deadlines that apply to your account. The financial intermediary may charge a fee, such as transaction fees or brokerage commissions, for its services.

Opening an Account

The financial intermediary must provide T. Rowe Price with its certified taxpayer identification number. Financial intermediaries should call Financial Institution Services for an account number and wire transfer instructions. In order to obtain an account number, the financial


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intermediary must supply the name, taxpayer identification number, and business street address for the account. (Please refer to “Contacting T. Rowe Price” later in this section for the appropriate telephone number and mailing address.) Financial intermediaries must also enter into a separate agreement with the fund or its agent.

How the Trade Date Is Determined

If you invest through a financial intermediary and your transaction request is received by T. Rowe Price or its agent in correct form by the close of the NYSE, your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value unless the fund has an agreement with your financial intermediary for orders to be priced at the net asset value next computed after receipt by the financial intermediary.

The funds have authorized certain financial intermediaries or their designees to accept orders to buy or sell fund shares on their behalf. When authorized financial intermediaries receive an order in correct form, the order is considered as being placed with the fund and shares will be bought or sold at the net asset value next calculated after the order is received by the authorized financial intermediary. The financial intermediary must transmit the order to T. Rowe Price and pay for such shares in accordance with the agreement with T. Rowe Price or the order may be canceled and the financial intermediary could be held liable for the losses. If the fund does not have such an agreement in place with your financial intermediary, T. Rowe Price or its agent must receive the request in correct form from your financial intermediary by the close of the NYSE in order for your transaction to be priced at that business day’s net asset value.

Note: The time at which transactions and shares are priced and the time until which orders are accepted by the fund or a financial intermediary may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET. Should this occur, your order must still be placed and received in correct form by T. Rowe Price (or by the financial intermediary in accordance with its agreement with T. Rowe Price) prior to the time the NYSE closes to be priced at that business day’s net asset value.

Purchasing Shares

All initial and subsequent investments by financial intermediaries should be made by bank wire or electronic payment. There is no assurance that the share price for the purchase will be the same day the wire was initiated. Purchases by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services.

Investment Minimums

You should check with your financial intermediary to determine what minimum applies to your initial and additional investments.


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The Retirement Income 2020 Fund and Summit Funds require a $25,000 minimum initial investment, and other funds generally require a $2,500 minimum initial investment, although the minimum is generally waived or modified for any retirement plans and financial intermediaries establishing accounts in the Investor Class, Advisor Class, or R Class. I Class accounts require a $1 million minimum initial investment, although the minimum generally is waived for certain types of accounts.

Investments through a financial intermediary generally do not require a minimum amount for additional purchases.

Redeeming Shares

Unless otherwise indicated, redemption proceeds will be sent via bank wire to the financial intermediary’s designated bank. Redemptions by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or second business day after receipt of the order, depending on the arrangement with the financial intermediary. Proceeds for redemption orders received prior to noon ET for a money market fund may be sent via wire the same business day. You must contact your financial intermediary about procedures for receiving your redemption proceeds.

Please note that certain purchase and redemption requests initiated through the National Securities Clearing Corporation may be rejected, and in such instances, the transaction must be placed by contacting Financial Institution Services.

GENERAL POLICIES RELATING TO TRANSACTIONS

The following policies and requirements apply generally to accounts in the T. Rowe Price Funds, regardless of whether the account is held directly or indirectly with T. Rowe Price.

The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions. However, when authorized by the fund, certain institutions, financial intermediaries, or retirement plans purchasing fund shares directly with T. Rowe Price may place a purchase order unaccompanied by payment. Payment for these shares must be received by the time designated by the fund (not to exceed the period established for settlement under applicable regulations). If payment is not received by this time, the order may be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.

U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks. In addition, we request that you give us at least three business days’ notice for any purchase of $5 million or more.


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Nonpayment If a check or Automated Clearing House transfer does not clear or payment for an order is not received in a timely manner, your purchase may be canceled. You (or the financial intermediary) may be responsible for any losses or expenses incurred by the fund or its transfer agent, and the fund can redeem shares in your account or another identically registered T. Rowe Price account as reimbursement. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.

Retail Money Market Funds The retail money market funds have implemented policies and procedures designed to limit purchases to accounts beneficially owned by a natural person. Purchases of a retail money market fund may be rejected from an investor who has not demonstrated sufficient eligibility to purchase shares of the fund or from a financial intermediary that has not demonstrated adequate procedures to limit investments to natural persons. In addition, purchases may be prohibited or subject to certain conditions during periods where a liquidity fee or redemption gate is in effect.

Liquidity Fees and Redemption Gates—Retail Money Market Funds

A money market fund that operates as a retail money market fund pursuant to Rule 2a-7 under the Investment Company Act of 1940 has the ability to impose liquidity fees of up to 2% of the value of the shares redeemed if the fund’s weekly liquid assets fall below certain thresholds, as specified in Rule 2a-7. A retail money market fund also has the ability to impose a redemption gate, which enables the fund to temporarily suspend redemptions for up to 10 days within a 90-day period if the fund’s weekly liquid assets fall below a certain threshold, as specified in Rule 2a-7. A money market fund’s Board has ultimate discretion to determine whether or not a liquidity fee or redemption gate would be in the best interests of the fund’s shareholders and should be imposed.

A money market fund that operates as a government money market fund pursuant to Rule 2a-7 is not required to impose a liquidity fee or redemption gate upon the sale of your shares. The Boards of the T. Rowe Price money market funds that operate as government money market funds have determined that the funds do not currently intend to impose liquidity fees and redemption gates. However, the Board of a T. Rowe Price government money market fund reserves the right to impose liquidity fees and redemption gates in the future, at which point shareholders would be provided with at least 60 days’ notice prior to such a change.

If a liquidity fee is in place, all exchanges out of the fund will be subject to the liquidity fee, and if a redemption gate is in place, all exchanges out of the fund will be suspended. When a liquidity fee or redemption gate is in place, the fund may elect to not permit the purchase of shares or to subject the purchase of shares to certain conditions, which may include affirmation of the purchaser’s knowledge that a liquidity fee or a redemption gate is in effect.

Omnibus Accounts If your shares are held through a financial intermediary, T. Rowe Price may rely on the financial intermediary to assess any applicable liquidity fees or impose redemption gates on underlying shareholder accounts. In certain situations, T. Rowe Price enters into agreements with financial intermediaries maintaining omnibus accounts that


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require the financial intermediary to assess liquidity fees or redemption gates. There are no assurances that T. Rowe Price will be successful in ensuring that all financial intermediaries will properly assess the fees.

Please refer to Sections 1 and 2 of the retail money market fund prospectuses for more information regarding liquidity fees and redemption gates.

Large Redemptions

Large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager’s ability to implement a fund’s investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to redeem in-kind. In general, any redemptions in-kind will represent a pro-rata distribution of a fund’s securities, subject to certain limited exceptions. The redeeming shareholder will be responsible for disposing of the securities, and the shareholder will 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. If you continue to hold the securities, you may be subject to any ownership restrictions imposed by the issuers. For example, real estate investment trusts (REITs) often impose ownership restrictions on their equity securities. In addition, we request that you give us at least three business days’ notice for any redemption of $5 million or more.

Delays in Sending Redemption Proceeds

The T. Rowe Price Funds typically expect that redemption requests will be paid out to redeeming shareholders by the business day following the receipt of a redemption request that is in correct form, regardless of the method the fund uses to make such payment (for example, check, wire, or Automated Clearing House transfer). Checks are typically mailed on the business day after the redemption, proceeds sent by wire are typically credited to your financial institution the business day after the redemption, and proceeds sent by Automated Clearing House are typically credited to your financial institution on the second business day after the redemption. However, under certain circumstances, and when deemed to be in a fund’s best interests, proceeds may not be sent for up to seven calendar days after receipt of a valid redemption order (for example, during periods of deteriorating or stressed market conditions or during extraordinary or emergency circumstances).

In addition, if shares are sold that were just purchased and paid for by check or Automated Clearing House transfer, the fund will process your redemption but will generally delay sending the proceeds for up to seven calendar days to allow the check or Automated Clearing House transfer to clear. If, during the clearing period, we receive a check drawn against your newly purchased shares, it will be returned and marked “uncollected.” (The seven-day hold does not apply to purchases paid for by bank wire or automatic purchases through payroll deduction.)

The Board of a retail money market fund may temporarily suspend redemptions from the fund for up to 10 business days during any 90-day period (i.e., a “redemption gate”) and elect to temporarily suspend redemptions for up to 10 business days in a 90-day period if the fund’s


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weekly liquid assets fall below 30% of its total assets and the fund’s Board determines that imposing a redemption gate is in the fund’s best interests. In addition, under certain limited circumstances, the Board of a money market fund may elect to permanently suspend redemptions in order to facilitate an orderly liquidation of the fund (subject to any additional liquidation requirements).

Involuntary Redemptions and Share Class Conversions

Since nongovernment money market funds that operate as retail money market funds are required to limit their beneficial owners to natural persons, shares held directly by an investor or through a financial intermediary in these funds that are not eligible to invest in a retail money market fund are subject to involuntary redemption at any time without prior notice.

Shares held by any investors or financial intermediaries that are no longer eligible to invest in the I Class or who fail to meet or maintain their account(s) at the investment minimum are subject to involuntary redemption or conversion to the Investor Class of the same fund (which may have a higher expense ratio). Investments in Advisor Class shares that are no longer held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class of the same fund following notice to the financial intermediary or shareholder. Investments in R Class shares that are no longer held on behalf of an employer-sponsored defined contribution retirement plan or other eligible R Class account or that are not held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class or Advisor Class of the same fund following notice to the financial intermediary or shareholder.

Excessive and Short-Term Trading Policy

Excessive transactions and short-term trading can be harmful to fund shareholders in various ways, such as disrupting a fund’s portfolio management strategies, increasing a fund’s trading and other costs, and negatively affecting its performance. Short-term traders in funds that invest in foreign securities may seek to take advantage of developments overseas that could lead to an anticipated difference between the price of the funds’ shares and price movements in foreign markets. While there is no assurance that T. Rowe Price can prevent all excessive and short-term trading, the Boards of the T. Rowe Price Funds have adopted the following trading limits that are designed to deter such activity and protect the funds’ shareholders. The funds may revise their trading limits and procedures at any time as the Boards deem necessary or appropriate to better detect short-term trading that may adversely affect the funds, to comply with applicable regulatory requirements, or to impose additional or alternative restrictions.

Subject to certain exceptions, each T. Rowe Price Fund restricts a shareholder’s purchases (including through exchanges) into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the “30-Day Purchase Block”). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.


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General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the funds’ excessive and short-term trading policy:

· Shares purchased or redeemed in money market funds and ultra-short-term bond funds;

· Shares purchased or redeemed through a systematic purchase or withdrawal plan;

· Checkwriting redemptions from bond funds and money market funds;

· Shares purchased through the reinvestment of dividends or capital gain distributions;

· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees;

· Transfers and changes of account registration within the same fund;

· Shares purchased by asset transfer or direct rollover;

· Shares purchased or redeemed through IRA conversions and recharacterizations;

· Shares redeemed to return an excess contribution from a retirement account;

· Transactions in Section 529 college savings plans;

· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;

· Shares converted from one share class to another share class in the same fund;

· Shares of T. Rowe Price Funds that are purchased by another T. Rowe Price Fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price Fund are still subject to the policy);

· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price; and

· Transactions having a value of $5,000 or less (retirement plans, including those for which T. Rowe Price serves as recordkeeper, and other financial intermediaries may apply the excessive and short-term trading policy to transactions of any amount).

Transactions in certain rebalancing, asset allocation, wrap, and other advisory programs (including the T. Rowe Price^® ActivePlus Portfolios program), as well as non-T. Rowe Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.

In addition to restricting transactions in accordance with the 30-Day Purchase Block, T. Rowe Price may, in its discretion, reject (or instruct a financial intermediary to reject) any purchase or exchange into a fund from a person (which includes individuals and entities) whose trading activity could disrupt the management of the fund or dilute the value of the fund’s shares, including trading by persons acting collectively (for example, following the advice of a newsletter). Such persons may be barred, without prior notice, from further purchases of T. Rowe Price Funds for a period longer than 30 calendar days, or permanently.

Financial Intermediary and Retirement Plan Accounts If you invest in T. Rowe Price Funds through a financial intermediary, including a retirement plan, you should review the financial intermediary’s or retirement plan’s materials carefully or consult with the financial intermediary or plan sponsor directly to determine the trading policy that will apply to your trades in the T. Rowe Price Funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction placed through a financial


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intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.

Financial intermediaries, including retirement plans, may maintain their underlying accounts directly with the fund, although they often establish an omnibus account (one account with the fund that represents multiple underlying shareholder accounts) on behalf of their customers. When financial intermediaries establish omnibus accounts in the T. Rowe Price Funds, T. Rowe Price is not able to monitor the trading activity of the underlying shareholders. However, T. Rowe Price monitors aggregate trading activity at the financial intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects such trading activity, T. Rowe Price may contact the financial intermediary to request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable) pursuant to a written agreement that T. Rowe Price has entered into with each financial intermediary. Any nonpublic personal information provided to the fund (for example, a shareholder’s taxpayer identification number or transaction records) is subject to the fund’s privacy policy. If T. Rowe Price believes that excessive or short-term trading has occurred and there is no exception for such trades under the funds’ Excessive and Short-Term Trading Policy as previously described, it will instruct the financial intermediary to impose restrictions to discourage such practices and take appropriate action with respect to the underlying shareholder, including restricting purchases for 30 calendar days or longer. Each financial intermediary has agreed to execute such instructions pursuant to a written agreement. There is no assurance that T. Rowe Price will be able to properly enforce its excessive trading policies for omnibus accounts. Because T. Rowe Price generally relies on financial intermediaries to provide information and impose restrictions for omnibus accounts, its ability to monitor and deter excessive trading will be dependent upon the intermediaries’ timely performance of their responsibilities.

For shares that are held in a retirement plan, generally the 30-Day Purchase Block applies only to shares redeemed by a participant-directed exchange to another fund. However, the 30-Day Purchase Block may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or the excessive trading policy applied by your plan’s recordkeeper.

T. Rowe Price may allow a financial intermediary, including a retirement plan, to maintain restrictions on trading in the T. Rowe Price Funds that differ from the 30-Day Purchase Block. An alternative excessive trading policy would be acceptable to T. Rowe Price if it believes that the policy would provide sufficient protection to the T. Rowe Price Funds and their shareholders that is consistent with the excessive trading policy adopted by the funds’ Boards.

There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.

Unclaimed Accounts and Uncashed Checks

If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price is deemed undeliverable, T. Rowe Price may be required to transfer (i.e., escheat)


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your account assets, including any assets related to uncashed checks to the appropriate state under its abandoned property laws. For IRA accounts escheated to a state under these abandoned property laws, the escheatment will be treated as a taxable distribution to you and federal and any applicable state income tax will be withheld. This may also apply to your Roth IRA as well (see the T. Rowe Price Traditional and Roth IRA Disclosure and Custodial Agreement and/or the T. Rowe Price SIMPLE IRA Disclosure Statement and Custodial Agreement for more information). To avoid such action, it is important to keep your account address up to date and periodically communicate with T. Rowe Price by contacting us or logging in to your account at least once every two years.

Delivery of Shareholder Documents

If two or more accounts own the same fund, share the same address, and T. Rowe Price reasonably believes that the two accounts are part of the same household or institution, we may economize on fund expenses by mailing only one shareholder report and prospectus for the fund. If you need additional copies or do not want your mailings to be “householded,” please call Shareholder Services.

T. Rowe Price can deliver account statements, transaction confirmations, prospectuses, tax forms, and shareholder reports electronically. If you are a registered user of troweprice.com, you can consent to the electronic delivery of these documents by logging in and changing your mailing preferences. You can revoke your consent at any time through troweprice.com, and we will begin to send paper copies of these documents within a reasonable time after receiving your revocation.

Signature Guarantees

A Medallion signature guarantee is designed to protect you and the T. Rowe Price Funds from fraud by verifying your signature.

A shareholder or financial intermediary may need to obtain a Medallion signature guarantee in certain situations, such as:

· Requests to wire redemption proceeds when bank account information is not already authorized and on file for an account;

· Remitting redemption proceeds to any person, address, or bank account not on file;

· Establishing certain services after an account is opened; or

· Changing the account registration or broker-dealer of record for an account.

Financial intermediaries should contact T. Rowe Price Financial Institution Services for specific requirements.

The signature guarantee must be obtained from a financial institution that is a participant in a Medallion signature guarantee program. You can obtain a Medallion signature guarantee from certain banks, savings institutions, broker-dealers, and other guarantors acceptable to T. Rowe Price. When obtaining a Medallion signature guarantee, please discuss with the guarantor the dollar amount of your proposed transaction. It is important that the level of coverage provided by the guarantor’s stamp covers the dollar amount of the transaction or it may be rejected. We


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cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.

Fund Operations and Shareholder Services

T. Rowe Price and The Bank of New York Mellon, subject to the oversight of T. Rowe Price, each provide certain accounting services to the T. Rowe Price Funds. T. Rowe Price Services, Inc., acts as the transfer agent and dividend disbursing agent and provides shareholder and administrative services to the funds. T. Rowe Price Retirement Plan Services, Inc., provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The funds may also pay financial intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. In addition, certain funds serve as an underlying fund in which some fund-of-funds products, the T. Rowe Price Spectrum and Retirement Funds, invest. Subject to approval by each applicable fund’s Board, each underlying fund bears its proportionate share of the direct operating expenses of the T. Rowe Price Spectrum and Retirement Funds. All of the fees previously discussed are included in a fund’s financial statements and, except for funds that have an all-inclusive management fee, are also reflected in the “Other expenses” line that appears in the table titled “Fees and Expenses of the Fund” in Section 1.

CONTACTING T. ROWE PRICE

If you hold shares of a fund through a financial intermediary, you must contact your financial intermediary to determine the requirements for opening a new account and placing transactions. Otherwise, please contact T. Rowe Price as follows:


Web
troweprice.com	For the most complete source of T. Rowe Price news To open an account For most account transactions
troweprice.com/paperless	To sign-up for e-delivery of your statements, confirmations, prospectuses, reports, or proxies
Phone
Shareholder Services: 1-800-225-5132	To make a transaction, or for fund, account, and service information (for IRAs and nonretirement accounts)
Investor Services: 1-800-638-5660	To open an account (for IRAs and nonretirement accounts)
Financial Institution Services: 1-800-638-8790	For information and services for large institutional investors and financial intermediaries
Retirement Client Services: 1-800-492-7670	For information and services for small business retirement plans (or consult your plan administrator)


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	51


Select Client Services: 1-800-332-6161	Complimentary services and resources designed to help investors make informed investment decisions Tiered client benefits based on asset level
Brokerage: 1-800-225-7720	If you hold your shares through a T. Rowe Price Brokerage account
Tele*Access^®: 1-800-638-2587	To access information on fund performance, prices, account balances, and your latest transactions 24 hours a day Please note that transactions cannot be placed through Tele*Access^®
Hearing Impaired	Call the applicable number with a relay operator. Inquires may also be directed to info@troweprice.com.

T. Rowe Price Addresses

Please be sure to use the correct address to avoid a delay in opening your account or processing your transaction. These addresses are subject to change at any time, so please check troweprice.com/contactus or call the appropriate telephone number to ensure that you use the correct mailing address.

Investors (IRAs and nonretirement accounts) opening a new account or making additional purchases by check should use the following addresses:

via U.S. mail

T. Rowe Price Account Services

P.O. Box 17300

Baltimore, MD 21297-1300

via private carriers/overnight services

T. Rowe Price Account Services

Mail Code 17300

4515 Painters Mill Road

Owings Mills, MD 21117-4903

Investors (IRAs and nonretirement accounts) requesting an exchange or redemption should use the following addresses:

via U.S. mail

T. Rowe Price Account Services

P.O. Box 17468

Baltimore, MD 21298-8275

via private carriers/overnight services

T. Rowe Price Account Services

Mail Code 17468

4515 Painters Mill Road

Owings Mills, MD 21117-4903

Investors in a small business retirement plan opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:

via U.S. mail

T. Rowe Price Retirement Client Services

P.O. Box 17350

Baltimore, MD 21297-1350

via private carriers/overnight services

T. Rowe Price

Attn.: Retirement Operations

4515 Painters Mill Road

Owings Mills, MD 21117-4903


T. ROWE PRICE	52

Institutional investors (including financial intermediaries) opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:

via U.S. mail

T. Rowe Price Financial Institution Services
P.O. Box 17300
Baltimore, MD 21297-1603

via private carriers/overnight services

T. Rowe Price Financial Institution Services
Mail Code: OM-4232
4515 Painters Mill Road
Owings Mills, MD 21117-4842

Note: Your transaction will receive the share price for the business day that the request is received by T. Rowe Price or its agent prior to the close of the NYSE (normally 4 p.m. ET), which could differ from the day that the request is received at the post office box.

INFORMATION ON DISTRIBUTIONS AND TAXES

Each fund intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. In order to qualify, a fund must satisfy certain income, diversification, and distribution requirements. A regulated investment company is not subject to U.S. federal income tax at the portfolio level on income and gains from investments that are distributed to shareholders. However, if a fund were to fail to qualify as a regulated investment company and was ineligible to or otherwise did not cure such failure, the result would be fund-level taxation and, consequently, a reduction in income available for distribution to the fund’s shareholders.

To the extent possible, all net investment income and realized capital gains are distributed to shareholders.

Dividends and Other Distributions

Except for the Retirement Income 2020 Fund, dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option. For the Retirement Income 2020 Fund, subject to certain exceptions, regularly scheduled monthly dividends may generally not be reinvested. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.

Distributions not reinvested may be paid by check or transmitted to your bank account via Automated Clearing House or may be automatically invested into another fund account. For the Retirement Income 2020 Fund, regularly scheduled monthly dividends are generally not paid by check. If the U.S. Postal Service cannot deliver your check or if your check remains uncashed for six months, the fund reserves the right to reinvest your distribution check in your account at the net asset value on the day of the reinvestment and to reinvest all subsequent distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	53

The following table provides details on dividend payments:


Dividend Payment Schedule
Fund	Dividends
Money marketfunds	· Shares purchased via wire that are received by T. Rowe Price by noon ET begin to earn dividends on that day. Shares purchased via a wire received after noon ET and through other methods normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month.
Bond funds	· Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month.
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Growth & Income · Spectrum Conservative Allocation · Spectrum Moderate Allocation · Real Estate	· Dividends, if any, are declared and paid quarterly, in March, June, September, and December. · Must be a shareholder on the dividend record date.
Other stock funds	· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date.
Retirement Income 2020	· Dividends are declared and normally paid in the middle of each month.
Retirement Balanced, Retirement I Balanced—I Class, and Spectrum Income	· Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month.
All other Retirement, Retirement I, Spectrum, and Target Funds	· Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date.

For funds that declare dividends daily, shares earn dividends through the date of a redemption (for redemptions from money market funds where the request is received prior to noon ET and proceeds are sent via wire, shares only earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds


T. ROWE PRICE	54

do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.

If you purchase and redeem your shares through a financial intermediary, consult your financial intermediary to determine when your shares begin and stop accruing dividends as the information previously described may vary.

Capital Gain Payments

A capital gain or loss is the difference between the purchase and sale price of a security. If a fund has net capital gains for the year (after subtracting any capital losses), they are usually declared and paid in December to shareholders of record on a specified date that month. If a second distribution is necessary, it is generally paid the following year. A fund may have to make additional capital gain distributions, if necessary, to comply with the applicable tax law. Capital gains are not expected from government or retail money market funds since they are managed to maintain a stable share price. However, if a money market fund unexpectedly has net capital gains for the year (after subtracting any capital losses), the capital gain may be declared and paid in December to shareholders of record.

Tax Information

In most cases, you will be provided information for your tax filing needs no later than mid-February.

If you invest in the fund through a tax-deferred account, such as an IRA or employer-sponsored retirement plan, you will not be subject to tax on dividends and distributions from the fund or the sale of fund shares if those amounts remain in the tax-deferred account. You may receive a Form 1099-R or other Internal Revenue Service forms, as applicable, if any portion of the account is distributed to you.

If you invest in the fund through a taxable account, you generally will be subject to tax when:

· You sell fund shares, including an exchange from one fund to another.

· The fund makes dividend or capital gain distributions.


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	55

Additional information about the taxation of dividends for certain T. Rowe Price Funds is listed below:

Tax-Free and Municipal Funds

· Regular monthly dividends (including those from the state-specific tax-free funds) are expected to be exempt from federal income taxes.

· Exemption is not guaranteed since the fund has the right under certain conditions to invest in nonexempt securities.

· Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax.

· For state-specific funds, the monthly dividends you receive are expected to be exempt from state and local income tax of that particular state. For other funds, a small portion of your income dividend may be exempt from state and local income taxes.

· If a fund invests in certain “private activity” bonds that are not exempt from the alternative minimum tax, shareholders who are subject to the alternative minimum tax must include income generated by those bonds in their alternative minimum tax calculation. The portion of a fund’s income dividend that should be included in your alternative minimum tax calculation, if any, will be reported to you by mid-February on Form 1099-DIV.

For individual shareholders, a portion of ordinary dividends representing “qualified dividend income” received by the fund may be subject to tax at the lower rates applicable to long-term capital gains rather than ordinary income. You may report it as “qualified dividend income” in computing your taxes, provided you have held the fund shares on which the dividend was paid for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date. Ordinary dividends that do not qualify for this lower rate are generally taxable at the investor’s marginal income tax rate. This includes the portion of ordinary dividends derived from interest, short-term capital gains, income and gains from derivatives, distributions from nonqualified foreign corporations, distributions from real estate investment trusts, and dividends received by the fund from stocks that were on loan. For taxable years ending after December 31, 2017, and before January 1, 2026, you are generally allowed a deduction up to 20% on your qualified REIT dividends. You may not take this deduction for a dividend on shares of a fund that have been held for less than 46 days during the 91-day period beginning on the date 45 days before the ex-dividend date. Little, if any, of the ordinary dividends paid by the bond funds or money market funds is expected to qualify for treatment as qualified dividend income or qualified REIT dividends.

For corporate shareholders, a portion of ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds, bond funds, or money market funds is expected to qualify for this deduction.

A 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gains of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly) and of estates and trusts.

If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with any necessary tax forms. You should contact your financial


T. ROWE PRICE	56

intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.

Taxes on Fund Redemptions

When you sell shares in any fund, you may realize a gain or loss. An exchange from one fund to another fund in a taxable account is also a sale for tax purposes. As long as a money market fund maintains a stable share price of $1.00, a redemption or exchange to another fund will not result in a gain or loss for tax purposes. However, an exchange from one fund into a money market fund may result in a gain or loss on the fund from which shares were redeemed.

All or a portion of the loss realized from a sale or exchange of your fund shares may be disallowed under the “wash sale” rule if you purchase substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date on which the shares are sold or exchanged. Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the 61-day period of the dividend reinvestment. Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares.

T. Rowe Price (or your financial intermediary) will make available to you Form 1099-B, if applicable, no later than mid-February, providing certain information for each sale you made in the fund during the prior year. Unless otherwise indicated on your Form 1099-B, this information will also be reported to the Internal Revenue Service. For mutual fund shares acquired prior to 2012 in most accounts established or opened by exchange in 1984 or later, our Form 1099-B will provide you with the gain or loss on the shares you sold during the year based on the average cost single category method. This information on average cost and gain or loss from sale is not reported to the Internal Revenue Service. For these mutual fund shares acquired prior to 2012, you may calculate the cost basis using other methods acceptable to the Internal Revenue Service, such as specific identification.

For mutual fund shares acquired after 2011, federal income tax regulations require us to report the cost basis information on Form 1099-B using a cost basis method selected by the shareholder in compliance with such regulations or, in the absence of such selected method, our default method if you acquire your shares directly from T. Rowe Price. Our default method is average cost. For any fund shares acquired through a financial intermediary after 2011, you should check with your financial intermediary regarding the applicable cost basis method. You should note that the cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate. T. Rowe Price and financial intermediaries are not required to issue a Form 1099-B to report sales of money market fund shares.

To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly following each transaction you make (except for systematic purchases


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	57

and systematic redemptions) and a year-end statement detailing all of your transactions in each fund account during the year. If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with transaction confirmations and statements.

Taxes on Fund Distributions

T. Rowe Price (or your financial intermediary) will make available to you, as applicable, generally no later than mid-February, a Form 1099-DIV, or other Internal Revenue Service forms, as required, indicating the tax status of any income dividends, dividends exempt from federal income taxes, and capital gain distributions made to you. This information will be reported to the Internal Revenue Service. Taxable distributions are generally taxable to you in the year in which they are paid. A dividend declared in October, November, or December and paid in the following January is generally treated as taxable to you as if you received the distribution in December. Dividends from tax-free funds are generally expected to be tax-exempt for federal income tax purposes. Your bond fund and money market fund dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain dividends may also be subject to state and local taxes. You will be sent any additional information you need to determine your taxes on fund distributions, such as the portion of your dividends, if any, that may be exempt from state and local income taxes.

Taxable distributions are subject to tax whether reinvested in additional shares or received in cash.

The tax treatment of a capital gain distribution is determined by how long the fund held the portfolio securities, not how long you held the shares in the fund. Short-term (one year or less) capital gain distributions are taxable at the same rate as ordinary income, and gains on securities held for more than one year are taxed at the lower rates applicable to long-term capital gains. If you realized a loss on the sale or exchange of fund shares that you held for six months or less, your short-term capital loss must be reclassified as a long-term capital loss to the extent of any long-term capital gain distributions received during the period you held the shares. For funds investing in foreign instruments, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt instruments are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.

A fund’s distributions that have exceeded the fund’s earnings and profits for the relevant tax year may be treated as a return of capital to its shareholders. A return of capital distribution is generally nontaxable but reduces the shareholder’s cost basis in the fund, and any return of capital in excess of the cost basis will result in a capital gain.

The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form 1099-DIV. Distributions made by a fund may later be recharacterized for federal income tax purposes—for example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the


T. ROWE PRICE	58

recharacterization of income received from underlying investments, such as REITs, and distributions that exceed taxable income due to losses from foreign currency transactions or other investment transactions. Certain funds, including international bond funds and funds that invest significantly in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments. The Retirement Income 2020 Fund is also more likely to have some or all of its distributions recharacterized as returns of capital because of the predetermined monthly distribution amount.

If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income. However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid.

If you are subject to backup withholding, we will have to withhold a 24% backup withholding tax on distributions and, in some cases, redemption payments. You may be subject to backup withholding if we are notified by the Internal Revenue Service to withhold, you have failed one or more tax certification requirements, or our records indicate that your tax identification number is missing or incorrect. Backup withholding is not an additional tax and is generally available to credit against your federal income tax liability with any excess refunded to you by the Internal Revenue Service.

The following table provides additional details on distributions for certain funds:

Taxes on Fund Distributions

Tax-Free and Municipal Funds

· Gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income and cannot be offset by other capital losses.

· Payments received or gains realized on certain derivative transactions may result in taxable ordinary income or capital gains.

· To the extent the fund makes such investments, the likelihood of a taxable distribution will be increased.

Limited Duration Inflation Focused Bond and Inflation Protected Bond Funds

· Inflation adjustments on Treasury inflation protected securities that exceed deflation adjustments for the year will be distributed as a short-term capital gain, resulting in ordinary income.

· In computing the distribution amount, the funds cannot reduce inflation adjustments by short- or long-term capital losses from the sales of securities.

· Net deflation adjustments for a year may result in all or a portion of dividends paid earlier in the year being treated as a return of capital.

Retirement, Retirement I, Spectrum, and Target Funds

· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains.

Tax Consequences of Liquidity Fees

It is currently anticipated that shareholders of retail money market funds that impose a liquidity fee may generally treat the liquidity fee as offsetting the shareholder’s amount realized


INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS	59

on the redemption (thereby decreasing the shareholder’s gain, or increasing the shareholder’s loss, on the redeemed amount). A fund that imposes a liquidity fee anticipates using 100% of the fee to help repair a market-based net asset value per share that was below $1.00.

Because the retail money market funds use amortized cost to maintain a stable share price of $1.00, in the event that a liquidity fee is imposed, a fund may need to distribute to its remaining shareholders sufficient value to prevent the fund from breaking the buck on the upside (i.e., by rounding up to $1.01 in pricing its shares) if the imposition of a liquidity fee causes the fund’s market-based net asset value to reach $1.0050. To the extent that a fund has sufficient earnings and profits to support the distribution, the additional dividends would be taxable as ordinary income to shareholders and would be eligible for deduction by the fund. Any distribution in excess of the fund’s earnings and profits would be treated as a return of capital, which would reduce your cost basis in the fund shares.

Tax Consequences of Hedging

Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.

Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution

If you buy shares shortly before or on the record date—the date that establishes you as the person to receive the upcoming distribution—you may receive a portion of the money you just invested in the form of a taxable distribution. Therefore, you may wish to find out a fund’s record date before investing. In addition, a fund’s share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return.

RIGHTS RESERVED BY THE FUNDS

T. Rowe Price Funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through a financial intermediary no later than the business day after the order is received by the financial intermediary (including, but not limited to, orders deemed to result in excessive trading, market timing, or 5% ownership); (5) to cease offering fund shares at any time to all or certain groups of investors; (6) to freeze any account and suspend account services when notice has been received of a dispute regarding the ownership of the account, or a legal claim against an account, upon initial notification to T. Rowe Price of a shareholder’s


T. ROWE PRICE	60

death until T. Rowe Price receives required documentation in correct form, or if there is reason to believe a fraudulent transaction may occur; (7) to otherwise modify the conditions of purchase and modify or terminate any services at any time; (8) to waive any wire, small account, maintenance, or fiduciary fees charged to a group of shareholders; (9) to act on instructions reasonably believed to be genuine; (10) to involuntarily redeem an account at the net asset value calculated the day the account is redeemed when permitted by law, including in cases of threatening conduct, or suspected fraudulent or illegal activity, or if the fund or its agent is unable, through its procedures, to verify the identity of the person(s) or entity opening an account; and (11) for money market funds, to suspend redemptions to facilitate an orderly liquidation.

The fund’s Statement of Additional Information, which contains a more detailed description of the fund’s operations, investment restrictions, policies and practices, has been filed with the SEC. The Statement of Additional Information is incorporated by reference into this prospectus, which means that it is legally part of this prospectus even if you do not request a copy. Further information about the fund’s investments, including a review of market conditions and the manager’s recent investment strategies and their impact on performance during the past fiscal year, is available in the annual and semiannual shareholder reports. These documents and updated performance information are available through troweprice.com. For inquiries about the fund and to obtain free copies of any of these documents, call 1-800-638-5660. If you invest in the fund through a financial intermediary, you should contact your financial intermediary for copies of these documents.

Fund reports and other fund information are available on the EDGAR Database on the SEC’s internet site at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.



T. Rowe Price Associates, Inc. 100 East Pratt Street Baltimore, MD 21202


1940 Act File No. 811-3894	FXXX-XXX 10/1/20


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 October 1, 2020.


T. ROWE PRICE BALANCED FUND, INC.
T. Rowe Price Balanced Fund	RPBAX
T. Rowe Price Balanced Fund—IClass	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 10/1/20


T. ROWE PRICE EQUITY FUNDS, INC. (FORMERLY T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC.)
T. Rowe Price Institutional Large-Cap Core Growth Fund	TPLGX
T. Rowe Price Institutional Mid-Cap Equity Growth Fund	PMEGX
T. Rowe Price Institutional Small-Cap Stock Fund	TRSSX
T. Rowe Price Large-Cap Growth Fund	TRGOX
T. Rowe Price Large-Cap Growth Fund—I Class (formerly T. Rowe Price Institutional Large-Cap Growth Fund)	TRLGX
T. Rowe Price Large-Cap Value Fund	TRLUX
T. Rowe Price Large-Cap Value Fund—I Class (formerly T. Rowe Price Institutional Large-Cap Value Fund)	TILCX
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 Floating Rate Fund—Z Class	TRIZX
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 FUNDS, INC. (FORMERLY INSTITUTIONAL INTERNATIONAL FUNDS, INC.)
T. Rowe Price Global Value Equity Fund	TRGVX
T. Rowe Price Global Value Equity Fund—I Class (formerly T. Rowe Price Institutional Global Value Equity Fund)	PRIGX
T. Rowe Price Institutional Emerging Markets Bond Fund	TREBX
T. Rowe Price Institutional Emerging Markets Equity Fund	IEMFX
T. Rowe Price Institutional International Core Equity Fund	TRCEX
T. Rowe Price Institutional International Disciplined Equity Fund	RPICX
T. Rowe Price Institutional International Growth Equity Fund	PRFEX
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—IClass	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 Growth Stock Fund—Z Class	TRJZX
T. ROWE PRICE HEALTH SCIENCES FUND, INC.
T. Rowe Price Health Sciences Fund	PRHSX
T. Rowe Price Health Sciences Fund—I Class	THISX
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 High Yield Fund—Z Class	TRKZX
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. RowePrice Equity Index 500 Fund—I Class	PRUIX
T. Rowe Price Equity Index 500 Fund—Z Class	TRHZX
T. Rowe Price Extended Equity Market Index Fund	PEXMX
T. Rowe Price Mid-Cap Index Fund	TRMNX
T. Rowe Price Mid-Cap Index Fund—I Class	TRMSX
T. Rowe Price Mid-Cap Index Fund—Z Class	TRSZX
T. Rowe Price Small-Cap Index Fund	TRSYX
T. Rowe Price Small-Cap Index Fund—I Class	TRCSX
T. Rowe Price Small-Cap Index Fund—Z Class	TRZIX
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 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 Floating Rate Fund—Z Class	TRAZX
T. Rowe Price Institutional High Yield Fund	TRHYX
T. Rowe Price Institutional High Yield Fund—Z Class	TRCZX
T. Rowe Price Institutional Long Duration Credit Fund	RPLCX
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC.
T. Rowe Price Intermediate Tax-Free High Yield Fund	PRIHX
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 Dynamic Global Bond Fund—Z Class	TRDZX
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 Bond Fund—Z Class	TREZX
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	PRIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class	PAIJX
T. Rowe Price Emerging Markets Discovery Stock Fund—I Class	REVIX
T. Rowe Price Emerging Markets Discovery Stock Fund—Z Class	TRFZX
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 MarketsLocal 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 Emerging Markets Stock Fund—Z Class	TRGZX
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
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—Z Class	TRLZX
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	TRMZX
T. Rowe Price International Disciplined Equity Fund	PRCNX
T. Rowe Price International Disciplined Equity Fund—Advisor Class	PRNCX
T. Rowe Price International Disciplined 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. RowePrice 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 Stock Fund—Z Class	TRNZX
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 International Value Equity Fund—Z Class	TROZX
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 Overseas Stock Fund—Z Class	TRZSX
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 Limited Duration Inflation Focused Bond Fund—Z Class	TRPZX
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
T. Rowe Price Mid-Cap Growth Fund—Z Class	TRQZX
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 Mid-Cap Value Fund—Z Class	TRTZX
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC.
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. RowePrice 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 Horizons Fund—Z Class	TRUZX
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 New Income Fund—Z Class	TRVZX
T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC.
T. Rowe Price QM Global Equity Fund	TQGEX
T. RowePrice 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
T. Rowe Price QM U.S. Value Equity Fund	TQMVX
T. RowePrice 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 Assets Fund—Z Class	TRZRX
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
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 2065 Fund	TRSJX
T. Rowe Price Retirement 2065 Fund—Advisor Class	PASUX
T. Rowe Price Retirement 2065 Fund—R Class	RRSUX
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 I 2065 Fund—I Class	TRFKX
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
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 Target 2065 Fund	PRSLX


T. Rowe Price Target 2065 Fund—Advisor Class	PAZLX
T. Rowe Price Target 2065 Fund—I Class	RPFDX
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 Duration Income Fund	TBD
T. Rowe Price Short Duration Income Fund—I Class	TBD

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 Stock Fund—Z Class	TRZZX
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 Small-Cap Value Fund—Z Class	TRZVX
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. (“SPECTRUMFUNDS II”) (FORMERLY T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC.)
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
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)	TRPAX
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—I Class)	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
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. Large-Cap Core Fund—Z Class	TRZLX
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 Long-Term Fund—Z Class	TRZUX
U.S. Treasury Money Fund	PRTXX
U.S. Treasury Money Fund—I Class	TRGXX
U.S. Treasury Money Fund—Z Class	TRZXX
T. ROWE PRICE VALUE FUND, INC.
T. Rowe Price Value Fund	TRVLX
T. RowePrice Value Fund—Advisor Class	PAVLX
T. Rowe Price Value Fund—I Class	TRPIX
T. Rowe Price Value Fund—Z Class	TRZAX

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 Global Bond Fund—Z Class, Emerging Markets Bond Fund—Z Class, Emerging Markets Discovery Stock Fund—Z Class, Emerging Markets Stock Fund—Z Class, Equity Index 500 Fund—Z Class, Floating Rate Fund—Z Class, Global Value Equity Fund (Investor Class),

Growth Stock Fund—Z Class, High Yield Fund—Z Class, Institutional Floating Rate Fund—Z Class, Institutional High Yield Fund—Z Class, International Bond Fund (USD Hedged)—Z Class, International Stock Fund—Z Class, International Value Equity—Z Class, Large-Cap Growth Fund (Investor Class), Large-Cap Value Fund (Investor Class), Limited Duration Inflation Focused Bond Fund—Z Class, Mid-Cap Growth Fund—Z Class, Mid-Cap Index Fund—Z Class, Mid-Cap Value Fund—Z Class, New Horizons Fund—Z Class, New Income Fund—Z Class, Overseas Stock Fund—Z Class, Real Assets Fund—Z Class, Retirement 2065 Fund, Retirement 2065 Fund—Advisor Class, Retirement 2065 Fund—R Class, Retirement I 2065 Fund—I Class, Short Duration Income Fund, Short Duration Income Fund—I Class, Short-Term Government Fund, Small-Cap Stock Fund—Z Class, Small-Cap Value Fund—Z Class, Target 2065 Fund, Target 2065 Fund—Advisor Class, Target 2065 Fund—I Class, U.S. Large-Cap Core Fund—Z Class, U.S. Treasury Long-Term Fund—Z Class, U.S. Treasury Money Fund—Z Class, and Value Fund—Z 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.

PART I – TABLE OF CONTENTS

Page


Management of the Funds	19
Principal Holders of Securities	107
Investment Management Agreements	210
Third-Party Arrangements	254
Distributor for the Funds	262

Page


Portfolio Transactions	266
Securities Lending Activities	292
Independent Registered Public Accounting Firm	298
Part II	299

Referencesto 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

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

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 Class

Most of the T. Rowe Price institutional funds are available only in a single share class (referred to as the “Institutional Class”). The Institutional funds (other than their F Class shares) generally require 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	Oct31	Apr 30	March 1
Balanced Fund	Asset Allocation	Dec 31	Dec31	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 29	Feb29	Aug 30	July 1
California Tax-Free Money Fund	State Tax-Free Money	Feb 29	Feb29	Aug 30	July 1
Capital Appreciation Fund	Equity	Dec 31	Dec 31	June 30	May 1
Cash Reserves Fund	Taxable Money	Oct 31	Oct31	Apr 30	March 1
China Evolution Equity Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
Communications & Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1
Corporate Income Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Credit Opportunities Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Diversified Mid-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Dividend Growth Fund	Equity	Dec31	Dec 31	June 30	May 1
Dynamic Credit Fund	Taxable Bond	Dec 31	Dec31	June 30	May 1
Dynamic Global Bond Fund	Taxable Bond	Dec 31	Dec31	June 30	May 1
Emerging Europe Fund	International Equity	Oct 31	Oct31	Apr 30	March 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
EmergingMarkets Bond Fund	International Bond	Dec 31	Dec 31	June 30	May 1
Emerging Markets Corporate Bond Fund	International Bond	Dec 31	Dec31	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	Oct31	Apr 30	March 1
Emerging Markets Local Currency Bond Fund	International Bond	Dec 31	Dec31	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	Oct31	Apr 30	March 1
Equity Income Fund	Equity	Dec 31	Dec 31	June 30	May 1
Equity Index 500 Fund	Index Equity	Dec 31	Dec31	June 30	May 1
European Stock Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
Extended Equity Market Index Fund	Index Equity	Dec 31	Dec31	June 30	May 1
Financial Services Fund	Equity	Dec 31	Dec 31	June 30	May 1
Floating Rate Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Floating Rate Multi-Sector Account Portfolio	Taxable Bond	Feb 29	Feb 29	Aug 30	July 1
Georgia Tax-Free Bond Fund	State Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1
Global Allocation Fund	Asset Allocation	Oct 31	Oct31	Apr 30	March 1
Global Consumer Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Growth Stock Fund	Equity	Oct31	Oct 31	Apr 30	March 1
Global High Income Bond Fund	Taxable Bond	Dec 31	Dec31	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	May31	Nov 30	Oct 1
Global Real Estate Fund	Equity	Dec 31	Dec 31	June 30	May 1
Global Stock Fund	Equity	Oct31	Oct 31	Apr 30	March 1
Global Technology Fund	Equity	Dec31	Dec 31	June 30	May 1
Global Value Equity Fund	Equity	Oct31	Oct 31	Apr 30	March 1
GNMA Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1
Government Money Fund	Taxable Money	May 31	May31	Nov 30	Oct 1
Government Reserve Fund	Taxable Money	May 31	May31	Nov 30	Oct 1
Growth & Income Fund	Equity	Dec 31	Dec 31	June 30	May 1
Growth Stock Fund	Equity	Dec31	Dec 31	June 30	May 1
Health Sciences Fund	Equity	Dec31	Dec 31	June 30	May 1
High Yield Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
High Yield Multi-Sector Account Portfolio	Taxable Bond	Feb 29	Feb29	Aug 30	July 1
Inflation Protected Bond Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Institutional Cash Reserves Fund	Taxable Money	May 31	May31	Nov 30	Oct 1
Institutional Core Plus Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Institutional Emerging Markets Bond Fund	International Bond	Dec 31	Dec31	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	May31	Nov 30	Oct 1
Institutional High Yield Fund	Taxable Bond	May 31	May31	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
Institutional International Growth Equity Fund	International Equity	Oct 31	Oct 31	Apr 30	March 1
Institutional Large-Cap Core Growth Fund	Equity	Dec31	Dec 31	June 30	May 1
Institutional Long Duration Credit Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
InstitutionalMid-Cap Equity Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Institutional Small-Cap Stock Fund	Equity	Dec31	Dec 31	June 30	May 1
Intermediate Tax-Free High Yield Fund	Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1
International Bond Fund	International Bond	Dec 31	Dec31	June 30	May 1
International Bond Fund (USD Hedged)	International Bond	Dec 31	Dec31	June 30	May 1
International Disciplined Equity Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
International Discovery Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
International Equity Index Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
International Stock Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
International Value Equity Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
Investment-Grade Corporate Multi-Sector Account Portfolio	Taxable Bond	Feb 29	Feb 29	Aug 30	July 1
Japan Fund	InternationalEquity	Oct 31	Oct 31	Apr 30	March 1
Latin America Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
Large-Cap Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
Large-Cap Value Fund	Equity	Dec31	Dec 31	June 30	May 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 29	Feb29	Aug 30	July 1
Maryland Tax-Free Bond Fund	State Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1
Maryland Tax-Free Money Fund	State Tax-Free Money	Feb 29	Feb29	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	Dec31	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 29	Feb 29	Aug 30	July 1
Multi-Strategy Total Return Fund	Asset Allocation	Oct 31	Oct31	Apr 30	March 1
New America Growth Fund	Equity	Dec 31	Dec 31	June 30	May 1
New Asia Fund	International Equity	Oct 31	Oct31	Apr 30	March 1
New Era Fund	Equity	Dec 31	Dec 31	June 30	May 1
New Horizons Fund	Equity	Dec31	Dec 31	June 30	May 1
New Income Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
New Jersey Tax-Free Bond Fund	State Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1
New York Tax-Free Bond Fund	State Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1
New York Tax-Free Money Fund	State Tax-Free Money	Feb 29	Feb29	Aug 30	July 1
Overseas Stock Fund	International Equity	Oct 31	Oct31	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	Dec31	Dec 31	June 30	May 1
QM U.S. Value Equity Fund	Equity	Dec31	Dec 31	June 30	May 1
Real Assets Fund	Equity	Dec31	Dec 31	June 30	May 1
Real Estate Fund	Equity	Dec31	Dec 31	June 30	May 1
Retirement 2005 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2010 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2015 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2020 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2025 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2030 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2035 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2040 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2045 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2050 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Retirement2055 Fund	Asset Allocation	May 31	May 31	Nov 30	Oct 1
Retirement 2060 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement 2065 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement Balanced Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2005 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2010 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2015 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2020 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2025 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2030 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2035 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2040 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2045 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2050 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2055 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2060 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement I 2065 Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement Balanced I Fund—I Class	Asset Allocation	May 31	May31	Nov 30	Oct 1
Retirement Income 2020 Fund	Asset Allocation	Dec 31	Dec31	June 30	May 1
Science & Technology Fund	Equity	Dec 31	Dec 31	June 30	May 1

Short Duration Income Fund	Taxable Bond	May 31	May 31	Nov 30	Oct 1

Short-Term Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Short-Term Bond Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Short-Term Government Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Small-Cap Index Fund	Index Equity	Dec 31	Dec31	June 30	May 1
Small-Cap Stock Fund	Equity	Dec 31	Dec 31	June 30	May 1
Small-Cap Value Fund	Equity	Dec31	Dec 31	June 30	May 1
Spectrum Conservative Allocation Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Spectrum Growth Fund	Asset Allocation	Dec 31	Dec31	June 30	May 1
Spectrum Income Fund	Asset Allocation	Dec 31	Dec31	June 30	May 1
Spectrum International Fund	Asset Allocation	Dec 31	Dec31	June 30	May 1
Spectrum Moderate Allocation Fund	Asset Allocation	Dec 31	Dec31	June 30	May 1
Spectrum Moderate Growth Allocation Fund	Asset Allocation	Dec 31	Dec31	June 30	May 1
Summit Municipal Income Fund	Tax-Free Bond	Oct 31	Oct31	Apr 30	March 1
Summit Municipal Intermediate Fund	Tax-Free Bond	Oct 31	Oct31	Apr 30	March 1
Summit Municipal Money Market Fund	Tax-Free Money	Oct 31	Oct31	Apr 30	March 1
Target 2005 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2010 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2015 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2020 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2025 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2030 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2035 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2040 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2045 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2050 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2055 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2060 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Target 2065 Fund	Asset Allocation	May 31	May31	Nov 30	Oct 1
Tax-Efficient Equity Fund	Equity	Feb 29	Feb 29	Aug 30	July 1
Tax-Exempt Money Fund	Tax-Free Money	Feb 29	Feb29	Aug 30	July 1
Tax-Free High Yield Fund	Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1
Tax-Free Income Fund	Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1


Fund	Fund Category	Fiscal Year-End	Annual Report Date	Semiannual Report Date	Prospectus Date
Tax-FreeShort-Intermediate Fund	Tax-Free Bond	Feb 29	Feb 29	Aug 30	July 1
Total Equity Market Index Fund	Index Equity	Dec 31	Dec31	June 30	May 1
Total Return Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Treasury Reserve Fund	Taxable Money	May 31	May31	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	Dec31	Dec 31	June 30	May 1
U.S. High Yield Fund	Taxable Bond	May 31	May31	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	May31	Nov 30	Oct 1
U.S. Treasury Long-Term Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
U.S. Treasury Money Fund	Taxable Money	May 31	May31	Nov 30	Oct 1
Ultra Short-Term Bond Fund	Taxable Bond	May 31	May31	Nov 30	Oct 1
Value Fund	Equity	Dec 31	Dec 31	June 30	May 1
Virginia Tax-Free Bond Fund	State Tax-Free Bond	Feb 29	Feb29	Aug 30	July 1

MANAGEMENTOF 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, i.e., not “interested persons” as defined in Section 2(a)(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 2019. 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, serves as the Chairman of the Board of each Price Fund. 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. 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 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 will be considered based on their 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. The Joint Nominating and Governance Committee seeks to ensure that the Board is comprised of independent directors who bring diverse perspectives to the Board, including diverse experiences, backgrounds, race, ethnicity, gender, qualifications, skills, thoughts, viewpoints, and other qualities. Nominees will also be considered based on their independence from T. Rowe Price and other principal service providers. Other than executive sessions in connection with Board meetings, the Joint Nominating and Governance Committee formally met one time in 2019.

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. Each of the three regular 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. The Committee also reviews the risk management program of the funds’ investment adviser. The Joint Audit Committee met three times in 2019.

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 2019.

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.

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 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.

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 2019, that led to the conclusion that he or she should serve as a director.

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 Chimera Investment Corporation, Public Media Company (non-profit), University of Virginia Foundation (non-profit) 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 and chief executive officer from January 2009 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 is chairman of 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 an independent director of the Price Funds since October 2013; in September 2014, he became a member of the Joint Audit Committee until August 2019 and served as chairman of the Joint Audit Committee from July 2017 to August 2019.

Robert J. Gerrard, Jr. has served as Chairman of the Boards of all Price Funds since July 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 has served as an inside director of all Price Funds since July 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 Board of Governors for the Investment Company Institute (ICI), and previously served as the chairman of the ICI’s international committee. He is on sabbatical from the Mutual Insurance Company Board of Governors, where he served as a member of its executive committee and chairman of its risk management committee. He also served on the board of the Investment Adviser Association and was a past chairman of its legal and regulatory committee. 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.

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 192 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 February 2019)
Ronald J. Daniels 1959 192 portfolios	President, The Johns Hopkins University^(b) and Professor, Political Science Department, The Johns Hopkins University (2009 to present)	Lyndhurst Holdings (2015 to present); BridgeBio Pharma, Inc. (2020 to present)
Bruce W. Duncan 1951 192 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 December 2019); Member, Independent Directors Council Governing Board (2017 to December 2019); 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)


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

Robert J. Gerrard, Jr. 1952 192 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
Paul F. McBride 1956 192 portfolios	Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018)	None
Cecilia E. Rouse, Ph.D. 1963 192 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 192 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)

(a) All information about the independent directors was current as of December 31, 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.

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. David Oestreicher has served as inside director of all Price Funds since July 2018. 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.


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 192 portfolios	Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Chairman of the Board, Chief Executive Officer, President, and Secretary, T. Rowe Price Trust Company; Director, Vice President, and Secretary, T. Rowe Price, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc; Vice President and Secretary, T. Rowe Price International; Vice President, Price Hong Kong, Price Japan, and Price Singapore Principal Executive Officer and Executive Vice President, all funds	None
Robert W. Sharps, CFA, CPA 1971 192 portfolios	Vice President and Director, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Trust Company President, Equity Funds; Vice President, Blue Chip Growth Fund, Global Funds, Growth Stock Fund, International Funds, Multi-Strategy Total Return Fund, Retirement Funds, Spectrum Funds, and Spectrum Funds II	None

(a) All information about the inside directors was current as of December 31, 2019, 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, Retirement 2065 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, Retirement I 2065 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, Target 2060 Fund, and Target 2065 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.”

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 various Price Funds in which the Fund-of-Funds invest (collectively, 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 the possibility of such a situation 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 or adverse impacts. For example, the Fund-of-Funds may add or remove underlying Price Funds from their list of permissible investments or change their investments in the underlying Price Funds to a different share class. These actions could have an adverse impact on an underlying Price Fund, including increasing the underlying fund’s capital gains, portfolio turnover, and transaction costs. In addition, such actions could cause the expense ratio of one or

more of the underlying fund’s share classes to increase. Such actions could also cause the underlying fund to sell securities or invest additional cash at disadvantageous prices.

In generally exercising their responsibilities for the Spectrum Funds, the Boards, among other things, will also 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 “Exemptive Order”). In connection with the Exemptive Order, the underlying Price Funds in which the Spectrum Funds invest have entered into Special Servicing Agreements with T. Rowe Price and each respective Spectrum Fund in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Spectrum Fund invests will bear its proportionate share of the expenses of that Spectrum Fund if, and to the extent that, the underlying Price Fund’s savings from the operation of the Spectrum Fund 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 that exceed the estimated savings to the underlying Price Funds. As a result, the Spectrum Funds do not pay an investment management fee and will effectively pay no operating expenses at the Spectrum Fund level, although shareholders of the Spectrum Funds will still indirectly bear their proportionate share of the expenses of each underlying Price Fund in which the Spectrum Funds invest. The RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs do not rely on this Exemptive Order or a Special Servicing Agreement since they do not pass-through their direct operating expenses to their underlying Price Funds.

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 series of).


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
Balanced Fund	1	2018	2018	2013	2012	2013	2012	2001
Blue Chip Growth Fund	1	2018	2018	2013	2012	2013	2012	2001
Capital Appreciation Fund	1	2018	2018	2013	2012	2013	2012	2001
Communications & Technology Fund	1	2018	2018	2013	2012	2013	2012	2001
Corporate Income Fund	1	2018	2018	2013	2013	2013	2013	1995
Credit Opportunities Fund	1	2018	2018	2014	2014	2014	2014	2014
Diversified Mid-Cap Growth Fund	1	2018	2018	2013	2012	2013	2012	2003
Dividend Growth Fund	1	2018	2018	2013	2012	2013	2012	2001
Equity Funds	5	2018	2018	2013	2012	2013	2012	2001
Equity Income Fund	1	2018	2018	2013	2012	2013	2012	2001
Financial Services Fund	1	2018	2018	2013	2012	2013	2012	2001
Floating Rate Fund	1	2018	2018	2013	2013	2013	2013	2011
Global Allocation Fund	1	2018	2018	2013	2013	2013	2013	2013
Global Funds	6	2018	2018	2013	2012	2013	2012	2001
Global Multi-Sector Bond Fund	1	2018	2018	2013	2013	2013	2013	2008
Global Real Estate Fund	1	2018	2018	2013	2012	2013	2012	2008
Global Technology Fund	1	2018	2018	2013	2012	2013	2012	2001
GNMA Fund	1	2018	2018	2013	2013	2013	2013	1992
Government Money Fund	1	2018	2018	2013	2013	2013	2013	1992
Growth & Income Fund	1	2018	2018	2013	2012	2013	2012	2001
Growth Stock Fund	1	2018	2018	2013	2012	2013	2012	2001


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
Health Sciences Fund	1	2018	2018	2013	2012	2013	2012	2001
High Yield Fund	2	2018	2018	2013	2013	2013	2013	1992
Index Trust	5	2018	2018	2013	2012	2013	2012	2001
Inflation Protected Bond Fund	1	2018	2018	2013	2013	2013	2013	2002
Institutional Income Funds	5	2018	2018	2013	2013	2013	2013	2002
Intermediate Tax-Free High Yield Fund	1	2018	2018	2014	2014	2014	2014	2014
International Funds	27	2018	2018	2013	2012	2013	2012	2001
International Index Fund	1	2018	2018	2013	2012	2013	2012	2001
Limited Duration Inflation Focused Bond Fund	1	2018	2018	2013	2013	2013	2013	2006
Mid-Cap Growth Fund	1	2018	2018	2013	2012	2013	2012	2001
Mid-Cap Value Fund	1	2018	2018	2013	2012	2013	2012	2001
Multi-Sector Account Portfolios	6	2018	2018	2013	2013	2013	2013	2012
Multi-Strategy Total Return Fund	1	2018	2018	2017	2017	2017	2017	2017
New America Growth Fund	1	2018	2018	2013	2012	2013	2012	2001
New Era Fund	1	2018	2018	2013	2012	2013	2012	2001
New Horizons Fund	1	2018	2018	2013	2012	2013	2012	2001
New Income Fund	1	2018	2018	2013	2013	2013	2013	1992
Quantitative Management Funds	4	2018	2018	2013	2012	2013	2012	2001
Real Assets Fund	1	2018	2018	2013	2012	2013	2012	2010
Real Estate Fund	1	2018	2018	2013	2012	2013	2012	2001
TRP Reserve Funds	4	2018	2018	2013	2013	2013	2013	1997
Retirement Funds	42	2018	2018	2013	2012	2013	2012	2002
Science & Technology Fund	1	2018	2018	2013	2012	2013	2012	2001
Short-Term Bond Fund	3	2018	2018	2013	2013	2013	2013	1992
Small-Cap Stock Fund	1	2018	2018	2013	2012	2013	2012	2001
Small-Cap Value Fund	1	2018	2018	2013	2012	2013	2012	2001
Spectrum Funds	3	2018	2018	2013	2012	2013	2012	2001
Spectrum Funds II	3	2018	2018	2013	2012	2013	2012	2001
State Tax-Free Funds	10	2018	2018	2013	2013	2013	2013	1992
Summit Income Funds	1	2018	2018	2013	2013	2013	2013	1993
Summit Municipal Funds	3	2018	2018	2013	2013	2013	2013	1993
Tax-Efficient Funds	1	2018	2018	2013	2012	2013	2012	2001
Tax-Exempt Money Fund	1	2018	2018	2013	2013	2013	2013	1992
Tax-Free High Yield Fund	1	2018	2018	2013	2013	2013	2013	1992
Tax-Free Income Fund	1	2018	2018	2013	2013	2013	2013	1992


Corporation	Number of Portfolios	Independent Directors
Corporation	Number of Portfolios	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
Tax-Free Short-Intermediate Fund	1	2018	2018	2013	2013	2013	2013	1992
Total Return Fund	1	2018	2018	2016	2016	2016	2016	2016
U.S. Bond Enhanced Index Fund	1	2018	2018	2013	2013	2013	2013	2000
U.S. Equity Research Fund	1	2018	2018	2013	2012	2013	2012	2001
U.S. Large-Cap Core Fund	1	2018	2018	2013	2012	2013	2012	2009
U.S. Treasury Funds	3	2018	2018	2013	2013	2013	2013	1992
Value Fund	1	2018	2018	2013	2012	2013	2012	2001


Corporation		Number of Portfolios		Inside Directors
				Oestreicher		Sharps
Balanced Fund	1		2018		2017
Blue Chip Growth Fund	1		2018		2017
CapitalAppreciation Fund	1		2018		2017
Communications & Technology Fund	1		2018		2017
Corporate Income Fund	1		2018		2019
Credit OpportunitiesFund	1		2018		2019
Diversified Mid-Cap Growth Fund	1		2018		2017
DividendGrowth Fund	1		2018		2017
Equity Funds	5		2018		2017
Equity IncomeFund	1		2018		2017
Financial Services Fund	1		2018		2017
FloatingRate Fund	1		2018		2019
Global Allocation Fund	1		2018		2017
Global Funds	6		2018		2017
Global Multi-Sector Bond Fund	1		2018		2019
Global RealEstate 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 SciencesFund	1		2018		2017
High Yield Fund	2		2018		2019
Index Trust	5		2018		2017
Inflation Protected Bond Fund	1		2018		2019
InstitutionalIncome Funds	5		2018		2019
Intermediate Tax-Free High Yield Fund	1		2018		2019


Corporation			Number of Portfolios		InsideDirectors
					Oestreicher		Sharps
International Funds	27			2018		2017
InternationalIndex Fund	1			2018		2017
Limited Duration Inflation Focused Bond Fund		1		2018		2019
Mid-Cap Growth Fund		1		2018		2017
Mid-CapValue Fund		1		2018		2017
Multi-Sector Account Portfolios		6		2018		2019
Multi-Strategy Total Return Fund		1		2018		2017
New America Growth Fund		1		2018		2017
New EraFund		1		2018		2017
New Horizons Fund		1		2018		2017
New Income Fund		1		2018		2019
QuantitativeManagement Funds		4		2018		2017
Real Assets Fund		1		2018		2017
Real Estate Fund		1		2018		2017
TRP ReserveFunds		4		2018		2019
Retirement Funds		42		2018		2017
Science & Technology Fund		1		2018		2017
Short-TermBond Fund		3		2018		2019
Small-Cap Stock Fund		1		2018		2017
Small-Cap Value Fund		1		2018		2017
SpectrumFunds		3		2018		2017
Spectrum Funds II		3		2018		2017
State Tax-Free Funds		10		2018		2019
Summit IncomeFunds		1		2018		2019
Summit Municipal Funds		3		2018		2019
Tax-Efficient Funds		1		2018		2017
Tax-ExemptMoney Fund		1		2018		2019
Tax-Free High Yield Fund		1		2018		2019
Tax-Free Income Fund		1		2018		2019
Tax-FreeShort-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-CapCore Fund		1		2018		2017
U.S. Treasury Funds		3		2018		2019
Value Fund		1		2018		2017

Below is a table that sets forth certain information, as of December 31, 2019, 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 ExecutiveVice President
	Alan S. Dupski	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
	Shannon Hofher Rauser	Assistant Secretary

Below is a table that sets forth certain information, organized by fund, concerningeach person deemed to be an officer of each fund. Information is provided as of May 31, 2020.


Fund	Name	Position Held With Fund
BalancedFund	Charles M. Shriver	Co-President
	Toby M. Thompson	Co-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
	Rodney M. Rayburn	Vice President
	Guido F. Stubenrauch	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
BlueChip 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
	David L. Rowlett	Vice President
	Emily C. Scudder	Vice President
	Robert W. Sharps	Vice President
	Weijie Si	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	DavidR. Giroux	President
	Paul Y. Cho	Vice President
	Shawn T. Driscoll	Vice President
	Jon M. Friar	Vice President
	Paul D. Greene II	Vice President
	Vidya Kadiyam	Vice President
	Steven D. Krichbaum	Vice President
	Paul M. Massaro	Vice President
	Adam Poussard	Vice President
	Vivek Rajeswaran	Vice President
	Farris G. Shuggi	Vice President
	Brian Solomon	Vice President
	Gabriel Solomon	Vice President
	Chen Tian	Vice President
	Tamara P. Wiggs	Vice President
	Ashley R. Woodruff	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
Communications& Technology Fund	James Stillwagon	President
	Paul Y. Cho	Vice President
	Greg Dunham	Vice President
	David J. Eiswert	Vice President
	Joseph B. Fath	Vice President
	Paul D. Greene II	Vice President
	Sam Johnson	Vice President
	Jacqueline L. Liu	Vice President
	Ross MacMillan	Vice President
	Jennifer Martin	Vice President
	Daniel Martino	Vice President
	Philip A. Nestico	Vice President
	Alan Tu	Vice President
	Justin P. White	Vice President
	Christopher S. Whitehouse	VicePresident
	Yan Zhang	Vice President
	(For remaining officers, refer to the “All funds” table)
Corporate Income Fund	SteveBoothe	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
	Tyrone Smith	Vice President
	Mark Stodden	Vice President
	Robert D. Thomas	Vice President
	Wesley Ross Trowbridge	Vice President
	Mitch Unger	Vice President
	Bineesha Wickremarachchi	Vice President
	J. Howard Woodward	Vice President
	(For remaining officers, refer to the “All funds” table)
Credit Opportunities Fund	RodneyM. 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)


Fund		Name	Position Held With Fund
DiversifiedMid-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
		Jodi Love	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		ThomasJ. 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
		Jon D. Wood	Vice President
		(For remaining officers, refer to the “All funds” table)
Equity Funds		RobertW. Sharps	President
	Institutional Large-Cap Core Growth Fund	Francisco M. Alonso	Executive Vice President
	Institutional Mid-Cap Equity Growth Fund	Brian W.H. Berghuis	Executive Vice President
	Institutional Small-Cap Stock Fund	Mark S. Finn	Executive Vice President
	Large-Cap Growth Fund	Ann M. Holcomb	Executive Vice President
	Large-Cap Value Fund	John D. Linehan	Executive Vice President
		Heather K. McPherson	Executive Vice President
		JoshuaNelson	Executive Vice President
		Jason B. Polun	Executive Vice President
		LarryJ. Puglia	Executive Vice President
		Taymour R. Tamaddon	Executive Vice President
		ThomasH. 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)


Fund	Name	Position Held With Fund
EquityIncome Fund	John D. Linehan	President
	Jason R. Adams	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
	Preeta Ragavan	Vice President
	Melanie A. Rizzo	Vice President
	Farris G. Shuggi	Vice President
	Matthew J. Snowling	Vice President
	James Stillwagon	Vice President
	(For remaining officers, refer to the “All funds” table)
Financial Services Fund	GabrielSolomon	President
	Elias Chrysostomou	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
	Preeta Ragavan	Vice President
	Zenon Voyiatzis	Vice President
	Tamara P. Wiggs	Vice President
	(For remaining officers, refer to the “All funds” table)
Floating Rate Fund	PaulM. 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
	Rebecca Willey	Assistant Vice President
	(For remaining officers, refer to the “All funds”table)


Fund		Name	Position Held With Fund
GlobalFunds		Christopher D. Alderson	President
	Global Value Equity 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 International Core Equity Fund	Michael J. Conelius	Executive Vice President
	Institutional International Disciplined Equity Fund	David J. Eiswert	Executive Vice President
	Institutional International Growth Equity Fund	Sebastien Mallet	Executive Vice President
		Raymond A. Mills	Executive Vice President
		JoshuaNelson	Executive Vice President
		Jason Nogueira	Executive Vice President
		GonzaloPangaro	Executive Vice President
		Federico Santilli	Executive Vice President
		UlleAdamson	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
		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


Fund	Name	Position Held With Fund
	JohannesLoefstrand	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	VicePresident
	Marta Yago	Vice President
	Ernest C. Yeung	Vice President
	(For remaining officers, refer to the “All funds” table)
Global Allocation Fund	CharlesM. Shriver	Co-President
	Toby M. Thompson	Co-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
	(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
GlobalMulti-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	NinaP. Jones	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
	Kim Tracey	Vice President
	Pavel Vedrov	Vice President
	Marta Yago	Vice President
	(For remaining officers, refer to the “All funds” table)
Global Technology Fund	AlanTu	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
	Sam Johnson	Vice President
	Jacqueline L. Liu	Vice President
	Ross MacMillan	Vice President
	Jennifer Martin	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)


Fund	Name	Position Held With Fund
GNMAFund	Keir R. Joyce	President
	Scott Edwin Ackerman	Vice President
	Joseph Anastasio	Vice President
	Anil K. Andhavarapu	Vice President
	Brian J. Brennan	Vice President
	Christopher P. Brown, Jr.	VicePresident
	Ramon R. de Castro	Vice President
	Alan D. Levenson	Vice President
	(For remaining officers, refer to the “All funds” table)
Government Money Fund	JosephK. Lynagh	President
	Douglas D. Spratley	Executive Vice President
	ColinT. 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
	(For remaining officers, refer to the “All funds” table)
Growth & Income Fund	JeffreyRottinghaus	President
	Peter J. Bates	Vice President
	Shawn T. Driscoll	Vice President
	Paul D. Greene II	Vice President
	Ryan S. Hedrick	Vice President
	Daniel Martino	Vice President
	Heather K. McPherson	Vice President
	Jason Nogueira	Vice President
	David L. Rowlett	Vice President
	Emily C. Scudder	Vice President
	Weijie Si	Vice President
	Gabriel Solomon	Vice President
	(For remaining officers, refer to the “All funds” table)
Growth Stock Fund	JosephB. Fath	President
	Andrew S. Davis	Vice President
	Eric L. DeVilbiss	Vice President
	Shawn T. Driscoll	Vice President
	David J. Eiswert	Vice President
	Jon M. Friar	Vice President
	Paul D. Greene II	Vice President
	Jodi Love	Vice President
	Ross MacMillan	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)


Fund		Name	Position Held With Fund
HealthSciences 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
		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)
High Yield Fund		AndrewC. McCormick	President
	High Yield Fund (a)	Kevin P. Loome	Executive Vice President
	U.S. High Yield Fund (b)	Rodney M. Rayburn	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		AlexaM. Gagliardi	President
	Equity Index 500 Fund	E. Frederick Bair	Vice President
	Extended Equity Market Index Fund	Neil Smith	Vice President
	Mid-Cap Index Fund	Michael T. Wehn	Vice President
	Small-Cap Index Fund
	Total Equity Market Index Fund
		(For remaining officers, refer to the “All funds”table)


Fund		Name	Position Held With Fund
InflationProtected Bond Fund		Stephen L. Bartolini	President
		Michael K. Sewell	Executive Vice President
		Brian J. Brennan	Vice President
		Geoffrey M. Hardin	Vice President
		Alan D. Levenson	Vice President
		Michael F. Reinartz	Vice President
		Christopher J. Temple	Vice President
		Susan G. Troll	Vice President
		(For remaining officers, refer to the “All funds” table)
Institutional Income Funds		PaulM. 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	Douglas D. Spratley	Executive Vice President
		Colin T. Bando	Vice President
		Stephen L. Bartolini	Vice President
		Jason A. Bauer	Vice President
		Steve Boothe	Vice President
		Christopher P. Brown, Jr.	VicePresident
		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
		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
		Miso Park	Vice President
		Theodore E. Robson	Vice President
		Brian A. Rubin	Vice President
		Chen Shao	Vice President
		Jeanny Silva	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


Fund		Name	Position Held With Fund
		J.Howard Woodward	Vice President
		Rebecca Willey	Assistant Vice President
		(For remaining officers, refer to the “All funds”table)
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
		Michael Kane	Vice President
		Marcy M. Lash	Vice President
		Konstantine B. Mallas	Vice President
		Hugh D. McGuirk	Vice President
		(For remaining officers, refer to the “All funds” table)
International Funds		ChristopherD. Alderson	President
	Africa & Middle East Fund	Jason R. Adams	Executive Vice President
	Asia Opportunities Fund	Ulle Adamson	Executive Vice President
	China Evolution Equity Fund	Peter J. Bates	Executive Vice President
	Dynamic Credit Fund	Oliver D.M. Bell	Executive Vice President
	Dynamic Global Bond Fund	R. Scott Berg	Executive Vice President
	Emerging Europe Fund	Archibald Ciganer	Executive Vice President
	Emerging Markets Bond Fund	Richard N. Clattenburg	Executive Vice President
	Emerging Markets Corporate Bond Fund	Michael J. Conelius	Executive Vice President
	Emerging Markets Discovery Stock Fund	Michael Della Vedova	Executive Vice President
	Emerging Markets Local Currency Bond Fund	David J. Eiswert	Executive Vice President
	Emerging Markets Stock Fund	Benjamin Griffiths	Executive Vice President
	European Stock Fund	Arif Husain	Executive Vice President
	Global Consumer Fund	Andrew J. Keirle	Executive Vice President
	Global Growth Stock Fund	Anh Lu	Executive Vice President
	Global High Income Bond Fund	Raymond A. Mills	Executive Vice President
	Global Industrials Fund	Eric C. Moffett	Executive Vice President
	Global Stock Fund	Samy B. Muaddi	Executive Vice President
	International Bond Fund	Joshua Nelson	Executive Vice President
	International Bond Fund (USD Hedged)	Jason Nogueira	Executive Vice President
	International Disciplined Equity Fund	Kenneth A. Orchard	Executive Vice President
	International Discovery Fund	Gonzalo Pangaro	Executive Vice President
	International Stock Fund	Federico Santilli	Executive Vice President
	International Value Equity Fund	Saurabh Sud	Executive Vice President
	Japan Fund	Dean Tenerelli	Executive Vice President
	Latin America Fund	Justin Thomson	Executive Vice President
	New Asia Fund	Mark J. Vaselkiv	Executive Vice President
	Overseas Stock Fund	Verena E. Wachnitz	Executive Vice President
		Ernest C. Yeung	Executive Vice President
		MarielAbreu	Vice President
		Roy H. Adkins	Vice President
		Syed H. Ali	Vice President
		Kennard W. Allen	Vice President
		Paulina Amieva	Vice President


Fund	Name	Position Held With Fund
	MalikS. Asif	Vice President
	Ziad Bakri	Vice President
	Harishankar Balkrishna	Vice President
	Sheena L. Barbosa	Vice President
	Jason A. Bauer	Vice President
	Luis M. Baylac	Vice President
	Steve Boothe	Vice President
	Peter I. Botoucharov	Vice President
	Tala Boulos	Vice President
	Christopher P. Brown, Jr.	VicePresident
	Sheldon Chan	Vice President
	Andrew Chang	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
	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
	Takanori Kobayashi	Vice President
	Christopher J. Kushlis	Vice President
	Shengrong Lau	Vice President


Fund	Name	Position Held With Fund
	MarkJ. 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
	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
	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
	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)


Fund		Name	Position Held With Fund
InternationalIndex 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
		Michael K. Sewell	Executive Vice President
		BrianJ. Brennan	Vice President
		Jerome A. Clark	Vice President
		Geoffrey M. Hardin	Vice President
		Wyatt A. Lee	Vice President
		Michael F. Reinartz	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		BrianW.H. Berghuis	President
		John F. Wakeman	Executive Vice President
		ShawnT. Driscoll	Vice President
		Donald J. Easley	Vice President
		Joseph B. Fath	Vice President
		Matt Mahon	Vice President
		Robert J. Marcotte	Vice President
		Jay S. Markowitz	Vice President
		Jason Nogueira	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)
Mid-Cap Value Fund		DavidJ. Wallack	President
		Heather K. McPherson	Executive Vice President
		ChristopherW. 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)


Fund		Name	Position Held With Fund
Multi-SectorAccount 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	Rodney M. Rayburn	Executive Vice President
		Mariel Abreu	Vice President
		Scott Edwin Ackerman	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.	VicePresident
		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
		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
		Jeanny Silva	Vice President
		David Stanley	Vice President
		Ju Yen Tan	Vice President
		Robert D. Thomas	Vice President
		Siby Thomas	Vice President
		Michael J. Trivino	Vice President


Fund	Name	Position Held With Fund
	WesleyRoss 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
	(For remaining officers, refer to the “All funds” table)
New America Growth Fund	JustinP. White	President
	Jason R. Adams	Vice President
	Ziad Bakri	Vice President
	Brian W.H. Berghuis	Vice President
	Shaun Michael Currie	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
	Ari Weisband	Vice President
	Ashley R. Woodruff	Vice President
	(For remaining officers, refer to the “All funds” table)
New Era Fund	ShawnT. 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
	Kevin Mastalerz	Vice President
	Heather K. McPherson	Vice President
	Christian M. O'Neill	Vice President
	John C. Qian	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)


Fund		Name	Position Held With Fund
New HorizonsFund		Joshua K. Spencer	President
		Francisco M. Alonso	Vice President
		Ziad Bakri	Vice President
		Brian W.H. Berghuis	Vice President
		Christopher W. Carlson	Vice President
		Andrew S. Davis	Vice President
		Greg Dunham	Vice President
		Jon M. Friar	Vice President
		Curt J. Organt	Vice President
		Dante Pearson	Vice President
		Alexander P. Roik	Vice President
		Weijie Si	Vice President
		Justin Thomson	Vice President
		Alan Tu	Vice President
		Ashley R. Woodruff	Vice President
		(For remaining officers, refer to the “All funds” table)
New Income Fund		StephenL. Bartolini	President
		Steve Boothe	Vice President
		Brian J. Brennan	Vice President
		Christopher P. Brown, Jr.	VicePresident
		Michael F. Connelly	Vice President
		Stephen M. Finamore	Vice President
		Geoffrey M. Hardin	Vice President
		Keir R. Joyce	Vice President
		Robert M. Larkins	Vice President
		Matthew Lawton	Vice President
		Alan D. Levenson	Vice President
		Samy B. Muaddi	Vice President
		Susan G. Troll	Vice President
		(For remaining officers, refer to the “All funds” table)
Quantitative Management Funds		SudhirNanda	President
	QM Global Equity Fund	Prashant G. Jeyaganesh	Executive Vice President
	QM U.S. Small & Mid-Cap Core Equity Fund	Vidya Kadiyam	Executive Vice President
	QM U.S. Small-Cap Growth Equity Fund	Navneesh Malhan	Executive Vice President
	QM U.S. Value Equity Fund	Farris G. Shuggi	Executive Vice President
		George Gao	Vice President
		Rinald Murataj	Vice President
		Jordan S. Pryor	Vice President
		Anthony Zhu	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
RealAssets 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
		Charles M. Shriver	Vice President
		J. Zachary Wood	Vice President
		(For remaining officers, refer to the “All funds” table)
Real Estate Fund		NinaP. Jones	President
		Thomas J. Huber	Vice President
		Philip A. Nestico	Vice President
		Dante Pearson	Vice President
		Preeta Ragavan	Vice President
		Jane K. Rivers	Vice President
		Theodore E. Robson	Vice President
		Weijie Si	Vice President
		Brian Solomon	Vice President
		(For remaining officers, refer to the “All funds” table)
TRP Reserve Investment Funds		JosephK. Lynagh	President
	Government Reserve Fund	Douglas D. Spratley	Executive Vice President
	Short-Term Fund	Colin T. Bando	Vice President
	Short-Term Government Fund	M. Helena Condez	Vice President
	Treasury Reserve Fund	Stephanie A. Gentile	Vice President
		Alan D. Levenson	Vice President
		Cheryl A. Mickel	Vice President
		Chen Shao	Vice President
		Jeanny Silva	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
RetirementFunds		Jerome A. Clark	Co-President
	Retirement 2005 Fund	Kimberly E. DeDominicis	Co-President
	Retirement 2010 Fund	Andrew G. Jacobs Van Merlen	Co-President
	Retirement 2015 Fund	Wyatt A. Lee	Co-President
	Retirement 2020 Fund	Christopher D. Alderson	Vice President
	Retirement 2025 Fund	Francisco M. Alonso	Vice President
	Retirement 2030 Fund	Stephen L. Bartolini	Vice President
	Retirement 2035 Fund	David J. Eiswert	Vice President
	Retirement 2040 Fund	Mark S. Finn	Vice President
	Retirement 2045 Fund	David R. Giroux	Vice President
	Retirement 2050 Fund	Arif Husain	Vice President
	Retirement 2055 Fund	Sebastien Page	Vice President
	Retirement 2060 Fund	Robert A. Panariello	Vice President
	Retirement 2065 Fund	Robert W. Sharps	Vice President
	Retirement Balanced Fund	Charles M. Shriver	Vice President
	Retirement I 2005 Fund—I Class	Guido F. Stubenrauch	Vice President
	Retirement I 2010 Fund—I Class	Justin Thomson	Vice President
	Retirement I 2015 Fund—I Class	James A. Tzitzouris Jr.	Vice President
	Retirement I 2020 Fund—I Class	J. David Wagner	Vice President
	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 I 2065 Fund—I Class
	RetirementBalanced 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

	Target2065 Fund	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Science& Technology Fund		Kennard W. Allen	President
		Greg Dunham	Vice President
		David J. Eiswert	Vice President
		Paul D. Greene II	Vice President
		Sam Johnson	Vice President
		Jacqueline L. Liu	Vice President
		Ross MacMillan	Vice President
		Dominic Rizzo	Vice President
		Emily C. Scudder	Vice President
		Joshua K. Spencer	Vice President
		James Stillwagon	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		CherylA. Mickel	President

	Short Duration Income Fund	Joseph K. Lynagh	Executive Vice President
	Short-Term Bond Fund	Alexander S. Obaza	Executive Vice President
	Ultra Short-Term Bond Fund	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
		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		FranciscoM. Alonso	President
		Andrew S. Davis	Vice President
		Christopher T. Fortune	Vice President
		John Hall	Vice President
		Matt Mahon	Vice President
		Robert J. Marcotte	Vice President
		Rekha Marda	Vice President
		Jay S. Markowitz	Vice President
		Curt J. Organt	Vice President
		Robert T. Quinn, Jr.	Vice President
		Alexander P. Roik	Vice President
		J. David Wagner	Vice President
		Rouven J. Wool-Lewis	Vice President
		Nina Xu	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
Small-CapValue Fund		J. David Wagner	President
		Francisco M. Alonso	Vice President
		Christopher T. Fortune	Vice President
		Jon R. Hussey	Vice President
		Rekha Marda	Vice President
		Curt J. Organt	Vice President
		Robert T. Quinn, Jr.	Vice President
		Preeta Ragavan	Vice President
		Alexander P. Roik	Vice President
		Farris G. Shuggi	Vice President
		Nina Xu	Vice President
		(For remaining officers, refer to the “All funds” table)
Spectrum Funds		CharlesM. Shriver	Co-President
	Spectrum Growth Fund	Toby M. Thompson	Co-President
	Spectrum Income Fund	Christopher D. Alderson	Vice President
	Spectrum International Fund	Francisco M. Alonso	Vice President
		Stephen L. Bartolini	Vice President
		Jerome A. Clark	Vice President
		Kimberly E. DeDominicis	Vice President
		David J. Eiswert	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
		Justin Thomson	Vice President
		J. David Wagner	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
SpectrumFunds II		Charles M. Shriver	Co-President
	Spectrum Conservative Allocation Fund	Toby M. Thompson	Co-President
	SpectrumModerate Allocation Fund	Christopher D. Alderson	Vice President
	Spectrum Moderate Growth Allocation Fund	Francisco M. Alonso	Vice President
		E. Frederick Bair	Vice President
		Stephen L. Bartolini	Vice President
		Jerome A. Clark	Vice President
		Kimberly E. DeDominicis	Vice President
		David J. Eiswert	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
		Justin Thomson	Vice President
		J. David Wagner	Vice President
		(For remaining officers, refer to the “All funds” table)
State Tax-Free Funds		HughD. McGuirk	President
	California Tax-Free Bond Fund	Austin Applegate	Executive Vice President
	California Tax-Free Money Fund	Charles B. Hill	Executive Vice President
	Georgia Tax-Free Bond Fund	Joseph K. Lynagh	Executive Vice President
	Maryland Short-Term Tax-Free Bond Fund	Konstantine B. Mallas	Executive 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
		Michael Kane	Vice President
		Marcy M. Lash	Vice President
		Alan D. Levenson	Vice President
		James T. Lynch	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)


Fund		Name	Position Held With Fund
SummitIncome Funds		Joseph K. Lynagh	President
	Cash Reserves Fund	Douglas D. Spratley	Executive Vice 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
		(For remaining officers, refer to the “All funds” table)
Summit Municipal Funds		HughD. 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
		Douglas D. Spratley	Executive Vice President
		AustinApplegate	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
		Alisa Fiumara-Yoch	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
		James M. Murphy	Vice President
		Chen Shao	Vice President
		Jeanny Silva	Vice President
		Timothy G. Taylor	Vice President
		Robert D. Thomas	Vice President
		(For remaining officers, refer to the “All funds” table)
Tax-Efficient Funds		DonaldJ. 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)


Fund	Name	Position Held With Fund
Tax-ExemptMoney 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)
Tax-Free High Yield Fund	JamesM. Murphy	President
	R. Lee Arnold, Jr.	Executive Vice President
	ColinT. Bando	Vice President
	Daniel Chihorek	Vice President
	Sarah J. Engle	Vice President
	Charles B. Hill	Vice President
	Michael Kane	Vice President
	Marcy M. Lash	Vice President
	Konstantine B. Mallas	Vice President
	Hugh D. McGuirk	Vice President
	Timothy G. Taylor	Vice President
	(For remaining officers, refer to the “All funds” table)
Tax-Free Income Fund	KonstantineB. 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	CharlesB. 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)


Fund	Name	Position Held With Fund
TotalReturn 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)
U.S. Bond Enhanced Index Fund	RobertM. Larkins	President
	Stephen L. Bartolini	Vice President
	Brian J. Brennan	Vice President
	Christopher P. Brown, Jr.	VicePresident
	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	AnnM. 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
	Justin P. White	Vice President
	Rouven J. Wool-Lewis	Vice President
	(For remaining officers, refer to the “All funds” table)


Fund		Name	Position Held With Fund
U.S.Large-Cap Core Fund		Jeffrey Rottinghaus	President
		Peter J. Bates	Vice President
		Shawn T. Driscoll	Vice President
		Paul D. Greene II	Vice President
		Ryan S. Hedrick	Vice President
		Daniel Martino	Vice President
		Heather K. McPherson	Vice President
		Jason Nogueira	Vice President
		David L. Rowlett	Vice President
		Emily C. Scudder	Vice President
		Weijie Si	Vice President
		Gabriel Solomon	Vice President
		(For remaining officers, refer to the “All funds” table)
U.S. Treasury Funds		BrianJ. Brennan	President
	U.S. Treasury Intermediate Fund	Joseph K. Lynagh	Executive Vice President
	U.S. Treasury Long-Term Fund	Douglas D. Spratley	Executive Vice President
	U.S. Treasury Money Fund	Colin T. Bando	Vice President
		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
		Christopher J. Temple	Vice President
		(For remaining officers, refer to the “All funds” table)


Fund	Name	Position Held With Fund
ValueFund	Mark S. Finn	President
	Peter J. Bates	Vice President
	Jason A. Bauer	Vice President
	Andrew S. Davis	Vice President
	Vincent M. DeAugustino	Vice President
	Ryan S. Hedrick	Vice President
	Jon R. Hussey	Vice President
	John D. Linehan	Vice President
	Jodi Love	Vice President
	Daniel Martino	Vice President
	Heather K. McPherson	Vice President
	Christian M. O'Neill	Vice President
	Weijie Si	Vice President
	Matthew Stevenson	Vice President
	Tamara P. Wiggs	Vice President
	Jon D. Wood	Vice President
	(For remaining officers, refer to the “All funds” table)

(a) Effective April 1, 2020, James Stillwagon became the Presidentof the fund.

(b) 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, and Michael J. Trivino.

(c) 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 May 31, 2020, 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
Scott E. Ackerman, 1987 Assistant Vice President, T. Rowe Price		Vice President,GNMA Fund and Multi-Sector Account Portfolios
Jason R. Adams, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Equity Income Fund, 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, Global Funds
Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global Funds, International Funds, and Multi-Sector Account Portfolios
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, Global Funds and International Funds; Vice President, Retirement Funds, Spectrum Funds, and Spectrum Funds II
Syed H. Ali, 1970 Vice President, Price Hong Kong, Price Singapore, and T. Rowe Price Group, Inc.		Vice President, International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Science & Technology Fund; Vice President, Diversified Mid-Cap GrowthFund, Global Funds, Global Technology Fund, International Funds, 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, 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, Global Funds and International Funds
Joseph Anastasio, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; 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.		Executive Vice President, State Tax-Free Funds; Vice President, 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, Global 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, Global Funds, International Funds, 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 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, TRP 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, Global Funds and International Funds
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, Retirement Funds, Short-Term Bond Fund, Spectrum Funds, Spectrum Funds II, 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, Global Funds, Growth & Income Fund, 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
Oliver D.M. Bell, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Executive Vice President, Global Funds and International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
R. Scott Berg, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company.		Executive Vice President, Global 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, Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, and New Horizons 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 Funds, Global Multi-Sector Bond Fund, Institutional Income 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, Global 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, Global 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 Price Investment 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, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, U.S. Equity Research 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, Price Singapore and T. Rowe Price Group, Inc.		Vice President, International Funds
Daniel Chihorek, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; 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
Paul Y. Cho, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund and Communications & Technology Fund
Elias Chrysostomou, CFA, 1980 Vice President, T. Rowe Price International; formerly Financials Sector Specialist,Lazard Asset Management (to 2019)		Vice President, Financial Services Fund
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		Vice President, Global 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, Global Funds
Jerome A. Clark, CFA, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price InvestmentServices, Inc., and T. Rowe Price Trust Company		Co-President, Retirement Funds; Vice President, Limited Duration Inflation Focused Bond Fund, Spectrum Funds, and Spectrum Funds II


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Richard N. Clattenburg, CFA, 1979 Vice President, Price Japan, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company		Executive Vice President, Global 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, Global 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, Multi-Sector Account Portfolios, and New Income Fund
Shaun M. Currie, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, Kellogg School of Management, Northwestern University (to 2016)		Vice President, New America Growth Fund
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 and T. Rowe Price Group, Inc.; formerly Senior Analyst, Soros Fund Management LLC (to 2018); Senior Analyst, Citadel LLC (to 2017); Senior Analyst, Visium Asset Management LP (to 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 Stock Fund, International Funds, New HorizonsFund, Small-Cap Stock Fund, Tax-Efficient Funds, 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., T. Rowe Price International, and T. Rowe Price Trust Company		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, Global Funds, International Funds, Mid-Cap Value Fund, New Era Fund, and Real Assets Fund
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, Global 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, Growth Stock Fund, and New America Growth Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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, Global 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, Global Funds, Growth & Income Fund, Growth Stock Fund, 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, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds
Alan S. Dupski, CPA, 1982 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
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, Global Funds and International Funds
David J. Eiswert, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Global Funds and International Funds; Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, Retirement Funds, Science & Technology Fund, Spectrum Funds, and Spectrum Funds II
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, Mid-Cap Growth Fund, and U.S. Equity Research Fund
Christopher Faulkner-MacDonagh, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Co-President, Real Assets Fund
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), Multi-Sector Account Portfolios, and New Income Fund
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, Equity Funds; Vice President, Balanced Fund, Equity Income Fund, Global Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Retirement Funds, Spectrum Funds, Spectrum Funds II, and U.S. Equity Research Fund
Quentin S. Fitzsimmons, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global Multi-Sector Bond Fund and International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Alisa Fiumara-Yoch, CFA, 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
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 (serves only with respect to the 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, Global 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
Joel Grant, 1978 Vice President, T. Rowe Price and T. Rowe PriceGroup, Inc.		Vice President, International Funds
Gary J. Greb, 1961 Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Trust Company		Vice President, all funds
PaulD. Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Communications & Technology Fund, Global Funds, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, 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		Executive Vice President, International Funds, Vice President, Global 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


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Amanda B. Hall, CFA, 1985 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global Funds
John Hall, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		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, Global 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, Global 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, 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 and T. Rowe Price Group, Inc.		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, 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, Global Funds, Health Sciences Fund, 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, Global Funds, and International Funds
Arif Husain, CFA, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Executive Vice President, International Funds; Vice President, Global Funds, Global Multi-Sector Bond Fund, 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 (serves only with respect to the 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, Price Hong Kong, T. Rowe PriceGroup, 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, 1978 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company		Co-President, Retirement Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc.		Vice President,Global 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
Sam Johnson, 1992 Employee, T. Rowe Price		Vice President, Communications & Technology Fund, Global Technology Fund, and Science & Technology Fund
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, SummitMunicipal 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, Financial Services Fund, Global 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, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds
Vidya Kadiyam, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Quantitative Management Funds, Vice President, Capital Appreciation Fund
Yoichiro Kai, 1973 Vice President, Price Singapore, T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global Funds and International Funds
Michael Kane, 1982 Vice President, T. Rowe Price; formerly Research Analyst, GW&K Investments (to 2019)		Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, and Tax-Free High Yield Fund
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 Funds, Global Real Estate Fund, 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 Funds and Global Multi-Sector Bond Fund
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, Short-Term Bond Fund
Stephen D. Krichbaum, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund
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, Global 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


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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 PriceGroup, Inc. and T. Rowe Price International		Vice President, Global 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, 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, and T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global 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)
Jodi Love, 1977 Vice President, T. Rowe Price; formerly Managing Director, Jennison Associates LLC (to 2019)		Vice President, Diversified Mid-Cap Growth Fund, Growth Stock Fund, and Value Fund
Anh Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.		Executive Vice President, International Funds; Vice President, Global 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 and T. Rowe Price Group, Inc.		Vice President, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund
Ross MacMillan, 1970 Vice President, T. Rowe Price; formerly Managing Director, RBC Capital Markets (to 2019)		Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, and Science & Technology 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, Mid-Cap Growth Fund, New Era Fund, and Small-Cap Stock Fund
Navneesh Malhan, CFA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive 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, Global Funds; Vice President, International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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
Rekha Marda, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Small-Cap Stock Fund and Small-Cap Value Fund
Jay Markowitz, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Mid-Cap Growth Fund and Small-Cap Stock Fund
Jennifer Martin, 1972 Vice President, T. Rowe Priceand T. Rowe Price Group, Inc.		Vice President, Communications & Technology Fund, Global Funds, Global Technology Fund, 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, Global Funds, Growth & Income Fund, U.S. Large-Cap Core Fund, 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)
Kevin Mastalerz, 1984 Employee, T. Rowe Price		Vice President, New Era 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, Equity Funds and Mid-Cap Value Fund; Vice President, Equity Income 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, Tax-Exempt Money Fund, 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, Global 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 and T. Rowe Price Group, Inc.		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, Global Funds
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, Institutional Income Funds, and New Income Fund
Tobias F. Mueller, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global Funds, Global Technology Fund, and International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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
Sudhir Nanda, Ph.D., CFA, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		President, Quantitative Management Funds; Vice President, Diversified Mid-Cap Growth Fund and Global 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, Equity Funds, Global 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, Vice President, 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, Global 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		Executive Vice President, Short-Term Bond Fund; Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios
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, Global 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, Equity Funds, International Funds, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund
Oluwaseun A. Oyegunle, CFA, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global 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, Spectrum Funds, and Spectrum Funds II
Gonzalo Pangaro, CFA, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Executive Vice President, Global Funds and International Funds
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 and T. Rowe Price Group, Inc.; formerly Equity Analyst Intern, MFS (to 2016)		Vice President, Global Real Estate Fund, New Horizons Fund, and Real Estate 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, Equity Funds
Adam Poussard, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Capital Appreciation Fund
Jordan S. Pryor, 1991 Vice President, T. Rowe Price		Vice President, Quantitative Management Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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, Equity Funds; Vice President, Balanced Fund and Spectrum Funds II
John C. Qian, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; 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, Financial Services 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, Capital Appreciation Fund and International Funds
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), Institutional Income Funds, and Multi-Sector Account Portfolios; Vice President, Balanced Fund
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
Dominic Rizzo, 1993 Vice President, T. Rowe Price International		Vice President, Global Technology Fund and Science & Technology 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 TrustCompany		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, 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
Federico Santilli, CFA, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Executive Vice President, Global 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, Global Funds and International Funds
Emily C. Scudder, CFA, CPA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Blue Chip Growth Fund, Global Technology Fund, Growth & Income Fund, Science & Technology Fund, and U.S. Large-Cap Core Fund
Michael K. Sewell, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Executive Vice President, Inflation Protected Bond Fund and Limited Duration Inflation Focused Bond Fund; Vice President, U.S. Treasury Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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 Vice President, T. Rowe Price International		Vice President, Global Funds and International Funds
John C.A. Sherman, 1969 Vice President, T. Rowe Priceand T. Rowe Price Group, Inc.		Vice President, Global 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		Co-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 AppreciationFund, Equity Income Fund, and Small-Cap Value Fund
Weijie Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.		Vice President, Blue-Chip Growth Fund, Dividend Growth Fund, Growth & Income Fund, New Horizons Fund, Real Estate Fund, Tax-Efficient Funds, U.S. Large-Cap Core Fund, 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 and T. Rowe Price Group, Inc.; formerly Fixed Income Credit Trader, Aberdeen Asset Management Inc. (to 2018)		Vice President, Corporate Income Fund and 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, Capital Appreciation Fund and 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, DividendGrowth Fund, Global Funds, Growth & Income Fund, 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, Global Funds and International Funds
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 Funds, Global Technology Fund, International Funds, Mid-Cap Growth Fund, and Science & Technology Fund
Douglas D. Spratley, CFA, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Summit Income Funds, Summit Municipal Funds, and U.S. Treasury Funds, Vice President, Short-Term Bond Fund, State Tax-Free Funds, and Tax-Exempt Money Fund
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)		President, Communications & Technology Fund; Vice President, Equity Income Fund and Science & Technology Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Matthew Stevenson, 1991 Employee, T. Rowe Price; formerly student, Columbia Business School (to 2019); Equity Research Associate, SunTrust Robinson Humphrey (to 2017)		Vice President, Value Fund
Mark Stodden, CFA, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Credit Analyst, Moody’s Investors Service (to 2018)		Vice President, Corporate 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, Equity Funds; Vice President, Blue Chip Growth Fund, Global Funds, Growth Stock Fund, Health Sciences Fund, 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, 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, Summit Municipal 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, Global Funds
Craig A. Thiese, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International		Vice President, 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 SummitMunicipal 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., T. Rowe Price International, and T. Rowe Price Trust Company		Co-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
Chen Tian, 1993 Employee, T. Rowe Price		Vice President, Capital Appreciation Fund
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 (serves only with respect to the High Yield Fund)
Kim Tracey, 1969 Vice President, T. Rowe Price Group, Inc.; formerly Portfolio Manager, Colonial First State Global Asset Management (to 2018)		Vice President, Global Real Estate Fund
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, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, and New Income Fund


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
Wesley Ross Trowbridge, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; 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, Communications & Technology 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, Equity Funds, International Index Fund, and U.S. Equity Research Fund
Mitchell Unger, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Research Analyst, NUVEEN, TIAA Investments (to 2018)		Vice President, Corporate Income Fund
Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company		Executive Vice President, International Funds
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, Global Funds
Rupinder Vig, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Partner, Egerton Capital (to 2016)		Vice President, Global 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
Chris Vost, 1989 Vice President, T. Rowe Price Group, Inc. and 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, Global 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, Global 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, Equity Funds, Mid-Cap Value Fund, Retirement Funds, Small-Cap Stock Fund, Spectrum Funds, and Spectrum Funds II
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 and Equity Funds
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
Anthony B. Wang, 1989 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; 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, Global Funds and International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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, Equity Funds; Vice President, Global Technology 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
Ari Weisband, 1992 Employee, T. Rowe Price		Vice President, New America Growth Fund
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 Global 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, 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
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
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
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 Vice President, T. Rowe Price		Vice President, Health Sciences Fund, Small-Cap Stock Fund, Small-Cap Value Fund, and Tax-Efficient Funds
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International		Vice President, Global Funds, Global Real Estate Fund, and International Funds
David A. Yatzeck, 1981 Vice President, T. Rowe Price and T. Rowe Price Group		Vice President, Credit Opportunities Fund
Benjamin T. Yeagle, 1978 Vice President, T. Rowe Priceand T. Rowe Price Group, Inc.		Vice President, International Funds


Name, Year of Birth, and Principal Occupation(s) During Past Five Years		Position(s) Held With Fund(s)
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, Global 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
Yan Zhang, 1990 Employee, T. Rowe Price; formerly student, The University of Chicago Booth School of Business (to 2019); Equity Research Associate, Capital Group (to 2017)		Vice President, Communications & Technology Fund
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 and T. Rowe Price Group, Inc.; 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 $340,000 annually for his/her service on the Boards. The Chairman of the Boards, an independent director, receives an additional $165,000 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 $25,000 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 (currently, no Special Committees have been assigned by the Boards). 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 2019, 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	$341,667
Daniels	322,500
Duncan	333,333
Gerrard	472,500
McBride	327,500
Rouse	327,500
Schreiber	322,500
Tercek*	56,667

* Effective February15, 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 2019, unless otherwise indicated:


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber	Tercek*
Africa & Middle East Fund	$52	$49	$51	$72	$50	$50	$49	$9
Asia Opportunities Fund	50	47	49	69	48	48	47	8


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber	Tercek*
Balanced Fund	1,743	1,646	1,699	2,411	1,670	1,670	1,646	286
Blue Chip Growth Fund	25,216	23,802	24,533	34,859	24,113	24,113	23,802	3,887
California Tax-Free Bond Fund	284	268	277	393	273	273	268	49
California Tax-Free Money Fund	24	22	23	33	23	23	22	4
Capital Appreciation Fund	13,841	13,072	13,468	19,143	13,238	13,238	13,072	2,188
Cash Reserves Fund	1,178	1,112	1,150	1,630	1,130	1,130	1,112	203
China Evolution Equity Fund(a)	2	2	2	2	2	2	2	—
Communications & Technology Fund	2,403	2,268	2,339	3,322	2,298	2,298	2,268	369
Corporate Income Fund	299	282	292	414	287	287	282	56
Credit Opportunities Fund	29	27	28	40	27	27	27	5
Diversified Mid-Cap Growth Fund	551	522	531	763	523	523	522	72
Dividend Growth Fund	4,575	4,327	4,428	6,331	4,356	4,356	4,327	659
Dynamic Credit Fund	11	10	10	15	10	10	10	1
Dynamic Global Bond Fund	1,767	1,670	1,729	2,448	1,699	1,699	1,670	328
Emerging Europe Fund	63	59	61	87	60	60	59	11
Emerging Markets Bond Fund	2,398	2,263	2,351	3,318	2,308	2,308	2,263	450
Emerging Markets Corporate Bond Fund	40	38	39	56	38	38	38	5
Emerging Markets Corporate Multi-Sector Account Portfolio(b)	—	—	—	—	—	—	—	—
Emerging Markets Local Currency Bond Fund	205	193	202	283	198	198	193	43
Emerging Markets Discovery Stock Fund	45	43	43	62	43	43	43	4
Emerging Markets Local Multi-Sector Account Portfolio(b)	—	—	—	—	—	—	—	—
Emerging Markets Stock Fund	5,069	4,778	4,954	7,003	4,865	4,865	4,778	823
Equity Income Fund	8,209	7,748	8,022	11,354	7,880	7,880	7,748	1,410
Equity Index 500 Fund	11,837	11,171	11,539	16,366	11,338	11,338	11,171	1,917
European Stock Fund	389	368	381	539	374	374	368	67
Extended Equity Market Index Fund	362	341	353	500	347	347	341	59
Financial Services Fund	313	296	306	433	301	301	296	54
Floating Rate Fund	762	720	751	1,056	737	737	720	165
Floating Rate Multi-Sector Account Portfolio(b)	—	—	—	—	—	—	—	—
Georgia Tax-Free Bond Fund	162	153	157	224	155	155	153	26
Global Allocation Fund	280	264	272	387	268	268	264	45
Global Consumer Fund	8	8	8	11	8	8	8	1
Global Growth Stock Fund	185	175	180	256	177	177	175	28
Global High Income Bond Fund	51	48	50	71	49	49	48	8
Global Industrials Fund	9	9	9	13	9	9	9	2


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber	Tercek*
Global Multi-Sector Bond Fund	425	402	411	588	404	404	402	61
Global Real Estate Fund	57	54	56	79	55	55	54	10
Global Stock Fund	728	688	700	1,006	689	689	688	86
Global Technology Fund	1,975	1,862	1,932	2,729	1,897	1,897	1,862	330
Global Value Equity Fund	4	4	4	6	4	4	4	1
GNMA Fund	534	504	522	739	513	513	504	93
Government Money Fund	3,348	3,164	3,267	4,635	3,211	3,211	3,164	585
Government Reserve Fund	5,827	5,497	5,637	8,045	5,545	5,545	5,497	792
Growth & Income Fund	804	759	782	1,112	769	769	759	131
Growth Stock Fund	22,141	20,889	21,606	30,608	21,226	21,226	20,889	3,622
Health Sciences Fund	5,257	4,959	5,139	7,268	5,047	5,047	4,959	899
High Yield Fund	3,106	2,936	3,018	4,298	2,967	2,967	2,936	476
High Yield Multi-Sector Account Portfolio(b)	—	—	—	—	—	—	—	—
Inflation Protected Bond Fund	161	152	158	223	155	155	152	30
Institutional Cash Reserves Fund	345	326	337	477	331	331	326	62
Institutional Core Plus Fund	174	164	170	241	167	167	164	30
Institutional Emerging Markets Bond Fund	187	177	183	259	180	180	177	32
Institutional Emerging Markets Equity Fund	735	694	719	1,017	706	706	694	127
Institutional Floating Rate Fund	1,638	1,547	1,617	2,270	1,586	1,586	1,547	357
Institutional High Yield Fund	604	570	588	835	578	578	570	99
Institutional International Core Equity Fund	15	14	14	20	14	14	14	4
Institutional International Disciplined Equity Fund	112	105	109	154	107	107	105	19
Institutional International Growth Equity Fund	23	22	23	32	22	22	22	4
Institutional Large-Cap Core Growth Fund	1,652	1,558	1,611	2,283	1,583	1,583	1,558	269
Institutional Long Duration Credit Fund	13	12	13	18	12	12	12	2
Institutional Mid-Cap Equity Growth Fund	3,085	2,910	3,007	4,264	2,955	2,955	2,910	491
Institutional Small-Cap Stock Fund	2,080	1,964	2,024	2,876	1,989	1,989	1,964	323
Intermediate Tax-Free High Yield Fund	23	21	22	31	22	22	21	4
International Bond Fund	598	563	592	827	581	581	563	126
International Bond Fund (USD Hedged)	2,459	2,326	2,393	3,406	2,352	2,352	2,326	406
International Disciplined Equity Fund	49	46	47	67	47	47	46	8
International Discovery Fund	3,172	2,995	3,094	4,387	3,040	3,040	2,995	527
International Equity Index Fund	233	220	228	322	224	224	220	40
International Stock Fund	5,935	5,602	5,791	8,208	5,690	5,690	5,602	982


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber	Tercek*
International Value Equity Fund	4,396	4,149	4,309	6,083	4,231	4,231	4,149	827
Investment-Grade Corporate Multi-Sector Account Portfolio(b)	—	—	—	—	—	—	—	—
Japan Fund	306	289	299	423	294	294	289	52
Latin America Fund	242	228	237	334	232	232	228	42
Large-Cap Growth Fund	7,399	6,974	7,238	10,223	7,108	7,108	6,974	1,239
Large-Cap Value Fund	1,387	1,310	1,353	1,919	1,329	1,329	1,310	230
Limited Duration Inflation Focused Bond Fund	3,446	3,255	3,364	4,769	3,305	3,305	3,255	592
Maryland Short-Term Tax-Free Bond Fund	69	66	68	96	67	67	66	13
Maryland Tax-Free Bond Fund	975	921	951	1,349	934	934	921	164
Maryland Tax-Free Money Fund	32	30	32	45	31	31	30	6
Mid-Cap Growth Fund	13,198	12,458	12,856	18,249	12,634	12,634	12,458	2,105
Mid-Cap Index Fund	3	3	3	4	3	3	3	0
Mid-Cap Value Fund	5,181	4,888	5,068	7,164	4,978	4,978	4,888	897
Mortgage-Backed Securities Multi-Sector Account Portfolio(b)	—	—	—	—	—	—	—	—
Multi-Strategy Total Return Fund	25	24	25	35	24	24	24	5
New America Growth Fund	2,088	1,971	2,034	2,887	1,999	1,999	1,971	335
New Asia Fund	1,127	1,064	1,101	1,559	1,082	1,082	1,064	189
New Era Fund	1,427	1,346	1,397	1,973	1,372	1,372	1,346	249
New Horizons Fund	10,752	10,146	10,474	14,863	10,293	10,293	10,146	1,696
New Income Fund	10,369	9,791	10,150	14,351	9,968	9,968	9,791	1,890
New Jersey Tax-Free Bond Fund	190	180	186	264	182	182	180	31
New York Tax-Free Bond Fund	204	193	199	283	196	196	193	35
New York Tax-Free Money Fund	26	25	26	36	25	25	25	5
Overseas Stock Fund	6,901	6,511	6,740	9,542	6,621	6,621	6,511	1,160
QM Global Equity Fund	8	7	8	11	7	7	7	1
QM U.S. Small & Mid-Cap Core Equity Fund	37	35	36	51	35	35	35	6
QM U.S. Small-Cap Growth Equity Fund	3,143	2,966	3,060	4,345	3,007	3,007	2,966	497
QM U.S. Value Equity Fund	8	8	8	12	9	8	8	1
Real Assets Fund	1,248	1,177	1,219	1,725	1,197	1,197	1,177	210
Real Estate Fund	1,653	1,557	1,628	2,285	1,597	1,597	1,557	327
Retirement 2005 Fund	551	520	540	763	530	530	520	99
Retirement 2010 Fund	1,654	1,561	1,620	2,288	1,590	1,590	1,561	299
Retirement 2015 Fund	2,638	2,490	2,586	3,650	2,539	2,539	2,490	483
Retirement 2020 Fund	7,532	7,107	7,381	10,420	7,247	7,247	7,107	1,373
Retirement 2025 Fund	7,030	6,634	6,881	9,724	6,758	6,758	6,634	1,253


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber	Tercek*
Retirement 2030 Fund	8,870	8,371	8,679	12,270	8,524	8,524	8,371	1,566
Retirement 2035 Fund	5,465	5,157	5,346	7,558	5,251	5,251	5,157	959
Retirement 2040 Fund	6,241	5,889	6,106	8,632	5,996	5,996	5,889	1,094
Retirement 2045 Fund	3,562	3,362	3,483	4,927	3,421	3,421	3,362	616
Retirement 2050 Fund	2,991	2,823	2,922	4,137	2,870	2,870	2,823	512
Retirement 2055 Fund	1,530	1,444	1,491	2,116	1,465	1,465	1,444	250
Retirement 2060 Fund	296	280	286	409	282	282	280	42
Retirement 2065 Fund (c)	0	0	0	0	0	0	0	—
Retirement Balanced Fund	884	835	865	1,223	850	850	835	160
Retirement I 2005 Fund—I Class	102	97	99	141	97	97	97	16
Retirement I 2010 Fund—I Class	276	261	268	382	264	264	261	43
Retirement I 2015 Fund—I Class	535	505	520	740	511	511	505	84
Retirement I 2020 Fund—I Class	1,892	1,787	1,840	2,616	1,809	1,809	1,787	299
Retirement I 2025 Fund—I Class	1,966	1,857	1,906	2,718	1,875	1,875	1,857	289
Retirement I 2030 Fund—I Class	2,512	2,373	2,439	3,474	2,398	2,398	2,373	375
Retirement I 2035 Fund—I Class	1,665	1,573	1,614	2,303	1,587	1,587	1,573	240
Retirement I 2040 Fund—I Class	1,954	1,845	1,896	2,701	1,864	1,864	1,845	288
Retirement I 2045 Fund—I Class	1,207	1,140	1,168	1,668	1,149	1,149	1,140	169
Retirement I 2050 Fund—I Class	1,155	1,091	1,121	1,597	1,102	1,102	1,091	168
Retirement I 2055 Fund—I Class	532	503	514	735	505	505	503	71
Retirement I 2060 Fund—I Class	132	125	127	183	125	125	125	15
Retirement I 2065 Fund—I Class (c)	0	0	0	0	0	0	0	—
Retirement Balanced I Fund—I Class	132	125	129	182	126	126	125	21
Retirement Income 2020 Fund	17	16	17	24	16	16	16	2
Science & Technology Fund	2,417	2,281	2,353	3,341	2,312	2,312	2,281	376
Short Duration Income Fund (d)	1	1	1	1	1	1	1	—
Short-Term Fund	1,804	1,695	1,793	2,491	1,756	1,756	1,695	373
Short-Term Bond Fund	2,220	2,096	2,171	3,072	2,133	2,133	2,096	393
Short-Term Government Fund	—	—	—	—	—	—	—	—
Small-Cap Index Fund	2	2	2	3	2	2	2	0
Small-Cap Stock Fund	4,034	3,807	3,935	5,577	3,866	3,866	3,807	656
Small-Cap Value Fund	3,965	3,741	3,870	5,482	3,802	3,802	3,741	658
Spectrum Conservative Allocation Fund	908	858	886	1,256	870	870	858	154
Spectrum Growth Fund	1,480	1,397	1,446	2,047	1,420	1,420	1,397	250
Spectrum Income Fund	2,714	2,563	2,651	3,756	2,604	2,604	2,563	470


Fund	Aggregate Compensation From Fund
Fund	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber	Tercek*
Spectrum International Fund	612	577	598	846	587	587	577	105
Spectrum Moderate Allocation Fund	970	916	946	1,342	929	929	916	160
Spectrum Moderate Growth Allocation Fund	1,043	986	1,013	1,444	996	996	986	165
Summit Municipal Income Fund	884	835	860	1,223	845	845	835	142
Summit Municipal Intermediate Fund	2,286	2,159	2,232	3,163	2,193	2,193	2,159	393
Summit Municipal Money Market Fund	52	49	51	72	50	50	49	10
Target 2005 Fund	15	15	15	21	15	15	15	3
Target 2010 Fund	27	26	27	38	26	26	26	5
Target 2015 Fund	81	76	79	112	77	77	76	14
Target 2020 Fund	128	121	125	177	123	123	121	21
Target 2025 Fund	137	130	133	190	131	131	130	21
Target 2030 Fund	136	129	133	189	130	130	129	21
Target 2035 Fund	92	87	89	127	88	88	87	14
Target 2040 Fund	81	77	79	112	77	77	77	12
Target 2045 Fund	65	62	63	90	62	62	62	10
Target 2050 Fund	48	45	46	66	45	45	45	7
Target 2055 Fund	28	27	27	39	27	27	27	4
Target 2060 Fund	9	9	9	13	9	9	9	1
Target 2065 Fund (c)	0	0	0	0	0	0	0	—
Tax-Efficient Equity Fund	192	182	186	266	183	183	182	26
Tax-Exempt Money Fund	153	145	150	212	147	147	145	28
Tax-Free High Yield Fund	2,149	2,030	2,096	2,974	2,060	2,060	2,030	362
Tax-Free Income Fund	1,045	987	1,020	1,446	1,002	1,002	987	179
Tax-FreeShort-Intermediate Fund	783	740	765	1,084	752	752	740	136
Total EquityMarket Index Fund	773	730	753	1,069	740	740	730	125
Total ReturnFund	20	19	19	28	19	19	19	3
Treasury Reserve Fund	1,603	1,510	1,558	2,212	1,531	1,531	1,510	238
U.S. Bond Enhanced Index Fund	482	455	471	667	463	463	455	84
U.S. Equity Research Fund	453	432	429	630	424	424	432	54
U.S. High Yield Fund	91	86	87	125	86	86	86	12
U.S. Large-Cap Core Fund	231	218	225	319	221	221	218	38
U.S. Treasury Intermediate Fund	206	195	198	285	195	195	195	30
U.S. Treasury Long-Term Fund	2,208	2,087	2,157	3,058	2,119	2,119	2,087	397
U.S. Treasury Money Fund	2,416	2,282	2,353	3,342	2,313	2,313	2,282	405
Ultra Short-Term Bond Fund	549	519	532	760	523	523	519	82
Value Fund	9,970	9,411	9,730	13,789	9,559	9,559	9,411	1,662
Virginia Tax-Free Bond Fund	563	532	548	779	539	539	532	90

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

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

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

(d) Estimated for the period December 10, 2020, through December 31, 2020.

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, 2019, unless otherwise indicated.


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	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
Africa & Middle East Fund—I Class	None	None	None	None	None	None	None
Asia Opportunities Fund	None	None	None	None	None	None	None
Asia Opportunities Fund—Advisor Class	None	None	None	None	None	None	None
Asia Opportunities Fund—I Class	None	None	None	None	None	None	None
Balanced Fund	None	None	None	None	None	None	None
Balanced Fund—I Class	None	None	None	None	None	None	None
Blue Chip Growth Fund	Over $100,000	None	None	$50,001–$100,000	None	None	Over $100,000
Blue Chip Growth Fund—Advisor Class	None	None	None	None	None	None	None
Blue Chip Growth Fund—I Class	None	None	None	None	None	None	None
Blue Chip Growth Fund—R Class	None	None	None	None	None	None	None
California Tax-Free Bond Fund	None	None	None	None	None	None	None
California Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
California Tax-Free Money Fund	None	None	None	None	None	None	None
California Tax-Free Money Fund—I Class	None	None	None	None	None	None	None
Capital Appreciation Fund	None	None	None	Over $100,000	None	None	None
Capital Appreciation Fund—Advisor Class	None	None	None	None	None	None	None
Capital Appreciation Fund—I Class	None	None	None	None	Over $100,000	None	None
Cash Reserves Fund	None	None	None	None	None	None	None
China Evolution Equity Fund	None	None	None	None	None	None	None
China Evolution Equity Fund—I Class	None	None	None	None	None	None	None
Communications & Technology Fund	None	None	None	Over $100,000	None	None	None
Communications & Technology Fund—I Class	None	None	None	$10,001-$50,000	None	None	None
Corporate Income Fund	None	None	None	None	None	None	None
Corporate Income Fund—I Class	None	None	None	None	None	None	None
Credit Opportunities Fund	None	None	None	None	None	None	None
Credit Opportunities Fund—Advisor Class	None	None	None	None	None	None	None
Credit Opportunities Fund—I Class	None	None	None	None	None	None	None
Diversified Mid-Cap Growth Fund	None	None	None	$10,001-$50,000	None	None	None
Diversified Mid-Cap Growth Fund—I Class	None	None	None	None	None	None	None
Dividend Growth Fund	None	None	None	$10,001–$50,000	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Dividend Growth Fund—Advisor Class	None	None	None	None	None	None	None
Dividend Growth Fund—I Class	None	None	None	None	None	None	None
Dynamic Credit Fund	None	None	None	None	None	None	None
Dynamic Credit Fund—I Class	None	None	None	None	None	None	None
Dynamic Global Bond Fund	None	None	None	None	None	None	None
Dynamic Global Bond Fund—Advisor Class	None	None	None	None	None	None	None
Dynamic Global Bond Fund—I Class	None	None	None	None	None	None	None
Emerging Europe Fund	None	None	None	None	None	None	None
Emerging Europe Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Bond Fund	None	None	None	None	None	None	None
Emerging Markets Bond Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Bond Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Corporate Bond Fund	None	None	None	None	None	None	None
Emerging Markets Corporate Bond Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Corporate Bond Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Corporate Multi-Sector Account Portfolio	None	None	None	None	None	None	None
Emerging Markets Discovery Stock Fund	None	None	None	$10,001–$50,000	None	None	None
Emerging Markets Discovery Stock Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Discovery Stock Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Local Currency Bond Fund	Over $100,000	None	None	None	None	None	None
Emerging Markets Local Currency Bond Fund—Advisor Class	None	None	None	None	None	None	None
Emerging Markets Local Currency Bond Fund—I Class	None	None	None	None	None	None	None
Emerging Markets Local Multi-Sector Account Portfolio	None	None	None	None	None	None	None
Emerging Markets Stock Fund	None	None	Over $100,000	$10,001–$50,000	None	None	Over $100,000
Emerging Markets Stock Fund—I Class	None	None	None	None	None	$10,001–$50,000	Over $100,000
Equity Income Fund	None	None	None	None	None	None	None
Equity Income Fund—Advisor Class	None	None	None	None	None	None	None
Equity Income Fund—I Class	None	None	None	None	None	None	None
Equity Income Fund—R Class	None	None	None	None	None	None	None
Equity Index 500 Fund	None	None	None	None	None	None	None
Equity Index 500 Fund—I Class	None	None	None	None	None	None	None
European Stock Fund	None	None	None	None	None	None	None
European Stock Fund—I Class	None	None	None	None	None	None	None
Extended Equity Market Index Fund	None	None	None	None	None	None	None
Financial Services Fund	None	None	None	$50,001–$100,000	None	None	None
Financial Services Fund—I Class	None	None	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Floating Rate Fund	None	None	None	None	None	None	None
Floating Rate Fund—Advisor Class	None	None	None	None	None	None	None
Floating Rate Fund—I Class	None	None	None	None	None	None	None
Floating Rate Multi-Sector Account Portfolio	None	None	None	None	None	None	None
Georgia Tax-Free Bond Fund	None	None	None	None	None	None	None
Georgia Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
Global Allocation Fund	None	None	None	None	None	None	None
Global Allocation Fund—Advisor Class	None	None	None	None	None	None	None
Global Allocation Fund—I Class	None	None	None	None	None	None	None
Global Consumer Fund	None	None	None	None	None	None	None
Global Growth Stock Fund	None	None	None	$1-$10,000	None	None	None
Global Growth Stock Fund—Advisor Class	None	None	None	None	None	None	None
Global Growth Stock Fund—I Class	None	None	None	None	None	None	None
Global High Income Bond Fund	None	None	None	None	None	None	None
Global High Income Bond Fund—Advisor Class	None	None	None	None	None	None	None
Global High Income Bond Fund—I Class	None	None	None	None	None	None	None
Global Industrials Fund	None	None	None	None	None	None	None
Global Industrials Fund—I Class	None	None	None	None	None	None	None
Global Multi-Sector Bond Fund	None	None	None	None	None	None	None
Global Multi-Sector Bond Fund—Advisor Class	None	None	None	None	None	None	None
Global Multi-Sector Bond Fund—I Class	None	None	None	None	None	None	None
Global Real Estate Fund	None	None	None	None	None	None	None
Global Real Estate Fund—Advisor Class	None	None	None	None	None	None	None
Global Real Estate Fund—I Class	None	None	None	None	None	None	None
Global Stock Fund	None	None	None	$50,001–$100,000	None	None	None
Global Stock Fund—Advisor Class	None	None	None	None	None	None	None
Global Stock Fund—I Class	None	None	None	None	None	None	None
Global Technology Fund	None	None	None	Over $100,000	None	None	None
Global Technology Fund—I Class	None	None	None	None	None	None	None
Global Value Equity Fund—I Class	None	None	None	None	None	None	None
GNMA Fund	None	None	None	None	None	None	Over $100,000
GNMA Fund—I Class	None	None	None	None	None	None	None
Government Money Fund	None	None	None	None	None	None	None
Government Money Fund—I Class	None	None	None	None	None	None	None
Government Reserve Fund	None	None	None	None	None	None	None
Growth & Income Fund	None	None	None	$10,001–$50,000	None	None	None
Growth & Income Fund—I Class	None	None	None	None	None	None	Over $100,000
Growth Stock Fund	None	None	None	Over $100,000	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Growth Stock Fund—Advisor Class	None	None	None	None	None	None	None
Growth Stock Fund—I Class	None	None	None	None	None	None	None
Growth Stock Fund—R Class	None	None	None	None	None	None	None
Health Sciences Fund	None	None	None	Over $100,000	Over $100,000	None	None
Health Sciences Fund—I Class	None	None	None	None	None	None	None
High Yield Fund	None	None	None	None	None	None	Over $100,000
High Yield Fund—Advisor Class	None	None	None	None	None	None	None
High Yield Fund—I Class	None	None	None	None	None	None	None
High Yield Multi-Sector Account Portfolio	None	None	None	None	None	None	None
Inflation Protected Bond Fund	None	None	None	None	None	None	None
Inflation Protected Bond Fund—I Class	None	None	None	None	None	None	None
Institutional Cash Reserves Fund	None	None	None	None	None	None	None
Institutional Core Plus Fund	None	None	None	None	None	None	None
Institutional Emerging Markets Bond Fund	None	None	None	None	None	None	None
Institutional Emerging Markets Equity Fund	None	None	None	None	None	None	None
Institutional Floating Rate Fund	None	None	None	None	None	None	None
Institutional Floating Rate Fund—F Class	None	None	None	None	None	None	None
Institutional High Yield Fund	None	None	None	None	None	None	None
Institutional International Core Equity Fund	None	None	None	None	None	None	None
Institutional International Disciplined Equity Fund	None	None	None	None	None	None	None
Institutional International Growth Equity Fund	None	None	None	None	None	None	None
Institutional Large-Cap Core Growth Fund	None	None	None	None	None	None	None
Institutional Long Duration Credit Fund	None	None	None	None	None	None	None
Institutional Mid-Cap Equity Growth Fund	None	None	None	None	None	None	None
Institutional Small-Cap Stock Fund	None	None	None	None	None	None	None
Intermediate Tax-Free High Yield Fund	None	None	None	None	None	None	None
Intermediate Tax-Free High Yield Fund—Advisor Class	None	None	None	None	None	None	None
Intermediate Tax-Free High Yield Fund—I Class	None	None	None	None	None	None	None
International Bond Fund	None	None	None	None	None	None	None
International Bond Fund—Advisor Class	None	None	None	None	None	None	None
International Bond Fund—I Class	None	None	None	None	None	None	None
International Bond Fund (USD Hedged)	None	None	None	None	None	None	None
International Bond Fund (USD Hedged)—Advisor Class	None	None	None	None	None	None	None
International Bond Fund (USD Hedged)—I Class	None	None	None	None	None	None	None
International Disciplined Equity Fund	None	None	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
International Disciplined Equity Fund—Advisor Class	None	None	None	None	None	None	None
International Disciplined Equity Fund—I Class	None	None	None	None	None	None	None
International Discovery Fund	None	None	None	$1-$10,000	None	None	None
International Discovery Fund—I Class	None	None	None	None	None	None	None
International Equity Index Fund	None	None	None	None	None	None	None
International Stock Fund	None	None	None	$10,001–$50,000	None	None	None
International Stock Fund—Advisor Class	None	None	None	None	None	None	None
International Stock Fund—I Class	None	None	None	None	None	None	None
International Stock Fund—R Class	None	None	None	None	None	None	None
International Value Equity Fund	None	None	None	None	None	None	None
International Value Equity Fund—Advisor Class	None	None	None	None	None	None	None
International Value Equity Fund—I Class	None	None	None	None	None	None	None
International Value Equity Fund—R Class	None	None	None	None	None	None	None
Investment Grade Multi-Sector Account Portfolio	None	None	None	None	None	None	None
Japan Fund	None	None	None	None	None	None	Over $100,000
Japan Fund—I Class	None	None	None	None	None	None	None
Latin America Fund	None	None	None	None	None	None	Over $100,000
Latin America Fund—I Class	None	None	None	None	None	None	None
Large-Cap Growth Fund—I Class	None	None	None	None	None	None	None
Large-Cap Value Fund—I Class	None	None	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund	None	None	None	None	None	None	None
Limited Duration Inflation Focused Bond Fund—I Class	None	None	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund	None	None	None	None	None	None	None
Maryland Short-Term Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
Maryland Tax-Free Bond Fund	None	None	None	None	None	None	None
Maryland Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
Maryland Tax-Free Money Fund	None	None	None	None	None	None	None
Maryland Tax-Free Money Fund—I Class	None	None	None	None	None	None	None
Mid-Cap Growth Fund	None	None	None	$10,001–$50,000	None	None	None
Mid-Cap Growth Fund—Advisor Class	None	None	None	None	None	None	None
Mid-Cap Growth Fund—I Class	None	None	None	Over $100,000	None	None	None
Mid-Cap Growth Fund—R Class	None	None	None	None	None	None	None
Mid-Cap Index Fund	None	None	None	None	None	None	None
Mid-Cap Index Fund—I Class	None	None	None	None	None	None	None
Mid-Cap Value Fund	None	None	None	$1-10,000	None	None	None
Mid-Cap Value Fund—Advisor Class	None	None	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Mid-Cap Value Fund—I Class	None	None	None	None	None	None	None
Mid-Cap Value Fund—R Class	None	None	None	None	None	None	None
Mortgage-Backed Securities Multi-Sector Account Portfolio	None	None	None	None	None	None	None
Multi-Strategy Total Return Fund	None	None	None	None	None	None	None
Multi-Strategy Total Return Fund—Advisor Class	None	None	None	None	None	None	None
Multi-Strategy Total Return Fund—I Class	None	None	None	None	None	None	None
New America Growth Fund	None	None	None	$50,001–$100,000	None	None	None
New America Growth Fund—Advisor Class	None	None	None	None	None	None	None
New America Growth Fund—I Class	None	None	None	None	Over $100,000	None	None
New Asia Fund	None	None	None	None	None	None	None
New Asia Fund—I Class	None	None	None	None	None	None	None
New Era Fund	None	None	None	None	None	None	Over $100,000
New Era Fund—I Class	None	None	None	None	None	None	None
New Horizons Fund	None	None	None	Over $100,000	None	None	None
New Horizons Fund—I Class	None	None	None	None	None	None	None
New Income Fund	None	None	None	None	None	None	Over $100,000
New Income Fund—Advisor Class	None	None	None	None	None	None	None
New Income Fund—I Class	None	None	None	None	None	None	None
New Income Fund—R Class	None	None	None	None	None	None	None
New Jersey Tax-Free Bond Fund	None	None	None	None	None	None	None
New Jersey Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
New York Tax-Free Bond Fund	None	None	None	None	None	None	None
New York Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None
New York Tax-Free Money Fund	None	None	None	None	None	None	None
New York Tax-Free Money Fund—I Class	None	None	None	None	None	None	None
Overseas Stock Fund	None	None	None	$50,001-$100,000	None	None	None
Overseas Stock Fund—Advisor Class	None	None	None	None	None	None	None
Overseas Stock Fund—I Class	None	None	None	None	None	None	None
QM Global Equity Fund	None	None	None	None	None	None	None
QM Global Equity Fund—Advisor Class	None	None	None	None	None	None	None
QM Global Equity Fund—I Class	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
QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class	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
QM U.S. Small-Cap Growth Equity Fund	None	None	None	$10,001-$50,000	None	None	None
QM U.S. Small-Cap Growth Equity Fund—Advisor Class	None	None	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	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—I Class	None	None	None	None	None	None	None
QM U.S. Value Equity Fund	None	None	None	None	None	None	None
QM U.S. Value Equity Fund—Advisor Class	None	None	None	None	None	None	None
QM U.S. Value Equity Fund—I Class	None	None	None	None	None	None	None
Real Assets Fund	None	None	None	$1-$10,000	None	None	None
Real Assets Fund—I Class	None	None	None	None	None	None	None
Real Estate Fund	None	None	None	None	Over $100,000	None	None
Real Estate Fund—Advisor Class	None	None	None	None	None	None	None
Real Estate Fund—I Class	None	None	None	None	None	None	None
Retirement 2005 Fund	None	None	None	None	None	None	None
Retirement 2005 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2005 Fund—R Class	None	None	None	None	None	None	None
Retirement 2010 Fund	None	None	None	None	None	None	None
Retirement 2010 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2010 Fund—R Class	None	None	None	None	None	None	None
Retirement 2015 Fund	None	None	None	None	None	None	None
Retirement 2015 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2015 Fund—R Class	None	None	None	None	None	None	None
Retirement 2020 Fund	None	None	None	$10,001–$50,000	None	None	None
Retirement 2020 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2020 Fund—R Class	None	None	None	None	None	None	None
Retirement 2025 Fund	None	None	None	$50,001–$100,000	None	None	None
Retirement 2025 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2025 Fund—R Class	None	None	None	None	None	None	None
Retirement 2030 Fund	None	Over$100,000	None	$50,001–$100,000	None	Over $100,000	None
Retirement 2030 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2030 Fund—R Class	None	None	None	None	None	None	None
Retirement 2035 Fund	None	None	None	$50,001–$100,000	None	None	None
Retirement 2035 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2035 Fund—R Class	None	None	None	None	None	None	None
Retirement 2040 Fund	None	None	None	$10,001-$50,000	None	None	None
Retirement 2040 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2040 Fund—R Class	None	None	None	None	None	None	None
Retirement 2045 Fund	None	None	None	None	None	None	None
Retirement 2045 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2045 Fund—R Class	None	None	None	None	None	None	None
Retirement 2050 Fund	None	None	None	$10,001-$50,000	None	None	None
Retirement 2050 Fund—Advisor Class	None	None	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Retirement 2050 Fund—R Class	None	None	None	None	None	None	None
Retirement 2055 Fund	None	None	None	None	None	None	None
Retirement 2055 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2055 Fund—R Class	None	None	None	None	None	None	None
Retirement 2060 Fund	None	None	None	$10,001–$50,000	None	None	None
Retirement 2060 Fund—Advisor Class	None	None	None	None	None	None	None
Retirement 2060 Fund—R Class	None	None	None	None	None	None	None
Retirement Balanced Fund	None	None	None	None	None	None	None
Retirement Balanced Fund—Advisor Class	None	None	None	None	None	None	None
Retirement Balanced Fund—R Class	None	None	None	None	None	None	None
Retirement I 2005 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2010 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2015 Fund—I Class	None	None	None	$10,001–$50,000	None	None	None
Retirement I 2020 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2025 Fund—I Class	None	None	None	$10,001–$50,000	None	None	None
Retirement I 2030 Fund—I Class	None	None	None	$10,001–$50,000	None	None	None
Retirement I 2035 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2040 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2045 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2050 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2055 Fund—I Class	None	None	None	None	None	None	None
Retirement I 2060 Fund—I Class	None	None	None	None	None	None	None
Retirement Balanced I Fund—I Class	None	None	None	None	None	None	None
Retirement Income 2020 Fund	None	None	None	None	None	None	None
Science & Technology Fund	None	None	None	$50,001–$100,000	None	None	None
Science & Technology Fund—Advisor Class	None	None	None	None	None	None	None
Science & Technology Fund—I Class	None	None	None	None	None	None	None
Short-Term Fund	None	None	None	None	None	None	None
Short-Term Bond Fund	None	None	None	None	None	None	Over $100,000
Short-Term Bond Fund—Advisor Class	None	None	None	None	None	None	None
Short-Term Bond Fund—I Class	None	None	None	None	None	None	None
Short-Term Government Fund	None	None	None	None	None	None	None
Small-Cap Index Fund	None	None	None	None	None	None	None
Small-Cap Index Fund—I Class	None	None	None	None	None	None	None
Small-Cap Stock Fund	None	None	None	$50,001–$100,000	None	None	None
Small-Cap Stock Fund—Advisor Class	None	None	None	None	None	None	None
Small-Cap Stock Fund—I Class	None	None	None	None	None	None	None
Small-Cap Value Fund	None	None	None	$10,001–$50,000	None	None	None
Small-Cap Value Fund—Advisor Class	None	None	None	None	None	None	None
Small-Cap Value Fund—I Class	None	None	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Spectrum Conservative Allocation Fund	None	None	None	None	None	None	None
Spectrum Conservative Allocation Fund—I Class	None	None	None	None	None	None	None
Spectrum Growth Fund	None	None	None	None	None	None	None
Spectrum Income Fund	None	None	None	None	None	None	None
Spectrum International Fund	None	None	None	None	None	None	None
Spectrum Moderate Allocation Fund	None	None	None	$50,001–$100,000	None	$50,001–$100,000	None
Spectrum Moderate Allocation Fund—I Class	None	None	None	None	None	None	None
Spectrum Moderate Growth Allocation Fund	None	None	None	$50,001–$100,000	None	None	None
Spectrum Moderate Growth Allocation Fund—I Class	None	None	None	None	None	None	None
Summit Municipal Income Fund	None	None	None	None	None	None	Over $100,000
Summit Municipal Income Fund—Advisor Class	None	None	None	None	None	None	None
Summit Municipal Income Fund—I Class	None	None	None	Over $100,000	None	None	None
Summit Municipal Intermediate Fund	None	None	None	None	None	None	Over $100,000
Summit Municipal Intermediate Fund—Advisor Class	None	None	None	None	None	None	None
Summit Municipal Intermediate Fund—I Class	None	None	None	Over $100,000	None	None	None
Summit Municipal Money Market Fund	None	None	None	None	None	None	$10,001–$50,000
Target 2005 Fund	None	None	None	None	None	None	None
Target 2005 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2005 Fund—I Class	None	None	None	None	None	None	None
Target 2010 Fund	None	None	None	None	None	None	None
Target 2010 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2010 Fund—I Class	None	None	None	None	None	None	None
Target 2015 Fund	None	None	None	None	None	None	None
Target 2015 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2015 Fund—I Class	None	None	None	None	None	None	None
Target 2020 Fund	None	None	None	None	None	None	None
Target 2020 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2020 Fund—I Class	None	None	None	None	None	None	None
Target 2025 Fund	None	None	None	None	None	None	None
Target 2025 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2025 Fund—I Class	None	None	None	None	None	None	None
Target 2030 Fund	None	None	None	None	None	None	None
Target 2030 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2030 Fund—I Class	None	None	None	None	None	None	None
Target 2035 Fund	None	None	None	None	None	None	None
Target 2035 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2035 Fund—I Class	None	None	None	None	None	None	None
Target 2040 Fund	None	None	None	None	None	None	None
Target 2040 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2040 Fund—I Class	None	None	None	None	None	None	None
Target 2045 Fund	None	None	None	None	None	None	None
Target 2045 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2045 Fund—I Class	None	None	None	None	None	None	None
Target 2050 Fund	None	None	None	None	None	None	None


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
Target 2050 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2050 Fund—I Class	None	None	None	None	None	None	None
Target 2055 Fund	None	None	None	None	None	None	None
Target 2055 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2055 Fund—I Class	None	None	None	None	None	None	None
Target 2060 Fund	None	None	None	$10,001-$50,000	None	None	None
Target 2060 Fund—Advisor Class	None	None	None	None	None	None	None
Target 2060 Fund—I Class	None	None	None	None	None	None	None
Tax-Efficient Equity Fund	None	None	None	None	None	None	None
Tax-Efficient Equity Fund—I Class	None	None	None	None	None	None	None
Tax-Exempt Money Fund	None	None	None	None	None	None	None
Tax-Exempt Money Fund—I Class	None	None	None	None	None	None	None
Tax-Free High Yield Fund	None	None	None	None	Over $100,000	None	Over $100,000
Tax-Free High Yield Fund—Advisor Class	None	None	None	None	None	None	None
Tax-Free High Yield Fund—I Class	None	None	None	None	None	None	None
Tax-Free Income Fund	None	None	None	None	None	None	None
Tax-Free Income Fund—Advisor Class	None	None	None	None	None	None	None
Tax-Free Income Fund—I Class	None	None	None	None	None	None	None
Tax-Free Short-Intermediate Fund	None	None	None	None	None	None	None
Tax-Free Short-Intermediate Fund—Advisor Class	None	None	None	None	None	None	None
Tax-Free Short-Intermediate Fund—I Class	None	None	None	None	None	None	None
Total Equity Market Index Fund	None	None	None	None	None	None	None
Total Return Fund	None	None	None	None	None	None	None
Total Return Fund—Advisor Class	None	None	None	None	None	None	None
Total Return Fund—I Class	None	None	None	None	None	None	None
Treasury Reserve Fund	None	None	None	None	None	None	None
U.S. Bond Enhanced Index Fund	None	None	None	None	None	None	None
U.S. Equity Research Fund	None	None	None	$50,001–$100,000	None	None	None
U.S. Equity Research Fund—Advisor Class	None	None	None	None	None	None	None
U.S. Equity Research Fund—I Class	None	None	None	None	None	None	None
U.S. Equity Research Fund—R Class	None	None	None	None	None	None	None
U.S. High Yield Fund	None	None	None	None	None	None	None
U.S. High Yield Fund—Advisor Class	None	None	None	None	None	None	None
U.S. High Yield Fund—I Class	None	None	None	None	None	None	None
U.S. Large-Cap Core Fund	None	None	None	$50,001–$100,000	None	None	None
U.S. Large-Cap Core Fund—Advisor Class	None	None	None	None	None	None	None
U.S. Large-Cap Core Fund—I Class	None	None	None	None	None	None	None
U.S. Treasury Intermediate Fund	None	None	None	None	None	None	Over $100,000


Aggregate Holdings, All Price Funds	Independent Directors
	Bazemore	Daniels	Duncan	Gerrard	McBride	Rouse	Schreiber
	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000	Over $100,000
U.S. Treasury Intermediate Fund—I Class	None	None	None	None	None	None	None
U.S. Treasury Long-Term Fund	None	None	None	None	None	None	Over $100,000
U.S. Treasury Long-Term Fund—I Class	None	None	None	None	None	None	None
U.S. Treasury Money Fund	None	None	None	None	None	None	$10,001-$50,000
U.S. Treasury Money Fund—I Class	None	None	None	None	None	None	None
Ultra Short-Term Bond Fund	None	None	None	Over $100,000	None	None	None
Ultra Short-Term Bond Fund—I Class	None	None	None	None	None	None	None
Value Fund	None	None	None	$50,001-$100,000	None	None	None
Value Fund—Advisor Class	None	None	None	None	None	None	None
Value Fund—I Class	None	None	None	$10,001-$50,000	None	None	Over $100,000
Virginia Tax-Free Bond Fund	None	None	None	None	None	None	None
Virginia Tax-Free Bond Fund—I Class	None	None	None	None	None	None	None


Aggregate Holdings, AllPrice 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
CaliforniaTax-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
China Evolution Equity Fund	None	None
China EvolutionEquity Fund—I Class	None	None
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	None
Credit OpportunitiesFund—Advisor Class	None	None
Credit Opportunities Fund—I Class	None	None
Diversified Mid-Cap Growth Fund	None	None
DiversifiedMid-Cap Growth Fund—I Class	None	None


Aggregate Holdings, All Price Funds	Inside Directors
	Oestreicher	Sharps
	Over $100,000	Over $100,000
DividendGrowth Fund	None	Over $100,000
Dividend Growth Fund—Advisor Class	None	None
Dividend Growth Fund—I Class	None	Over$100,000
Dynamic Credit Fund	None	None
Dynamic Credit Fund—I Class	None	None
Dynamic Global Bond Fund	None	None
Dynamic Global Bond Fund—Advisor Class	None	None
Dynamic Global Bond Fund—I Class	None	None
Emerging Europe Fund	None	None
Emerging Europe Fund—I Class	None	None
EmergingMarkets 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	$50,001–$100,000	None
Equity IncomeFund—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 HighIncome 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 IndustrialsFund—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


Aggregate Holdings, All Price Funds	Inside Directors
	Oestreicher	Sharps
	Over $100,000	Over $100,000
Global RealEstate 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
Global Stock Fund—Advisor Class	None	None
Global Stock Fund—I Class	None	Over $100,000
Global Technology Fund	None	None
Global Technology Fund—I Class	None	None
Global Value Equity Fund—I Class	None	None
GNMA Fund	None	None
GNMA Fund—I Class	None	None
Government Money Fund	Over $100,000	$10,001–$50,000
GovernmentMoney 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 StockFund—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 YieldFund—I Class	None	None
High Yield Multi-Sector Account Portfolio	None	None
Inflation Protected Bond Fund	None	None
InflationProtected Bond Fund—I Class	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 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 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
InternationalStock Fund	None	None


Aggregate Holdings, All Price Funds	Inside Directors
	Oestreicher	Sharps
	Over $100,000	Over $100,000
InternationalStock 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
Large-Cap Growth Fund	None	Over $100,000
Large-Cap Value Fund	None	None
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	None
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-CapGrowth 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-CapValue 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-StrategyTotal 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	Over$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 IncomeFund—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


Aggregate Holdings, All Price Funds	Inside Directors
	Oestreicher	Sharps
	Over $100,000	Over $100,000
QM GlobalEquity Fund	None	None
QM Global Equity Fund—Advisor Class	None	None
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
Retirement2005 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
Retirement2020 Fund—Advisor Class	None	None
Retirement 2020 Fund—R Class	None	None
Retirement 2025 Fund	$10,001–$50,000	None
Retirement2025 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


Aggregate Holdings, All Price Funds	Inside Directors
	Oestreicher	Sharps
	Over $100,000	Over $100,000
Retirement I 2015 Fund—I Class	None	None
Retirement I 2020 Fund—I Class	None	None
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
SpectrumConservative 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 Income Fund—I Class	None	None
Summit Municipal Intermediate Fund	None	None
Summit Municipal Intermediate Fund—Advisor Class	None	None
Summit Municipal Intermediate Fund—I 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


Aggregate Holdings, All Price Funds	Inside Directors
	Oestreicher	Sharps
	Over $100,000	Over $100,000
Target 2025Fund—I Class	None	None
Target 2030 Fund	None	None
Target 2030 Fund—Advisor Class	None	None
Target 2030 Fund—I Class	None	None
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	Over $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. EquityResearch 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. TreasuryMoney Fund—I Class	None	None
Ultra Short-Term Bond Fund	None	None


Aggregate Holdings, All Price Funds	Inside Directors
	Oestreicher	Sharps
	Over $100,000	Over $100,000
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
Virginia Tax-Free Bond Fund	None	None
Virginia Tax-Free Bond Fund—I Class	None	None

PortfolioManagers’ 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 Year^a	Range of Holdings in Investment Strategy as of Fund’s Fiscal Year^a
Africa & Middle East Fund	Oliver D.M. Bell	None	None
Asia Opportunities Fund	Eric C. Moffett	Over $1,000,000	Over $1,000,000
BalancedFund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 None	$100,001-$500,000 None
Blue Chip Growth Fund	Larry J. Puglia	Over $1,000,000	Over $1,000,000
CapitalAppreciation Fund	David R. Giroux	$100,001-$500,000	Over $1,000,000
Cash Reserves Fund	Joseph K. Lynagh Douglas D. Spratley	$1–$10,000 (b)	$10,001–$50,000 (b)
China EvolutionEquity Fund	Wenli Zheng	(c)	(c)
Communications & Technology Fund	James Stillwagon	None	None
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
DiversifiedMid-Cap Growth Fund	Donald J. Easley Donald J. Peters	Over $1,000,000 Over $1,000,000	Over $1,000,000 Over $1,000,000
Dividend Growth Fund	Thomas J. Huber	Over $1,000,000	Over $1,000,000
DynamicCredit Fund	Saurabh Sud	$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 Samy B. Muaddi	$100,001-$500,000 (d)	Over $1,000,000 (d)


Fund	Portfolio Manager	Range of Fund Holdings as of Fund’s Fiscal Year^a	Range of Holdings in Investment Strategy as of Fund’s Fiscal Year^a
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
EmergingMarkets Local Currency Bond Fund	Andrew J. Keirle	$10,001-$50,000	$100,001-$500,000
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 Index500 Fund	Alexa M. Gagliardi	None	$10,001-$50,000
European Stock Fund	Tobias Mueller Dean Tenerelli	(e) None	(e) $500,001–$1,000,000
Extended Equity Market Index Fund	Alexa M. Gagliardi	$10,001-$50,000	$10,001-$50,000
FinancialServices Fund	Gabriel Solomon	$50,001-$100,000	$50,001-$100,000
Floating Rate Fund	Paul M. Massaro	$100,001-$500,000	$100,001-$500,000
Global AllocationFund	Charles M. Shriver Toby M. Thompson	$500,001–$1,000,000 (f)	Over $1,000,000 (f)
Global Consumer Fund	Jason Nogueira	Over $1,000,000	Over $1,000,000
Global GrowthStock Fund	R. Scott Berg	$500,001–$1,000,000	Over $1,000,000
Global High Income Bond Fund	Michael F. Connelley Samy B. Muaddi Michael Della Vedova	$1–$10,000 None None	$500,001-$1,000,000 None None
Global IndustrialsFund	Peter J. Bates Jason R. Adams	Over $1,000,000 (g)	Over $1,000,000 (g)
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 StockFund	David J. Eiswert	Over $1,000,000	Over $1,000,000
Global Technology Fund	Alan Tu	$100,001-$500,000	$100,001-$500,000
Global ValueEquity Fund	Sebastien Mallet	None	$100,001–$500,000
GNMA Fund	Keir R. Joyce	$50,001-$100,000	$50,001-$100,000
GovernmentMoney Fund	Joseph K. Lynagh Douglas D. Spratley	$10,001-$50,000 (b)	$50,001-$100,000 (b)
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 Michael K. Sewell	$10,001-$50,000 (h)	$10,001-$50,000 (h)
InstitutionalCash Reserves Fund	Joseph K. Lynagh Douglas D. Spratley	None (b)	$50,001-$100,000 (b)
Institutional Core Plus Fund	Brian J. Brennan	$100,001-$500,000	$100,001-$500,000
InstitutionalEmerging Markets Bond Fund	Michael J. Conelius Samy B. Muaddi	$500,001-$1,000,000 (d)	Over $1,000,000 (d)
Institutional Emerging Markets Equity Fund	Gonzalo Pangaro	Over $1,000,000	Over $1,000,000
InstitutionalFloating Rate Fund	Paul M. Massaro	$100,001-$500,000	$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


Fund	Portfolio Manager	Range of Fund Holdings as of Fund’s Fiscal Year^a	Range of Holdings in Investment Strategy as of Fund’s Fiscal Year^a
Institutional International Disciplined Equity Fund	Federico Santilli	None	$100,001–$500,000
Institutional International Growth Equity Fund	Richard N. Clattenburg	None	$100,001–$500,000
InstitutionalLarge-Cap Core Growth Fund	Larry J. Puglia	None	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
InstitutionalSmall-Cap Stock Fund	Francisco M. Alonso	Over $1,000,000	Over $1,000,000
Intermediate Tax-Free High Yield Fund	James M. Murphy	$50,001–$100,000	$50,001–$100,000
InternationalBond 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	Benjamin Griffiths Justin Thomson	(i) $500,001–$1,000,000	(i) $500,001–$1,000,000
InternationalEquity Index Fund	Neil Smith	None	None
International Stock Fund	Richard N. Clattenburg	None	$100,001–$500,000
International Value Equity Fund	Colin McQueen	None	None
Japan Fund	Archibald Ciganer	None	None
Large-CapGrowth Fund	Taymour R. Tamaddon	Over $1,000,000	Over $1,000,000
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
Latin America Fund	Verena E. Wachnitz	$100,001–$500,000	$100,001–$500,000
Limited Duration Inflation Focused Bond Fund	Stephen L. Bartolini Michael K. Sewell	$10,001-$50,000 (h)	$10,001-$50,000 (h)
Mid-Cap Growth Fund	Brian W.H. Berghuis	Over $1,000,000	Over $1,000,000
Mid-CapValue Fund	David J. Wallack	None	Over $1,000,000
Multi-Strategy Total Return Fund	Richard de los Reyes Stefan Hubrich	Over $1,000,000 $500,001–$1,000,000	Over $1,000,000 $500,001–$1,000,000
New America Growth Fund	Justin P. White	Over $1,000,000	Over $1,000,000
New AsiaFund	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	None	Over $1,000,000
New Income Fund	Stephen L. Bartolini	$50,001-$100,000	$50,001-$100,000
OverseasStock 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	Vidya Kadiyam Prashant G. Jeyaganesh Navneesh Malhan Sudhir Nanda	(j) $10,001-$50,000 (j) $50,001–$100,000	(j) $10,001-$50,000 (j) $50,001–$100,000
QM U.S. Small-Cap Growth Equity Fund	Sudhir Nanda	$500,001–$1,000,000	$500,001–$1,000,000
QM U.S.Value Equity Fund	Farris G. Shuggi	$50,001-$100,000	$50,001-$100,000


Fund	Portfolio Manager	Range of Fund Holdings as of Fund’s Fiscal Year^a	Range of Holdings in Investment Strategy as of Fund’s Fiscal Year^a
Real Assets Fund	Richard A. Coghlan Christopher Faulkner-MacDonagh	$10,001-$50,000 None	$50,001–$100,000 $10,001-$50,000
Real Estate Fund	Nina P. Jones	$100,001–$500,000	$100,001–$500,000
Science& Technology Fund	Kennard W. Allen	$500,001–$1,000,000	Over $1,000,000
Short Duration Income Fund		(k)	(k)
Short-TermBond Fund	Michael F. Reinartz	None	None
Small-Cap Stock Fund	Francisco M. Alonso	None	Over $1,000,000
Small-Cap Value Fund	J. David Wagner	$100,001–$500,000	Over $1,000,000
SpectrumConservative Allocation Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 (f)	$100,001-$500,000 (f)
Spectrum Growth Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 None	$100,001-$500,000 None
SpectrumIncome Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 None	$100,001-$500,000 None
Spectrum International Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 None	$100,001-$500,000 None
SpectrumModerate Allocation Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 (f)	$100,001-$500,000 (f)
Spectrum Moderate Growth Allocation Fund	Charles M. Shriver Toby M. Thompson	$100,001-$500,000 (f)	$100,001-$500,000 (f)
Summit MunicipalIncome 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 MunicipalMoney Market Fund	Joseph K. Lynagh Douglas D. Spratley	None (b)	$1–$10,000 (b)
Tax-Efficient Equity Fund	Donald J. Peters	Over $1,000,000	Over $1,000,000
Tax-ExemptMoney Fund	Joseph K. Lynagh Douglas D. Spratley	$1–$10,000 None	$1–$10,000 None
Tax-Free High Yield Fund	James M. Murphy	$100,001–$500,000	$100,001–$500,000
Tax-FreeIncome Fund	Konstantine B. Mallas	$500,001–$1,000,000	$500,001–$1,000,000
Tax-Free Short-Intermediate Fund	Charles B. Hill	$10,001–$50,000	$10,001–$50,000
Total EquityMarket Index Fund	Alexa M. Gagliardi	$10,001-$50,000	$10,001-$50,000
Total Return Fund	Christopher P. Brown, Jr.	$100,001-$500,000	$100,001-$500,000
U.S. BondEnhanced 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 None None None	Over $1,000,000 None $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-CapCore 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. TreasuryLong-Term Fund	Brian J. Brennan	$10,001-$50,000	$10,001-$50,000
U.S. Treasury Money Fund	Joseph K. Lynagh Douglas D. Spratley	$50,001-$100,000 (b)	$50,001-$100,000 (b)
Ultra Short-Term Bond Fund	Joseph K. Lynagh Alexander S. Obaza	$100,001-$500,000 (l)	$100,001-$500,000 (l)
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 thefunds. 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 March 1, 2020, Douglas D. Spratley became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(d) Effective June 30, 2020, Samy B. Muaddi became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(e) Effective July 1, 2020, Tobias Mueller became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(f) Effective March 1, 2020, Toby M. Thompson became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(g) Effective March 1, 2020, Jason R. Adams became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(h) Effective February 1, 2020, Michael K. Sewell became co-portfolio manager, of the fund, therefore, the range of holdings is not yet available.

(i) Effective March 1, 2020, Benjamin Griffiths became co-portfolio manager of the fund; therefore, the range of holdings is not yet available.

(j) Effective April 1, 2020, Vidya Kadiyam and Navneesh Malhan became co-portfolio managers of the fund; therefore, the range of holdings is not yet available.

(k) The fund incepted on December 9, 2020; therefore, the range of fund holdings is not yet available.

(l) Effective March 1, 2020, Alexander S. Obaza 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 the portfolio managers of the state tax-free funds 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 Year^a	Range of Holdings in Investment Strategy as of Fund’s Fiscal Year^a
California Tax-Free Bond Fund	Austin Applegate Konstantine B. Mallas	None None	None $100,001–$500,000
California Tax-Free Money Fund	Joseph K. Lynagh Douglas D. Spratley	None None	$1–$10,000 None
Georgia Tax-Free Bond Fund	Hugh D. McGuirk	None	$500,001–$1,000,000
Maryland Short-Term Tax-Free Bond Fund	Charles B. Hill	$10,001–$50,000	$10,001–$50,000
Maryland Tax-Free Bond Fund	Hugh D. McGuirk	$500,001–$1,000,000	$500,001–$1,000,000
MarylandTax-Free Money Fund	Joseph K. Lynagh Douglas D. Spratley	$1–$10,000 None	$1–$10,000 None
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 Douglas D. Spratley	None None	$1–$10,000 None
Virginia Tax-Free Bond Fund	Hugh D. McGuirk	None	$500,001–$1,000,000

(a) See tablebeginning 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.

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 Year^a

Range of Holdings in Investment Strategy as
of Fund’s Fiscal Year^a

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

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Year^a

Range of Holdings in InvestmentStrategy as
of Fund’s Fiscal Year^a

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

(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

(c)

$100,001-$500,000

Over $1,000,000

(b)

(c)

Over $1,000,000

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 2065 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

(d)

RetirementBalanced 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

WyattA. 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

100

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Year^a

Range of Holdings in InvestmentStrategy as
of Fund’s Fiscal Year^a

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

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 I 2065 Fund—I Class

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

(d)

RetirementBalanced 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

WyattA. Lee

None

None
None

Over $1,000,000

Target 2005 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(c)

None

Target 2010 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2015 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2020 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2025 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2030 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

101

Fund

Portfolio Manager

Range of Fund
Holdings as of Fund’s
Fiscal Year^a

Range of Holdings in InvestmentStrategy as
of Fund’s Fiscal Year^a

Target 2035 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2040 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2045 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2050 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2055 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2060 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

None

(b)

(c)

None

(b)

(c)

None

Target 2065 Fund

Jerome A. Clark

Kimberly E. DeDominicis

Andrew Jacobs van Merlen

Wyatt A. Lee

(d)

(b) Effective October 1, 2019, Kimberly E. DeDominicis became the co-portfolio manager of the fund; therefore, as of the fund’s last fiscal year-end, 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, as of the fund’s last fiscal year-end, the range of holdings is not yet available.

(d) The fund incepted on October 13, 2020; therefore, the range of fund 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 Year^a	Range of Holdings in Investment Strategy as of Fund’s Fiscal Year^a
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 Douglas D. Spratley	None (b)	$50,001-$100,000 (b)
High Yield Multi-Sector Account Portfolio	Michael F. Connelley	None	None
Investment-Grade Corporate Multi-Sector Account Portfolio	Steve Boothe	None	$100,001–$500,000
Mid-Cap Index Fund	Alexa M. Gagliardi	(c)	(c)
Mortgage-Backed Securities Multi-Sector Account Portfolio	Keir R. Joyce	None	None
Short-Term Fund	Joseph K. Lynagh Douglas D. Spratley	None (b)	None (b)

102


Fund	Portfolio Manager	Range of Fund Holdings as of Fund’s Fiscal Year^a	Range of Holdings in InvestmentStrategy as of Fund’s Fiscal Year^a
Short-Term Government Fund	Joseph K. Lynagh Douglas D. Spratley	(d) (d)	None (b)
Small-Cap Index Fund	Alexa M. Gagliardi (c)	None	None
Treasury Reserve Fund	Joseph K. Lynagh Douglas D. Spratley	None (b)	None (b)

(b) Effective March 1, 2020, Douglas D. Spratley became co-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.

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.

103


	Registered Investment Companies		Other Pooled Investment Vehicles		OtherAccounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Jason R. Adams (a)	—	—	—	—	—	—
Ulle Adamson	1	$155,710,064	1	$8,737,643	0	—
KennardW. Allen	4	5,658,491,913	1	6,020,009	0	—
Francisco M. Alonso	5	16,759,319,187	2	2,774,164,943	2	606,609,721
Ziad Bakri	6	14,429,328,399	0	—	1	104,009,391
Austin Applegate	3	4,718,376,383	0	—	7	801,639,113
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	205,032,180	2	242,380,309	0	—
R. ScottBerg	2	691,342,971	14	5,164,571,679	5	1,179,648,645
Brian W.H. Berghuis	10	62,415,000,779	1	4,117,237,721	6	2,232,967,805
Steve Boothe	3	966,874,883	10	2,000,730,294	4	2,827,437,917
Brian J. Brennan	4	6,573,745,002	7	6,763,289,398	5	1,177,777,182
ChristopherP. Brown, Jr.	1	47,690,397	0	—	2	727,186,029
Archibald Ciganer	1	772,047,051	8	2,375,827,984	1	437,876,420
Jerome A.Clark	103	186,514,158,069	72	130,238,244,795	0	—
RichardN. Clattenburg	6	16,241,721,767	2	6,720,884,717	0	—
Richard A. Coghlan	1	2,760,613,032	1	1,279,074,292	0	—
MichaelJ. Conelius	3	6,571,304,703	7	3,218,320,387	1	14,898
Michael F. Connelley	2	188,462,031	5	1,510,966,113	0	—
KimberlyE. DeDominicis	60	236,305,549,244	56	129,551,501,942	0	—
Richardde los Reyes	1	61,886,703	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	4,423,226,171	0	—	7	295,176,008
David J. Eiswert	2	2,332,256,696	18	5,644,759,781	8	5,335,872,380
Joseph B.Fath	13	79,021,541,609	6	18,348,506,759	8	2,639,857,341
Christopher Faulkner—MacDonagh	9	21,417,649,764	4	7,668,504,279	1	2,461,312
Mark S. Finn	10	36,947,479,366	12	16,711,492,708	27	5,206,057,018
Alexa M. Gagliardi	6	34,502,684,120	4	15,427,835,650	0	—
David R. Giroux	7	59,254,659,109	1	497,253,723	0	—
Benjamin Griffiths (a)	—	—	—	—	—	—
Charles B. Hill	3	8,326,999,326	2	246,969,647	8	1,775,036,763
Ann M. Holcomb	2	9,679,098,550	10	6,823,593,075	19	12,744,629,411
Thomas J. Huber	2	9,581,925,061	0	—	4	201,950,851
Stefan Hubrich	1	61,886,703	0	—	0	—
Arif Husain	13	31,513,503,814	42	30,378,637,303	1	374,673,623
Andrew Jacobsvan Merlen (b)	—	—	—	—	—	—
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	1,499,032,276	0	—	0	—
Vadya Kadiyam (c)	—	—	—	—	—	—
Jai X. Kapadia	2	3,404,994,539	2	1,928,823,119	0	—
Andrew J.Keirle	2	494,526,402	1	98,873,704	1	56,668,790
Robert M. Larkins	2	1,219,172,734	3	1,618,111,925	12	2,408,876,818

104


	Registered Investment Companies		Other Pooled Investment Vehicles		OtherAccounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Wyatt A. Lee	40	152,977,277,271	39	104,751,832,335	0	—
John D.Linehan	17	42,544,835,742	18	15,184,387,319	27	6,397,384,852
Kevin P. Loome	3	537,122,903	3	157,947,145	0	—
Anh Lu	1	2,829,338,499	4	1,363,236,157	0	—
Joseph K. Lynagh	15	49,212,080,946	3	6,648,212,850	3	1,841,909,631
NavneeshMalhan (c)	—	—	—	—	—	—
Konstantine B. Mallas	6	7,345,250,645	0	—	6	83,575,891
Sebastien Mallet	3	10,703,649	4	133,710,324	0	—
Paul M.Massaro	3	5,770,384,419	6	1,298,933,901	13	6,604,760,589
Hugh D. McGuirk	3	4,718,376,383	0	—	18	823,015,029
Heather K. McPherson	6	13,864,663,834	8	1,976,933,169	19	4,740,855,731
Colin McQueen	2	11,114,433,451	1	5,661,976,729	0	—
Raymond A. Mills	6	19,139,972,589	1	6,644,818,991	4	1,649,698,611
Eric C.Moffett	1	129,373,751	2	74,009,153	0	—
Samy B. Muaddi	2	264,718,576	6	1,120,050,987	0	—
Tobias Mueller(d)	—	—	—	—	—	—
James M. Murphy	3	6,842,792,763	0	—	0	—
Sudhir Nanda	5	11,153,688,703	5	473,897,655	1	144,767,443
Joshua Nelson	4	9,779,730,303	10	13,689,629,172	20	12,751,830,941
Jason Nogueira	1	26,037,948	0	—	0	—
Alexander S. Obaza (a)	—	—	—	—	—	—
KennethA. Orchard	4	7,050,549,094	2	378,355,833	1	238,645,231
Gonzalo Pangaro	5	14,860,025,596	7	9,421,376,567	3	2,277,325,085
Donald J.Peters	6	4,740,441,669	4	40,466,478	19	2,017,073,081
Jason B. Polun	4	9,779,730,303	10	13,689,629,172	20	12,751,830,941
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	—
MichaelF. Reinartz	8	10,129,112,724	1	8,567,879,693	6	1,703,812,776
Jeffrey Rottinghaus	3	4,188,629,626	8	3,596,218,863	1	2,526,287
FedericoSantilli	2	391,454,670	1	2,415,519	0	—
Michael K. Sewell (e)	—	—	—	—	—	—
Charles M. Shriver	24	40,022,055,307	19	5,673,993,349	20	1,790,681,528
Farris G.Shuggi	1	21,997,121	0	—	1	9,318,582
Neil Smith	1	589,293,356	2	920,332,568	0	—
GabrielSolomon	1	810,022,849	0	—	0	—
Joshua K. Spencer	2	27,942,484,762	1	3,818,563,420	8	2,655,203,929
DouglasD. Spratley (a)	—	—	—	—	—	—
James Stillwagon	2	7,152,835,054	0	—	—	—
Saurabh Sud	1	25,188,636	0	—	0	—
Taymour R. Tamaddon	7	25,008,305,109	24	11,995,502,476	42	11,187,017,599
Dean Tenerelli	1	971,608,356	6	442,257,414	2	955,274,587
Toby Thompson	26	19,989,574,640	20	6,186,068,976	25	546,758,986
Justin Thomson	1	8,191,932,281	2	836,289,707	5	451,584,859
Alan Tu	2	5,587,136,250	4	3,817,302,710	4	1,699,805,289
Mark J. Vaselkiv	5	9,799,820,546	5	3,025,841,735	0	—
Verena E. Wachnitz	1	582,672,738	1	8,849,579	0	—

105


	Registered Investment Companies		Other Pooled Investment Vehicles		OtherAccounts
Portfolio Manager	Number	Total Assets	Number	Total Assets	Number	Total Assets
Lauren T. Wagandt	2	811,410,492	0	—	0	—
J. David Wagner	5	11,391,176,313	1	2,712,346,413	2	221,790,598
David J.Wallack	5	15,199,046,823	1	3,817,073,790	1	20,050,120
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	141,458,900	1	104,736,838	0	—
Wenli Zheng(f)	—	—	—	—	—	—

(a) The individual assumed co—portfolio management responsibilitiesof a mutual fund on March 1, 2020. The information on other managed accounts is not yet available.

(b) 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.

(c) The individual assumed co—portfolio management responsibilities of a mutual fund on April 1, 2020. The information on other managed accounts is not yet available.

(d) The individual assumed co—portfolio management responsibilities of a mutual fund on July 1, 2020. The information on other managed accounts is not yet available.

(e) The individual assumed co—portfolio management responsibilities of a mutual fund on February 1, 2020. The information on other managed accounts is not yet available

(f) 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.

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.

106

PRINCIPAL HOLDERS OF SECURITIES

As of December 31, 2019, 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 June 30, 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	%
Africa & Middle East Fund	1.8
Asia Opportunities Fund	3.1
China Evolution Equity Fund	14.1
Credit OpportunitiesFund	1.8
Emerging Markets Discovery Stock Fund	3.2
Global Consumer Fund	3.0
Global IndustrialsFund	5.3
Global Value Equity Fund	5.2
Intermediate Tax-Free High Yield Fund	5.0
MarylandShort-Term Tax-Free Bond Fund	5.5
QM U.S. Value Equity	3.7
Tax-Efficient Equity Fund	3.8
Total Return Fund	1.9

As of June 30, 2020, 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		5.48
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	499 WASHINGTONBLVD
	ATTN: MUTUAL FUNDS DEPT 4TH FL
	JERSEYCITY NJ 07310-2010

	SPECTRUMINTERNATIONAL FUND		9.11
	T ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT
	100 EAST PRATT ST
	BALTIMOREMD 21202-1009	+

107


FUND	SHAREHOLDER	%
AFRICA & MIDDLE EAST FUND—I CLASS	NORTHERN TRUST CUST		39.42(a)
	FBO CINDY SPRINGS, LLC - CASH
	PO BOX 92956
	CHICAGOIL 60675-0001

	NORTHERNTRUST CUST		46.12(a)
	FBO LTW GROUP HOLDINGS, LLC

	TRUSTEES OF T ROWE PRICE		13.72
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
	P O BOX89000
	BALTIMORE MD 21289-0001
ASIAOPPORTUNITIES FUND	CHARLES SCHWAB & CO INC		5.86
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT
	211 MAIN ST
	SAN FRANCISCOCA 94105-1905

	NATIONALFINANCIAL SERVICES		19.04
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
ASIA OPPORTUNITIES FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		12.39
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	NATIONALFINANCIAL SERVICES		5.52
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE ASSOCIATES		74.61(b)
	ATTN FINANCIAL REPORTING DEPT
ASIA OPPORTUNITIES FUND—I CLASS	CHARLES SCHWAB & CO INC		13.84
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	CRODAINC DEF BENEFIT PL MASTER TR		8.21
	C/O STATE STREET BANK AND TRUST CO
	801 PENNSYLVANIAAVE
	TOWER 1 -5TH FL ATTN STEVE CHILES
	KANSASCITY MO 64105-1307

	ERICC MOFFETT		7.77
	MIRI C MOFFETT JT TEN

	NORTHERN TR CUST FBO LWOOD INTL EQU		45.29(a)

108


FUND	SHAREHOLDER	%
BALANCED FUND	NATIONAL FINANCIAL SERVICES		5.93
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE TRUST CO INC		22.65
	ATTN: TRPS INST CONTROL DEPT
BALANCED FUND—I CLASS	NATIONAL FINANCIAL SERVICES		5.19
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		16.20
	1 PERSHING PLZ
	JERSEYCITY NJ 07333-0002

	THE NORTHERNTRUST CO AS TRUSTEE		8.76
	FBO KOHLS-DV

	UBATCO & CO		9.30
	FBO COLLEGE SAVINGS GROUP
	PO BOX 82535
	LINCOLNNE 68501-2535

	UBATCO& CO FBO ACES TRUST FUND		7.70
	6811 S 27TH ST
	LINCOLNNE 68512-4823

	VOYAINSTITUTIONAL TRUST CO		11.14
	AS TRUSTEE/ CUSTODIAN FOR
	COREMARKET RETIREMENT PLANS
	30 BRAINTREE HILL OFFICE PARK
	BRAINTREEMA 02184-8747
BLUE CHIP GROWTH FUND	CHARLES SCHWAB & CO INC		8.02
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		14.29
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	WELLSFARGO CLEARING SERVICES LLC		8.71
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVEBENEFIT OF CUSTOMERS
	2801 MARKET ST
	SAINTLOUIS MO 63103-2523

109


FUND	SHAREHOLDER	%
BLUE CHIP GROWTH FUND—ADVISOR CLASS	AMERITAS LIFE INSURANCE CORP		6.61
	SEPARATE ACCOUNT D
	5900 O STREET
	LINCOLNNE 68510-2234

	GREAT-WESTTRUST COMPANY LLC FBO		6.14
	EMPLOYEE BENEFITS CLIENTS 401K
	8515E ORCHARD RD 2T2
	GREENWOOD VLG CO 80111-5002

	MAC & CO		11.47
	ATTN: MUTUAL FUND OPERATIONS
	500 GRANT STREET ROOM 151-1010
	PITTSBURGHPA 15219-2502

	NATIONALFINANCIAL SERVICES		17.83
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
BLUE CHIP GROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC		9.05
	ATTN MUTUAL FUNDS

	EDWARD D JONES & CO		11.38
	FOR THE BENEFIT OF CUSTOMERS
	12555 MANCHESTER RD
	SAINTLOUIS MO 63131-3729

	NATIONALFINANCIAL SERVICES		23.33
	FOR THE EXCLUSIVE BENEFIT
	OFOUR CUSTOMERS

110


FUND	SHAREHOLDER	%
BLUE CHIP GROWTH FUND—R CLASS	DCGT AS TTEE AND/OR CUST		9.23
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS
	711 HIGH ST
	DES MOINESIA 50392-0001

	NATIONWIDELIFE INSURANCE COMPANY		6.54
	C/O IPO PORTFOLIO ACCOUNTING
	DCVA
	PO BOX 182029
	COLUMBUSOH 43218-2029

	SAMMONSFINANCIAL NETWORK LLC		16.36
	4546 CORPORATE DR STE 100
	WESTDES MOINES IA 50266-5911

	STATESTREET BANK AND TRUST AS		15.35
	TRUSTEE AND/OR CUSTODIAN
	FBO ADPACCESS PRODUCT
	1 LINCOLN ST
	BOSTONMA 02111-2901
CALIFORNIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC		6.66
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	CHARLES SCHWAB & CO INC		6.64
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES		23.91
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
CALIFORNIATAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC		13.12
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	S KENNETHLEECH		7.47
	EILEEN STUECK LEECH JT TEN

	SEI PRIVATE TRUST COMAPNY		6.56
	C/O MELLON BANK
	1 FREEDOM VALLEY DR
	OAKSPA 19456-9989

111


FUND	SHAREHOLDER	%
CALIFORNIA TAX-FREE MONEY FUND—I CLASS	CRAIG H BARRATT		33.24(a)
	CELIA M OAKLEY TRS
	BARRATT-OAKLEY TRUST

	GERALD S & IRENE KASMER TRS		5.42
	FAMILY TRUST
	FBO GERALD S & IRENE KASMER

	MARK A WALSH T O D		37.20(a)

	RICHARD N MENDOZA		9.77
	VALERIE MENDOZA TRS
	MENDOZA FAMILY TRUST

	VICKY LEE T O D		5.55

	W TODD WIPKE		5.34
	CORINNE F WIPKE JT TEN
CAPITAL APPRECIATION FUND	CHARLES SCHWAB & CO INC		9.35
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	LPL FINANCIAL		8.79
	OMNIBUS CUSTOMER ACCOUNT
	ATTN:MUTUAL FUND TRADING
	4707 EXECUTIVE DR
	SAN DIEGOCA 92121-3091

	NATIONALFINANCIAL SERVICES		12.21
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		5.97

	TD AMERITRADEINC FBO		5.53
	OUR CUSTOMERS
	PO BOX2226
	OMAHA NE 68103-2226

112


FUND	SHAREHOLDER	%
CAPITAL APPRECIATION FUND—ADVISOR CLASS	AMERITAS LIFE INSURANCE CORP		5.54
	SEPARATE ACCOUNT G

	CHARLESSCHWAB & CO INC		14.61
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		12.55
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	UMB BANKN/A		25.02(a)
	FBO FIDUCIARY FOR TAX DEFERRED
	ACCOUNTS
	1 SW SECURITY BENEFIT PL
	TOPEKAKS 66636-0001
CAPITAL APPRECIATION FUND—I CLASS	CHARLES SCHWAB & CO INC		23.29
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES		28.45(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		5.33

	TD AMERITRADE INC FBO		11.79
	OUR CUSTOMERS
CHINA EVOLUTION EQUITY FUND	T ROWEPRICE ASSOCIATES		48.99(b)
	ATTN FINANCIAL REPORTING DEPT
CHINA EVOLUTION EQUITY FUND—I CLASS	RICHARD N. DE LOS REYES T O D		78.08(a)

	T ROWE PRICE ASSOCIATES		21.92
	ATTN FINANCIAL REPORTING DEPT
COMMUNICATIONS & TECHNOLOGY FUND	NATIONAL FINANCIAL SERVICES		8.52
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		6.15

113


FUND	SHAREHOLDER	%
COMMUNICATIONS & TECHNOLOGY FUND—I CLASS	CHARLES SCHWAB & CO INC		9.40
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		10.67
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		17.55
	OMNIBUS ACCOUNT
	TRP MEDIA & TELECOMMUNICATION - I
	FUND214/X24V CUSIP:87282P100

	TRUSTEESOF T ROWE PRICE		14.24
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
	P O BOX 89000
	BALTIMOREMD 21289-0001
CORPORATE INCOME FUND	SPECTRUM INCOME FUND		43.28(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
CORPORATEINCOME FUND—I CLASS	JAMES L LAMMIE TR		9.04
	SHIRLEY D LAMMIE REVOCABLE TRUST

	MIKE MANELLI		8.60

	PHYLLIS GARDNER		7.52
	STEVEN GARDNER JT TEN

	ROBERTW SMITH		14.29
	TERESA O SMITH

	SUSAN A VERGARI		6.68
	ERIC W VERGARI TRS
	THE VERGARI 1997 TRUST

	TRUSTEES OF T ROWE PRICE		41.26(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
CREDITOPPORTUNITIES FUND	T ROWE PRICE ASSOCIATES		26.59(b)
	ATTN FINANCIAL REPORTING DEPT
CREDIT OPPORTUNITIES FUND—ADVISOR CLASS	T ROWE PRICE ASSOCIATES		92.19(b)
	ATTN FINANCIAL REPORTING DEPT

114


FUND	SHAREHOLDER	%
CREDIT OPPORTUNITIES FUND—I CLASS	T ROWE PRICE ASSOCIATES		84.20(b)
	ATTN FINANCIAL REPORTING DEPT

	T ROWEPRICE TRUST CO		6.91
	CUST FOR THE ROLLOVER IRA OF
	GARYC DUDLEY

	TRUSTEESOF T ROWE PRICE		8.77
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
DIVERSIFIED MID-CAP GROWTH FUND	CHARLES SCHWAB & CO INC		7.83
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	NATIONALFINANCIAL SERVICES		8.79
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		5.17
DIVERSIFIED MID-CAP GROWTH FUND—I CLASS	NATIONAL FINANCIAL SERVICES		16.96
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PIMS/PRUDENTIALRETIREMENT		10.19
	AS NOMINEE FOR THE TTEE/CUST PL 010
	STATEOF CONNECTICUT ALTERNATE
	165 CAPITOL AVENUE
	HARTFORDCT 06106-1659

	PIMS/PRUDENTIALRETIREMENT		30.70(a)
	AS NOMINEE FOR THE TTEE/CUST PL 010
	STATEOF CONNECTICUT DEFERRED

	PIMS/PRUDENTIALRETIREMENT		7.78
	AS NOMINEE FOR THE TTEE/CUST PL 010
	STATEOF CONNECTICUT SECTION

	VOYAINSTITUTIONAL TRUST CO		9.01
	FBO ARVEST

115


FUND	SHAREHOLDER	%
DIVIDEND GROWTH FUND	CHARLES SCHWAB & CO INC		8.96
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL		8.64
	OMNIBUS CUSTOMER ACCOUNT
	ATTN: MUTUAL FUND TRADING

	MLPF&S FOR THE SOLE BENEFIT OF		7.50
	ITS CUSTOMERS
	4800 DEERLAKE DR E 3RD FL
	JACKSONVILLEFL 32246-6484

	NATIONALFINANCIAL SERVICES		16.73
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		5.60
DIVIDEND GROWTH FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		5.23
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	GREAT-WESTTRUST COMPANY LLC FBO		7.10
	EMPLOYEE BENEFITS CLIENTS 401K

	MATRIX TRUST COMPANY AS TTEE FBO		7.57
	VISTA 401(K) RETIREMENT PLAN
	PO BOX 52129
	PHOENIXAZ 85072-2129

	NATIONALFINANCIAL SERVICES		46.40(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
DIVIDENDGROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC		7.36
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	EDWARDD JONES & CO		34.42(a)
	FOR THE BENEFIT OF CUSTOMERS

	NATIONALFINANCIAL SERVICES		27.14(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SEI PRIVATE TRUST COMPANY		6.21
	C/O BMO HARRIS SWP

116


FUND	SHAREHOLDER	%
DYNAMIC CREDIT FUND	T ROWE PRICE ASSOCIATES		92.11(b)
	ATTN FINANCIAL REPORTING DEPT
DYNAMIC CREDIT FUND—I CLASS	RUDDERFLAG & CO		95.65(a)
	C/O T ROWE PRICE ASSOC
	ATTNMULTI-STRAGEGY TOTAL
	RETURN FUND
DYNAMIC GLOBAL BOND FUND	SPECTRUMINCOME FUND		67.58(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
DYNAMICGLOBAL BOND FUND—ADVISOR CLASS	PERSHING LLC		14.88

	T ROWE PRICE ASSOCIATES		82.64(b)
	ATTN FINANCIAL REPORTING DEPT
DYNAMIC GLOBAL BOND FUND—I CLASS	LADYBIRD & CO		39.64(c)
	C/O T ROWE PRICE ASSOC
	ATTNDYNAMIC GLOBAL BOND
	I CLASS

	LADYBUG & CO		20.85
	C/O T ROWE PRICE ASSOC
	ATTN DYNAMIC GLOBAL BOND
	I CLASS

	MAC &CO		11.85
	ATTN MUTUAL FUND OPERATIONS

	MM SELECT RETIREMENT 2030 FD		5.67
	MASSMUTUAL LAW DEPARTMENT
	ATTN: ANDREW GOLDBERG
	1295STATE ST
	SPRINGFIELD MA 01111-0001
EMERGINGEUROPE FUND	NATIONAL FINANCIAL SERVICES LLC		5.47
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SPECTRUMINTERNATIONAL FUND		7.52
	T ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT
EMERGING EUROPE FUND—I CLASS	PERSHING LLC		8.44

	TRUSTEESOF T ROWE PRICE		90.96(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT

117


FUND	SHAREHOLDER	%
EMERGING MARKETS BOND FUND	LPL FINANCIAL		6.59
	OMNIBUS CUSTOMER ACCOUNT
	ATTN: MUTUAL FUND TRADING

	MORGAN STANLEY SMITH BARNEY LLC		5.91
	FOR THE EXCL BENEFIT OF ITS CUST
	1 NEW YORK PLZ FL 12
	NEW YORKNY 10004-1965

	SPECTRUMINCOME FUND		32.42(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
EMERGING MARKETS BOND FUND—ADVISORCLASS	MATRIX TRUST COMPANY CUST FBO		11.05
	MODERN FOUNDATIONS, INC 401(K) PSP
	717 17THST STE 1300
	DENVER CO 80202-3304

	MID ATLANTIC TRUST COMPANY FBO		12.47
	CFD LEASING, INC 401(K) PLAN
	1251 WATERFRONT PL STE 525
	PITTSBURGHPA 15222-4228

	PERSHINGLLC		76.47(a)
EMERGING MARKETS BOND FUND—I CLASS	CHARLES SCHWAB & CO INC		12.94
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	CHARLESSCHWAB & CO INC		5.13
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	EDWARDD JONES & CO		31.80(a)
	FOR THE BENEFIT OF CUSTOMERS

	J.P.MORGAN SECURITIES LLC		8.92
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	4 CHASE METROTECH CTR
	BROOKLYNNY 11245-0003

	WELLSFARGO BANK NA FBO		17.45
	OMNIBUS CASH

118


FUND	SHAREHOLDER	%
EMERGING MARKETS CORPORATE BOND FUND	CHARLES SCHWAB & CO INC		18.53
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL		8.29
	OMNIBUS CUSTOMER ACCOUNT
	ATTN: MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES		13.32
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		6.07

	T ROWE PRICE ASSOCIATES		14.69
	ATTN FINANCIAL REPORTING DEPT
EMERGING MARKETS CORPORATE BOND FUND—	CHARLES SCHWAB & CO INC		23.99
ADVISOR CLASS	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	CHARLESSCHWAB & CO INC		22.50
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	MLPF&SFOR THE SOLE BENEFIT OF		10.25
	ITS CUSTOMERS

	NATIONAL FINANCIAL SERVICES		21.60
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		10.84

	TD AMERITRADE INC FBO		5.63
	OUR CUSTOMERS

	VANGUARDBROKERAGE SERVICES		5.18
	PO BOX 1170
	VALLEYFORGE PA 19482-1170
EMERGING MARKETS CORPORATE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC		95.61(a)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

119


FUND	SHAREHOLDER	%
EMERGING MARKETS CORPORATE MULTI-SECTOR	GENERAL DYNAMICS CORP 401K		62.31(a)
ACCOUNT PORTFOLIO	PLAN MASTER TRUST CP
	2941 FAIRVIEW PARK DR STE 100
	FALLSCHURCH VA 22042-4541

	ILLINOISSTUDENT ASSISTANCE		11.39
	COMMISSION
	ATTN:ROGER ROJAS
	1755 LAKE COOK RD
	DEERFIELDIL 60015-5209

	T ROWEPRICE ASSOCIATES		14.55
	ATTN FINANCIAL REPORTING DEPT

	XCEL ENERGY INC.		7.47
	ATTN: GREG ZICK
	414 NICOLLET MALL
	MINNEAPOLISMN 55401-1993
EMERGING MARKETS DISCOVERY STOCK FUND	CHARLES SCHWAB & CO INC		6.81
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	SPECTRUMINTERNATIONAL FUND		44.03(c)
	T ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT

	TD AMERITRADE INC FBO		5.79
	OUR CUSTOMERS

	VANGUARD BROKERAGE SERVICES		6.17
EMERGING MARKETS DISCOVERY STOCK FUND—ADVISOR	PERSHING LLC		92.16(a)
CLASS
EMERGING MARKETS DISCOVERY STOCK FUND—I CLASS	ERNEST YEUNG		7.51

	NATIONALFINANCIAL SERVICES		50.75(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		13.60

	TD AMERITRADE INC FBO		7.67
	OUR CUSTOMERS

	TRUSTEESOF T ROWE PRICE		10.59
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT

120


FUND	SHAREHOLDER	%
EMERGING MARKETS LOCAL CURRENCY BOND FUND	HORIZONDECK & CO		5.58
	C/O T ROWE PRICE ASSOC
	ATTN GLOBAL ALLOCATION FUND

	SPECTRUM INCOME FUND		87.55(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
EMERGINGMARKETS LOCAL CURRENCY BOND FUND—	CHARLES SCHWAB & CO INC		65.08(a)
ADVISOR CLASS	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES		11.15
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		19.16
EMERGING MARKETS LOCAL CURRENCY BOND FUND—	CHARLES SCHWAB & CO INC		57.57(a)
I CLASS	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	PERSHING LLC		26.35(a)
EMERGINGMARKETS LOCAL MULTI-SECTOR ACCOUNT	BALTIMORE EQUITABLE SOCIETY		17.46
PORTFOLIO	ATTN MARY HARLEE
	100 N CHARLES ST STE 640
	BALTIMOREMD 21201-3808

	T ROWEPRICE ASSOCIATES		82.54(b)
	ATTN FINANCIAL REPORTING DEPT
EMERGING MARKETS STOCK FUND	CHARLES SCHWAB & CO INC		7.34
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	MLPF&SFOR THE SOLE BENEFIT OF ITS		20.26
	CUSTOMERS

	NATIONAL FINANCIAL SERVICES		8.71
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		10.92

121


FUND	SHAREHOLDER	%
EMERGING MARKETS STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC		5.38
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	MLPF&S FOR THE SOLE BENEFIT OF		7.05
	ITS CUSTOMERS

	NATIONALFINANCIAL SERVICES LLC		50.50(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	TD AMERITRADEINC FBO		6.73
	OUR CUSTOMERS
EQUITYINCOME FUND	NATIONAL FINANCIAL SERVICES		7.20
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SPECTRUMINCOME FUND		6.41
	T. ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT

	T ROWEPRICE TRUST CO INC		6.27
	ATTN: TRPS INST CONTROL DEPT
	P O BOX17215
	BALTIMORE MD 21297-1215
EQUITYINCOME FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		54.68(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		5.30
EQUITY INCOME FUND—I CLASS	EDWARD D JONES & CO		23.51
	FOR THE BENEFIT OF CUSTOMERS

	NATIONAL FINANCIAL SERVICES		26.08(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	TD AMERITRADE INC FBO		10.89
	OUR CUSTOMERS

122


FUND	SHAREHOLDER	%
EQUITY INCOME FUND—R CLASS	AMERICAN UNITED LIFE		9.77
	AMERICAN UNIT TRUST
	ATTN SEPARATE ACCOUNTS
	PO BOX368
	INDIANAPOLIS IN 46206-0368

	AMERICAN UNITED LIFE		19.74
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS

	HARTFORD LIFE INSURANCE CO		10.58
	SEPARATE ACCOUNT
	ATTN UIT OPERATIONS
	PO BOX2999
	HARTFORD CT 06104-2999

	NATIONWIDE TRUST CO FSB		8.95
	C/O IPO PORTFOLIO ACCTG
EQUITY INDEX 500 FUND	T ROWE PRICE TRUST CO INC		6.11
	ATTN: RPS CONTROL DEPT
	10090RED RUN BLVD
	OWINGS MILLS MD 21117-4842
EUROPEANSTOCK FUND	CHARLES SCHWAB & CO INC		6.55
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	SPECTRUMINTERNATIONAL FUND		27.81(c)
	T ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
EUROPEANSTOCK FUND—I CLASS	CHARLES SCHWAB & CO INC		14.54
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	NATIONALFINANCIAL SERVICES		17.45
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	ROBERTG O'DONNELL		13.97
	SUE DOUTHIT O'DONNELL
	COMMPROP WROS

	S KENNETHLEECH		20.78
	EILEEN STUECK LEECH JT TEN

	TRUSTEES OF T ROWE PRICE		15.60
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT

123


FUND	SHAREHOLDER	%
EXTENDED EQUITY MARKET INDEX FUND	TD AMERITRADE INC FBO		5.58
	OUR CUSTOMERS
FINANCIAL SERVICES FUND	CHARLESSCHWAB & CO INC		5.09
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		5.67
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		9.16

	T ROWEPRICE SERVICES INC FBO		8.32
	EDUCATION TRUST OF ALASKA
	PORTFOLIOFUTURE TRENDS
	ATTN DAWN WAGNER FIXED INCOME
FINANCIALSERVICES FUND—I CLASS	AFFILIATED FM INSURANCE CO.		40.54(a)
	270 CENTRAL AVE
	JOHNSTON RI 02919-4923

	CHARLES SCHWAB & CO INC		5.91
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	T ROWE PRICE RPS INC		24.63
	OMNIBUS ACCOUNT
	TRP FINANCIAL SERVICES -I
	FUND247/X2TZ CUSIP:87282H108
	P O BOX 17215
	BALTIMOREMD 21297-1215

	TRUSTEESOF T ROWE PRICE		18.61
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
FLOATING RATE FUND	NATIONAL FINANCIAL SERVICES		9.68
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SPECTRUMINCOME FUND		42.41(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT

	UBS WM USA		6.18
	SPEC CDY A/C EXL BEN CUSTOMERS
	OF UBSFI
	1000HARBOR BLVD
	WEEHAWKEN NJ 07086-6761

124


FUND	SHAREHOLDER	%
FLOATING RATE FUND—ADVISOR CLASS	FOLIOFN INVESTMENTS INC		16.99
	8180 GREENSBORO DR 8TH FLOOR
	MCLEAN VA 22102-3888

	NATIONAL FINANCIAL SERVICES		26.84(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		12.82

	TD AMERITRADE INC FBO		35.32(a)
	OUR CUSTOMERS
FLOATING RATE FUND—I CLASS	CHARLESSCHWAB & CO INC		6.97
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES LLC		20.02
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	ATTN MUTUAL FUNDS DEPT FL 4

	PERSHING LLC		10.61

	PETER M GOTSCH		5.14
	JANA L FRENCH JT TEN

	T ROWEPRICE ASSOCIATES		9.91
	ATTN FINANCIAL REPORTING DEPT

	TD AMERITRADE INC FBO		10.44
	OUR CUSTOMERS
FLOATING RATE MULTI-SECTOR ACCOUNT PORTFOLIO	BALTIMORE EQUITABLE SOCIETY		8.95
	ATTN MARY HARLEE

	GENERAL DYNAMICS CORP 401K		30.95(a)
	PLAN MASTER TRUST CP

	ILLINOISSTUDENT ASSISTANCE		5.38
	COMMISSION
	ATTN:ROGER ROJAS

	T ROWEPRICE ASSOCIATES		31.42(b)
	ATTN FINANCIAL REPORTING DEPT

	XCELENERGY INC.		23.29
	ATTN: GREG ZICK

125


FUND	SHAREHOLDER	%
GEORGIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC		15.78
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		20.48
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
GEORGIATAX-FREE BOND FUND—I CLASS	SEI PRIVATE TRUST CO		63.98(a)
	C/O SUNTRUST
	ATTN: MUTUAL FUND ADMIN

	SEI PRIVATE TRUST COMPANY		5.15
	ATTN MUTUAL FUNDS
GLOBAL ALLOCATION FUND	LPL FINANCIAL		6.42
	OMNIBUS CUSTOMER ACCOUNT
	ATTN:MUTUAL FUND TRADING

	MORGANSTANLEY SMITH BARNEY LLC		6.52
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES		10.32
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		11.11

	RAYMOND JAMES		5.49
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTNCOURTNEY WALLER

	T ROWEPRICE ASSOCIATES		29.99(b)
	ATTN FINANCIAL REPORTING DEPT
GLOBAL ALLOCATION FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		68.23(a)
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES		12.15
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

126


FUND	SHAREHOLDER	%
GLOBAL ALLOCATION FUND—I CLASS	CHARLES SCHWAB & CO INC		34.02(a)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	CHARLES SCHWAB & CO INC		5.22
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES		11.12
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		8.58

	TD AMERITRADE INC FBO		9.70
	OUR CUSTOMERS

	TRUSTEESOF T ROWE PRICE		8.57
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
GLOBAL CONSUMER FUND	NATIONAL FINANCIAL SERVICES		42.93(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE ASSOCIATES		21.78
	ATTN FINANCIAL REPORTING DEPT
GLOBAL GROWTH STOCK FUND	NATIONAL FINANCIAL SERVICES		6.90
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		23.66
GLOBAL GROWTH STOCK FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		15.93
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	GREAT-WESTTRUST COMPANY LLC TTEE F		5.14
	EMPLOYEE BENEFITS CLIENTS 401K

	NATIONAL FINANCIAL SERVICES		58.65(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		13.88

127


FUND	SHAREHOLDER	%
GLOBAL GROWTH STOCK FUND—I CLASS	CTC FBO		15.28
	TEXAS TUITION PROMISE FUND 529
	17605 WRIGHT STREET SUITE #3
	OMAHANE 68130-2033

	MAC &CO		9.61
	ATTN MUTUAL FUND OPS

	MAC & CO		8.69
	ATTN MUTUAL FUND OPS

	NATIONALFINANCIAL SERVICES		31.17(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	STATE STREET BANK AND TRUST AS		5.36
	TTEE FOR THE MASTER TRUST FOR
	DEFINED BENEFIT PLANS
	OF SYNGENTACORPORATION
	801 PENNSYLVANIA AVE
	KANSASCITY MO 64105-1307

	WASHINGTONSUBURBAN SANITARY		5.19
	COMMISSION RETIREE OTHER POST
	EMPLOYMENTBENEFIT TRUST
	14501 SWEITZER LN
	LAURELMD 20707-5901
GLOBAL HIGH INCOME BOND FUND	CHARLES SCHWAB & CO INC		5.04
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		17.02
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
GLOBAL HIGH INCOME BOND FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		25.60(a)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		28.19(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		20.29

	TD AMERITRADE INC FBO		25.91(a)
	OUR CUSTOMERS

128


FUND	SHAREHOLDER	%
GLOBAL HIGH INCOME BOND FUND—I CLASS	CHARLES SCHWAB & CO INC		31.42(a)
	ATTN MUTUAL FUNDS

	MAC &CO		22.76
	ATTN MUTUAL FUND OPERATIONS

	NATIONAL FINANCIAL SERVICES LLC		18.90
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	SEI PRIVATETRUST CO		8.78
	C/O MELLON BANK
	ATTNMUTUAL FUNDS ADMIN
GLOBAL INDUSTRIALS FUND	NATIONAL FINANCIAL SERVICES		8.30
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE ASSOCIATES		38.48(b)
	ATTN FINANCIAL REPORTING DEPT
GLOBAL INDUSTRIALS FUND—I CLASS	T ROWE PRICE ASSOCIATES		16.84
	ATTN FINANCIAL REPORTING DEPT

	TRUSTEES OF T ROWE PRICE		82.12(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
GLOBALMULTI-SECTOR BOND FUND	CHARLES SCHWAB & CO INC		11.32
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUND DEPT

	MORGANSTANLEY SMITH BARNEY LLC		8.85
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES		10.55
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		6.06

	RAYMOND JAMES		5.36
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTNCOURTNEY WALLER

	TD AMERITRADEINC FBO		5.60
	OUR CUSTOMERS

129


FUND	SHAREHOLDER	%
GLOBAL MULTI-SECTOR BOND FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		5.02
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		56.86(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		11.68

	TD AMERITRADE INC FBO		5.71
	OUR CUSTOMERS

	WELLSFARGO CLEARING SERVICES LLC		6.12
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVEBENEFIT OF CUSTOMERS
	2801 MARKET ST
	SAINTLOUIS MO 63103-2523
GLOBAL MULTI-SECTOR BOND FUND—I CLASS	AMERICAN TRUST CENTER		5.01
	401 N 4TH ST SUITE 301
	BISMARCKND 58501-4023

	CHARLESSCHWAB & CO INC		37.82(a)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		20.88
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	TD AMERITRADE INC FBO		6.29
	OUR CUSTOMERS
GLOBAL REAL ESTATE FUND	CHARLESSCHWAB & CO INC		5.26
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		5.60
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	TD AMERITRADEINC FBO		10.13
	OUR CUSTOMERS

130


FUND	SHAREHOLDER	%
GLOBAL REAL ESTATE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		11.48
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	GREAT-WEST LIFE & ANNUITY		12.83
	FBO FUTURE FUNDS II

	GREAT-WESTTRUST COMPANY LLC FBO		30.63(a)
	EMPLOYEE BENEFITS CLIENTS 401K

	NATIONALFINANCIAL SERVICES		18.46
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
GLOBAL REAL ESTATE FUND—I CLASS	CHARLES SCHWAB & CO INC		11.64
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	JOHNB CARTER		9.94

	NATIONALFINANCIAL SERVICES LLC		42.06(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	PERSHINGLLC		9.02

	TRUSTEESOF T ROWE PRICE		22.73
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT

131


FUND	SHAREHOLDER	%
GLOBAL STOCK FUND	CHARLES SCHWAB & CO INC		5.26
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL		5.30
	OMNIBUS CUSTOMER ACCOUNT
	ATTN: MUTUAL FUND TRADING

	MORGAN STANLEY SMITH BARNEY LLC		6.74
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONALFINANCIAL SERVICES		19.65
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		12.88

	WELLSFARGO CLEARING SERVICES LLC		5.62
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVEBENEFIT OF CUSTOMERS
GLOBAL STOCK FUND—ADVISOR CLASS	UMB BANK N/A		76.88(a)
	FBO FIDUCIARY FOR VARIOUS
	RETIREMENTPROGRAMS
GLOBAL STOCK FUND—I CLASS	AFFILIATED FM INSURANCE CO.		10.70

	CHARLESSCHWAB & CO INC		9.68
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	EDWARDD JONES & CO		9.17
	FOR THE BENEFIT OF CUSTOMERS

	FACTORY MUTUAL INSURANCE CO.		18.31
	270 CENTRAL AVE
	JOHNSTON RI 02919-4923

	FACTORY MUTUAL INSURANCE CO.		5.25
	PENSION PLAN TRUST

	NATIONALFINANCIAL SERVICES LLC		22.43
	FOR THE EXCLUSIVE BENEFIT
	OFOUR CUSTOMERS

132


FUND	SHAREHOLDER	%
GLOBAL TECHNOLOGY FUND	CHARLES SCHWAB & CO INC		5.71
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	CHARLES SCHWAB & CO INC		5.07
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES		8.68
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		5.50
GLOBAL TECHNOLOGY FUND—I CLASS	AFFILIATED FM INSURANCE CO.		8.32

	CHARLESSCHWAB & CO INC		13.63
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	J.P.MORGAN SECURITIES LLC		5.33
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	NATIONALFINANCIAL SERVICES LLC		24.48
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	ATTN: MUTUAL FUNDS DEPT, 4TH FLOOR

	TRUSTEES OF T ROWE PRICE		7.87
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
GLOBALVALUE EQUITY FUND	JUAN M BUENDIA AGENT TRP POA		7.52
	CAMILO BUENDIA YOLANDA G BUENDIA
	JT TEN

	T ROWEPRICE ASSOCIATES		37.37(b)
	ATTN FINANCIAL REPORTING DEPT

	T ROWEPRICE TRUST CO		5.00
	CUST FOR THE ROLLOVER IRA OF
	VINCENTL BAILEY

	T ROWEPRICE TRUST CO		6.62
	CUST FOR THE ROTH IRA OF
	DANIELH. SUTTON

133


FUND	SHAREHOLDER	%
GLOBAL VALUE EQUITY FUND—I CLASS	T ROWE PRICE ASSOCIATES		83.67(b)
	ATTN FINANCIAL REPORTING DEPT

	TRUSTEESOF T ROWE PRICE		16.33
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
GNMA FUND	CHARLES SCHWAB & CO INC		5.01
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	SPECTRUM INCOME FUND		37.54(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
GNMAFUND—I CLASS	CHARLES SCHWAB & CO INC		10.53
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	FAYEL ZABARSKY TR		16.60
	FAYE L ZABARSKY 2017 REV TRUST

	HOWARD M BOEHM		15.00
	ESTHER BOEHM JT TEN

	RICHARDILLGEN		7.18
	IRENE ROSENFELD ILLGEN JT TEN

	T ROWE PRICE TRUST CO		6.64
	CUST FOR THE IRA OF
	MICHAEL L BOLLIN

	T ROWE PRICE TRUST CO		8.16
	CUST FOR THE ROTH IRA OF
	THOMAS GONG WONG

	TRUSTEES OF T ROWE PRICE		8.86
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
GOVERNMENTMONEY FUND	T ROWE PRICE ASSOCIATES INC		11.38
	ATTN FINANCIAL REPORTING DEPT

134


FUND	SHAREHOLDER	%
GOVERNMENT RESERVE FUND	JNL TRP CAP APP FUND		7.01
	ATTN: JOSEPH O'BOYLE
	225 W WACKER DR STE 1200
	CHICAGOIL 60606-1276

	SEAMILE& CO		29.61(c)
	C/O T ROWE PRICE ASSOC
	ATTNCAPITAL APPREC FUND

	SHERBET& CO		5.03
	C/O T ROWE PRICE ASSOC
	ATTNDIVIDEND GROWTH FUND

	VOYAINVESTORS TRUST - VY T ROWE		5.17
	ATTN MARIA ANDERSON
	7337E DOUBLETREE RANCH RD
	SCOTTSDALE AZ 85258-2144
GROWTH& INCOME FUND	SPECTRUM GROWTH FUND		16.30
	T. ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT
GROWTH & INCOME FUND—I CLASS	CHARLES SCHWAB & CO INC		6.06
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	GARYM JACOBS		6.25
	JANET L JACOBS JT TEN

	PERSHING LLC		5.02

	T ROWE PRICE TRUST CO		5.87
	CUST FOR THE IRA OF
	JERRY J WEYGANDT
GROWTHSTOCK FUND	CHARLES SCHWAB & CO INC		6.41
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		12.21
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		5.08

	T ROWEPRICE TRUST CO INC		10.37
	ATTN: TRPS INST CONTROL DEPT

135


FUND	SHAREHOLDER	%
GROWTH STOCK FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		14.32
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	NATIONWIDE LIFE INSURANCE CO		13.76
	DCVA
	C/O IPO PORTFOLIO ACCOUNTING

	NATIONWIDE LIFE INSURANCE CO		5.65
	NACO
	C/O IPO PORTFOLIO ACCOUNTING

	VANTAGETRUST - UNITIZED		25.54(a)
	C/O ICMA RETIREMENT CORPORATION
	777 NORTH CAPITOL STREET NE
	WASHINGTONDC 20002-4239
GROWTH STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC		13.84
	ATTN MUTUAL FUNDS
	101 MONTGOMERYST
	SAN FRANCISCO CA 94104-4151

	NATIONAL FINANCIAL SERVICES LLC		17.31
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR
GROWTH STOCK FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		9.34
	500 PLAZA DR FL 7
	SECAUCUSNJ 07094-3619

	HARTFORDLIFE INSURANCE CO		8.06
	SEPARATE ACCOUNT
	ATTNUIT OPERATIONS

	STATESTREET BANK AND TRUST AS		16.54
	TRUSTEE AND/OR CUSTODIAN
	FBO ADPACCESS PRODUCT

	SUNTRUSTBANK FBO		6.76
	VARIOUS SUNTRUST OMNIBUS ACCOUNTS

	UMB BANK N/A		7.85
	FBO FIDUCIARY FOR TAX DEFERRED
	ACCOUNTS

	UMB BANK NA SFR		9.96
	FBO FIDUCIARY FOR TAX DEFERRED
	ACCOUNTS GROUP

136


FUND	SHAREHOLDER	%
HEALTH SCIENCES FUND	JOHN HANCOCK LIFE		5.06
	INSURANCE CO USA
	ATTN: JHRPS TRADING OPS ST6
	200 BERKELEYSTREET
	BOSTON MA 02116-5022

	NATIONAL FINANCIAL SERVICES		8.73
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		5.78
HEALTH SCIENCES FUND—I CLASS	CHARLES SCHWAB & CO INC		13.61
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		16.80
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		7.75
	OMNIBUS ACCOUNT
	TRP HEALTHSCIENCES - I
	FUND 216/X24R CUSIP:87281Y102

	TRUSTEES OF T ROWE PRICE		9.05
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
HIGHYIELD FUND	SPECTRUM INCOME FUND		31.50(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
HIGHYIELD FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		95.51(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
HIGHYIELD FUND—I CLASS	CHARLES SCHWAB & CO INC		5.07
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	EDWARDD JONES & CO		66.84(a)
	FOR THE BENEFIT OF CUSTOMERS

	FUBONLIFE INSURANCE CO.,		10.64
	LTD.-FIXED INCOME
	14F.,NO.108, SEC.1, DUN HUA S. RD.
	TAIPEI, 105

137


FUND	SHAREHOLDER	%
HIGH YIELD MULTI-SECTOR ACCOUNT PORTFOLIO	BALTIMORE EQUITABLE SOCIETY		5.21
	ATTN MARY HARLEE

	GENERALDYNAMICS CORP 401K		52.19(a)
	PLAN MASTER TRUST CP

	ILLINOISSTUDENT ASSISTANCE		9.90
	COMMISSION
	ATTN:ROGER ROJAS

	T ROWEPRICE ASSOCIATES		32.70(b)
	ATTN FINANCIAL REPORTING DEPT
INFLATION PROTECTED BOND FUND	NATIONAL FINANCIAL SERVICES		7.02
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		6.21
	OMNIBUS ACCOUNT
	INFLATIONPROTECTED BOND, #147
	PO BOX 17215
	BALTIMOREMD 21297-1215

	TD AMERITRADEINC FBO		6.63
	OUR CUSTOMERS

138


FUND	SHAREHOLDER	%
INFLATION PROTECTED BOND FUND—I CLASS	CBNA AS TRUSTEE FBO		5.13
	COMMUNITY BANK 401(K) PLAN
	6 RHOADS DR STE 7
	UTICANY 13502-6317

	CHARLESSCHWAB & CO INC		12.70
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	GREAT-WESTTRUST COMPANY LLC TTEE F		5.67
	RECORDKEEPING FOR LARGE BENEFIT PL

	NATIONAL FINANCIAL SERVICES		13.17
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		7.42
	OMNIBUS ACCOUNT
	TRP INFLATION PROTECTED BOND-I
	FUND439/X24U CUSIP:77958D200

	TRUSTEESOF T ROWE PRICE		7.72
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
INSTITUTIONAL CASH RESERVES FUND	T ROWE PRICE ASSOCIATES		97.24(b)
	ATTN FINANCIAL REPORTING DEPT

139


FUND	SHAREHOLDER	%
INSTITUTIONAL CORE PLUS FUND	BAND & CO C/O US BANK NA		9.15
	1555 N RIVERCENTER DR STE 302
	MILWAUKEE WI 53212-3958

	JEANETTE STUMP &		10.00
	JAMES CARNEY & HOWARD KLINE TRS
	SPECIAL METALS CORPORATION RETIREE
	BENEFITTRUST

	NATIONALFINANCIAL SERVICES		25.42(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SAXON & CO		5.00
	P O BOX 94597
	CLEVELAND OH 44101-4597

	SAXON & CO		5.93

	SEI PRIVATE TRUST COMPANY		8.97
	C/O SUNTRUST BANK
	FBO THE CHURCH FOUNDATION
	ATTN;MUTUAL FUND ADMIN

140


FUND	SHAREHOLDER	%
INSTITUTIONAL EMERGING MARKETS BOND FUND	CHARLES SCHWAB & CO INC		12.28
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	GREAT-WEST TRUST COMPANY LLC TTEE F		6.71
	C/O MUTUAL FUND TRADING
	RECORDKEEPING FOR VARIOUS BENEFIT P
	8525E ORCHARD RD
	GREENWOOD VLG CO 80111-5002

	HORIZONDECK & CO		6.81
	C/O T ROWE PRICE ASSOC
	ATTN GLOBAL ALLOCATION FUND

	LADYBIRD & CO		26.06(c)
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY INCOME FD

	LADYBUG & CO		16.17
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD

	LAKESIDE & CO		7.36
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY GROWTH FUND
INSTITUTIONALEMERGING MARKETS EQUITY FUND	GOLDMAN SACHS & CO		20.37
	EXCLUSIVE BENEFIT OF CUSTOMERS
	85 BROADST
	NEW YORK NY 10004-2434

	LADYBUG & CO		6.70
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD

	LAKESIDE & CO		11.08
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY GROWTH FUND

	NATIONAL FINANCIAL SERVICES		17.76
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	WELLS FARGO BANK NA FBO		14.80
	OMNIBUS ACCOUNT CASH/CASH

141


FUND	SHAREHOLDER	%
INSTITUTIONAL FLOATING RATE FUND	CHARLES SCHWAB & CO INC		7.17
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	MAC & CO		6.23
	ATTN MUTUAL FUND OPERATION

	NATIONALFINANCIAL SERVICES LLC		27.24(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	WELLS FARGO BANK NA FBO		7.97
	OMNIBUS ACCOUNT CASH/CASH
INSTITUTIONAL FLOATING RATE FUND—F CLASS	CHARLES SCHWAB & CO INC		10.25
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		14.20
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SAXON& CO.		49.47(a)

	TD AMERITRADEINC FBO		10.89
	OUR CUSTOMERS
INSTITUTIONALHIGH YIELD FUND	BREAD & CO		12.57
	C/O T ROWE PRICE ASSOC
	ATTNBALANCED FUND

	GOLDMANSACHS & CO		10.17
	EXCLUSIVE BENEFIT OF CUSTOMERS

	LADYBIRD & CO		6.33
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY INCOME FD

	MAC & CO		5.48
	ATTN MUTUAL FUND OPS

	NATIONALFINANCIAL SERVICES		27.59(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

142


FUND	SHAREHOLDER	%
INSTITUTIONAL INTERNATIONAL CORE EQUITY FUND	CAPINCO C/O US BANK NA		55.88(a)
	1555 N RIVERCENTER DR STE 302
	MILWAUKEE WI 53212-3958

	KEYBANK NA		9.88
	CIA-INTERNATIONAL CUST PRI USD
	P O BOX 94871
	CLEVELANDOH 44101-4871

	NATIONALFINANCIAL SERVICES LLC		15.99
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		8.48
INSTITUTIONAL INTERNATIONAL DISCIPLINED EQUITY	CHARLES SCHWAB & CO INC		8.34
FUND	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUND DEPT

	CHARLESSCHWAB & CO INC		21.37
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	COLUMBIATRUST PARTNERS		6.04
	COLUMBIA TRUST PARTNERS
	PO BOX1012
	SALEM OR 97308-1012

	MLPF&S FOR THE SOLE BENEFIT OF		5.17
	ITS CUSTOMERS

	NATIONALFINANCIAL SERVICES		41.46(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

143


FUND	SHAREHOLDER	%
INSTITUTIONAL INTERNATIONAL GROWTH EQUITY FUND	BNA FOREIGN EQUITY FUND		39.68(a)
	ATTN MR ROBERT SHEW
	1801 S BELL ST
	ARLINGTONVA 22202-4506

	KEYBANKNA		10.86
	LINK-BELT EE RETMT-T. ROWE PRICE PR

	NATIONAL FINANCIAL SERVICES		36.00(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SAXON & CO		7.49
	P O BOX 7780-1888
	PHILADELPHIA PA 19182-0001
INSTITUTIONALLARGE-CAP CORE GROWTH FUND	NATIONAL FINANCIAL SVCS CORP		31.95(a)
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSSLENNON

	VANGUARDFIDUCIARY TRUST COMPANY		9.07
	T ROWE INSTITUTIONAL CLASS
	ATTNOUTSIDE FUNDS/SCOTT GELLERT
INSTITUTIONAL LONG DURATION CREDIT FUND	BAND & CO C/O US BANK NA		41.00(a)

	T ROWE PRICE ASSOCIATES		48.90(b)
	ATTN FINANCIAL REPORTING DEPT

	TD AMERITRADEINC FBO		5.91
	OUR CUSTOMERS

144


FUND	SHAREHOLDER	%
INSTITUTIONAL MID-CAP EQUITY GROWTH FUND	KY PUBLIC EMP DEF COMP AUTHORITY		5.13
	C/O NATIONWIDE AS CUSTODIAN &
	RECORDKEEPER
	IPO PORTFOLIOACCOUNTING
	PO BOX 182029
	COLUMBUSOH 43218-2029

	NATIONALFINANCIAL SERVICES		32.76(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	THE STATE OF WISCONSIN DEF COMP BRD		7.83
	C/O FASCORE LLC
	FBO WISCONSIN DCP

	VANGUARD FIDUCIARY TRUST COMPANY		6.02
	T ROWE INSTITUTIONAL CLASS
	ATTN OUTSIDE FUNDS/SCOTT GELLERT
INSTITUTIONALSMALL-CAP STOCK FUND	NATIONAL FINANCIAL SERVICES LLC		32.94(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	NORTHERN TRUST COMPANY TR		9.33
	FBO PFIZER SAVINGS AND
	INVESTMENT PLAN

	STATE OF FLORIDA PUBLIC		5.17
	EMPLOYEES OPTIONAL RETIREMENT
	PROGRAM-FLORIDA RETIREMENT SYSTEM
	1801HERMITAGE BLVD STE 100
	TALLAHASSEE FL 32308-7743

	STATE OF MINNESOTA		15.60
	FBO MINNESOTA STATE RETIREMENT SYST

	VANGUARDFIDUCIARY TRUST COMPANY		15.22
	T ROWE INSTITUTIONAL CLASS
	ATTNOUTSIDE FUNDS/SCOTT GELLERT
INTERMEDIATE TAX-FREE HIGH YIELD FUND	T ROWE PRICE ASSOCIATES		59.96(b)
	ATTN FINANCIAL REPORTING DEPT
INTERMEDIATE TAX-FREE HIGH YIELD FUND—ADVISOR	LPL FINANCIAL		48.37(a)
CLASS	OMNIBUS CUSTOMER ACCOUNT
	ATTN:MUTUAL FUND TRADING

	T ROWEPRICE ASSOCIATES		48.86(b)
	ATTN FINANCIAL REPORTING DEPT

145


FUND	SHAREHOLDER	%
INTERMEDIATE TAX-FREE HIGH YIELD FUND—I CLASS	CHARLES BLAKE HILL		7.28
	EUGENIA N HILL JT TEN

	CHARLESSCHWAB & CO INC		5.86
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	CINDYPATTERSON		44.17(a)

	IRA JGINSBERG		11.33

	JACKKELLY PATTERSON G P		16.26
	CYNTHIA T PATTERSON G P
	PATTERSONFAMILY LTD PARTNERSHIP
	427 FIELDSTONE DR
	WHITEHOUSE TN 37188-9555

	NANCYAND DALE RATHER FAMILY LLC		7.39
INTERNATIONAL BOND FUND (USD HEDGED)	SPECTRUM INCOME FUND		71.47(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
INTERNATIONALBOND FUND (USD HEDGED)—ADVISOR	T ROWE PRICE ASSOCIATES		100.00(b)
CLASS	ATTN FINANCIAL REPORTING DEPT
INTERNATIONAL BOND FUND (USD HEDGED)—I CLASS	LADYBIRD & CO		35.30(c)
	C/O T ROWE PRICE ASSOC
	ATTNPERS STRATEGY INCOME FD

	LADYBUG& CO		26.48(c)
	C/O T ROWE PRICE ASSOC
	ATTNPERS STRATEGY BALANCED FD

	LAKESIDE& CO		16.00
	C/O T ROWE PRICE ASSOC
	ATTNPERS STRATEGY GROWTH FUND

	NATIONALFINANCIAL SERVICES		17.16
	FOR THE EXCLUSIVE BENEFIT
	OFOUR CUSTOMERS

146


FUND	SHAREHOLDER	%
INTERNATIONAL BOND FUND	CHARLES SCHWAB & CO INC		6.69
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		5.56
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SPECTRUM INCOME FUND		27.37(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
INTERNATIONALBOND FUND—ADVISOR CLASS	MORGAN STANLEY SMITH BARNEY LLC		10.04
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES		19.26
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		7.97

	TD AMERITRADE INC FBO		25.86(a)
	OUR CUSTOMERS

	VOYAINSTITUTIONAL TRUST COMPANY		7.19
	1 ORANGE WAY B3N
	WINDSORCT 06095-4774

	WELLSFARGO CLEARING SERVICES LLC		5.55
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVEBENEFIT OF CUSTOMERS

147


FUND	SHAREHOLDER	%
INTERNATIONAL BOND FUND—I CLASS	EDWARD D JONES & CO		10.37
	FOR THE BENEFIT OF CUSTOMERS

	HORIZONDECK& CO		6.08
	C/O T ROWE PRICE ASSOC
	ATTNGLOBAL ALLOCATION FUND

	NATIONALFINANCIAL SERVICES LLC		6.07
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	ATTN: MUTUAL FUNDS DEPT, 4TH FLOOR

	NONAB & CO		5.56
	C/O CITIZENS & NORTHERN BANK
	90-92 MAIN STREET
	WELLSBOROPA 16901-1517

	PERSHINGLLC		14.24

	TD AMERITRADEINC FBO		47.16(a)
	OUR CUSTOMERS
INTERNATIONALDISCIPLINED EQUITY FUND	CHARLES SCHWAB & CO INC		40.01(a)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		36.03(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	TD AMERITRADE INC FBO		8.48
	OUR CUSTOMERS

148


FUND	SHAREHOLDER	%
INTERNATIONAL DISCIPLINED EQUITY FUND—ADVISOR	FIIOC AS AGENT		18.36
CLASS	FBO DENTAL ASSOCIATES OF WALPOLE
	401K PROFIT SHARING PLAN & TRUST
	100 MAGELLANWAY # KW1C
	COVINGTON KY 41015-1987

	FIIOC AS AGENT FBO		13.48
	PRO TOOL & SUPPLY, INC AND
	PRO EQUIPMENT RENTAL, INC 401K

	FIIOC AS AGENT FBO		15.79
	TEUFELBERGER RETIREMENT
	SAVINGS PLAN

	NATIONAL FINANCIAL SERVICES		37.05(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
INTERNATIONALDISCIPLINED EQUITY FUND—I CLASS	CHARLES SCHWAB & CO INC		46.43(a)
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES		34.26(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
INTERNATIONALDISCOVERY FUND	NATIONAL FINANCIAL SERVICES		22.81
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		14.21
INTERNATIONAL DISCOVERY FUND—I CLASS	CHARLES SCHWAB & CO INC		8.57
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	EDWARDD JONES & CO		20.46
	FOR THE BENEFIT OF CUSTOMERS

	NATIONAL FINANCIAL SERVICES		26.05(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	VANGUARD FIDUCIARY TRUST CO		11.73
	ATTN INVESTMENT SERVICES
	401K CLIENTS
	PO BOX2600
	VALLEY FORGE PA 19482-2600

149


FUND	SHAREHOLDER	%
INTERNATIONAL EQUITY INDEX FUND	MARYLAND COLLEGE INVESTMENT PLAN		15.98
	GLOBAL EQUITY MARKET INDEX
	ATTN FUND ACCOUNTING

	PERSHING LLC		5.67
INTERNATIONAL STOCK FUND	SPECTRUM GROWTH FUND		5.22
	T. ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT

	SPECTRUMINTERNATIONAL FUND		9.61
	T ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT

	T ROWEPRICE TRUST CO INC		5.61
	ATTN: TRPS INST CONTROL DEPT
INTERNATIONALSTOCK FUND—ADVISOR CLASS	AXA EQUITABLE FOR SA NO 65		5.14

	CITBANCOA PARTNERSHIP		6.67
	529 LAKE AVENUE
	PO BOX 1227
	STORM LAKE IA 50588-1227

	DCGTAS TTEE AND/OR CUST		5.17
	ATTN NPIO TRADE DESK
	FBO PLICVARIOUS RETIREMENT PLANS
	OMNIBUS

	NATIONAL FINANCIAL SERVICES		32.32(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	WELLS FARGO CLEARING SERVICES LLC		5.50
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
INTERNATIONALSTOCK FUND—I CLASS	EDWARD D JONES & CO		59.01(a)
	FOR THE BENEFIT OF CUSTOMERS

	NATIONALFINANCIAL SERVICES LLC		23.42
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	ATTN: MUTUAL FUNDS DEPT, 4TH FLOOR

150


FUND	SHAREHOLDER	%
INTERNATIONAL STOCK FUND—R CLASS	AMERICAN UNITED LIFE		5.19
	AMERICAN UNIT TRUST
	ATTN SEPARATE ACCOUNTS

	AMERICAN UNITED LIFE		15.51
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS

	AXA EQUITABLE FOR SA NO 65		10.11

	DCGT AS TTEE AND/OR CUST		21.43
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

	NATIONWIDETRUST CO FSB		5.35
	C/O IPO PORTFOLIO ACCTG
INTERNATIONALVALUE EQUITY FUND	SPECTRUM GROWTH FUND		16.40
	T. ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT

	SPECTRUMINTERNATIONAL FUND		30.06(c)
	T ROWE PRICE ASSOCIATES
	ATTN FUND ACCOUNTING DEPT
INTERNATIONALVALUE EQUITY FUND—ADVISOR CLASS	AMERICAN UNITED LIFE		7.29
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS

	GREAT-WEST TRUST CO.		5.47
	FBO RET PL

	GREAT-WESTTRUST COMPANY LLC FBO		6.94
	EMPLOYEE BENEFITS CLIENTS 401K

	NATIONAL FINANCIAL SERVICES		5.37
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	STATE STREET BANK AND TRUST AS		51.81(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

151


FUND	SHAREHOLDER	%
INTERNATIONAL VALUE EQUITY FUND—I CLASS	NATIONAL FINANCIAL SERVICES LLC		6.54
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	PERSHINGLLC		13.75

	SEI PRIVATETRUST COMPANY		6.10
	C/O SUNTRUST BANK
	FBO THECHURCH FOUNDATION
	ATTN; MUTUAL FUND ADMIN

	TD AMERITRADE INC FBO		46.66(a)
	OUR CUSTOMERS
INTERNATIONAL VALUE EQUITY FUND—R CLASS	AMERICAN UNITED LIFE		6.43
	SEPARATE ACCOUNT II
	ATTNSEPARATE ACCOUNTS

	DCGTAS TTEE AND/OR CUST		8.53
	ATTN NPIO TRADE DESK
	FBO PLICVARIOUS RETIREMENT PLANS
	OMNIBUS

	SAMMONS FINANCIAL NETWORK LLC		38.49(a)

	STATE STREET BANK AND TRUST AS		32.36(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
INVESTMENT-GRADECORPORATE MULTI-SECTOR	ALLEN & COMPANY		8.13
ACCOUNT PORTFOLIO	711 5TH AVE FL 9
	NEW YORK NY 10022-3168

	BALTIMORE EQUITABLE SOCIETY		7.24
	ATTN MARY HARLEE

	GENERALDYNAMICS CORP 401K		72.07(a)
	PLAN MASTER TRUST CP

	ILLINOISSTUDENT ASSISTANCE		12.55
	COMMISSION
	ATTN:ROGER ROJAS

152


FUND	SHAREHOLDER	%
JAPAN FUND	CHARLES SCHWAB & CO INC		8.35
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	MORGAN STANLEY SMITH BARNEY LLC		40.36(a)
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONALFINANCIAL SERVICES		6.60
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SPECTRUMINTERNATIONAL FUND		14.16
	T ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT
JAPAN FUND—I CLASS	J.P. MORGAN SECURITIES LLC		84.28(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	S KENNETH LEECH		5.71
	EILEEN STUECK LEECH JT TEN
LARGE-CAP GROWTH FUND	PERSHING LLC		93.56(a)
LARGE-CAP GROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC		6.07
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	EDWARDD JONES & CO		10.23
	FOR THE BENEFIT OF CUSTOMERS

	NATIONAL FINANCIAL SERVICES LLC		24.20
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

153


FUND	SHAREHOLDER	%
LARGE-CAP VALUE FUND	JERROLD S LEVINE		11.33
	ANNE LEVINE TRS
	2004 LEVINE FAMILY TRUST

	T ROWE PRICE ASSOCIATES		16.92
	ATTN FINANCIAL REPORTING DEPT

	T ROWEPRICE TRUST CO		9.22
	CUST FOR THE IRA OF
	GRETCHENK BROWN
	149 HAWKSWORTH RD
	GREENSBURGPA 15601-1529

	TRAC2000		5.26
	TRUFRONT SECURITY, LLC I401K
	BARRYJAMIE HONEYCUTT
	17327 MORGANS SECRET DR
	CYPRESSTX 77433-7711
LARGE-CAP VALUE FUND—I CLASS	CHARLES SCHWAB & CO INC		7.04
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	MAC &CO		14.04
	ATTN MUTUAL FUND OPERATION

	NATIONAL FINANCIAL SERVICES LLC		36.72(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	TIAA, FSB CUST/TTEE FBO		12.03
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTNTRUST OPERATIONS
	211 N BROADWAY STE 1000
	SAINTLOUIS MO 63102-2748
LATIN AMERICA FUND	CHARLES SCHWAB & CO INC		6.20
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		8.99
	FOR THE EXCLUSIVE BENEFIT
	OFOUR CUSTOMERS

154


FUND	SHAREHOLDER	%
LATIN AMERICA FUND—I CLASS	CHARLES SCHWAB & CO INC		22.53
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	TRUSTEES OF T ROWE PRICE		49.30(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT

	WASHINGTON & CO C/O US BANK NA		20.46
	1555 N RIVERCENTER DR STE 302
	MILWAUKEE WI 53212-3958
LIMITEDDURATION INFLATION FOCUSED BOND FUND	EDUCATION TRUST OF ALASKA		8.05
	PORTFOLIO 2021
	C/O T ROWE PRICE ASSOCIATES
	ATTNDAWN WAGNER FIXED INCOME

	MARYLANDCOLLEGE INVESTMENT PLAN		15.37
	PORTFOLIO 2021
	T ROWEPRICE FUND ACCOUNTING

	T ROWEPRICE SERVICES INC FBO		21.88
	EDUCATION TRUST OF ALASKA
	ENROLLMENTPORTFOLIO

	T ROWEPRICE SERVICES INC FBO		6.98
	EDUCATION TRUST OF ALASKA
	PORTFOLIO2021-2024
	ATTN DAWN WAGNER FIXED INCOME

	T ROWE PRICE SERVICES INC FBO		9.66
	EDUCATION TRUST OF ALASKA
	PORTFOLIO FOR EDUCATION TODAY

	T ROWE PRICE SERVICES INC FBO		17.23
	MARYLAND COLLEGE INVESTMENT PLAN
	PORTFOLIO FOR EDUCATION TODAY

155


FUND	SHAREHOLDER	%
LIMITED DURATION INFLATION FOCUSED BOND FUND—	CHARLES SCHWAB & CO INC		16.79
I CLASS	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LVIP T. ROWE PRICE 2010 FUND		18.07
	1300 S CLINTON ST
	FORT WAYNE IN 46802-3506

	LVIP T. ROWE PRICE 2020 FUND		43.01(a)
	1300 S CLINTON ST
	FORT WAYNE IN 46802-3506

	LVIP T. ROWE PRICE 2030 FUND		9.97
	1300 S CLINTON ST
	FORT WAYNE IN 46802-3506
MARYLANDSHORT-TERM TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC		10.35
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		6.56
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		7.21
MARYLAND SHORT-TERM TAX-FREE BOND FUND—	MICHAEL C YEN		6.26
I CLASS	PEGGY K YEN JT TEN T O D
MARYLANDTAX-FREE BOND FUND	CHARLES SCHWAB & CO INC		6.27
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		9.84
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SAXON& CO.		5.09
MARYLAND TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC		9.62
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

156


FUND	SHAREHOLDER	%
MARYLAND TAX-FREE MONEY FUND—I CLASS	ARNOLD SAGNER AGENT POA		5.30
	MONICA SAGNER TR
	MONICA SAGNER REVOCABLE TRUST
	PO BOX416
	ELLICOTT CITY MD 21041-0416

	BARBARA T TICE T O D		12.06

	GARY S TIMME		10.59
	MILDRED A TIMME TEN ENT

	KEITHA. LEE		24.67

	MARYJOHN MILLER		7.47
	JAMES D MILLER JT TEN

	WILLIAM F TIMME		13.18
	THERESA M TIMME JT TEN
MID-CAP GROWTH FUND	CHARLES SCHWAB & CO INC		6.00
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERV CORP		14.83
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE TRUST CO		14.69
	ATTN: ASSET RECONCILIATIONS

	WELLS FARGO CLEARING SERVICES LLC		5.85
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
MID-CAPGROWTH FUND—ADVISOR CLASS	MAC & CO		25.26(a)
	ATTN: MUTUAL FUND OPERATIONS

	NATIONAL FINANCIAL SERVICES		30.58(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
MID-CAPGROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC		17.87
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES LLC		23.18
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	ATTN: MUTUAL FUNDS DEPT, 4TH FLOOR

157


FUND	SHAREHOLDER	%
MID-CAP GROWTH FUND—R CLASS	AMERICAN UNITED LIFE		14.57
	SEPARATE ACCOUNT II
	ATTN SEPARATE ACCOUNTS

	NATIONAL FINANCIAL SERVICES LLC		7.53
	499 WASHINGTON BLVD
	JERSEY CITY NJ 07310-1995

	NATIONWIDE TRUST CO FSB		15.49
	C/O IPO PORTFOLIO ACCTG

	SUNTRUSTBANK FBO		15.65
	VARIOUS SUNTRUST OMNIBUS ACCOUNTS

	VOYA RETIREMENT INS & ANNUITY CO		10.77
MID-CAP INDEX FUND	T ROWE PRICE ASSOCIATES		100.00(b)
	ATTN FINANCIAL REPORTING DEPT
MID-CAP INDEX FUND—I CLASS	T ROWE PRICE ASSOCIATES		100.00(b)
	ATTN FINANCIAL REPORTING DEPT
MID-CAP VALUE FUND	NATIONAL FINANCIAL SERVICES		11.72
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		6.26
	PLAN # OMNIBUS ACCT
	NEW BUSINESSGROUP FOR #115
MID-CAP VALUE FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		66.34(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
MID-CAPVALUE FUND—I CLASS	CHARLES SCHWAB & CO INC		6.17
	ATTN MUTUAL FUNDS

	EDWARD D JONES & CO		10.82
	FOR THE BENEFIT OF CUSTOMERS

	NATIONALFINANCIAL SERVICES LLC		21.44
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	ATTN: MUTUAL FUNDS DEPT, 4TH FLOOR

	STATE OF SOUTH CAROLINA TRUSTEE		8.20
	C/O FASCORE LLC
	FBO STATE OF SOUTH CAROLINA 401K

158


FUND	SHAREHOLDER	%
MID-CAP VALUE FUND—R CLASS	NATIONWIDE TRUST CO FSB		32.28(a)
	C/O IPO PORTFOLIO ACCTG

	STATESTREET BANK AND TRUST AS		43.98(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		6.06
MORTGAGE-BACKED SECURITIES MULTI-SECTOR	ALLEN & COMPANY		7.72
ACCOUNT PORTFOLIO
	BALTIMORE EQUITABLE SOCIETY		8.28
	ATTN MARY HARLEE

	GENERALDYNAMICS CORP 401K		57.84(a)
	PLAN MASTER TRUST CP

	ILLINOISSTUDENT ASSISTANCE		10.84
	COMMISSION
	ATTN:ROGER ROJAS

	XCELENERGY INC.		15.32
	ATTN: GREG ZICK
MULTI-STRATEGYTOTAL RETURN FUND	T ROWE PRICE ASSOCIATES		76.53(b)
	ATTN FINANCIAL REPORTING DEPT
MULTI-STRATEGY TOTAL RETURN FUND—I CLASS	CHARLES SCHWAB & CO INC		5.48
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	DARRELLM RILEY		22.06
	LYNDA AALPOEL RILEY TEN COM

	RICHARD N. DE LOS REYES T O D		22.01

	TRUSTEES OF T ROWE PRICE		47.70(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT

159


FUND	SHAREHOLDER	%
NEW AMERICA GROWTH FUND	CHARLES SCHWAB & CO INC		7.94
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		19.16
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE TRUST CO		5.55
	ATTN TRPS INST CONTROL DEPT
	P O BOX 17215
	BALTIMOREMD 21297-1215
NEW AMERICA GROWTH FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		9.21
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	GREAT-WESTTRUST COMPANY LLC TTEE F		10.90
	FBO:SANTA BARBARA COUNTY DCP
	C/O FASCORELLC

	MATRIXTRUST CO AS CUST FBO		9.12
	VALLEY MEDICAL CENTER 403B
	PO BOX52129
	PHOENIX AZ 85072-2129

	NATIONAL FINANCIAL SERVICES		9.13
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	VRSCO		31.71(a)
	FBO AIGFSB CUST TTEE FBO
	WAKEMED RET SAV PLAN 403B
	2929ALLEN PKWY STE A6-20
	HOUSTON TX 77019-7117
NEWAMERICA GROWTH FUND—I CLASS	CHARLES SCHWAB & CO INC		20.29
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	GREAT-WESTTRUST COMPANY LLC TTEE F		5.00
	HUB INTERNATIONAL LIMITED 401K

	NATIONAL FINANCIAL SERVICES		25.46(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

160


FUND	SHAREHOLDER	%
NEW ASIA FUND	CHARLES SCHWAB & CO INC		6.42
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		9.69
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SPECTRUM INTERNATIONAL FUND		8.96
	T ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
NEWASIA FUND—I CLASS	CHARLES SCHWAB & CO INC		7.53
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	J.P.MORGAN SECURITIES LLC		58.50(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
NEWERA FUND	CHARLES SCHWAB & CO INC		5.13
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		9.07
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
NEW ERA FUND—I CLASS	NATIONAL FINANCIAL SERVICES		52.32(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	STATE STREET BANK & TRUST CO		7.23
	FBO KP FUNDS TRUST
	1 FREEDOM VALLEY DR
	OAKSPA 19456-9989

	TD AMERITRADEINC FBO		9.64
	OUR CUSTOMERS
NEWHORIZONS FUND	NATIONAL FINANCIAL SERVICES		14.38
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE TRUST CO INC		11.51
	ATTN: TRPS INST CONTROL DEPT

161


FUND	SHAREHOLDER	%
NEW HORIZONS FUND—I CLASS	NATIONAL FINANCIAL SERVICES LLC		31.25(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	T ROWEPRICE RPS INC		7.37
	OMNIBUS DST#532 CUSIP:779562206
	TRP NEWHORIZONS FUND-I BWRJ
NEW INCOME FUND	SPECTRUM INCOME FUND		25.20(c)
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT
NEWINCOME FUND—ADVISOR CLASS	GREAT-WEST TRUST COMPANY LLC FBO		7.61
	EMPLOYEE BENEFITS CLIENTS 401K

	NATIONAL FINANCIAL SERVICES		5.90
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		16.34

	TD AMERITRADE INC FBO		8.49
	OUR CUSTOMERS

	WTRISCCO IRA OMNIBUS ACCT		26.41(a)
	C/O ICMA RETIREMENT CORPORATION
NEW INCOME FUND—I CLASS	EDWARD D JONES & CO		14.65
	FOR THE BENEFIT OF CUSTOMERS

	J.P. MORGAN SECURITIES LLC		73.92(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

162


FUND	SHAREHOLDER	%
NEW INCOME FUND—R CLASS	CAMILLE VANDEVANTER DDS PS TTEE FBO		21.57
	C/O FASCORE LLC
	CAMILLE VANDEVANTER DDS PS 401K RET

	DCGT AS TTEE AND/OR CUST		7.23
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

	FIIOCAS AGENT FBO		5.18
	THE HOME CARE ASSOCIATION OF NY
	STATE401K PLAN

	MG TRUSTCOMPANY CUST FBO		6.06
	CHRISTINE AND RICHARD FAIRBANK 401K

	NATIONWIDE TRUST CO FSB		14.07
	C/O IPO PORTFOLIO ACCTG

	STATESTREET BANK AND TRUST AS		26.62(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
NEWJERSEY TAX-FREE BOND FUND	NATIONAL FINANCIAL SERVICES		34.98(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

163


FUND	SHAREHOLDER	%
NEW JERSEY TAX-FREE BOND FUND—I CLASS	AMANDA A SMITH TR		7.23
	AMANDA A SMITH REV TRUST

	ARTHURA BOGUT		6.81
	PATRICIA A BOGUT JT TEN

	BARBARA E MONTANA T O D		6.18

	CHARLES SCHWAB & CO INC		14.34
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	CHARLES SCHWAB & CO INC		5.41
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	HOWARD J KRONGARD TR		5.52
	HOWARD J KRONGARD REV TRUST

	KENNETHB BLANKSTEIN		5.34
	NANCY D BLANKSTEIN JT TEN

	MARJORIE NEWBERGER		10.15

	RICHARD F LENIHAN		5.39
	ARLENE M MURPHY JT TEN
NEW YORK TAX-FREE BOND FUND	NATIONAL FINANCIAL SERVICES		8.22
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
NEW YORK TAX-FREE BOND FUND—I CLASS	ALICE S ROTHMAN		8.52
	NEW YORK NY 10128-1758

	CHARLES SCHWAB & CO INC		13.72
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	CHARLES SCHWAB & CO INC		5.52
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	ROBERT S KAPLAN		7.12
	JAMIE SCHUVAL-KAPLAN JT TEN

	SEYMOURJ ROTHMAN		5.50

164


FUND	SHAREHOLDER	%
NEW YORK TAX-FREE MONEY FUND—I CLASS	ALAN BELZER		7.25
	NEW YORK NY 10003-4340

	CAROLDONAHUE AGENT		9.60
	TRP/POA
	THOMASC BARRY
	1220 PARK AVE
	NEW YORKNY 10128-1733

	DAVIDTESSER		13.69

	PAULAD GLASBERG		30.39(a)

	PAULAD GLASBERG HILARY GOLDBERG		25.56(a)
	TRS THE DISCLAIMER TRUST UNDER
	THE GLASBERG FAMILY REV TRUST U/A

	T ROWE PRICE TRUST CO		8.03
	CUST FOR THE IRA OF
	PAULA D GLASBERG
OVERSEASSTOCK FUND	RAYMOND JAMES		17.54
	OMNIBUS FOR MUTUAL FUNDS
	HOUSEACCT FIRM
	ATTN COURTNEY WALLER

	WELLS FARGO CLEARING SERVICES LLC		39.09(a)
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
OVERSEASSTOCK FUND—ADVISOR CLASS	DCGT AS TTEE AND/OR CUST		6.48
	ATTN NPIO TRADE DESK
	FBO PLICVARIOUS RETIREMENT PLANS
	OMNIBUS

	GREAT-WEST TRUST COMPANY LLC TTEE F		53.86(a)
	C/O FASCORE LLC
	GREAT WEST IRA ADVANTAGE

	NATIONAL FINANCIAL SERVICES		15.53
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SUNTRUST BANK FBO		9.78
	VARIOUS SUNTRUST OMNIBUS ACCOUNTS

165


FUND	SHAREHOLDER	%
OVERSEAS STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC		5.63
	ATTN MUTUAL FUNDS

	EDWARDD JONES & CO		19.74
	FOR THE BENEFIT OF CUSTOMERS

	NATIONAL FINANCIAL SERVICES LLC		23.30
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	PERSHINGLLC		6.16

	WELLSFARGO BANK NA FBO		10.89
	OMNIBUS CASH
QMGLOBAL EQUITY FUND	T ROWE PRICE ASSOCIATES		68.87(b)
	ATTN FINANCIAL REPORTING DEPT
QM GLOBAL EQUITY FUND—ADVISOR CLASS	T ROWE PRICE ASSOCIATES		100.00(b)
	ATTN FINANCIAL REPORTING DEPT
QM GLOBAL EQUITY FUND—I CLASS	T ROWE PRICE ASSOCIATES		44.96(b)
	ATTN FINANCIAL REPORTING DEPT

	TRUSTEESOF T ROWE PRICE		49.39(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
QMU.S. SMALL & MID-CAP CORE EQUITY FUND	PERSHING LLC		17.03

	T ROWE PRICE ASSOCIATES		11.56
	ATTN FINANCIAL REPORTING DEPT
QM U.S. SMALL & MID-CAP CORE EQUITY FUND—	PERSHING LLC		18.19
ADVISOR CLASS
	T ROWEPRICE ASSOCIATES		42.59(b)
	ATTN FINANCIAL REPORTING DEPT

	UMB BANKNA C/F		5.04
	FREEPORT UNION FREE SD 403B
	FBO BERNADETTEB BUCKLAND
	3414 CARROLLTON AVE
	WANTAGHNY 11793-2918
QM U.S. SMALL & MID-CAP CORE EQUITY FUND—I CLASS	CHARLES SCHWAB & CO INC		69.71(a)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	PERSHING LLC		18.00

166


FUND	SHAREHOLDER	%
QM U.S. SMALL-CAP GROWTH EQUITY FUND	LPL FINANCIAL		5.26
	OMNIBUS CUSTOMER ACCOUNT
	ATTN: MUTUAL FUND TRADING

	MLPF&S FOR THE SOLE BENEFIT OF		6.12
	ITS CUSTOMERS

	MORGANSTANLEY SMITH BARNEY LLC		11.29
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONAL FINANCIAL SERVICES		13.79
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		10.27

	WELLS FARGO CLEARING SERVICES LLC		5.40
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
QMU.S. SMALL-CAP GROWTH EQUITY FUND—ADVISOR	DCGT AS TTEE AND/OR CUST		16.37
CLASS	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

	JOHNHANCOCK TRUST COMPANY LLC		16.57

	NATIONALFINANCIAL SERVICES LLC		30.37(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	UMB BANKCUSTODIAN		33.75(a)
	SECURITY FINANCIAL RESOURCES
	ONE SECURITYBENEFIT PLACE
	TOPEKA KS 66636-0001

167


FUND	SHAREHOLDER	%
QM U.S. SMALL-CAP GROWTH EQUITY FUND—I CLASS	CHARLES SCHWAB & CO INC		14.99
	ATTN MUTUAL FUND DEPT

	EDWARDD JONES & CO		5.25
	FOR THE BENEFIT OF CUSTOMERS

	NATIONAL FINANCIAL SERVICES LLC		15.37
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	PERSHINGLLC		5.00

	SEI PRIVATETRUST COMPANY		6.07
	C/O SUNTRUST BANK
	ATTNMUTUAL FUND ADMIN

	STATESTREET BANK AND TRUST COMPANY		13.74
	AS TRUSTEE OF THE TRUST FOR THE NEW
	YORKSTATE DC PLAN
	1200 CROWN COLONY DR
	QUINCYMA 02169-0938
QM U.S. VALUE EQUITY FUND	T ROWE PRICE ASSOCIATES		45.12(b)
	ATTN FINANCIAL REPORTING DEPT
QM U.S. VALUE EQUITY FUND—ADVISOR CLASS	T ROWE PRICE ASSOCIATES		100.00(b)
	ATTN FINANCIAL REPORTING DEPT
QM U.S. VALUE EQUITY FUND—I CLASS	T ROWE PRICE ASSOCIATES		30.39(b)
	ATTN FINANCIAL REPORTING DEPT

	TRUSTEESOF T ROWE PRICE		67.99(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
REALASSETS FUND	SPECTRUM GROWTH FUND		18.86
	T. ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT

	T ROWEPRICE SERVICES INC FBO		5.25
	EDUCATION TRUST OF ALASKA
	PORTFOLIO2021-2024
	ATTN DAWN WAGNER FIXED INCOME

	T ROWE PRICE SERVICES INC FBO		5.48
	EDUCATION TRUST OF ALASKA
	PORTFOLIO 2025-2028
	ATTNDAWN WAGNER FIXED INCOME

168


FUND	SHAREHOLDER	%
REAL ASSETS FUND—I CLASS	BREAD & CO		29.88(c)

	LADYBIRD & CO		10.17
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY INCOME FD

	LADYBUG & CO		15.19
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD

	LAKESIDE & CO		25.77(c)
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY GROWTH FUND
REALESTATE FUND	CHARLES SCHWAB & CO INC		6.12
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		21.98
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
REAL ESTATE FUND—ADVISOR CLASS	MAC & CO		62.09(a)
	ATTN: MUTUAL FUND OPERATIONS

	NATIONAL FINANCIAL SERVICES		7.77
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
REALESTATE FUND—I CLASS	CHARLES SCHWAB & CO INC		20.69
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	LINCOLNRETIREMENT SERVICES COMPANY		5.92
	FBO CHRISTIANA CARE 403B
	PO BOX7876
	FORT WAYNE IN 46801-7876

	NATIONAL FINANCIAL SERVICES		18.94
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	WELLS FARGO BANK NA FBO		10.98
	OMNIBUS ACCT CASH/CASH

169


FUND	SHAREHOLDER	%
RETIREMENT 2005 FUND	NATIONAL FINANCIAL SERVICES		12.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		10.18
	OMNIBUS ACCOUNT
	RETIREMENT ABH1 #155
RETIREMENT2005 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SVCS CORP		19.77
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSS LENNON

	PERSHING LLC		6.36

	WTRISC CO IRA OMNIBUS ACCT		31.81(a)
	C/O ICMA RETIREMENT CORPORATION
	777 NORTH CAPITOL STREET NE
	WASHINGTONDC 20002-4239
RETIREMENT 2005 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		11.51

	FIIOCAS AGENT FBO		5.05
	ANDERSON & VREELAND 401K PS PLAN

	STATE STREET BANK AND TRUST AS		35.37(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		18.94
RETIREMENT 2010 FUND	NATIONAL FINANCIAL SERVICES		11.89
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		7.67
	OMNIBUS ACCOUNT
	RETIREMENT2010, #140

170


FUND	SHAREHOLDER	%
RETIREMENT 2010 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		12.45
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST COMPANY FBO		11.37
	MASSMUTUAL REGISTERED PRODUCT

	TIAA,FSB CUST/TTEE FBO		5.08
	RETIREMENT PLANS FOR WHICH
	TIAAACTS AS RECORDKEEPER
	ATTN TRUST OPERATIONS

	WTRISC CO IRA OMNIBUS ACCT		5.42
	C/O ICMA RETIREMENT CORPORATION
RETIREMENT 2010 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		5.35

	STATESTREET BANK AND TRUST AS		44.78(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	SUNTRUST BANK FBO		5.99
	VARIOUS SUNTRUST OMNIBUS ACCOUNTS
RETIREMENT 2015 FUND	NATIONAL FINANCIAL SERVICES		13.12
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		10.49
	OMNIBUS ACCOUNT
	RETIREMENTABH2 #156
RETIREMENT 2015 FUND—ADVISOR CLASS	LINCOLN FINANCIAL GROUP TRUST CO		5.03
	FBO ROLLOVER IRA PLANS
	1 GRANITEPL
	CONCORD NH 03301-3258

	NATIONAL FINANCIAL SVCS CORP		20.58
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSSLENNON

	WTRISCCO IRA OMNIBUS ACCT		6.89
	C/O ICMA RETIREMENT CORPORATION

171


FUND	SHAREHOLDER	%
RETIREMENT 2015 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		8.76

	STATE STREET BANK AND TRUST AS		39.19(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		10.76
RETIREMENT 2020 FUND	NATIONAL FINANCIAL SERVICES		17.63
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		15.50
	OMNIBUS ACCOUNT
	RETIREMENT2020, #141
RETIREMENT 2020 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		17.08
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST COMPANY FBO		6.55
	MASSMUTUAL REGISTERED PRODUCT
RETIREMENT2020 FUND—R CLASS	STATE STREET BANK AND TRUST AS		46.00(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT2025 FUND	NATIONAL FINANCIAL SERVICES		20.44
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		19.41
	OMNIBUS ACCOUNT
	RETIREMENTABH3 #157
RETIREMENT 2025 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SVCS CORP		23.38
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSS LENNON
RETIREMENT2025 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		9.10

	STATESTREET BANK AND TRUST AS		43.35(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		10.49

172


FUND	SHAREHOLDER	%
RETIREMENT 2030 FUND	NATIONAL FINANCIAL SERVICES		20.21
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		18.70
	OMNIBUS ACCOUNT
	RETIREMENT 2030, #142
RETIREMENT2030 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		17.55
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST COMPANY FBO		6.60
	MASSMUTUAL REGISTERED PRODUCT
RETIREMENT2030 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		5.67

	STATESTREET BANK AND TRUST AS		49.34(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT2035 FUND	NATIONAL FINANCIAL SERVICES		21.94
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		20.39
	OMNIBUS ACCOUNT
	RETIREMENTABH4 #158
RETIREMENT 2035 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SVCS CORP		25.37(a)
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSSLENNON
RETIREMENT 2035 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		8.63

	STATESTREET BANK AND TRUST AS		47.16(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		9.50
RETIREMENT 2040 FUND	NATIONAL FINANCIAL SERVICES		22.01
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		18.23
	OMNIBUS ACCOUNT
	RETIREMENT2040, #143

173


FUND	SHAREHOLDER	%
RETIREMENT 2040 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		18.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST COMPANY FBO		5.97
	MASSMUTUAL REGISTERED PRODUCT
RETIREMENT 2040 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		5.06

	STATESTREET BANK AND TRUST AS		53.00(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT2045 FUND	NATIONAL FINANCIAL SERVICES		24.98
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		20.64
	OMNIBUS ACCOUNT
	RETIREMENTABH5 #159
RETIREMENT 2045 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SVCS CORP		28.10(a)
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSSLENNON
RETIREMENT 2045 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		7.84

	STATESTREET BANK AND TRUST AS		49.31(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		9.34
RETIREMENT 2050 FUND	NATIONAL FINANCIAL SERVICES		27.41(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		17.91
	OMNIBUS ACCOUNT
	RETIREMENT ABO6 #166
RETIREMENT2050 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		24.37
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST COMPANY FBO		5.55
	MASSMUTUAL REGISTERED PRODUCT

	STATE STREET BANK AND TRUST AS		5.82
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

174


FUND	SHAREHOLDER	%
RETIREMENT 2050 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		5.26

	STATE STREET BANK AND TRUST AS		55.81(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENT2055 FUND	NATIONAL FINANCIAL SERVICES		27.88(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		18.97
	OMNIBUS ACCOUNT
	RETIREMENT ABO7 #164
RETIREMENT2055 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SVCS CORP		36.90(a)
	FOR EXCLUSIVE BENEFIT OF OUR
	CUSTOMERS
	RUSSLENNON
RETIREMENT 2055 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		7.69

	STATESTREET BANK AND TRUST AS		54.42(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		7.48
RETIREMENT 2060 FUND	DCGT AS TTEE AND/OR CUST		7.54
	ATTN NPIO TRADE DESK
	FBO PLICVARIOUS RETIREMENT PLANS
	OMNIBUS

	NATIONAL FINANCIAL SERVICES		22.59
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		22.39
	OMNIBUS ACCOUNT CUSIP:74149P325
	TRP RETIREMENT 2060 #144 ABMQ
RETIREMENT2060 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		22.36
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	VALICSEPARATE ACCOUNT A		7.70
	2727-A ALLEN PKWY 4 D-1
	HOUSTONTX 77009

175


FUND	SHAREHOLDER	%
RETIREMENT 2060 FUND—R CLASS	AXA EQUITABLE FOR SA NO 65		5.59

	STATE STREET BANK AND TRUST AS		51.21(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

	VOYA RETIREMENT INS & ANNUITY CO		6.09
RETIREMENT BALANCED FUND	NATIONAL FINANCIAL SERV CORP		9.32
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		5.85
	OMNIBUS ACCOUNT
	RETIREMENTINCOME,#145
RETIREMENT BALANCED FUND—ADVISOR CLASS	AMERITAS LIFE INSURANCE CORP		6.10
	SEPARATE ACCOUNT G

	CHARLES SCHWAB & CO INC		5.48
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LINCOLN FINANCIAL GROUP TRUST CO		6.75
	FBO ROLLOVER IRA PLANS
	1 GRANITE PL
	CONCORDNH 03301-3258

	NATIONALFINANCIAL SERVICES		13.26
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST COMPANY FBO		13.21
	MASSMUTUAL REGISTERED PRODUCT

	STATE STREET BANK AND TRUST AS		5.19
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT
RETIREMENTBALANCED FUND—R CLASS	PIMS/PRUDENTIAL RETIREMENT		23.62
	AS NOMINEE FOR THE TTEE/CUST PL 701
	NEPCTAFT HARTLEY IRONWORKERS
	PO BOX 30124
	SALTLAKE CTY UT 84130-0124

	STATESTREET BANK AND TRUST AS		39.97(a)
	TRUSTEE AND/OR CUSTODIAN
	FBO ADP ACCESS PRODUCT

176


FUND	SHAREHOLDER	%
RETIREMENT BALANCED I FUND—I CLASS	CHARLES SCHWAB & CO INC		7.09
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	FIFTH THIRD BANK TTEE		5.89
	C/O FASCORE LLC
	VARIOUS FASCORE LLC RECORDKEPT PLAN

	NATIONAL FINANCIAL SERVICES		11.98
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	SEI PRIVATE TRUST COMPANY		6.59
	C/O FIRST HAWAIIAN BANK
	FBO HOTEL UNION 401K T ROWE RET INC
RETIREMENTI 2005 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		45.40(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2010 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		27.83(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	TIAA, FSB CUST/TTEE FBO		5.60
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTNTRUST OPERATIONS
RETIREMENT I 2015 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		36.57(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	TIAA, FSB CUST/TTEE FBO		5.52
	RETIREMENT PLANS FOR WHICH
	TIAA ACTS AS RECORDKEEPER
	ATTNTRUST OPERATIONS
RETIREMENT I 2020 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		37.49(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2025 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		44.42(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2030 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		38.08(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2035 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		44.75(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

177


FUND	SHAREHOLDER	%
RETIREMENT I 2040 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		38.00(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2045 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		42.56(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2050 FUND—I CLASS	CHARLES SCHWAB & CO INC		5.22
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		37.61(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2055 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		40.19(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
RETIREMENTI 2060 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		35.44(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST COMPANY FBO		5.14
	MASSMUTUAL REGISTERED PRODUCT
SCIENCE & TECHNOLOGY FUND	JOHN HANCOCK LIFE		9.47
	INSURANCE CO USA
	ATTN:JHRPS TRADING OPS ST6

	T ROWEPRICE RPS INC		7.71
	OMNIBUS
	PLAN#
	NEW BUSINESS-CONV ASSTS #133 DIF
	P O BOX17215
	BALTIMORE MD 21297-1215
SCIENCE& TECHNOLOGY FUND—ADVISOR CLASS	GREAT-WEST TRUST COMPANY LLC FBO		5.70
	EMPLOYEE BENEFITS CLIENTS 401K

	RELIANCETRUST COMPANY FBO		5.61
	MASSMUTUAL REGISTERED PRODUCT

	VOYA INSTITUTIONAL TRUST COMPANY		7.40
	1 ORANGE WAY B3N
	WINDSOR CT 06095-4773

	VOYA RETIREMENT INS & ANNUITY CO		22.96

178


FUND	SHAREHOLDER	%
SCIENCE & TECHNOLOGY FUND—I CLASS	DCGT AS TTEE AND/OR CUST		6.74
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

	NATIONALFINANCIAL SERVICES		5.99
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		7.63

	T ROWEPRICE RPS INC		18.07
	OMNIBUS ACCOUNT
	TRP SCIENCEAND TECHNOLOGY - I
	FUND 217/X28X CUSIP:87282N105

	TRUSTEES OF T ROWE PRICE		17.09
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
SHORT-TERMBOND FUND	MARYLAND COLLEGE INVESTMENT PLAN		7.42
	PORTFOLIO 2021
	T ROWEPRICE FUND ACCOUNTING

	SPECTRUMINCOME FUND		6.41
	T. ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT

	T ROWEPRICE ASSOCIATES		17.63
	ATTN FINANCIAL REPORTING DEPT

	T ROWE PRICE SERVICES INC FBO		8.06
	MARYLAND COLLEGE INVESTMENT PLAN
	PORTFOLIO FOR EDUCATION TODAY

179


FUND	SHAREHOLDER	%
SHORT-TERM BOND FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		22.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		6.49

	SAXON & CO.		8.56
	VI OMNIBUS ACCOUNT VICA

	TD AMERITRADEINC FBO		9.26
	OUR CUSTOMERS

	WELLS FARGO BANK NA FBO		37.28(a)
	VSP EXECUTIVE DC TRUST
	PO BOX 1533
	MINNEAPOLISMN 55480-1533
SHORT-TERM BOND FUND—I CLASS	EDWARD D JONES & CO		11.29
	FOR THE BENEFIT OF CUSTOMERS

	NATIONAL FINANCIAL SERVICES		39.35(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE PROGRAM FOR		7.10
	CHARITABLE GIVING GIFT
	PRESERVATION POOL
	ATTNFUND ACCOUNTING
	4515 PAINTERS MILL RD
	OWINGSMILLS MD 21117-4903

	WELLSFARGO BANK NA FBO		6.35
	OMNIBUS CASH
SHORT-TERMFUND	JPMORGAN CHASE BANK AS AGENT		50.16(a)
	FOR INSTITUTIONAL FUNDS
	ATTN AMANDA MORLEY
	500 STANTONCHRISTIANA RD
	OPS 4 FL 3
	NEWARKDE 19713-2105

	STATESTREET BANK & TRUST CO AGENT		49.67(a)
	FOR T ROWE INSTITUTIONAL FUNDS
	1 LINCOLN ST 3RD FLOOR
	BOSTONMA 02111-2901
SMALL-CAP INDEX FUND	T ROWE PRICE ASSOCIATES		100.00(b)
	ATTN FINANCIAL REPORTING DEPT
SMALL-CAP INDEX FUND—I CLASS	T ROWE PRICE ASSOCIATES		100.00(b)
	ATTN FINANCIAL REPORTING DEPT

180


FUND	SHAREHOLDER	%
SMALL-CAP STOCK FUND	NATIONAL FINANCIAL SERV CORP		8.54
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE TRUST CO INC		8.68
	T R P O T C FUND
	ATTN R P S CONTROL DEPT
	P O BOX17215
	BALTIMORE MD 21297-1215
SMALL-CAPSTOCK FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		10.99
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	JOHNHANCOCK TRUST COMPANY		6.54
	690 CANTON STREET
	WESTWOODMA 02090-2321

	NATIONALFINANCIAL SERVICES		20.37
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST COMPANY FBO		8.06
	MASSMUTUAL REGISTERED PRODUCT

	VANGUARD FIDUCIARY TRUST CO		8.19
	T ROWE PRICE ADVISOR CLASS FUNDS
	ATTN OUTSIDE FUNDS

	WELLS FARGO BANK FBO		7.84
	FBO VARIOUS RETIREMENT PLANS
	1525 WEST WT HARRIS BLVD
	CHARLOTTENC 28288-0001
SMALL-CAP STOCK FUND—I CLASS	CHARLES SCHWAB & CO INC		14.15
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	DCGTAS TTEE AND/OR CUST		6.29
	ATTN NPIO TRADE DESK
	FBO PLICVARIOUS RETIREMENT PLANS
	OMNIBUS

	NATIONAL FINANCIAL SERVICES LLC		25.67(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

181


FUND	SHAREHOLDER	%
SMALL-CAP VALUE FUND	NATIONAL FINANCIAL SERVICES		9.72
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RAYMOND JAMES		15.16
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTNCOURTNEY WALLER

	T ROWEPRICE TRUST CO INC		6.44
	ATTN: TRPS INST CONTROL DEPT
SMALL-CAPVALUE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		13.54
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		39.95(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		8.20

	RAYMOND JAMES		5.32
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTNCOURTNEY WALLER

	WTRISCCO IRA OMNIBUS ACCT		8.83
	C/O ICMA RETIREMENT CORPORATION
SMALL-CAPVALUE FUND—I CLASS	CHARLES SCHWAB & CO INC		6.77
	ATTN MUTUAL FUNDS

	EDWARD D JONES & CO		29.08(a)
	FOR THE BENEFIT OF CUSTOMERS

	NATIONALFINANCIAL SERVICES		13.70
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
SPECTRUM CONSERVATIVE ALLOCATION FUND	NATIONAL FINANCIAL SERVICES		9.59
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	TD AMERITRADEINC FBO		5.61
	OUR CUSTOMERS
SPECTRUMCONSERVATIVE ALLOCATION FUND—I CLASS	NATIONAL FINANCIAL SERVICES LLC		54.21(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

182


FUND	SHAREHOLDER	%
SPECTRUM INCOME FUND	MARYLAND COLLEGE INVESTMENT PLAN		6.62
	PORTFOLIO 2024
	ATTN FUND ACCOUNTING

	T ROWE PRICE TRUST CO INC		5.93
	ATTN: TRPS INST CONTROL DEPT
SPECTRUM INTERNATIONAL FUND	CHARLES SCHWAB & CO INC		11.84
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT
SPECTRUM MODERATE ALLOCATION FUND	NATIONAL FINANCIAL SERVICES		10.77
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE TRUST CO TR		8.01
	BALANCED
	ATTNASSET RECONCILIATION
SPECTRUM MODERATE ALLOCATION FUND—I CLASS	CHARLES SCHWAB & CO INC		17.25
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES LLC		22.86
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
	ATTN: MUTUAL FUNDS DEPT, 4TH FLOOR
SPECTRUMMODERATE GROWTH ALLOCATION FUND	CHARLES SCHWAB & CO		21.88
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		9.20
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	NATIONWIDETRUST COMPANY FSB		5.79
	C/O IPO PORTFOLIO ACCOUNTING
SPECTRUMMODERATE GROWTH ALLOCATION FUND—	CHARLES SCHWAB & CO INC		14.99
I CLASS	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES LLC		22.11
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	PERSHINGLLC		6.03

183


FUND	SHAREHOLDER	%
SUMMIT MUNICIPAL INCOME FUND	NATIONAL FINANCIAL SERVICES		28.09(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RAYMOND JAMES		10.51
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTNCOURTNEY WALLER

	SAXON& CO.		12.36

	WELLSFARGO CLEARING SERVICES LLC		15.91
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVEBENEFIT OF CUSTOMERS
SUMMIT MUNICIPAL INCOME FUND—ADVISOR CLASS	LPL FINANCIAL		12.90
	OMNIBUS CUSTOMER ACCOUNT
	ATTN:MUTUAL FUND TRADING

	NATIONALFINANCIAL SERVICES		37.75(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		34.37(a)

	RAYMOND JAMES		10.91
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTNCOURTNEY WALLER

184


FUND	SHAREHOLDER	%
SUMMIT MUNICIPAL INTERMEDIATE FUND	CHARLES SCHWAB & CO INC		7.75
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	LPL FINANCIAL		8.10
	OMNIBUS CUSTOMER ACCOUNT
	ATTN: MUTUAL FUND TRADING

	MLPF&S FOR THE SOLE BENEFIT OF		6.61
	ITS CUSTOMERS

	NATIONALFINANCIAL SERVICES		7.34
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SAXON& CO.		8.53

	WELLSFARGO CLEARING SERVICES LLC		30.96(a)
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
SUMMITMUNICIPAL INTERMEDIATE FUND—ADVISOR	CHARLES SCHWAB & CO INC		22.35
CLASS	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	CITBANCO A PARTNERSHIP		35.35(a)
	STORM LAKE IA 50588-1227

	NATIONALFINANCIAL SERVICES		25.97(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		11.23
SUMMIT MUNICIPAL MONEY MARKET FUND	JAMES S. RIEPE		13.88
TARGET 2005 FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		6.69
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST CO TTEE ADP		45.65(a)
	ACCESS LARGE MARKET 401K
	1100 ABERNATHY RD
	ATLANTAGA 30328-5620

	T ROWEPRICE ASSOCIATES		46.76(b)
	ATTN FINANCIAL REPORTING DEPT

185


FUND	SHAREHOLDER	%
TARGET 2005 FUND—I CLASS	NATIONAL FINANCIAL SERVICES		26.14(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE TRUST CO		26.70(e)
	CUST FOR THE ROLLOVER IRA OF
	CHRISTOPHER R BURNHAM

	T ROWE PRICE TRUST CO		29.00(e)
	CUST FOR THE ROLLOVER IRA OF
	TOMMY M HALL

	TRAC 2000		8.05
	POTOMAC VALLEY BRICK AND SUPPLY CO
	JACK A RICHARDSON
	1231CHERRY TREE LN
	ANNAPOLIS MD 21403-5023

	VOYA INSTITUTIONAL TRUST COMPANY		5.13
TARGET 2010 FUND	T ROWE PRICE RPS INC		7.26
	OMNIBUS ACCOUNT TICKER: TRROX
	CUSIP:74149P564
	TRP TARGET RET 2010 AB9K
TARGET2010 FUND—ADVISOR CLASS	MATRIX TRUST COMPANY AS AGENT FOR		8.58
	BANCORPSOUTH FBO
	CAFFEYINC 401(K) PLAN
	2910 W JACKSON ST
	TUPELOMS 38801-6799

	NATIONALFINANCIAL SERVICES		13.93
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST CO TTEE ADP		73.90(a)
	ACCESS LARGE MARKET 401K

186


FUND	SHAREHOLDER	%
TARGET 2010 FUND—I CLASS	DCGT AS TTEE AND/OR CUST		11.57
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

	GREAT-WESTTRUST COMPANY LLC FBO		9.34
	EMPLOYEE BENEFITS CLIENTS 401K

	NATIONAL FINANCIAL SERVICES		16.19
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	REBECCA L. BESSON		42.49(a)
	STUART B COOPER TEN ENT

	VOYAINSTITUTIONAL TRUST COMPANY		6.57
TARGET 2015 FUND	T ROWE PRICE RPS INC		6.16
	OMNIBUS ACCOUNT TICKER: TRRTX
	CUSIP:74149P556
	TRP TARGET RET 2015 AB9T
TARGET2015 FUND—ADVISOR CLASS	FIIOC AS AGENT		5.54
	FBO RICHTON TIE AND TIMBER LLC
	100 MAGELLANWAY # KW1C
	COVINGTON KY 41015-1987

	GREAT WEST TRUST CO LLC		42.85(a)
	FBO RECORDKEEPING FOR VARIOUS
	BENEFIT PL OMNIPUTNAM
	C/O MUTUALFUND TRADING
	8525 E ORCHARD RD
	GREENWOODVLG CO 80111-5002

	PERSHINGLLC		43.41(a)

187


FUND	SHAREHOLDER	%
TARGET 2015 FUND—I CLASS	GREAT-WEST TRUST COMPANY LLC FBO		17.89
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		6.57
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	NATIONALFINANCIAL SERVICES		10.23
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE TRUST CO		5.72
	CUST FOR THE IRA OF
	RUSSELLS GRIGG (DCD)
	CAROLYN H GRIGG (BENE)

	T ROWE PRICE TRUST CO		5.21
	CUST FOR THE ROLLOVER IRA OF
	DENNIS W CULLEN

	T ROWE PRICE TRUST CO		5.40
	CUST FOR THE ROLLOVER IRA OF
	ROLLIN G SEARS
TARGET2020 FUND	NATIONAL FINANCIAL SERVICES		8.97
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		12.59
	OMNIBUS ACCOUNT TICKER: TRRUX
	CUSIP:74149P549
	TRP TARGET RET 2020 ABAY
TARGET2020 FUND—ADVISOR CLASS	GREAT WEST TRUST CO LLC		11.17
	FBO RECORDKEEPING FOR VARIOUS
	BENEFITPL OMNIPUTNAM
	C/O MUTUAL FUND TRADING

	GREAT-WEST TRUST COMPANY LLC FBO		18.88
	EMPLOYEE BENEFITS CLIENTS 401K

	NATIONALFINANCIAL SERVICES		23.65
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	RELIANCETRUST CO TTEE ADP		41.26(a)
	ACCESS LARGE MARKET 401K

188


FUND	SHAREHOLDER	%
TARGET 2020 FUND—I CLASS	GREAT-WEST TRUST COMPANY LLC FBO		16.46
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		12.98
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	MATRIXTRUST COMPANY TTEE FBO		6.42
	RICK STEVES' EUROPE INC 401(K) PL
	PO BOX52129
	PHOENIX AZ 85072-2129

	NATIONAL FINANCIAL SERVICES		20.23
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TARGET2025 FUND	NATIONAL FINANCIAL SERVICES		9.89
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		17.53
	OMNIBUS ACCOUNT TICKER: TRRVX
	CUSIP:74149P531
	TRP TARGET RET 2025 ABBC

	WELLS FARGO BANK FBO		7.12
	VARIOUS RETIREMENT PLANS
TARGET 2025 FUND—ADVISOR CLASS	FIIOC AS AGENT		5.27
	FBO RICHTON TIE AND TIMBER LLC

	GREAT WEST TRUST CO LLC		36.88(a)
	FBO RECORDKEEPING FOR VARIOUS
	BENEFIT PL OMNIPUTNAM
	C/O MUTUALFUND TRADING

	GREAT-WESTTRUST COMPANY LLC FBO		11.88
	EMPLOYEE BENEFITS CLIENTS 401K

	NATIONAL FINANCIAL SERVICES		23.23
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST CO TTEE ADP		11.48
	ACCESS LARGE MARKET 401K

	STATESTREET BANK AND TRUST AS		6.12
	TRUSTEE AND/OR CUSTODIAN
	FBOADP ACCESS PRODUCT

189


FUND	SHAREHOLDER	%
TARGET 2025 FUND—I CLASS	GREAT-WEST TRUST COMPANY LLC FBO		8.75
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		11.14
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	JOHNHANCOCK TRUST COMPANY LLC		8.39

	MATRIXTRUST COMPANY TTEE FBO		7.48
	RICK STEVES' EUROPE INC 401(K) PL

	NATIONAL FINANCIAL SERVICES		23.92
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TARGET2030 FUND	NATIONAL FINANCIAL SERVICES		12.67
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		23.72
	OMNIBUS ACCOUNT TICKER: TRRWX
	CUSIP:74149P523
	TRP TARGET RET 2030 ABBH

	WELLS FARGO BANK FBO		5.07
	VARIOUS RETIREMENT PLANS
TARGET 2030 FUND—ADVISOR CLASS	GREAT WEST TRUST CO LLC		18.93
	FBO RECORDKEEPING FOR VARIOUS
	BENEFITPL OMNIPUTNAM
	C/O MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES		34.97(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST CO TTEE ADP		39.19(a)
	ACCESS LARGE MARKET 401K

190


FUND	SHAREHOLDER	%
TARGET 2030 FUND—I CLASS	GREAT-WEST TRUST COMPANY LLC FBO		8.24
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		11.85
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	JOHNHANCOCK TRUST COMPANY LLC		5.76

	MATRIXTRUST COMPANY TTEE FBO		5.09
	RICK STEVES' EUROPE INC 401(K) PL

	NATIONAL FINANCIAL SERVICES		29.36(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TARGET2035 FUND	NATIONAL FINANCIAL SERVICES		13.87
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		25.02(d)
	OMNIBUS ACCOUNT TICKER: RPGRX
	CUSIP: 74149P515
	TRP TARGETRET 2035 AB5Y

	WELLSFARGO BANK FBO		5.65
	VARIOUS RETIREMENT PLANS
TARGET2035 FUND—ADVISOR CLASS	GREAT WEST TRUST CO LLC		40.15(a)
	FBO RECORDKEEPING FOR VARIOUS
	BENEFIT PL OMNIPUTNAM
	C/O MUTUALFUND TRADING

	NATIONALFINANCIAL SERVICES		47.51(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

191


FUND	SHAREHOLDER	%
TARGET 2035 FUND—I CLASS	CHARLES SCHWAB & CO INC		5.04
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	GREAT-WEST TRUST COMPANY LLC FBO		13.85
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		10.59
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	JOHNHANCOCK TRUST COMPANY LLC		7.17

	NATIONALFINANCIAL SERVICES		32.65(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TARGET2040 FUND	CHARLES SCHWAB & CO INC		6.55
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		15.60
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		27.26(d)
	OMNIBUS ACCOUNT TICKER: TRHRX
	CUSIP: 74149P499
	TRP TARGETRET 2040 AB6J
TARGET 2040 FUND—ADVISOR CLASS	GREAT WEST TRUST CO LLC		29.94(a)
	FBO RECORDKEEPING FOR VARIOUS
	BENEFIT PL OMNIPUTNAM
	C/O MUTUALFUND TRADING

	NATIONALFINANCIAL SERVICES		52.92(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

192


FUND	SHAREHOLDER	%
TARGET 2040 FUND—I CLASS	DCGT AS TTEE AND/OR CUST		8.72
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

	GREAT-WESTTRUST COMPANY LLC FBO		12.51
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WEST TRUST COMPANY LLC TTEE F		9.65
	C/O FASCORE LLC
	MARY FREE BED REHABILITATION HOSP 4

	JOHN HANCOCK TRUST COMPANY LLC		5.95

	NATIONAL FINANCIAL SERVICES		31.10(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE RPS INC		5.29
	OMNIBUS ACCOUNT
	TRP TARGET 2040-ICL
	FUNDX4BX CUSIP:872797758
TARGET 2045 FUND	CHARLES SCHWAB & CO INC		5.22
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		18.61
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		22.61
	OMNIBUS ACCOUNT TICKER: RPTFX
	CUSIP:74149P481
	TRP TARGET RET 2045 AB7Y
TARGET2045 FUND—ADVISOR CLASS	GREAT WEST TRUST CO LLC		25.10(a)
	FBO RECORDKEEPING FOR VARIOUS
	BENEFIT PL OMNIPUTNAM
	C/O MUTUALFUND TRADING

	NATIONALFINANCIAL SERVICES		63.47(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

193


FUND	SHAREHOLDER	%
TARGET 2045 FUND—I CLASS	CHARLES SCHWAB & CO INC		6.05
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	GREAT-WEST TRUST COMPANY LLC FBO		10.81
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		10.24
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	JOHNHANCOCK TRUST COMPANY LLC		7.13

	NATIONALFINANCIAL SERVICES		27.21(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TARGET2050 FUND	CHARLES SCHWAB & CO INC		8.20
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		19.65
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		20.34
	OMNIBUS ACCOUNT TICKER: TRFOX
	CUSIP:74149P473
	TRP TARGET RET 2050 AB8F
TARGET2050 FUND—ADVISOR CLASS	GREAT WEST TRUST CO LLC		25.64(a)
	FBO RECORDKEEPING FOR VARIOUS
	BENEFIT PL OMNIPUTNAM
	C/O MUTUALFUND TRADING

	NATIONALFINANCIAL SERVICES		62.08(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST CO TTEE ADP		9.07
	ACCESS LARGE MARKET 401K

194


FUND	SHAREHOLDER	%
TARGET 2050 FUND—I CLASS	GREAT-WEST TRUST COMPANY LLC FBO		17.03
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		17.13
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	JOHNHANCOCK TRUST COMPANY LLC		9.69

	NATIONALFINANCIAL SERVICES		32.33(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TARGET2055 FUND	CHARLES SCHWAB & CO INC		6.35
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	GREAT-WESTTRUST COMPANY LLC TTEE F		5.69
	C/O FASCORE LLC
	CRAIGHOSPITAL BASIC & SUPPLMNTL DA

	NATIONALFINANCIAL SERVICES		20.61
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE RPS INC		18.35
	OMNIBUS ACCOUNT TICKER: TRFFX
	CUSIP:74149P465
	TRP TARGET RET 2055 AB8T
TARGET2055 FUND—ADVISOR CLASS	GREAT WEST TRUST CO LLC		14.29
	FBO RECORDKEEPING FOR VARIOUS
	BENEFITPL OMNIPUTNAM
	C/O MUTUAL FUND TRADING

	NATIONAL FINANCIAL SERVICES		62.12(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST CO TTEE ADP		11.95
	ACCESS LARGE MARKET 401K

195


FUND	SHAREHOLDER	%
TARGET 2055 FUND—I CLASS	CHARLES SCHWAB & CO INC		5.64
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	GREAT-WEST TRUST COMPANY LLC FBO		18.65
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		15.08
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	JOHNHANCOCK TRUST COMPANY LLC		16.46

	NATIONALFINANCIAL SERVICES		27.51(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TARGET2060 FUND	CHARLES SCHWAB & CO INC		6.13
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		16.12
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	STATESTREET BANK AND TRUST AS		7.16
	TRUSTEE AND/OR CUSTODIAN
	FBO ADPACCESS PRODUCT

	T ROWEPRICE RPS INC		11.27
	OMNIBUS ACCOUNT CUSIP:74149P275
	TRP TARGETRETIREMENT 2060 #181
TARGET 2060 FUND—ADVISOR CLASS	JOHN HANCOCK TRUST COMPANY LLC		7.80

	NATIONALFINANCIAL SERVICES		37.64(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RELIANCE TRUST CO., CUSTODIAN		9.06
	FBO MASSMUTUAL OMNIBUS PPL/SMF
	PO BOX 48529
	ATLANTAGA 30362-1529

	STATESTREET BANK AND TRUST AS		20.68
	TRUSTEE AND/OR CUSTODIAN
	FBOADP ACCESS PRODUCT

196


FUND	SHAREHOLDER	%
TARGET 2060 FUND—I CLASS	GREAT-WEST TRUST COMPANY LLC FBO		25.69(a)
	EMPLOYEE BENEFITS CLIENTS 401K

	GREAT-WESTTRUST COMPANY LLC TTEE F		20.99
	C/O FASCORE LLC
	MARYFREE BED REHABILITATION HOSP 4

	NATIONALFINANCIAL SERVICES		29.99(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TAX-EFFICIENTEQUITY FUND	CHARLES SCHWAB & CO INC		5.95
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		9.09
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		6.33
TAX-EFFICIENT EQUITY FUND—I CLASS	GAIL D BUCKNER		6.19

	LORAJ PETERS		5.91

	LORAJ PETERS		5.95
	RHODA MURPHY TRS
	JAFFINFAMILY 2012 IRREV TRUST
TAX-EXEMPT MONEY FUND—I CLASS	PATRICK SINKS		5.50
	JANET D KLOTH-SINKS JT TEN
TAX-FREEHIGH YIELD FUND	GOLDMAN SACHS & CO		16.27
	C/O MUTUAL FUNDS OPS
	222 SMAIN ST
	SALT LAKE CITY UT 84101-2199

	NATIONAL FINANCIAL SERVICES		29.02(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TAX-FREEHIGH YIELD FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		20.22
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		53.43(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		16.91

197


FUND	SHAREHOLDER	%
TAX-FREE HIGH YIELD FUND—I CLASS	CHARLES SCHWAB & CO INC		21.05
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	EDWARD D JONES & CO		19.37
	FOR THE BENEFIT OF CUSTOMERS

	J.P.MORGAN SECURITIES LLC		6.66
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	NATIONALFINANCIAL SERVICES		5.28
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
TAX-FREE INCOME FUND	NATIONAL FINANCIAL SERVICES		7.00
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		5.61
TAX-FREE INCOME FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		91.28(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
TAX-FREEINCOME FUND—I CLASS	J.P. MORGAN SECURITIES LLC		14.12
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	NATIONALFINANCIAL SERVICES		8.61
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SEI PRIVATETRUST COMPANY		7.80
	C/O M&T BANK
	ATTNMUTUAL FUND ADMIN

	SEI PRIVATETRUST COMPANY		23.25
	C/O M&T BANK
	ATTNMUTUAL FUND ADMINISTRATOR

198


FUND	SHAREHOLDER	%
TAX-FREE SHORT-INTERMEDIATE FUND	CHARLES SCHWAB & CO INC		8.08
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	NATIONAL FINANCIAL SERVICES		7.25
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE ASSOCIATES		14.07
	ATTN FINANCIAL REPORTING DEPT

	TD AMERITRADEINC FBO		5.33
	OUR CUSTOMERS

	WELLS FARGO CLEARING SERVICES LLC		20.98
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVE BENEFIT OF CUSTOMERS
TAX-FREESHORT-INTERMEDIATE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		5.83
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	CITBANCO A PARTNERSHIP		12.63
	STORM LAKE IA 50588-1227

	NATIONALFINANCIAL SERVICES		55.76(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		12.21

199


FUND	SHAREHOLDER	%
TAX-FREE SHORT-INTERMEDIATE FUND—I CLASS	CHARLES SCHWAB & CO INC		5.03
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	CHARLES SCHWAB & CO INC		14.34
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	EDWARD D JONES & CO		7.46
	FOR THE BENEFIT OF CUSTOMERS

	NATIONALFINANCIAL SERVICES		5.72
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	TD AMERITRADEINC FBO		18.58
	OUR CUSTOMERS
TOTALEQUITY MARKET INDEX FUND	EDUCATION TRUST OF ALASKA		11.66
	TOTAL EQUITY MARKET INDEX PORTFOLIO
	C/O TROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME

	MARYLAND COLLEGE INVESTMENT PLAN		10.08
	GLOBAL EQUITY MARKET INDEX
	ATTN FUND ACCOUNTING
TOTALRETURN FUND	T ROWE PRICE ASSOCIATES		24.69
	ATTN FINANCIAL REPORTING DEPT
TOTALRETURN FUND—ADVISOR CLASS	PERSHING LLC		30.33(a)

	T ROWEPRICE ASSOCIATES		64.62(b)
	ATTN FINANCIAL REPORTING DEPT

	WELLSFARGO CLEARING SERVICES LLC		5.05
	SPECIAL CUSTODY ACCT FOR THE
	EXCLUSIVEBENEFIT OF CUSTOMERS

200


FUND	SHAREHOLDER	%
TOTAL RETURN FUND—I CLASS	ANDREW C MC CORMICK		12.74
	LYN R. MC CORMICK JT TEN

	CHARLESSCHWAB & CO INC		30.19(a)
	REINVEST ACCOUNT
	ATTN MUTUAL FUND DEPT

	T ROWE PRICE TRUST CO		11.34
	CUST FOR THE ROLLOVER IRA OF
	TERRY L ALBERTSON

	TD AMERITRADE INC FBO		16.83
	OUR CUSTOMERS

	TRUSTEESOF T ROWE PRICE		28.82(d)
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
TREASURYRESERVE FUND	BARNACLESAIL		35.11(c)
	C/O T ROWE PRICE ASSOC
	ATTNMID CAP GROWTH FUND

	BRIDGESAIL& CO		17.60
	C/O T ROWE PRICE ASSOC
	ATTNSCIENCE & TECHNOLOGY FD

	LADYBIRD& CO		6.28
	C/O T ROWE PRICE ASSOC
	ATTNPERS STRATEGY INCOME FD

	T ROWEPRICE		9.19
	RETIREMENT PLAN SERVICE INC
	ATTNRPS CASH GROUP
	4555 PAINTERS MILL ROAD
	OWINGSMILLS MD 21117-4903
U.S. BOND ENHANCED INDEX FUND	CHARLES SCHWAB & CO INC		8.46
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	EDUCATIONTRUST OF ALASKA		5.69
	ACT PORTFOLIO
	C/O TROWE PRICE ASSOCIATES
	ATTN DAWN WAGNER FIXED INCOME

	NATIONAL FINANCIAL SERVICES		21.15
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

201


FUND	SHAREHOLDER	%
U.S. EQUITY RESEARCH FUND	NATIONAL FINANCIAL SERVICES		16.52
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	RAYMOND JAMES		49.55(a)
	OMNIBUS FOR MUTUAL FUNDS
	HOUSE ACCT FIRM
	ATTNCOURTNEY WALLER
U.S. EQUITY RESEARCH FUND—ADVISOR CLASS	DCGT AS TTEE AND/OR CUST		9.00
	ATTN NPIO TRADE DESK
	FBO PLICVARIOUS RETIREMENT PLANS
	OMNIBUS

	FIIOC AS AGENT FBO		12.55
	SHEPHERD ELECTRIC COMPANY INC
	401K AND PROFIT SHARING PLAN

	HARTFORD LIFE INSURANCE CO		54.20(a)
	SEPARATE ACCOUNT
	ATTN UIT OPERATIONS
U.S.EQUITY RESEARCH FUND—I CLASS	GREAT-WEST TRUST COMPANY LLC TTEE F		5.58
	C/O FASCORE LLC
	CONTRACOSTA COUNTY DEFERRED COMP P

	ICMARETIREMENT CORPORATION		9.48
	777 N CAPITOL ST NE STE 600
	WASHINGTONDC 20002-4240

	NATIONALFINANCIAL SERVICES		28.89(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	WELLS FARGO BANK NA FBO		11.26
	PHP-T ROWE PRIC INSTL STRUCTRD RSRC

	WELLSFARGO BANK NA FBO		9.67
	UCARE MINNESOTA 13145604

202


FUND	SHAREHOLDER	%
U.S. EQUITY RESEARCH FUND—R CLASS	CAPITAL BANK & TRUST COMPANY TTEE F		9.02
	JEFF WYLER AUTO FAMILY INC RSP 401K

	CAPITALBANK & TRUST COMPANY TTEE F		12.93
	MACHINERY SYSTEMS INC EMPLOYEES PSP

	CAPITAL BANK & TRUST COMPANY TTEE F		7.47
	PACKAGING PERSONIFIED INC 401K PLAN

	DCGTAS TTEE AND/OR CUST		8.25
	ATTN NPIO TRADE DESK
	FBO PLICVARIOUS RETIREMENT PLANS
	OMNIBUS

	FIIOC AS AGENT FBO		5.93
	HOLZ RUBBER COMPANYINC
	RETIREMENT SAVINGS PLAN

	VOYA RETIREMENT INS & ANNUITY CO		10.85
U.S. HIGH YIELD FUND	MORGAN STANLEY SMITH BARNEY LLC		12.19
	FOR THE EXCL BENEFIT OF ITS CUST

	PERSHING LLC		11.42
U.S. HIGH YIELD FUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES LLC		53.76(a)
	FOR EXCLUSIVE BENEFIT OF OUR CUST
	ATTN MUTUAL FUNDS DEPT 4TH FL

	RBC CAPITAL MARKETS, LLC		17.31
	MUTUAL FUND OMNIBUS PROCESSING
	OMNIBUS
	ATTN:MUTUAL FUND OPS MANAGER
	510 MARQUETT AVE. S
	MINNEAPOLISMN 55402-1110

	TD AMERITRADEINC FBO		10.22
	OUR CUSTOMERS

203


FUND	SHAREHOLDER	%
U.S. HIGH YIELD FUND—I CLASS	MORGAN STANLEY SMITH BARNEY LLC		8.78
	FOR THE EXCL BENEFIT OF ITS CUST

	NATIONALFINANCIAL SERVICES LLC		31.85(a)
	FOR EXCLUSIVE BENEFIT OF OUR CUST
	ATTN MUTUAL FUNDS DEPT 4TH FL

	T ROWE PRICE TRUST CO		6.03
	CUST FOR THE ROLLOVER IRA OF
	FRANK M PALERMO

	TD AMERITRADE INC FBO		8.05
	OUR CUSTOMERS

	TRUSTEESOF T ROWE PRICE		9.60
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
U.S. LARGE-CAP CORE FUND	CHARLES SCHWAB & CO INC		5.56
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		16.25
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		5.98
U.S. LARGE-CAP CORE FUND—ADVISOR CLASS	CHARLES SCHWAB & CO INC		14.11
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		14.01
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	PERSHINGLLC		22.96

	STATESTREET BANK AND TRUST AS		11.99
	TRUSTEE AND/OR CUSTODIAN
	FBO ADPACCESS PRODUCT

	TD AMERITRADEINC FBO		14.96
	OUR CUSTOMERS

204


FUND	SHAREHOLDER	%
U.S. LARGE-CAP CORE FUND—I CLASS	DCGT AS TTEE AND/OR CUST		16.53
	ATTN NPIO TRADE DESK
	FBO PLIC VARIOUS RETIREMENT PLANS
	OMNIBUS

	NATIONALFINANCIAL SERVICES		48.05(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		7.06

	TRUSTEES OF T ROWE PRICE		7.85
	U.S. RETIREMENT PROGRAM
	ATTN FINANCIAL REPORTING DEPT
U.S.TREASURY INTERMEDIATE FUND	CHARLES SCHWAB & CO INC		6.95
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	LPL FINANCIAL		30.67(a)
	OMNIBUS CUSTOMER ACCOUNT
	ATTN:MUTUAL FUND TRADING

	MLPF&SFOR THE SOLE BENEFIT OF		9.38
	ITS CUSTOMERS

	NATIONAL FINANCIAL SERVICES		7.73
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

205


FUND	SHAREHOLDER	%
U.S. TREASURY INTERMEDIATE FUND—I CLASS	CHARLES SCHWAB & CO INC		8.15
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	GREAT-WEST TRUST COMPANY LLC TTEE F		6.53
	EMPLOYEE BENEFITS CLIENTS 401K

	HELENAPPEL		7.60

	NATIONALFINANCIAL SERVICES		32.28(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		14.39

	TD AMERITRADE INC FBO		6.06
	OUR CUSTOMERS

	TRUSTEESOF T ROWE PRICE		7.44
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
U.S. TREASURY LONG-TERM FUND	CHARLES SCHWAB & CO INC		9.32
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		6.18
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	SPECTRUMINCOME FUND		6.62
	T. ROWE PRICE ASSOCIATES
	ATTN:FUND ACCOUNTING DEPT

206


FUND	SHAREHOLDER	%
U.S. TREASURY LONG-TERM FUND—I CLASS	CHARLES SCHWAB & CO INC		8.66
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	LADYBUG & CO		27.63(c)
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY BALANCED FD

	LAKESIDE & CO		33.95(c)
	C/O T ROWE PRICE ASSOC
	ATTN PERS STRATEGY GROWTH FUND
	BALTIMOREMD 21202-1009

	TRUSTEESOF T ROWE PRICE		9.22
	U.S. RETIREMENT PROGRAM
	ATTNFINANCIAL REPORTING DEPT
ULTRA SHORT-TERM BOND FUND	CHARLES SCHWAB & CO INC		17.82
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		8.64
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS

	T ROWEPRICE ASSOCIATES		31.97(b)
	ATTN FINANCIAL REPORTING DEPT

	TD AMERITRADEINC FBO		8.68
	OUR CUSTOMERS

207


FUND	SHAREHOLDER	%
ULTRA SHORT-TERM BOND FUND—I CLASS	CHARLES SCHWAB & CO INC		13.16
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	HORIZONDECK & CO		9.20
	C/O T ROWE PRICE ASSOC
	ATTN GLOBAL ALLOCATION FUND

	NATIONAL FINANCIAL SERVICES		5.97
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	T ROWE PRICE ASSOCIATES		10.64
	ATTN FINANCIAL REPORTING DEPT

	WELLSFARGO BANK, N.A. AS DIRECTED		11.58
	TRUSTEE FBO INVESTMENT COMPANY
	INSTITUTEDEFINED BENEFIT PLAN
	1401 H ST NW STE 1200
	WASHINGTONDC 20005-2110
VALUE FUND	NATIONAL FINANCIAL SERVICES		11.24
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		5.64

	SPECTRUM GROWTH FUND		8.72
	T. ROWE PRICE ASSOCIATES
	ATTN: FUND ACCOUNTING DEPT

	T ROWE PRICE TRUST CO		5.72
	ATTN INSTALLATION TEAM FOR
	TRPS INST CONTROL DEPT
VALUEFUND—ADVISOR CLASS	NATIONAL FINANCIAL SERVICES		45.61(a)
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS

	PERSHING LLC		5.49

	PIMS/PRUDENTIAL RETIREMENT		8.98
	AS NOMINEE FOR THE TTEE/CUST PL 980
	DEFERRED COMPENSATION PLAN FOR
	148 MARTINEAVE 7TH FLOOR
	375 EXECUTIVE BLVD 2ND FLOOR
	WHITEPLAINS NY 10601-3311

	VOYARETIREMENT INS & ANNUITY CO		6.76

208


FUND	SHAREHOLDER	%
VALUE FUND—I CLASS	CHARLES SCHWAB & CO INC		12.67
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUND DEPT

	CHARLES SCHWAB & CO INC		6.09
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTN MUTUAL FUNDS

	NATIONAL FINANCIAL SERVICES LLC		20.58
	FOR THE EXCLUSIVE BENEFIT
	OF OUR CUSTOMERS
	ATTN:MUTUAL FUNDS DEPT, 4TH FLOOR

	T ROWEPRICE RPS INC		5.65
	OMNIBUS ACCOUNT
	TRP VALUEI PRICE
	CUSIP: 779578301

	VOYA INSTITUTIONAL TRUST COMPANY		6.16
VIRGINIA TAX-FREE BOND FUND	CHARLES SCHWAB & CO INC		9.10
	REINVEST ACCOUNT
	ATTNMUTUAL FUND DEPT

	NATIONALFINANCIAL SERVICES		16.41
	FOR THE EXCLUSIVE BENEFIT
	OF OURCUSTOMERS
VIRGINIA TAX-FREE BOND FUND—I CLASS	CHARLES SCHWAB & CO INC		16.87
	SPECIAL CUSTODY A/C FBO CUSTOMERS
	ATTNMUTUAL FUNDS

	SEI PRIVATETRUST COMPANY		15.90
	C/O SUNTRUST BANK
	ATTNMUTUAL FUND ADMINISTRATOR

	WELLSFARGO BANK NA FBO		7.87
	HII DB PLAN POOL ACCOUNT
	PO BOX1533
	MINNEAPOLIS MN 55480-1533


(a)	At the level of ownership indicated, the shareholder may be ableto 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 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 indicated, T. Rowe Price Associates, Inc. may be able to determine the outcome of most issues that were submitted to shareholders for vote.
(c)	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.

209


(d)	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.
(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, Global Value Equity, Institutional Emerging Markets 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 Fund, 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 Real Estate, 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

210

transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.

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 and is calculated as described below.

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:

211


0.480%	First $1 billion	0.340%	Next $5 billion	0.290%	Next $60 billion
0.450%	Next $1billion	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 $1billion	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 $2billion	0.300%	Next $40 billion	0.265%	Thereafter
0.350%	Next $2 billion	0.295%	Next $40 billion

For the purpose of calculatingthe 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

212


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 Value Equity Fund	0.35	(d)
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
Large-Cap Growth Fund	0.55
Large-Cap Value Fund	0.55
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

213


Fund	Fee %
QM U.S. Value Equity Fund	0.20
Real Assets Fund	0.35
Real Estate Fund	0.30
Science & Technology Fund	0.35
Short Duration Income	0.00
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	0.20
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 upto $15 billion and 0.2125% on assets above $15 billion.

(d) Total management fee not to exceed 0.65% of the fund’s average daily net assets.

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 Cash Reserves Fund	0.25
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
InstitutionalMid-Cap Equity Growth Fund	0.60
Institutional Small-Cap Stock Fund	0.65
Mid-Cap Index Fund	0.12

214


Fund	Fee %
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
InstitutionalEmerging Markets Bond Fund	0.70
Institutional Emerging Markets Equity Fund	1.10
Institutional Floating Rate Fund	0.55
InstitutionalHigh Yield Fund	0.50
Institutional Long Duration Credit Fund	0.45
International Equity Index Fund	0.45
Summit MunicipalMoney Market Fund	0.45
Total Equity Market Index Fund	0.30
U.S. Bond Enhanced Index Fund	0.30

The Investment Management Agreement betweeneach 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 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.

Target Date Funds

The Target Date Funds also pay an All-Inclusive Fee to T. Rowe Price based on each fund’s average daily net assets and the fee covers investment management and all of the fund’s operating expenses, except for interest and borrowing expenses; taxes; brokerage commissions; nonrecurring and extraordinary expenses; acquired fund fees and expenses; and any 12b-1 fees applicable to a share class. In accordance with predetermined contractual fee schedules, the All-Inclusive Fee rates for the Target Date Funds (other than the Retirement Balanced Fund and Retirement Balanced I Fund) generally decline over time as a fund reduces its overall stock exposure along its investment glide path. Any predetermined decrease for a particular year will occur on the first day of the fund’s fiscal year.

The Retirement Balanced Fund charges an All-Inclusive Fee of 0.496%. The other RDFs and Retirement Income 2020 Fund charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):


Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.714	18	0.686	4	0.602
31	0.713	17	0.682	3	0.595
30	0.713	16	0.678	2	0.587
29	0.713	15	0.673	1	0.580

215


Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
28	0.713	14	0.667	0	0.574
27	0.713	13	0.662	(1)	0.569
26	0.713	12	0.656	(2)	0.563
25	0.710	11	0.651	(3)	0.558
24	0.708	10	0.644	(4)	0.552
23	0.705	9	0.637	(5)	0.546
22	0.703	8	0.631	(6)	0.540
21	0.699	7	0.624	(7)	0.533
20	0.695	6	0.617	(8)	0.527
19	0.691	5	0.610	Thereafter	0.521

TheRetirement Balanced I Fund—I Class charges an All-Inclusive Fee of 0.346%. The other Retirement I Funds charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):


Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All Prior Years	0.520	18	0.504	4	0.452
30	0.519	17	0.502	3	0.445
29	0.518	16	0.500	2	0.437
28	0.517	15	0.498	1	0.430
27	0.516	14	0.496	0	0.424
26	0.515	13	0.494	(1)	0.419
25	0.514	12	0.492	(2)	0.413
24	0.513	11	0.490	(3)	0.408
23	0.512	10	0.486	(4)	0.402
22	0.511	9	0.482	(5)	0.396
21	0.510	8	0.478	(6)	0.390
20	0.508	7	0.473	(7)	0.383
19	0.506	6	0.467	(8)	0.377
		5	0.460	Thereafter	0.371

TheTRFs’ Investor Classes and Advisor Classes charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):


Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.714	18	0.675	4	0.567
31	0.711	17	0.669	3	0.558
30	0.710	16	0.663	2	0.548
29	0.709	15	0.656	1	0.539
28	0.707	14	0.650	0	0.529
27	0.706	13	0.643	(1)	0.519
26	0.705	12	0.637	(2)	0.508
25	0.702	11	0.630	(3)	0.498
24	0.700	10	0.621	(4)	0.488
23	0.697	9	0.612	(5)	0.484
22	0.695	8	0.604	(6)	0.480
21	0.692	7	0.595	(7)	0.476
20	0.686	6	0.586	(8)	0.472
19	0.680	5	0.577	(9)	0.468
				Thereafter	0.468

216

The TRFs’ I Classes charge an All-Inclusive Fee in accordance with the following fee schedule (Year 0 represents the target date year referenced in the fund’s name):


Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)	Years to Target Date	All-Inclusive Fee Rate (%)
All prior years	0.520	18	0.496	4	0.417
31	0.520	17	0.492	3	0.408
30	0.519	16	0.488	2	0.398
29	0.518	15	0.485	1	0.389
28	0.517	14	0.482	0	0.379
27	0.516	13	0.477	(1)	0.369
26	0.515	12	0.473	(2)	0.358
25	0.514	11	0.470	(3)	0.348
24	0.513	10	0.463	(4)	0.338
23	0.512	9	0.456	(5)	0.334
22	0.511	8	0.450	(6)	0.330
21	0.509	7	0.443	(7)	0.326
20	0.504	6	0.436	(8)	0.322
19	0.500	5	0.427	(9)	0.318
				Thereafter	0.318

Multi-SectorAccount Portfolios, TRP Reserve Funds, and Spectrum 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.

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
Fund	2/29/20	2/28/19	2/28/18
California Tax-Free Bond Fund(a)	$2,744,000	$2,590,000	$2,428,000
California Tax-Free Money Fund(a)	222,000	161,000	141,000
Floating Rate Multi-Sector Account Portfolio	(b)	(b)	(b)
Georgia Tax-Free Bond Fund(a)	1,623,000	1,335,000	1,257,000
High Yield Multi-Sector Account Portfolio	(b)	(b)	(b)
Intermediate Tax-Free High Yield Fund(a)	268,000	274,000	260,000
Investment-Grade Corporate Multi-Sector Account Portfolio	(b)	(b)	(b)
MarylandShort-Term Tax-Free Bond Fund(a)	651,000	686,000	744,000
Maryland Tax-Free Bond Fund(a)	9,546,000	8,821,000	8,813,000
Maryland Tax-Free Money Fund(a)	310,000	216,000	225,000
Mortgage-Backed Securities Multi-Sector Account Portfolio	(b)	(b)	(b)
New JerseyTax-Free Bond Fund(a)	1,861,000	1,621,000	1,520,000
New York Tax-Free Bond Fund(a)	1,980,000	1,847,000	1,852,000
New York Tax-Free Money Fund(a)	239,000	171,000	162,000
Tax-Efficient Equity Fund(a)	3,299,000	2,252,000	1,687,000

217


Fund	Fiscal Year Ended
Fund	2/29/20	2/28/19	2/28/18
Tax-Exempt Money Fund(a)	1,435,000	1,022,000	1,032,000
Tax-Free High Yield Fund(a)	31,705,000	31,312,000	29,390,000
Tax-Free Income Fund(a)	11,429,000	10,922,000	11,640,000
Tax-Free Short-Intermediate Fund(a)	7,511,000	7,567,000	7,839,000
Virginia Tax-Free Bond Fund(a)	5,595,000	4,833,000	4,734,000

(a) The fund has multiple share classes. The management fee isallocated to each class based on relative net assets.

(b) The fund does not pay an investment management fee.


Fund	Fiscal Year Ended
Fund	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
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 2065 Fund	(b)	(b)	(b)
Retirement Balanced Fund	(c)	(c)	(c)
Retirement I 2005 Fund—I Class	(c)	(c)	(c)

218


Fund	Fiscal Year Ended
Fund	5/31/19	5/31/18	5/31/17
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 I 2065 Fund—I Class	(b)	(b)	(b)
Retirement Balanced I Fund—I Class	(c)	(c)	(c)
Short Duration Income Fund	(b)	(b)	(b)
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)
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)
Target 2065 Fund	(b)	(b)	(b)
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 isallocated to each class based on relative net assets.

219

(b) Prior to commencement of operations.

(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 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
Fund	10/31/19	10/31/18	10/31/17
Africa & Middle East Fund(a)	$1,312,000	$1,528,000	$1,398,000
Asia Opportunities Fund(a)	926,000	917,000	338,000
Cash Reserves Fund(c)	12,791,000	10,725,000	10,017,000
China Evolution Equity Fund(a)	(b)	(b)	(b)
Emerging Europe Fund(a)	1,576,000	1,872,000	1,810,000
Emerging Markets Discovery Stock Fund(a)	1,050,000	528,000	315,000
Emerging Markets Stock Fund(a)	125,538,000	115,733,000	90,312,000
European Stock Fund(a)	7,444,000	9,062,000	8,467,000
Global Allocation Fund(a)	4,601,000	3,226,000	1,629,000
Global Growth Stock Fund(a)	2,780,000	2,237,000	731,000
Global Stock Fund(a)	10,625,000	7,033,000	4,304,000
Global Value Equity Fund(a)	66,000	73,000	67,000
Institutional Emerging Markets Equity Fund(c)	19,529,000	20,091,000	13,757,000
Institutional International Core Equity Fund	237,000	916,000	1,004,000
Institutional International Disciplined Equity Fund	1,762,000	2,962,000	2,838,000
Institutional International Growth Equity Fund	396,000	408,000	374,000
International Disciplined Equity Fund(a)	745,000	654,000	126,000
International Discovery Fund(a)	79,479,000	90,459,000	61,472,000
International Equity Index Fund(c)	2,540,000	2,735,000	2,414,000
International Stock Fund(a)	91,186,000	97,146,000	99,302,000
International Value Equity Fund(a)	68,221,000	85,089,000	81,806,000
Japan Fund(a)	5,852,000	6,672,000	4,276,000
Latin America Fund(a)	6,040,000	6,595,000	6,799,000
Multi-Strategy Total Return Fund(a)	623,000	410,000	(b)
New Asia Fund(a)	21,213,000	24,130,000	21,777,000
Overseas Stock Fund(a)	106,287,000	103,925,000	88,433,000
Summit Municipal Income Fund(a)(c)(d)	3,172,000	8,115,000	6,347,000
Summit Municipal Intermediate Fund(a)(c)(d)	8,888,000	28,419,000	22,715,000
Summit Municipal Money Market Fund(c)	573,000	566,000	569,000
U.S. Bond Enhanced Index Fund(c)	3,513,000	2,641,000	2,022,000

(a) The fund has multiple share classes. The management fee isallocated to each class based on relative net assets.

(b) Prior to commencement of operations.

(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.

220


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
Balanced Fund(a)	$18,794,000	$17,901,000	$17,414,000
Blue Chip Growth Fund(a)	345,683,000	296,816,000	222,720,000
Capital Appreciation Fund(a)	201,674,000	175,675,000	166,679,000
Communications & Technology Fund(a)	37,853,000	33,155,000	28,259,000
Diversified Mid-Cap Growth Fund(a)	8,947,000	6,153,000	4,727,000
Dividend Growth Fund(a)	56,418,000	44,096,000	38,612,000
Dynamic Credit Fund(a)	161,000	(c)	(c)
Dynamic Global Bond Fund(a)	21,009,000	19,954,000	2,768,000
Emerging Markets Bond Fund(a)	42,767,000	43,222,000	48,965,000
Emerging Markets Corporate Bond Fund(a)	868,000	493,000	466,000
Emerging Markets Corporate Multi-Sector Account Portfolio	(d)	(d)	(d)
EmergingMarkets Local Currency Bond Fund(a)	3,590,000	4,302,000	2,509,000
Emerging Markets Local Multi-Sector Account Portfolio	(d)	(d)	(d)
Equity IncomeFund(a)	105,971,000	112,342,000	117,552,000
Equity Index 500 Fund(a)	17,546,000	16,787,000	24,488,000
Extended Equity Market Index Fund(b)	3,117,000	3,078,000	2,887,000
Financial Services Fund(a)	4,895,000	5,438,000	4,974,000
Global Consumer Fund	139,000	113,000	87,000
Global High Income Bond Fund(a)	755,000	582,000	451,000
Global Industrials Fund(a)	155,000	172,000	153,000
Global Real Estate Fund(a)	953,000	1,074,000	1,420,000
Global Technology Fund(a)	35,348,000	45,282,000	36,549,000
Growth & Income Fund(a)	10,712,000	10,272,000	9,666,000
Growth Stock Fund(a)	277,251,000	272,125,000	258,241,000
Health Sciences Fund(a)	81,349,000	79,489,000	71,426,000
Institutional Emerging Markets Bond Fund(b)	3,237,000	2,691,000	2,342,000
Institutional Large-Cap Core Growth Fund	22,375,000	19,914,000	15,271,000
Institutional Mid-Cap Equity Growth Fund	45,669,000	42,698,000	38,870,000
Institutional Small-Cap Stock Fund	33,485,000	30,184,000	25,250,000
International Bond Fund(a)	6,817,000	10,614,000	27,994,000
International Bond Fund (USD Hedged)(a)	29,565,000	23,024,000	(e)
Large-Cap Growth Fund(a)	98,225,000	96,937,000	78,293,000
Large-Cap Value Fund(a)	18,802,000	20,372,000	19,476,000
Mid-Cap Growth Fund(a)	198,184,000	189,253,000	171,958,000
Mid-Cap Index Fund(a)	8,000	8,000	7,000
Mid-Cap Value Fund(a)	80,418,000	86,969,000	86,608,000
New America Growth Fund(a)	32,806,000	30,713,000	25,514,000
New Era Fund(a)	18,642,000	20,663,000	19,407,000
New Horizons Fund(a)	168,865,000	155,161,000	126,698,000
QM Global Equity Fund(a)	103,000	102,000	82,000

221


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
QM U.S. Small & Mid-Cap Core Equity Fund(a)	594,000	449,000	262,000
QM U.S. Small-Cap Growth Equity Fund(a)	49,546,000	44,733,000	29,383,000
QM U.S. Value Equity Fund(a)	100,000	104,000	91,000
Real Assets Fund(a)	19,470,000	19,965,000	21,431,000
Real Estate Fund(a)	22,758,000	31,756,000	37,187,000
Retirement Income 2020 Fund	(d)	(d)	(d)
Science & Technology Fund(a)	38,171,000	36,770,000	30,593,000
Small-Cap Index Fund(a)	8,000	9,000	9,000
Small-Cap Stock Fund(a)	73,059,000	72,517,000	70,322,000
Small-Cap Value Fund(a)	62,057,000	65,336,000	63,445,000
Spectrum Growth Fund	(d)	(d)	(d)
Spectrum Income Fund	(d)	(d)	(d)
Spectrum International Fund	(d)	(d)	(d)
Total Equity Market Index Fund(b)	5,739,000	5,370,000	4,765,000
U.S. Equity Research Fund(a)	4,586,000	3,408,000	2,733,000
U.S. Large-Cap Core Fund(a)	3,050,000	3,007,000	2,300,000
Value Fund(a)	155,981,000	157,699,000	157,550,000

(a) The fundhas 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.

(d) The fund does not pay an investment management fee.

(e) Less than $1,000.

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.

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 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. 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.

The following four tables set forth the majority of the contractual expense limitation arrangements currently in effect (or those that will be in effect in the near future) for the Price Funds and the periods for which they are effective. The tables are organized by fiscal year-end. Limitations that were in effect during the prior three fiscal years and certain expense limitation arrangements that are currently in effect are included in the additional tables appearing under the heading “Additional Expense Limitations and Reimbursements.”

222

Funds with a 10/31 Fiscal Year-End


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 1, 2019 – February 28, 2021	—	0.05	—	(a)
Asia Opportunities Fund	March 1, 2019 – February 28, 2021	1.15	—	—	(b)
Asia Opportunities Fund—Advisor Class	March 1, 2019 – February 28, 2021	1.25	—	—	(b)
Asia Opportunities Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
China Evolution Equity Fund	October 23, 2019 – February 28, 2022	1.40	—	—	(b)
China Evolution Equity Fund—I Class	October 23, 2019 – February 28, 2022	—	0.05	—	(a)
Emerging Europe Fund	October 1, 2019 – February 28, 2022	1.41	—	—	(a)
Emerging Europe Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
Emerging Markets Discovery Stock Fund	March 1, 2020 – February 28, 2022	1.23	—	—	(b)
Emerging Markets Discovery Stock Fund—Advisor Class	March 1, 2020 – February28, 2022	1.65	—	—	(b)
Emerging Markets Discovery Stock Fund—I Class	March 1, 2019 – February28, 2021	—	0.05	—	(a)
Emerging Markets Discovery Stock Fund—Z Class	Effective March 16, 2020(f)	0.00	—	—	(c)
Emerging Markets Stock Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Emerging Markets Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
European Stock Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
Global Allocation Fund—Advisor Class	March 1, 2020 – February 28, 2022	1.15	—	—	(b)
Global Allocation Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Global Growth Stock Fund	March 1, 2019 – February 28, 2021	1.00	—	—	(b)
Global Growth Stock Fund—Advisor Class	March 1, 2019 – February 28, 2021	1.10	—	—	(b)
Global Growth Stock Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
Global Stock Fund—I Class	November 1, 2019 – February 28, 2021	0.75	—	—	(b)
Global Stock Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
Global Value Equity Fund	March 1, 2020 – February 28, 2022	0.89	—	—	(a)
Global Value Equity Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Institutional International Core Equity Fund	March 1, 2019 – February28, 2021	0.75	—	—	(b)
Institutional International Disciplined Equity Fund	March 1, 2019 – February28, 2021	0.75	—	—	(b)
Institutional International Growth Equity Fund	March 1, 2020 – February28, 2022	0.75	—	—	(b)
International Disciplined Equity Fund	March 1, 2019 – February 28, 2021	0.90	—	—	(b)
International Disciplined Equity Fund—Advisor Class	March 1, 2019 – February28, 2021	1.00	—	—	(b)
International Disciplined Equity Fund—I Class	March 1, 2019 – February28, 2021	—	0.05	—	(a)
International Discovery Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
International Stock Fund—I Class	September 1, 2020 – February 28, 2022	0.75	—	—	February 29, 2024(h)
International Stock Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
International Stock Fund—R Class	March 1, 2020 – February 28, 2022	1.40	—	—	(b)
International Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)

223


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
International Value Equity Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
International Value Equity Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Japan Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
Latin America Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
Multi-Strategy Total Return Fund	March 1, 2020 – February 28, 2022	1.19	—	—	(b)
Multi-Strategy Total Return Fund— Advisor Class	March 1,2020 – February 28, 2022	1.60	—	—	(b)
Multi-Strategy Total Return Fund—I Class	March 1, 2020 – February28, 2022	—	0.05	—	(a)
New Asia Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Overseas Stock Fund—I Class	September 1, 2020 – February 28, 2021	0.75	—	—	(b)
Overseas Stock Fund—I Class	March 1, 2020 – February 28, 2022	—	0.05	—	(a)
Overseas Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Summit Municipal Income Fund—I Class	March 1, 2019 – February 28, 2021	—	0.05	—	(a)
Summit Municipal Intermediate Fund— I Class	March 1, 2019 – February28, 2021	—	0.05	—	(a)

Funds with a 12/31 Fiscal Year-End


Fund	LimitationPeriod	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Balanced Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Blue Chip Growth Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Capital Appreciation Fund	May 1, 2020 – April 30, 2021	—	—	0.27(d)	(c)
Capital Appreciation Fund—Advisor Class	May 1, 2020 – April 30, 2021	—	—	0.27(d)	(c)
Capital Appreciation Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Capital Appreciation Fund—I Class	May 1, 2020 – April 30, 2021	—	—	0.27(d)	(c)
Communications & Technology Fund—I Class	May 1, 2020– April 30,2022	—	0.05	—	(a)
Diversified Mid-Cap Growth Fund—I Class	May 1, 2019 – April 30,2021	—	0.05	—	(a)
Dividend Growth Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Dynamic Credit Fund	October 1, 2019 – April 30, 2021	0.63	—	—	(b)
Dynamic Credit Fund—I Class	January 10, 2019 – April 30, 2021	—	0.05	—	(a)
Dynamic Global Bond Fund	May 1, 2019 – April 30, 2021	0.75	—	—	(b)
Dynamic Global Bond Fund—Advisor Class	May 1, 2019 – April 30, 2021	0.90	—	—	(b)
Dynamic Global Bond Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Dynamic Global Bond Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Emerging Markets Bond Fund—Advisor Class	May 1, 2020– April 30,2022	1.20	—	—	(b)
Emerging Markets Bond Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Emerging Markets Bond Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Emerging Markets Corporate Bond Fund	October 1, 2019 – April 30, 2021	0.97	—	—	(b)
Emerging Markets Corporate Bond Fund—Advisor Class	May 1, 2019 – April 30,2021	1.25	—	—	(b)

224


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Emerging Markets Corporate Bond Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Emerging Markets Local Currency Bond Fund—Advisor Class	May 1, 2020 – April 30,2022	1.20	—	—	(b)
Emerging Markets Local Currency Bond Fund—I Class	May 1, 2020– April 30,2022	—	0.05	—	(a)
Equity Income Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Equity Index 500 Fund	May 1, 2020– April 30, 2022	0.21	—	—	(b)
Equity Index 500 Fund—I Class	May 1, 2020– April 30, 2022	—	0.00	—	(a)
Equity Index 500 Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Financial Services Fund—I Class	May 1, 2019 – April 30, 2021	—	0.05	—	(a)
Global Consumer Fund	May 1, 2019 – April 30, 2021	1.05	—	—	(b)
Global High Income Bond Fund	October 1, 2019 – April 30, 2021	0.79	—	—	(b)
Global High Income Bond Fund—Advisor Class	May 1, 2019 – April 30,2021	1.00	—	—	(b)
Global High Income Bond Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Global Industrials Fund	May 1, 2020 – April 30, 2022	1.05	—	—	(b)
Global Industrials Fund—I Class	May 1, 2019 – April 30, 2021	—	0.05	—	(a)
Global Real Estate Fund	October 1, 2019 – April 30, 2021	0.95	—	—	(b)
Global Real Estate Fund—Advisor Class	May 1, 2019 – April 30, 2021	1.15	—	—	(b)
Global Real Estate Fund—I Class	May 1, 2019 – April 30, 2021	—	0.05	—	(a)
Global Technology Fund—I Class	May 1, 2019 – April 30, 2021	—	0.05	—	(a)
Growth & Income Fund—I Class	May 1, 2019 – April 30, 2021	—	0.05	—	(a)
Growth Stock Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Growth Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Health Sciences Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
International Bond Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
International Bond Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
International Bond Fund (USD Hedged)—Advisor Class	May 1, 2020– April 30,2022	0.99	—	—	(b)
International Bond Fund (USD Hedged)— I Class	May 1, 2020– April 30,2022	—	0.05	—	(a)
International Bond Fund (USD Hedged)— Z Class	Effective October 28, 2019(f)	0.00	—	—	(c)
Large-Cap Growth Fund	May 1, 2020 – April 30, 2022	0.70	—	—	(a)
Large-Cap Growth Fund—I Class	May 1, 2020 – April 30, 2022	—	0.05	—	(a)
Large-Cap Value Fund	May 1, 2020 – April 30, 2022	0.70	—	—	(a)
Large-Cap Value Fund—I Class	May 1, 2020 – April 30, 2022	—	0.05	—	(a)
Mid-Cap Growth Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Mid-Cap Growth Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Mid-Cap Index Fund	May 1, 2020– April 30, 2022	0.30	—	—	(b)
Mid-Cap Index Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Mid-Cap Index Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Mid-Cap Value Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)

225


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Mid-Cap Value Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
New America Growth Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
New Era Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
New Horizons Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
New Horizons Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
QM Global Equity Fund	May 1, 2020– April 30, 2022	0.74	—	—	(b)
QM Global Equity Fund—Advisor Class	May 1, 2020– April 30, 2022	1.04	—	—	(b)
QM Global Equity Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
QM U.S. Small & Mid-Cap Core Equity Fund	May 1, 2020– April 30,2022	0.87	—	—	(b)
QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class	May 1, 2020– April 30,2022	1.14	—	—	(b)
QM U.S. Small & Mid-Cap Core Equity Fund—I Class	May 1, 2020– April 30,2022	—	0.05	—	(a)
QM U.S. Small-Cap Growth Equity Fund— I Class	May 1, 2020– April 30,2022	—	0.05	—	(a)
QM U.S. Value Equity Fund	May 1, 2020– April 30, 2022	0.72	—	—	(b)
QM U.S. Value Equity Fund—Advisor Class	May 1, 2020– April 30, 2022	0.99	—	—	(b)
QM U.S. Value Equity Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Real Assets Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Real Assets Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Real Estate Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Retirement Income 2020 Fund(g)	May 1, 2020– April 30, 2022	—	0.25	—	(a)
Science & Technology Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Small-Cap Index Fund	May 1, 2020– April 30, 2022	0.34	—	—	(b)
Small-Cap Index Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Small-Cap Index Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Small-Cap Stock Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Small-Cap Stock Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Small-Cap Value Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Small-Cap Value Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
U.S. Equity Research Fund	June 1, 2019 – April 30, 2021	0.50	—	—	(a)
U.S. Equity Research Fund—Advisor Class	October 1, 2019 – April 30, 2022	0.97	—	—	(a)
U.S. Equity Research Fund—I Class	November 1, 2019 – April 30, 2022	—	0.04	—	(a)
U.S. Equity Research Fund—R Class	October 1, 2019 – April 30, 2022	1.31	—	—	(a)
U.S. Large-Cap Core Fund—I Class	May 1, 2019 – April 30, 2021	—	0.05	—	(a)
U.S. Large-Cap Core Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Value Fund	May 1, 2020 – April 30, 2021	—	—	0.2975(e)	(c)
Value Fund—Advisor Class	May 1, 2020 – April 30, 2021	—	—	0.2975(e)	(c)
Value Fund—I Class	May 1, 2020– April 30, 2022	—	0.05	—	(a)
Value Fund—I Class	May 1, 2020 – April 30, 2021	—	—	0.2975(e)	(c)
Value Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)

226

Funds with a 2/29 Fiscal Year-End


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
California Tax-Free Bond Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
California Tax-Free Money Fund	July 1, 2019 – June 30, 2021	0.55	—	—	(b)
California Tax-Free Money Fund	July 1, 2020 – June 30, 2021	—	—	0.28	(c)
California Tax-Free Money Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
California Tax-Free Money Fund—I Class	July 1, 2020 – June 30, 2021	—	—	0.28	(c)
Georgia Tax-Free Bond Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
Intermediate Tax-Free High Yield Fund	October 1, 2019 – June 30, 2021	0.59	—	—	(b)
Intermediate Tax-Free High Yield Fund—Advisor Class	July 1, 2019 – June 30,2021	0.85	—	—	(b)
Intermediate Tax-Free High Yield Fund—I Class	July 1, 2019 – June 30,2021	—	0.05	—	(a)
Maryland Short-Term Tax-Free Bond Fund	October 1, 2019 – June30, 2022	0.53	—	—	(a)
Maryland Short-Term Tax-Free Bond Fund—I Class	July 1,2019 – June 30, 2021	—	0.05	—	(a)
Maryland Tax-Free Bond Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
Maryland Tax-Free Money Fund	October 1, 2019 – June 30, 2021	0.41	—	—	(b)
Maryland Tax-Free Money Fund	July 1, 2020 – June 30, 2021	—	—	0.28	(c)
Maryland Tax-Free Money Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
Maryland Tax-Free Money Fund—I Class	July 1, 2020 – June 30, 2021	—	—	0.28	(c)
New Jersey Tax-Free Bond Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
New York Tax-Free Bond Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
New York Tax-Free Money Fund	July 1, 2019 – June 30, 2021	0.55	—	—	(b)
New York Tax-Free Money Fund	July 1, 2020 – June 30, 2021	—	—	0.28	(c)
New York Tax-Free Money Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
New York Tax-Free Money Fund—I Class	July 1, 2020 – June 30, 2021	—	—	0.28	(c)
Tax-Efficient Equity Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
Tax-Exempt Money Fund	June 1, 2020 – June 30, 2022	0.45	—	—	(b)
Tax-Exempt Money Fund	July 1, 2020 – June 30, 2021	—	—	0.28	(c)
Tax-Exempt Money Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
Tax-Exempt Money Fund—I Class	July 1, 2020 – June 30, 2021	—	—	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	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
Tax-Free Income Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)
Tax-Free Short-Intermediate Fund—I Class	July 1, 2019 – June 30,2021	—	0.05	—	(a)
Virginia Tax-Free Bond Fund—I Class	July 1, 2019 – June 30, 2021	—	0.05	—	(a)

227

Funds with a 5/31 Fiscal Year-End


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Corporate Income Fund—I Class	October 1, 2020 – September 30, 2022	—	0.05	—	(a)
Credit Opportunities Fund	October 1, 2020 – September 30, 2021	0.90	—	—	(b)
Credit Opportunities Fund—Advisor Class	October 1, 2020 – September 30, 2021	1.00	—	—	(b)
Credit Opportunities Fund—I Class	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Floating Rate Fund—Advisor Class	October 1, 2019 – September 30, 2021	0.85	—	—	(b)
Floating Rate Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Floating Rate Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Global Multi-Sector Bond Fund— Advisor Class	October1, 2019 – September 30, 2021	0.95	—	—	(b)
Global Multi-Sector Bond Fund—I Class	October 1, 2020 – September 30, 2021	—	0.05 0.01	—	(a)
GNMA Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Government Money Fund	October 1, 2020 – September 30, 2021	—	—	0.25	(c)
Government Money Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
Government Money Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.25	(c)
High Yield Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
High Yield Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Inflation Protected Bond Fund	October 1, 2019 – September 30, 2021	0.41	—	—	(b)
Inflation Protected Bond Fund	October 1, 2020 – September 30, 2021	—	—	0.17	(c)
Inflation Protected Bond Fund—I Class	October 1, 2020 – September 30, 2021	—	0.05	—	(a)
Inflation Protected Bond Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.17	(c)
Institutional Cash Reserves Fund	October 1, 2020 – September 30, 2022	0.25	—	—	(b)
Institutional Cash Reserves Fund	October 1, 2020 – September 30, 2021	—	—	0.20	(c)
Institutional Floating Rate Fund—Z Class	Effective March 16, 2020(f)	0.00	—	—	(c)
Institutional High Yield Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Limited Duration Inflation Focused Bond Fund	October 1, 2020 – September30, 2021	—	—	0.25	(c)
Limited Duration Inflation Focused Bond Fund—I Class	October 1, 2019 – September30, 2021	—	0.05	—	(a)
Limited Duration Inflation Focused Bond Fund—I Class	October 1, 2020 – September30, 2021	—	—	0.25	(c)
Limited Duration Inflation Focused Bond Fund—Z Class	Effective March 16, 2020(f)	0.00	—	—	(c)
New Income Fund	October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund—Advisor Class	October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
New Income Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund—R Class	October 1, 2020 – September 30, 2021	1.15	—	—	(b)
New Income Fund—R Class	October 1, 2020 – September 30, 2021	—	—	0.0765(e)	(c)
New Income Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Retirement I 2005 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2010 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.00	—	(a)
Retirement I 2015 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)

228


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Retirement I 2020 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2025 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2030 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2035 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2040 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2045 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2050 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2055 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement I 2060 Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Retirement Balanced I Fund—I Class(g)	October 1, 2019 – September 30, 2021	—	0.01	—	(a)
Short Duration Income Fund	October 1, 2020 – September 30, 2023	0.40	—	—	(b)
Short Duration Income Fund—I Class	October 1, 2020 – September 30, 2023	—	0.01	—	(a)
Short-Term Bond Fund—I Class	October 1, 2020 – September 30, 2022	—	0.05	—	(a)
Spectrum Conservative Allocation Fund—I Class	October 1, 2020 – September30, 2021	—	0.05	—	(a)
Spectrum Moderate Allocation Fund—I Class	October 1, 2020 – September30, 2021	—	0.05	—	(a)
Spectrum Moderate Growth Allocation Fund—I Class	October 1, 2020 – September30, 2021	—	0.05	—	(a)
Target 2005 Fund(g)	October 1, 2018 – September 30, 2020	0.58	—	—	(b)
Target 2005 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2005 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.83	—	—	(b)
Target 2005 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2005 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2010 Fund(g)	October 1, 2018 – September 30, 2020	0.58	—	—	(b)
Target 2010 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2010 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.83	—	—	(b)
Target 2010 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2010 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.00	—	(a)
Target 2015 Fund(g)	October 1, 2018 – September 30, 2020	0.61	—	—	(b)
Target 2015 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2015 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.86	—	—	(b)
Target 2015 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2015 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2020 Fund(g)	October 1, 2018 – September 30, 2020	0.64	—	—	(b)
Target 2020 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2020 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.89	—	—	(b)
Target 2020 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2020 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2025 Fund(g)	October 1, 2018 – September 30, 2020	0.67	—	—	(b)
Target 2025 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2025 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.92	—	—	(b)

229


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Target 2025 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2025 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2030 Fund(g)	October 1, 2018 – September 30, 2020	0.70	—	—	(b)
Target 2030 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2030 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.95	—	—	(b)
Target 2030 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2030 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2035 Fund(g)	October 1, 2018 – September 30, 2020	0.72	—	—	(b)
Target 2035 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2035 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.97	—	—	(b)
Target 2035 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2035 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2040 Fund(g)	October 1, 2018 – September 30, 2020	0.74	—	—	(b)
Target 2040 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2040 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.99	—	—	(b)
Target 2040 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2040 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2045 Fund(g)	October 1, 2018 – September 30, 2020	0.74	—	—	(b)
Target 2045 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2045 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	0.99	—	—	(b)
Target 2045 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2045 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2050 Fund(g)	October 1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2050 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2050 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2050 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2050 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2055 Fund(g)	October 1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2055 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2055 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2055 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2055 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Target 2060 Fund(g)	October 1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2060 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2060 Fund—Advisor Class(g)	October 1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2060 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2060 Fund—I Class(g)	January 1, 2019 – September 30, 2020	—	0.01	—	(a)
Total Return Fund	October 1, 2019 – September 30, 2021	0.53	—	—	(b)
Total Return Fund—Advisor Class	October 1, 2020 – September 30, 2021	0.82	—	—	(b)
Total Return Fund—I Class	October 1, 2020 – September 30, 2021	—	0.05	—	(a)

230


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
U.S. High Yield Fund	October 1, 2019 – September 30, 2021	0.79	—	—	(a)
U.S. High Yield Fund—Advisor Class	October 1, 2019 – September 30, 2021	0.94	—	—	(a)
U.S. High Yield Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Treasury Intermediate Fund	October 1, 2020 – September 30, 2021	—	—	0.15	(c)
U.S. Treasury Intermediate Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Treasury Intermediate Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.15	(c)
U.S. Treasury Long-Term Fund	October 1, 2020 – September 30, 2021	—	—	0.15	(c)
U.S. Treasury Long-Term Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Treasury Long-Term Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.15	(c)
U.S. Treasury Long-Term Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
U.S. Treasury Money Fund	October 1, 2020 – September 30, 2021	—	—	0.25	(c)
U.S. Treasury Money Fund—I Class	October 1, 2019 – September 30, 2021	—	0.05	—	(a)
U.S. Treasury Money Fund—I Class	October 1, 2020 – September 30, 2021	—	—	0.25	(c)
U.S. Treasury Money Fund—Z Class	Effective March 16, 2020 (f)	0.00	—	—	(c)
Ultra Short-Term Bond Fund	July 1, 2019 – September 30, 2021	—	—	0.20	(c)
Ultra Short-Term Bond Fund	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	October 1, 2019 – September 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.

(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) This Fund Fee rate, when combined with the Group Fee rate, is applied to assets equal to or greater than $20 billion.

(f) This contractual arrangement is expected to remain in place indefinitely.

(g) In April 2020, the fund will begin charging an all-inclusive management fee based on the fund’s average daily net assets. As a result, although the expense limitation agreement will still be in effect, the fund is not expected to waive any expenses pursuant to the agreement.

(h) No reimbursement will be made after the reimbursement date or three years after any waiver or payment, whichever is sooner.

Additional Expense Limitation Arrangements

The following four tables set forth contractual expense limitation arrangements that were in effect during the prior three fiscal years and certain expense limitation arrangements that are currently in effect.

Funds with a 10/31 Fiscal Year-End


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Africa & Middle East Fund—I Class	March 6, 2017 – February 28, 2019	—	0.05	—	(a)
Asia Opportunities Fund	March 1, 2017 – February 28, 2019	1.15	—	—	(b)
Asia Opportunities Fund—Advisor Class	March 1, 2017 – February 28, 2019	1.25	—	—	(b)

231


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Asia Opportunities Fund—I Class	March 6, 2017 – February 28, 2019	—	0.05	—	(a)
Emerging Europe Fund—I Class	March 6, 2017 – February 28, 2019	—	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 – February28, 2018 March 1, 2018 – February 29, 2020	1.65	—	—	(b)
Emerging Markets Discovery Stock Fund—I Class	March 6, 2017 – February28, 2019	—	0.05	—	(a)
Emerging Markets Stock Fund—I Class	August 28, 2015 – February 28, 2018 March 1,2018 – February 29, 2020	—	0.05	—	(a)
European Stock Fund—I Class	March 6, 2017 – February 28, 2019	—	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 Growth Stock Fund	March 1, 2017 – February 28, 2019	1.00	—	—	(b)
Global Growth Stock Fund—Advisor Class	March 1, 2017 – February 28, 2019	1.10	—	—	(b)
Global Growth Stock Fund—I Class	March 6, 2017 – February 28, 2019	—	0.05	—	(a)
Global Stock Fund—Advisor Class	March 1, 2018 – February 29, 2020	1.15	—	—	February 28, 2022(e)
Global Stock Fund—I Class	March 6, 2017 – February 28, 2019	—	0.05	—	(a)
Institutional International Core Equity Fund	March 1, 2017 – February28, 2019	0.75	—	—	(b)
Institutional International Disciplined Equity Fund	March 1, 2017 – February28, 2019	0.75	—	—	(b)
International Disciplined Equity Fund	March 1, 2017 – February 28, 2019	0.90	—	—	(b)
International Disciplined Equity Fund—Advisor Class	March 1, 2017 – February28, 2019	1.00	—	—	(b)
International Disciplined Equity Fund—I Class	March 6, 2017 – February28, 2019	—	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	March 1, 2016 – February 28, 2018 March 1,2018 – February 29, 2020	0.75	—	—	February 29, 2020(e) February 28, 2022(e)
International Stock Fund—I Class	August 28, 2015 – February28, 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	—	0.05	—	(a)
Latin America Fund—I Class	March 6, 2017 – February 28, 2019	—	0.05	—	(a)
Multi-Strategy Total Return Fund	February 23, 2018 – September 30, 2019 October1, 2019 – February 29, 2020	1.35 1.19	—	—	(b)
Multi-Strategy Total Return Fund— Advisor Class	February23, 2018 – February 29, 2020	1.60	—	—	(b)
Multi-Strategy Total Return Fund—I Class	February 23, 2018 – February29, 2020	—	0.05	—	(a)
New Asia Fund—I Class	December 17, 2015 – February 28, 2018 March 1,2018 – February 29, 2020	—	0.05	—	(a)

232

Funds with a 12/31 Fiscal Year-End


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
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)
Capital Appreciation Fund	May 1, 2017 – April 30, 2019 May 1, 2019– April 30, 2020	—	—	0.27(d)	(c)
Capital Appreciation Fund—Advisor Class	May 1, 2017 – April 30, 2019 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, 2017 – April 30, 2019 May 1, 2019– April 30, 2020	—	—	0.27(d)	(c)
Communications & Technology Fund—I Class	March 23, 2016 – April30, 2018 May 1, 2018 – April 30, 2020	—	0.05	—	(a)
Diversified Mid-Cap Growth Fund—I Class	May 3, 2017 – April 30,2019	—	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	0.81	—	—	(b)
Dynamic Global Bond Fund	January 22, 2015 – April 30, 2017 May 1, 2017– April 30, 2019	0.75	—	—	(b)
Dynamic Global Bond Fund—Advisor Class	January 22, 2015 – April 30, 2017 May 1, 2017– April 30, 2019	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 Markets Bond Fund—Advisor Class	August 28, 2015 – April30, 2018 May 1, 2018 – April 30, 2020	1.20	—	—	(b)
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	1.15 1.15 1.15	—	—	(b)
Emerging Markets Corporate Bond Fund—Advisor Class	May 1, 2015 – April 30,2017 May 1, 2017 – April 30, 2019	1.25	—	—	(b)
Emerging Markets Corporate Bond Fund—I Class	December 17, 2015 – April30, 2018 May 1, 2018 – April 30, 2020	—	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 – April30, 2018 May 1, 2018 – April 30, 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	—	—	(b)
Equity Index 500 Fund—I Class	August 28, 2015 – April 30, 2018 May 1, 2018– April 30, 2020	—	0.05 0.05	—	(a)
Financial Services Fund—I Class	November 29, 2016 – April 30, 2019	—	0.05	—	(a)
Global Consumer Fund	June 27, 2016 – April 30, 2019	1.05	—	—	(b)
Global High Income Bond Fund	January 22, 2015 – April 30, 2017 May 1, 2017– April 30, 2019 May 1, 2019 – September 30, 2019	0.85 0.85 0.85	—	—	(b)
Global High Income Bond Fund— Advisor Class	January22, 2015 – April 30, 2017 May 1, 2017 – April 30, 2019	1.00	—	—	(b)

233


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
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	—	0.05	—	(a)
Global Real Estate Fund	May 1, 2015 – April 30, 2017 May 1, 2017– April 30, 2019 May 1, 2019 – September 30, 2019	1.05 1.05 1.05	—	—	(b)
Global Real Estate Fund—Advisor Class	May 1, 2015 – April 30, 2017 May 1, 2017– April 30, 2019	1.15	—	—	(b)
Global Real Estate Fund—I Class	November 29, 2016 – April 30, 2019	—	0.05	—	(a)
Global Technology Fund—I Class	November 29, 2016 – April 30, 2019	—	0.05	—	(a)
Growth & Income Fund—I Class	November 29, 2016 – April 30, 2019	—	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)
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 - April30, 2020	0.99	—	—	(b)
International Bond Fund (USD Hedged)— I Class	September 12, 2017 – April30, 2020	—	0.05	—	(a)
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	—	—	(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)
New America Growth Fund—I Class	December 17, 2015 – April 30, 2018 May 1, 2018– April 30, 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)
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)
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 – April30, 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 – April30, 2018 May 1, 2018 – April 30, 2020	1.14	—	—	(b)

234


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
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 – April30, 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 Income 2020 Fund(g)	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)
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)
U.S. Equity Research Fund—I Class	November 29, 2016 – April 30, 2019 May 1, 2019– October 31, 2019	—	0.05 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	—	0.05	—	(a)
Value Fund	May 1, 2017 – April 30, 2018 May 1, 2018 – April 30,2019 May 1, 2019 – April 30, 2020	—	—	0.2975(f)	(c)
Value Fund—Advisor Class	May 1, 2017 – April 30, 2018 May 1, 2018– April 30, 2019 May 1, 2019 – April 30, 2020	—	—	0.2975(f)	(c)
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, 2017 – April 30, 2018 May 1, 2018– April 30, 2019 May 1, 2019 – April 30, 2020	—	—	0.2975(f)	(c)

Funds with a 2/29 Fiscal Year-End


Fund	LimitationPeriod	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
California Tax-Free Bond Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
California Tax-Free Money Fund	July 1, 2015 – June 30, 2017 July 1,2017 – June 30, 2019	0.55	—	—	(b)
California Tax-Free Money Fund	April 1, 2017 – June 30, 2019 July 1,2019 – June 30, 2020	—	—	0.28	(c)
California Tax-Free Money Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)

235


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
California Tax-Free Money Fund—I Class	April 1, 2017 – June 30, 2019 July 1, 2019 – June 30, 2020	—	—	0.28	(c)
Georgia Tax-Free Bond Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
Intermediate Tax-Free High Yield Fund	July 24, 2014 – June 30, 2017 July 1,2017 – June 30, 2019 July 1, 2019 – September 30, 2019	0.75 0.75 0.75	—	—	(b)
Intermediate Tax-Free High Yield Fund—Advisor Class	July 24, 2014 – June 30,2017 July 1, 2017 – June 30, 2019	0.85	—	—	(b)
Intermediate Tax-Free High Yield Fund—I Class	July 6, 2017 – June 30,2019	—	0.05	—	(a)
Maryland Short-Term Tax-Free Bond Fund—I Class	July 6,2017 – June 30, 2019	—	0.05	—	(a)
Maryland Tax-Free Bond Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
Maryland Tax-Free Money Fund	April 1, 2017 – June 30, 2019 July 1,2019 – September 30, 2019	0.55 0.55	—	—	(b)
Maryland Tax-Free Money Fund	April 1, 2017 – June 30, 2019 July 1,2019 – June 30, 2020	—	—	0.28	(c)
Maryland Tax-Free Money Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
Maryland Tax-Free Money Fund—I Class	April 1, 2017 – June 30, 2019 July 1,2019 – June 30, 2020	—	—	0.28	(c)
New Jersey Tax-Free Bond Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
New York Tax-Free Bond Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
New York Tax-Free Money Fund	July 1, 2017 – June 30, 2019	0.55	—	—	(b)
New York Tax-Free Money Fund	April 1, 2017 – June 30, 2019 July 1,2019 – June 30, 2020	—	—	0.28	(c)
New York Tax-Free Money Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
New York Tax-Free Money Fund—I Class	April 1, 2017 – June 30, 2019 July 1,2019 – June 30, 2020	—	—	0.28	(c)
Tax-Efficient Equity Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
Tax-Exempt Money Fund	April 1, 2017 – June 30, 2019 July 1,2019 – June 30, 2020	—	—	0.28	(c)
Tax-Exempt Money Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
Tax-Exempt Money Fund—I Class	April 1, 2017 – June 30, 2019 July 1,2019 – June 30, 2020	—	—	0.28	(c)
Tax-Free High Yield Fund—I Class	November 29, 2016 – June 30, 2019	—	0.05	—	(a)
Tax-Free Income Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)
Tax-Free Short-Intermediate Fund—I Class	November 29, 2016 – June30, 2019	—	0.05	—	(a)
Virginia Tax-Free Bond Fund—I Class	July 6, 2017 – June 30, 2019	—	0.05	—	(a)

Funds with a 5/31 Fiscal Year-End


Fund	LimitationPeriod	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
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 October1, 2018 – September 30, 2020	0.90	—	—	(b)
Credit Opportunities Fund—Advisor Class	October 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	1.00	—	—	(b)

236


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Credit Opportunities Fund—I Class	November 29, 2016 – November 30, 2017 December 1, 2017 – September 30, 2019	—	0.05 0.01	—	(a)
Floating Rate Fund	October 1, 2015 – September 30, 2017	0.85	—	—	(b)
Floating Rate Fund—Advisor Class	October 1, 2015 – September 30, 2017 October1, 2017 – September 30, 2019	0.95	—	—	(b)
Floating Rate Fund—I Class	November 29, 2016 – September 30, 2019	—	0.05	—	(a)
Global Multi-Sector Bond Fund— Advisor Class	October1, 2015 – September 30, 2017 October 1, 2017 – September 30, 2019 October 1, 2019 – September 30, 2021	0.95	—	—	(b)
Global Multi-Sector Bond Fund—I Class	March 23, 2016 – November 30, 2017 December1, 2017 – September 30, 2018 October 1, 2018 – September 30, 2020	—	0.05 0.01	—	(a)
GNMA Fund—I Class	May 3, 2017 – September 30, 2019	—	0.05	—	(a)
Government Money Fund	April 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.25	(c)
Government Money Fund—I Class	May 3, 2017 – September 30, 2019	—	0.05	—	(a)
Government Money Fund—I Class	April 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.25	(c)
High Yield Fund—I Class	October 1, 2017 – September 30, 2019	—	0.05	—	(a)
Inflation Protected Bond Fund	August 1, 2017 – September 30, 2019	0.41	—	—	(b)
Inflation Protected Bond Fund	August 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.17	(c)
Inflation Protected Bond Fund—I Class	December 17, 2015 – September 30, 2018 October1, 2018 – September 30, 2020	—	0.05	—	(a)
Inflation Protected Bond Fund—I Class	August 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.17	(c)
Institutional Cash Reserves Fund	September 6, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.25	—	—	(b)
Institutional Cash Reserves Fund	April 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.20	(c)
Limited Duration Inflation Focused Bond Fund	August 1, 2017 – September30, 2017 October 1, 2019 – September 30, 2020	—	—	0.25	(c)
Limited Duration Inflation Focused Bond Fund—I Class	September 29, 2015 – September30, 2017 October 1, 2017 – September 30, 2019	—	0.05	—	(a)
Limited Duration Inflation Focused Bond Fund—I Class	August 1, 2017 – September30, 2017 October 1, 2019 – September 30, 2020	—	—	0.25	(c)
New Income Fund	November 1, 2016 – September 30, 2017 October1, 2017 – September 30, 2018 October 1, 2018 – September 30, 2019 October 1, 2019 – September 30, 2020	—	—	0.0765(f)	(c)
New Income Fund—Advisor Class	November 1, 2016 – September 30, 2017 October1, 2017 – September 30, 2018 October 1, 2018 – September 30, 2019 October 1, 2019 – September 30, 2020	—	—	0.0765(f)	(c)
New Income Fund—I Class	August 28, 2015 – September 30, 2017 October1, 2017 – September 30, 2019	—	0.05	—	(a)
New Income Fund—I Class	November 1, 2016 – September 30, 2017 October1, 2017 – September 30, 2018 October 1, 2018 – September 30, 2019 October 1, 2019 – September 30, 2020	—	—	0.0765(f)	(c)
New Income Fund—R Class	October 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	1.15	—	—	(b)

237


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
New Income Fund—R Class	November 1, 2016 – September 30, 2017 October 1, 2017 – September 30, 2018 October 1, 2018 – September 30, 2019 October 1, 2019 – September 30, 2020	—	—	0.0765(f)	(c)
Retirement I 2005 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2010 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.00	—	(a)
Retirement I 2015 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2020 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2025 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2030 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2035 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2040 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2045 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2050 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2055 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement I 2060 Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Retirement Balanced I Fund—I Class(g)	September 29, 2015 – November 30, 2016 December1, 2016 – September 30, 2019	—	0.05 0.01	—	(a)
Short-Term Bond Fund—I Class	December 17, 2015 – September 30, 2018 October1, 2018 – September 30, 2020	—	0.05	—	(a)
Spectrum Conservative Allocation Fund—I Class	March 23, 2016 – September30, 2018 October 1, 2018 – September 30, 2020	—	0.05	—	(a)
Spectrum Moderate Allocation Fund—I Class	March 23, 2016 – September30, 2018 October 1, 2018 – September 30, 2020	—	0.05	—	(a)
Spectrum Moderate Growth Allocation Fund—I Class	March 23, 2016 – September30, 2018 October 1, 2018 – September 30, 2020	—	0.05	—	(a)
Target 2005 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.58	—	—	(b)
Target 2005 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2005 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.83	—	—	(b)
Target 2005 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2005 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2010 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.58	—	—	(b)
Target 2010 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2010 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.83	—	—	(b)
Target 2010 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)

238


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
Target 2010 Fund—I Class(g)	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)
Target 2015 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.61	—	—	(b)
Target 2015 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2015 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.86	—	—	(b)
Target 2015 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2015 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2020 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.64	—	—	(b)
Target 2020 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2020 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.89	—	—	(b)
Target 2020 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2020 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2025 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.67	—	—	(b)
Target 2025 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2025 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.92	—	—	(b)
Target 2025 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2025 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2030 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.70	—	—	(b)
Target 2030 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2030 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.95	—	—	(b)
Target 2030 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2030 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2035 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.72	—	—	(b)
Target 2035 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2035 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.97	—	—	(b)
Target 2035 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2035 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2040 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.74	—	—	(b)
Target 2040 Fund(g)	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—Advisor Class(g)	February 1, 2016 – September 30, 2018 October 1, 2018 – September 30, 2020	0.99	—	—	(b)
Target 2040 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2040 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2045 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.74	—	—	(b)
Target 2045 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2045 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.99	—	—	(b)
Target 2045 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2045 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2050 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2050 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2050 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2050 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2050 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2055 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2055 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2055 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2055 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2055 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Target 2060 Fund(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.75	—	—	(b)
Target 2060 Fund(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2060 Fund—Advisor Class(g)	February 1, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	1.00	—	—	(b)
Target 2060 Fund—Advisor Class(g)	January 1, 2019 – September 30, 2020	—	0.15	—	(b)
Target 2060 Fund—I Class(g)	February 26, 2016 – September 30, 2018 October1, 2018 – December 31, 2018 January 1, 2019 – September 30, 2020	—	0.05 0.05 0.01	—	(a)
Total Return Fund	November 15, 2016 – September 30, 2018 October1, 2018 – September 30, 2019	0.57 0.57	—	—	(b)
Total Return Fund—Advisor Class	November 15, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	0.82	—	—	(b)
Total Return Fund—I Class	November 15, 2016 – September 30, 2018 October1, 2018 – September 30, 2020	—	0.05	—	(a)
U.S. High Yield Fund	May 22, 2017 – September 30, 2019	0.79	—	—	(a)
U.S. High Yield Fund—Advisor Class	May 22, 2017 – September 30, 2019	0.94	—	—	(a)
U.S. High Yield Fund—I Class	May 22, 2017 – September 30, 2019	—	0.05	—	(a)

240


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Operating Expense Limitation %²	Management Fee Limitation %³	Reimbursement Date
U.S. Treasury Intermediate Fund	August 1, 2017 – September 30, 2019 October 1, 2019 – September 30, 2020	—	—	0.15	(c)
U.S. Treasury Intermediate Fund—I Class	May 3, 2017 – September 30, 2019	—	0.05	—	(a)
U.S. Treasury Intermediate Fund—I Class	August 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.15	(c)
U.S. Treasury Long-Term Fund	August 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.15	(c)
U.S. Treasury Long-Term Fund—I Class	May 3, 2017 – September 30, 2019	—	0.05	—	(a)
U.S. Treasury Long-Term Fund—I Class	August 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.15	(c)
U.S. Treasury Money Fund	April 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.25	(c)
U.S. Treasury Money Fund—I Class	May 3, 2017 – September 30, 2019	—	0.05	—	(a)
U.S. Treasury Money Fund—I Class	April 1, 2017 – September 30, 2019 October1, 2019 – September 30, 2020	—	—	0.25	(c)
Ultra Short-Term Bond Fund	October 1, 2015 – September 30, 2017 October1, 2017 – September 30, 2019	0.35	—	—	(b)
Ultra Short-Term Bond Fund—I Class	July 6, 2017 – September 30, 2019	—	0.05	—	(a)

(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.

(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) In April 2020, the fund began charging an all-inclusive management fee based on the fund’s average daily net assets. As a result, although the expense limitation agreement will still be in effect, the fund is not expected to waive any expenses pursuant to the agreement.

Indefinite Expense Limitation Arrangements

The following table sets forth contractual expense limitations for the Price Funds that are expected to remain in place indefinitely. 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 waiver/payment or reimbursement, whichever is lower.


Fund	Limitation Period	Total Expense Ratio Limitation %¹	Management Fee Limitation%²	Reimbursement Date
Global Growth Stock Fund	Effective November 1, 2019	—	0.65	(b)
Global Growth Stock Fund—Advisor Class	Effective November 1, 2019	—	0.65	(b)
Global Growth Stock Fund—I Class	Effective November 1, 2019	—	0.65	(b)
Global Stock Fund	Effective November 1, 2019	—	0.65	(b)
Global Stock Fund—Advisor Class	Effective November 1, 2019	—	0.65	(b)
Global Stock Fund—I Class	Effective November 1, 2019	—	0.65	(b)
International Stock Fund	Effective October 2, 2020	—	0.70	(b)
InternationalStock Fund—Advisor Class	Effective October 2, 2020	—	0.70	(b)

241


International Stock Fund—I Class	Effective October 2, 2020	—	0.70	(b)
InternationalStock Fund—R Class	Effective October 2, 2020	—	0.70	(b)
International Stock Fund—Z Class	Effective October 2, 2020	—	0.70	(b)
Large-Cap Growth Fund	Effective May 1, 2020	—	0.55	(b)
Large-Cap Growth Fund—I Class	Effective May 1, 2020	—	0.55	(b)
Large-CapValue Fund	Effective May 1, 2020	—	0.55	(b)
Large-Cap Value Fund—I Class	Effective May 1, 2020	—	0.55	(b)
OverseasStock Fund	Effective September 18, 2020	—	0.65	(b)
Overseas Stock Fund—Advisor Class	Effective September 18, 2020	—	0.65	(b)
Overseas Stock Fund—I Class	Effective September 18, 2020	—	0.65	(b)
Overseas Stock Fund—Z Class	Effective September 18, 2020	—	0.65	(b)
Summit Municipal Income Fund	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Income Fund—Advisor Class	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Income Fund—I Class	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Intermediate Fund	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Intermediate Fund—Advisor Class	Effective March 1, 2019	0.50	—	(a)
Summit Municipal Intermediate Fund— I Class	Effective March 1, 2019	0.50	—	(a)
U.S. Equity Research Fund	Effective November 1, 2019	—	0.33	(b)
U.S. Equity Research Fund—Advisor Class	Effective November 1, 2019	—	0.33	(b)
U.S. Equity Research Fund—I Class	Effective November 1, 2019	—	0.33	(b)
U.S. Equity Research Fund—R Class	Effective November 1, 2019	—	0.33	(b)

¹ T.Rowe Price has agreed to waive its fees and/or bear any expenses, including but not limited to management fees, but excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses, or reimburse fund or class, to the extent the fund’s or class’ total ratio of expenses to average daily net assets to exceed the percentage indicated (on an annualized basis).

² 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.

(a) No reimbursement will be made more than three years after any waiver or payment.

(b) Fees waived under this agreement are not subject to reimbursement to T. Rowe Price by the fund.

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.

242

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.


Fund	Fiscal Year Ended
Fund	2/29/20	2/28/19	2/28/18
California Tax-Free Bond Fund	135,000	$140,000	$157,000
California Tax-Free Bond Fund—I Class	23,000	13,000	1,000
California Tax-Free Money Fund	122,000	129,000	155,000
California Tax-Free Money Fund—I Class	24,000	14,000	(a)
Floating Rate Multi-Sector Account Portfolio	—	—	—
Georgia Tax-Free Bond Fund	112,000	144,000	156,000
Georgia Tax-Free Bond Fund—I Class	45,000	8,000	(a)
High Yield Multi-Sector Account Portfolio	—	—	—
Intermediate Tax-Free High Yield Fund	144,000	137,000	151,000
Intermediate Tax-Free High Yield Fund—Advisor Class	2,000	2,000	2,000
Intermediate Tax-Free High Yield Fund—I Class	10,000	12,000	3,000
Investment-Grade Corporate Multi-Sector Account Portfolio	—	—	—
Maryland Short-Term Tax-Free Bond Fund	112,000	119,000	148,000
Maryland Short-Term Tax-Free Bond Fund—I Class	44,000	32,000	8,000
Maryland Tax-Free Bond Fund	136,000	141,000	163,000
Maryland Tax-Free Bond Fund—I Class	28,000	19,000	1,000
Maryland Tax-Free Money Fund	87,000	110,000	156,000
Maryland Tax-Free Money Fund—I Class	59,000	33,000	(a)
Mortgage-Backed Securities Multi-Sector Account Portfolio	—	—	—
New Jersey Tax-Free Bond Fund	146,000	144,000	157,000
New Jersey Tax-Free Bond Fund—I Class	11,000	8,000	(a)
New York Tax-Free Bond Fund	137,000	139,000	156,000
New York Tax-Free Bond Fund—I Class	20,000	13,000	1,000
New York Tax-Free Money Fund	106,000	133,000	155,000
New York Tax-Free Money Fund—I Class	39,000	11,000	(a)
Tax-Efficient Equity Fund	136,000	135,000	157,000
Tax-Efficient Equity Fund—I Class	22,000	17,000	(a)
Tax-Exempt Money Fund	97,000	112,000	156,000
Tax-Exempt Money Fund—I Class	50,000	33,000	(a)
Tax-Free High Yield Fund	135,000	134,000	141,000
Tax-Free High Yield Fund—Advisor Class	(a)	16,000	23,000
Tax-Free High Yield Fund—I Class	40,000	23,000	9,000
Tax-Free Income Fund	108,000	125,000	128,000
Tax-Free Income Fund—Advisor Class	24,000	16,000	37,000
Tax-Free Income Fund—I Class	32,000	20,000	1,000
Tax-Free Short-Intermediate Fund	116,000	131,000	150,000
Tax-Free Short-Intermediate Fund—Advisor Class	(a)	(a)	(a)

243


Fund	Fiscal Year Ended
Fund	2/29/20	2/28/19	2/28/18
Tax-Free Short-Intermediate Fund—I Class	46,000	28,000	12,000
Virginia Tax-Free Bond Fund	128,000	140,000	159,000
Virginia Tax-Free Bond Fund—I Class	32,000	16,000	1,000

(a) Less than $1,000.


Fund	Fiscal Year Ended
Fund	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)
Floating Rate Fund—Z Class	(b)	(b)	(b)
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
High Yield Fund—Z Class	(b)	(b)	(b)
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 Floating Rate Fund—Z Class	(b)	(b)	(b)
Institutional High Yield Fund	154,000	167,000	167,000
Institutional High Yield Fund—Z Class	(b)	(b)	(b)
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
Limited Duration Inflation Focused Bond Fund—Z Class	(b)	(b)	(b)

244


Fund	Fiscal Year Ended
Fund	5/31/19	5/31/18	5/31/17
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)
New Income Fund—Z Class	(b)	(b)	(b)
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)

245


Fund	Fiscal Year Ended
Fund	5/31/19	5/31/18	5/31/17
Retirement 2065 Fund	(b)	(b)	(b)
Retirement 2065 Fund—Advisor Class	(b)	(b)	(b)
Retirement 2065 Fund—R Class	(b)	(b)	(b)
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)
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 I 2065 Fund—I Class	(b)	(b)	(b)
Retirement Balanced I Fund—I Class	(c)	(c)	(c)
Short Duration Income Fund	(b)	(b)	(b)
Short Duration Income Fund—I Class	(b)	(b)	(b)
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—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)

246


Fund	Fiscal Year Ended
Fund	5/31/19	5/31/18	5/31/17
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)
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)
Target 2065 Fund	(b)	(b)	(b)
Target 2065 Fund—Advisor Class	(b)	(b)	(b)
Target 2065 Fund—I Class	(b)	(b)	(b)
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

247


Fund	Fiscal Year Ended
Fund	5/31/19	5/31/18	5/31/17
U.S. Treasury Long-Term Fund—I Class	35,000	13,000	0
U.S. Treasury Long-Term Fund—Z Class	(b)	(b)	(b)
U.S. Treasury Money Fund	131,000	172,000	171,000
U.S. Treasury Money Fund—I Class	30,000	14,000	0
U.S. Treasury Money Fund—Z Class	(b)	(b)	(b)
Ultra Short-Term Bond Fund	133,000	156,000	164,000
Ultra Short-Term Bond Fund—I Class	20,000	6,000	(b)

(a) Less than $1,000.

(b) Prior to commencement of operations.


Fund	Fiscal Year Ended
Fund	10/31/19	10/31/18	10/31/17
Africa & Middle East Fund	$144,000	$145,000	$158,000
Africa & Middle East Fund—I Class	12,000	9,000	1,000
Asia Opportunities Fund	116,000	134,000	155,000
Asia Opportunities Fund—Advisor Class	(a)	(a)	1,000
Asia Opportunities Fund—I Class	40,000	19,000	2,000
Cash Reserves Fund	154,000	161,000	165,000
China Evolution Equity Fund	(b)	(b)	(b)
China Evolution Equity Fund—I Class	(b)	(b)	(b)
Emerging Europe Fund	150,000	149,000	158,000
Emerging Europe Fund—I Class	7,000	5,000	1,000
Emerging Markets Discovery Stock Fund	135,000	140,000	160,000
Emerging Markets Discovery Stock Fund—Advisor Class	(a)	1,000	2,000
Emerging Markets Discovery Stock Fund—I Class	21,000	12,000	1,000
Emerging Markets Discovery Stock Fund—Z Class	(b)	(b)	(b)
Emerging Markets Stock Fund	143,000	149,000	151,000
Emerging Markets Stock Fund—I Class	60,000	47,000	36,000
Emerging Markets Stock Fund—Z Class	(b)	(b)	(b)
European Stock Fund	155,000	155,000	162,000
European Stock Fund—I Class	5,000	3,000	(a)
Global Allocation Fund	143,000	136,000	142,000
Global Allocation Fund—Advisor Class	3,000	4,000	5,000
Global Allocation Fund—I Class	13,000	15,000	12,000
Global Growth Stock Fund	73,000	80,000	154,000
Global Growth Stock Fund—Advisor Class	(a)	1,000	2,000
Global Growth Stock Fund—I Class	84,000	73,000	2,000
Global Stock Fund	129,000	130,000	158,000
Global Stock Fund—Advisor Class	3,000	4,000	1,000
Global Stock Fund—I Class	30,000	22,000	1,000

248


Fund	Fiscal Year Ended
Fund	10/31/19	10/31/18	10/31/17
Global Value Equity	(b)	(b)	(b)
Global Value Equity Fund—I Class	156,000	153,000	159,000
Institutional Emerging Markets Equity Fund	163,000	160,000	163,000
Institutional International Core Equity Fund	156,000	154,000	159,000
Institutional International Disciplined Equity Fund	157,000	155,000	160,000
Institutional International Growth Equity Fund	156,000	154,000	159,000
International Disciplined Equity Fund	22,000	97,000	141,000
International Disciplined Equity Fund—Advisor Class	2,000	3,000	15,000
International Disciplined Equity Fund—I Class	132,000	54,000	3,000
International Discovery Fund	108,000	116,000	116,000
International Discovery Fund—I Class	79,000	70,000	61,000
International Equity Index Fund	158,000	155,000	160,000
International Stock Fund	163,000	171,000	176,000
International Stock Fund—Advisor Class	(a)	2,000	3,000
International Stock Fund—I Class	47,000	38,000	30,000
International Stock Fund—R Class	(a)	(a)	(a)
International Stock Fund—Z Class	(a)	(a)	(a)
International Value Equity Fund	153,000	172,000	181,000
International Value Equity Fund—Advisor Class	1,000	2,000	3,000
International Value Equity Fund—I Class	42,000	29,000	14,000
International Value Equity Fund—R Class	(a)	1,000	1,000
International Value Equity Fund—Z Class	(b)	(b)	(b)
Japan Fund	145,000	156,000	160,000
Japan Fund—I Class	11,000	3,000	(a)
Latin America Fund	153,000	152,000	160,000
Latin America Fund—I Class	5,000	4,000	1,000
Multi-Strategy Total Return Fund	139,000	96,000	(b)
Multi-Strategy Total Return Fund—Advisor Class	(b)	(b)	(b)
Multi-Strategy Total Return Fund—I Class	13,000	10,000	(b)
New Asia Fund	143,000	146,000	154,000
New Asia Fund—I Class	24,000	19,000	13,000
Overseas Stock Fund	136,000	144,000	166,000
Overseas Stock Fund—Advisor Class	(a)	(a)	(a)
Overseas Stock Fund—I Class	86,000	69,000	38,000
Overseas Stock Fund—Z Class	(b)	(b)	(b)
Summit Municipal Income Fund	145,000	158,000	162,000
Summit Municipal Income Fund—Advisor Class	(a)	(a)	1,000
Summit Municipal Income Fund—I Class	19,000	(b)	(b)
Summit MunicipalIntermediate Fund	144,000	174,000	173,000
Summit Municipal Intermediate Fund—Advisor Class	(a)	(a)	(a)
Summit Municipal Intermediate Fund—I Class	33,000	(b)	(b)

249


Fund	Fiscal Year Ended
Fund	10/31/19	10/31/18	10/31/17
Summit Municipal Money Market Fund	143,000	153,000	159,000
U.S. Bond Enhanced Index Fund	161,000	156,000	161,000

(a) Lessthan $1,000.

(b) Prior to commencement of operations.


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
Balanced Fund	$146,000	$154,000	$161,000
Balanced Fund—I Class	22,000	16,000	9,000
Blue Chip Growth Fund	250,000	262,000	218,000
Blue Chip Growth Fund—Advisor Class	20,000	26,000	24,000
Blue Chip Growth Fund—I Class	103,000	75,000	42,000
Blue Chip Growth Fund—R Class	5,000	6,000	5,000
Capital Appreciation Fund	231,000	232,000	227,000
Capital Appreciation Fund—Advisor Class	7,000	9,000	11,000
Capital Appreciation Fund—I Class	41,000	28,000	16,000
Communications & Technology Fund	159,000	171,000	168,000
Communications & Technology Fund—I Class	11,000	8,000	4,000
Diversified Mid-Cap Growth Fund	137,000	156,000	159,000
Diversified Mid-Cap Growth Fund—I Class	17,000	5,000	1,000
Dividend Growth Fund	131,000	133,000	137,000
Dividend Growth Fund—Advisor Class	5,000	7,000	9,000
Dividend Growth Fund—I Class	56,000	50,000	39,000
Dynamic Credit Fund	136,000	(a)	(a)
Dynamic Credit Fund—I Class	12,000	(a)	(a)
Dynamic Global Bond Fund	118,000	131,000	37,000
Dynamic Global Bond Fund—Advisor Class	(b)	(b)	1,000
Dynamic Global Bond Fund—I Class	48,000	42,000	121,000
Dynamic Global Bond Fund—Z Class	(a)	(a)	(a)
Emerging Markets Bond Fund	139,000	139,000	148,000
Emerging Markets Bond Fund—Advisor Class	(b)	(b)	(b)
Emerging Markets Bond Fund—I Class	34,000	38,000	32,000
Emerging Markets Bond Fund—Z Class	(a)	(a)	(a)
Emerging Markets Corporate Bond Fund	102,000	136,000	143,000
Emerging Markets Corporate Bond Fund—Advisor Class	2,000	4,000	4,000
Emerging Markets Corporate Bond Fund—I Class	45,000	18,000	10,000
Emerging Markets Corporate Multi-Sector Account Portfolio	—	—	—
Emerging Markets Local Currency Bond Fund	125,000	109,000	153,000
Emerging Markets Local Currency Bond Fund—Advisor Class	(b)	(b)	(b)
Emerging Markets Local Currency Bond Fund—I Class	25,000	51,000	5,000

250


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
Emerging Markets Local Multi-Sector Account Portfolio	—	—	—
Equity IncomeFund	173,000	185,000	187,000
Equity Income Fund—Advisor Class	3,000	4,000	5,000
Equity Income Fund—I Class	49,000	48,000	40,000
Equity Income Fund—R Class	(b)	(b)	1,000
Equity Index 500 Fund	214,000	232,000	240,000
Equity Index 500 Fund—I Class	44,000	32,000	17,000
Equity Index 500 Fund—Z Class	(a)	(a)	(a)
Extended Equity Market Index Fund	152,000	161,000	160,000
Financial Services Fund	142,000	154,000	159,000
Financial Services Fund—I Class	10,000	7,000	1,000
Global Consumer Fund	149.000	158,000	174,000
Global High Income Bond Fund	105,000	117,000	114,000
Global High Income Bond Fund—Advisor Class	1,000	2,000	4,000
Global High Income Bond Fund—I Class	43,000	39,000	39,000
Global Industrials Fund	140,000	149,000	154,000
Global Industrials Fund—I Class	9,000	9,000	4,000
Global Real Estate Fund	119,000	123,000	134,000
Global Real Estate Fund—Advisor Class	15,000	19,000	21,000
Global Real Estate Fund—I Class	15,000	16,000	3,000
Global Technology Fund	152,000	166,000	170,000
Global Technology Fund—I Class	17,000	15,000	3,000
Growth & Income Fund	156,000	160,000	163,000
Growth & Income Fund—I Class	3,000	2,000	(b)
Growth Stock Fund	232,000	258,000	258,000
Growth Stock Fund—Advisor Class	19,000	23,000	21,000
Growth Stock Fund—I Class	99,000	75,000	43,000
Growth Stock Fund—R Class	6,000	7,000	6,000
Growth Stock Fund—Z Class	(a)	(a)	(a)
Health Sciences Fund	185,000	190,000	188,000
Health Sciences Fund—I Class	16,000	11,000	7,000
Institutional Emerging Markets Bond Fund	150,000	159,000	158,000
Institutional Large-Cap Core Growth Fund	164,000	172,000	167,000
Institutional Mid-Cap Equity Growth Fund	181,000	182,000	179,000
Institutional Small-Cap Stock Fund	167,000	176,000	170,000
International Bond Fund	95,000	117,000	150,000
International Bond Fund—Advisor Class	(b)	(b)	(b)
International Bond Fund—I Class	59,000	47,000	24,000
International Bond Fund—Z Class	(a)	(a)	(a)
International Bond Fund (USD Hedged)	127,000	144,000	47,000
International Bond Fund (USD Hedged)—Advisor Class	(b)	(b)	(b)

251


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
International Bond Fund (USD Hedged)—I Class	43,000	33,000	3,000
International Bond Fund (USD Hedged)—Z Class	(a)	(a)	(a)
Large-Cap Growth Fund	(a)	(a)	(a)
Large-Cap Growth Fund—I Class	218,000	228,000	205,000
Large-Cap Value Fund	(a)	(a)	(a)
Large-Cap Value Fund—I Class	164,000	169,000	169,000
Mid-Cap Growth Fund	204,000	217,000	213,000
Mid-Cap Growth Fund—Advisor Class	6,000	9,000	9,000
Mid-Cap Growth Fund—I Class	62,000	48,000	28,000
Mid-Cap Growth Fund—R Class	(b)	1,000	1,000
Mid-Cap Growth Fund—Z Class	(a)	(a)	(a)
Mid-Cap Index Fund	141,000	150,000	155,000
Mid-Cap Index Fund—I Class	7,000	8,000	8,000
Mid-Cap Index Fund—Z Class	(a)	(a)	(a)
Mid-Cap Value Fund	145,000	160,000	166,000
Mid-Cap Value Fund—Advisor Class	3,000	5,000	6,000
Mid-Cap Value Fund—I Class	49,000	40,000	28,000
Mid-Cap Value Fund—R Class	2,000	3,000	3,000
Mid-Cap Value Fund—Z Class	(a)	(a)	(a)
New America Growth Fund	129,000	142,000	141,000
New America Growth Fund—Advisor Class	10,000	11,000	14,000
New America Growth Fund—I Class	29,000	23,000	16,000
New Era Fund	96,000	103,000	122,000
New Era Fund—I Class	69,000	67,000	48,000
New Horizons Fund	184,000	204,000	192,000
New Horizons Fund—I Class	62,000	51,000	32,000
New Horizons Fund—Z Class	(a)	(a)	(a)
QM Global Equity Fund	138,000	148,000	166,000
QM Global Equity Fund—Advisor Class	3,000	3,000	3,000
QM Global Equity Fund—I Class	8,000	7,000	4,000
QM U.S. Small & Mid-Cap Core Equity Fund	137,000	151,000	167,000
QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class	1,000	1,000	2,000
QM U.S. Small & Mid-Cap Core Equity Fund—I Class	10,000	5,000	2,000
QM U.S. Small-Cap Growth Equity Fund	110,000	124,000	138,000
QM U.S. Small-Cap Growth Equity Fund—Advisor Class	(b)	(b)	(b)
QM U.S.Small-Cap Growth Equity Fund—I Class	67,000	61,000	33,000
QM U.S. Value Equity Fund	138,000	149,000	163,000
QM U.S. Value Equity Fund—Advisor Class	3,000	3,000	3,000
QM U.S. Value Equity Fund—I Class	8,000	6,000	5,000
Real Assets Fund	121,000	134,000	149,000
Real Assets Fund—I Class	42,000	32,000	20,000

252


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
Real Assets Fund—Z Class	(a)	(a)	(a)
Real Estate Fund	117,000	118,000	152,000
Real Estate Fund—Advisor Class	8,000	6,000	8,000
Real Estate Fund—I Class	42,000	51,000	19,000
Retirement Income 2020 Fund	92,000	108,000	70,000
Science & Technology Fund	140,000	150,000	145,000
Science & Technology Fund—Advisor Class	19,000	22,000	23,000
Science & Technology Fund—I Class	11,000	9,000	5,000
Small-Cap Index Fund	141,000	150,000	155,000
Small-Cap Index Fund—I Class	7,000	8,000	8,000
Small-Cap Index Fund—Z Class	(a)	(a)	(a)
Small-Cap Stock Fund	141,000	158,000	167,000
Small-Cap Stock Fund—Advisor Class	3,000	3,000	5,000
Small-Cap Stock Fund—I Class	46,000	31,000	17,000
Small-Cap Stock Fund—Z Class	(a)	(a)	(a)
Small-Cap Value Fund	146,000	153,000	155,000
Small-Cap Value Fund—Advisor Class	2,000	9,000	15,000
Small-Cap Value Fund—I Class	40,000	32,000	21,000
Small-Cap Value Fund—Z Class	(a)	(a)	(a)
Spectrum Growth Fund	(c)	(c)	(c)
Spectrum Income Fund	(c)	(c)	(c)
Spectrum International Fund	(c)	(c)	(c)
Total Equity Market Index Fund	156,000	165,000	163,000
U.S. Equity Research Fund	130,000	144,000	144,000
U.S. Equity Research Fund—Advisor Class	4,000	3,000	5,000
U.S. Equity Research Fund—I Class	17,000	12,000	7,000
U.S. Equity Research Fund—R Class	1,000	2,000	2,000
U.S. Large-Cap Core Fund	135,000	147,000	146,000
U.S. Large-Cap Core Fund—Advisor Class	4,000	5,000	12,000
U.S. Large-Cap Core Fund—I Class	12,000	8,000	1,000
U.S. Large-Cap Core Fund—Z Class	(a)	(a)	(a)
Value Fund	181,000	206,000	212,000
Value Fund—Advisor Class	3,000	4,000	5,000
Value Fund—I Class	57,000	45,000	24,000
Value Fund—Z Class	(a)	(a)	(a)

(a) Priorto commencement of operations.

(b) Less than $1,000.

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,

253

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 Price 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’s Investor Class (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 2019, unless otherwise indicated.


Fund	Payment
Africa & Middle East Fund	$45,764
Asia Opportunities Fund	39,002
Balanced Fund	1,451,378
Blue ChipGrowth Fund	39,560,503
California Tax-Free Bond Fund	467,506
California Tax-Free Money Fund	267
CapitalAppreciation Fund	23,803,416
Cash Reserves Fund	69,246
China Evolution Equity Fund	(a)
Communications & Technology Fund	2,789,949
Corporate Income Fund	100,436
Credit OpportunitiesFund	8,452
Diversified Mid-Cap Growth Fund	810,527
Dividend Growth Fund	7,307,231
DynamicCredit Fund	287
Dynamic Global Bond Fund	2,087
Emerging Europe Fund	47,143
EmergingMarkets Bond Fund	708,556
Emerging Markets Corporate Bond Fund	32,465
Emerging Markets Corporate Multi-Sector Account Portfolio	(b)

254


Fund	Payment
Emerging Markets Discovery Stock Fund	40,265
Emerging Markets Local Currency Bond Fund	23,876
EmergingMarkets Local Multi-Sector Account Portfolio	(b)
Emerging Markets Stock Fund	3,742,716
Equity Income Fund	6,291,420
Equity Index 500 Fund	2,096,167
European Stock Fund	325,307
Extended Equity Market Index Fund	375,214
Financial Services Fund	354,882
Floating Rate Fund	486,831
FloatingRate Multi-Sector Account Portfolio	(b)
Georgia Tax-Free Bond Fund	266,166
Global Allocation Fund	379,855
Global Consumer Fund	7,235
Global GrowthStock Fund	96,051
Global High Income Bond Fund	40,559
Global Industrials Fund	1,475
Global Multi-SectorBond Fund	756,130
Global Real Estate Fund	60,493
Global Stock Fund	1,261,938
Global TechnologyFund	3,595,653
Global Value Equity Fund	0(c)
GNMA Fund	160,969
Government Money Fund	99,435
Government Reserve Fund	(b)
Growth &Income Fund	375,993
Growth Stock Fund	17,332,009
Health Sciences Fund	7,754,054
High Yield Fund	968,622
High Yield Multi-Sector Account Portfolio	(b)
Inflation Protected Bond Fund	128,953
Institutional Cash Reserves Fund	(b)
InstitutionalCore Plus Fund	(b)
Institutional Emerging Markets Bond Fund	(b)
Institutional Emerging Markets Equity Fund	(b)
Institutional Floating Rate Fund	(b)
InstitutionalFloating Rate Fund—F Class	600,593
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)

255


Fund	Payment
Institutional Long Duration Credit Fund	(b)
Institutional Mid-Cap Equity Growth Fund	(b)
InstitutionalSmall-Cap Stock Fund	(b)
Intermediate Tax-Free High Yield Fund	6,736
International Bond Fund	322,477
InternationalBond Fund (USD Hedged)	552
International Disciplined Equity Fund	18,732
International Discovery Fund	3,839,428
InternationalEquity Index Fund	200,573
International Stock Fund	981,438
International Value Equity Fund	235,303
Investment-GradeCorporate Multi-Sector Account Portfolio	(b)
Japan Fund	385,676
Large-Cap Growth Fund	0(c)
Large-Cap Value Fund	0(c)
Latin AmericaFund	242,396
Limited Duration Inflation Focused Bond Fund	6,011
Maryland Short-Term Tax-Free Bond Fund	55,302
MarylandTax-Free Bond Fund	1,103,217
Maryland Tax-Free Money Fund	1,376
Mid-Cap Growth Fund	13,964,918
Mid-CapIndex Fund	(b)
Mid-Cap Value Fund	3,462,419
Mortgage-Backed Securities Multi-Sector Account Portfolio	(b)
Multi-Strategy Total Return Fund	3,047
New America Growth Fund	3,364,599
New Asia Fund	1,007,335
New EraFund	1,250,195
New Horizons Fund	10,925,622
New Income Fund	367,939
New Jersey Tax-Free Bond Fund	403,068
New York Tax-Free Bond Fund	225,487
New YorkTax-Free Money Fund	351
Overseas Stock Fund	2,566,255
QM Global Equity Fund	688
QM U.S. Small & Mid-Cap Core Equity Fund	40,129
QM U.S. Small-Cap Growth Equity Fund	5,173,190
QM U.S.Value Equity Fund	1,282
Real Assets Fund	86,761
Real Estate Fund	2,817,994
Retirement 2005 Fund	(d)

256


Fund	Payment
Retirement 2010 Fund	(d)
Retirement2015 Fund	(d)
Retirement 2020 Fund	(d)
Retirement 2025 Fund	(d)
Retirement 2030 Fund	(d)
Retirement 2035 Fund	(d)
Retirement 2040 Fund	(d)
Retirement 2045 Fund	(d)
Retirement 2050 Fund	(d)
Retirement 2055 Fund	(d)
Retirement 2060 Fund	(d)
Retirement 2065 Fund	(a)
Retirement Balanced Fund	(d)
Retirement Income 2020 Fund	(d)
Science& Technology Fund	1,371,901
Short Duration Income Fund	(a)
Short-Term Fund	(b)
Short-TermBond Fund	1,309,447
Short-Term Government Fund	(a)
Small-Cap Index Fund	(b)
Small-CapStock Fund	2,622,626
Small-Cap Value Fund	2,818,340
Spectrum Conservative Allocation Fund	950,228
Spectrum Growth Fund	(d)
Spectrum Income Fund	(d)
Spectrum International Fund	(d)
Spectrum Moderate Allocation Fund	1,166,675
SpectrumModerate Growth Allocation Fund	1,868,107
Summit Municipal Income Fund	2,214,018
Summit Municipal Intermediate Fund	5,027,446
Summit Municipal Money Market Fund	1,453
Target 2005Fund	6,192
Target 2010 Fund	13,801
Target 2015 Fund	32,696
Target 2020 Fund	83,610
Target 2025 Fund	115,160
Target 2030 Fund	115,785
Target 2035 Fund	96,229
Target 2040 Fund	79,882
Target 2045 Fund	62,260
Target 2050 Fund	49,865
Target 2055 Fund	29,903

257


Fund	Payment
Target 2060 Fund	14,221
Target 2065Fund	(a)
Tax-Efficient Equity Fund	214,173
Tax-Exempt Money Fund	9,934
Tax-FreeHigh Yield Fund	4,262,083
Tax-Free Income Fund	832,823
Tax-Free Short-Intermediate Fund	1,200,627
Total Equity Market Index Fund	477,862
Total Return Fund	2,426
TreasuryReserve Fund	(b)
U.S. Bond Enhanced Index Fund	898,011
U.S. Equity Research Fund	706,186
U.S. HighYield Fund	52,234
U.S. Large-Cap Core Fund	377,520
U.S. Treasury Intermediate Fund	299,143
U.S. TreasuryLong-Term Fund	122,316
U.S. Treasury Money Fund	441,801
Ultra Short-Term Bond Fund	882,303
Value Fund	2,695,977
Virginia Tax-Free Bond Fund	864,308

(a) Prior to commencement of operations.

(b) Not eligible to participate in AFP program.

(c) During the fund’s previous fiscal year, it operated as an institutionalfund and was not eligible to participate in the AFP program.

(d) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.

Each Advisor Class 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 2019, unless otherwise indicated.


Fund	Payment
Asia Opportunities Fund—Advisor Class	$178
Blue Chip Growth Fund—Advisor Class	5,022,158
Blue Chip Growth Fund—R Class	1,319,647
CapitalAppreciation Fund—Advisor Class	1,238,399
Credit Opportunities Fund—Advisor Class	16
Dividend Growth Fund—Advisor Class	470,086
Dynamic Global Bond Fund—Advisor Class	103
EmergingMarkets Bond Fund—Advisor Class	873
Emerging Markets Corporate Bond Fund—Advisor Class	1,576
Emerging Markets Discovery Stock Fund—Advisor Class	160
Emerging Markets Local Currency Bond Fund—Advisor Class	102

258


Fund	Payment
Equity Income Fund—Advisor Class	389,854
Equity Income Fund—R Class	101,065
FloatingRate Fund—Advisor Class	38,948
Global Allocation Fund—Advisor Class	18,678
Global Growth Stock Fund—Advisor Class	4,133
Global HighIncome Bond Fund—Advisor Class	1,373
Global Multi-Sector Bond Fund—Advisor Class	27,907
Global Real Estate Fund—Advisor Class	20,178
Global Stock Fund—Advisor Class	47,733
Growth StockFund—Advisor Class	4,223,017
Growth Stock Fund—R Class	1,337,374
High Yield Fund—Advisor Class	448,372
IntermediateTax-Free High Yield Fund—Advisor Class	474
International Bond Fund—Advisor Class	8,142
International Bond Fund (USD Hedged)—Advisor Class	0
International Disciplined Equity Fund—Advisor Class	2,589
International Stock Fund—Advisor Class	43,843
InternationalStock Fund—R Class	13,014
International Value Equity Fund—Advisor Class	95,325
International Value Equity Fund—R Class	59,206
Mid-CapGrowth Fund—Advisor Class	1,143,046
Mid-Cap Growth Fund—R Class	159,084
Mid-Cap Value Fund—Advisor Class	255,443
Mid-CapValue Fund—R Class	218,087
Multi-Strategy Total Return Fund—Advisor Class	(a)
New America Growth Fund—Advisor Class	443,984
New IncomeFund—Advisor Class	62,827
New Income Fund—R Class	5,087
Overseas Stock Fund—Advisor Class	47,810
QM GlobalEquity Fund—Advisor Class	0
QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class	149
QM U.S. Small-Cap Growth Equity—Advisor Class	37,329
QM U.S. Value Equity Fund—Advisor Class	181
Real EstateFund—Advisor Class	267,845
Retirement 2005 Fund—Advisor Class	(b)
Retirement 2005 Fund—R Class	(b)
Retirement2010 Fund—Advisor Class	(b)
Retirement 2010 Fund—R Class	(b)
Retirement 2015 Fund—Advisor Class	(b)
Retirement2015 Fund—R Class	(b)
Retirement 2020 Fund—Advisor Class	(b)
Retirement 2020 Fund—R Class	(b)

259


Fund	Payment
Retirement 2025 Fund—Advisor Class	(b)
Retirement 2025 Fund—R Class	(b)
Retirement2030 Fund—Advisor Class	(b)
Retirement 2030 Fund—R Class	(b)
Retirement 2035 Fund—Advisor Class	(b)
Retirement2035 Fund—R Class	(b)
Retirement 2040 Fund—Advisor Class	(b)
Retirement 2040 Fund—R Class	(b)
Retirement2045 Fund—Advisor Class	(b)
Retirement 2045 Fund—R Class	(b)
Retirement 2050 Fund—Advisor Class	(b)
Retirement2050 Fund—R Class	(b)
Retirement 2055 Fund—Advisor Class	(b)
Retirement 2055 Fund—R Class	(b)
Retirement2060 Fund—Advisor Class	(b)
Retirement 2060 Fund—R Class	(b)
Retirement 2065 Fund—Advisor Class	(a)
Retirement2065 Fund—R Class	(a)
Retirement Balanced Fund—Advisor Class	(b)
Retirement Balanced Fund—R Class	(b)
Science& Technology Fund—Advisor Class	975,552
Short-Term Bond Fund—Advisor Class	39,597
Small-Cap Stock Fund—Advisor Class	200,582
Small-Cap Value Fund—Advisor Class	165,853
Summit MunicipalIncome Fund—Advisor Class	4,038
Summit Municipal Intermediate Fund—Advisor Class	6,610
Target 2005 Fund—Advisor Class	515
Target 2010Fund—Advisor Class	3,246
Target 2015 Fund—Advisor Class	7,995
Target 2020 Fund—Advisor Class	30,371
Target 2025Fund—Advisor Class	21,443
Target 2030 Fund—Advisor Class	35,395
Target 2035 Fund—Advisor Class	14,475
Target 2040Fund—Advisor Class	18,162
Target 2045 Fund—Advisor Class	10,842
Target 2050 Fund—Advisor Class	9,541
Target 2055Fund—Advisor Class	7,062
Target 2060 Fund—Advisor Class	1,747
Target 2065 Fund—Advisor Class	(a)

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Fund	Payment
Tax-Free High Yield Fund—Advisor Class	25,770
Tax-Free Income Fund—Advisor Class	510,184
Tax-FreeShort-Intermediate Fund—Advisor Class	8,246
Total Return Fund—Advisor Class	29
U.S. Equity Research Fund—Advisor Class	35,118
U.S. Equity Research Fund—R Class	13,262
U.S. HighYield Fund—Advisor Class	15,779
U.S. Large-Cap Core Fund—Advisor Class	22,776
Value Fund—Advisor Class	364,098

(a) Priorto 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 Class 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 sponsor and pay 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 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

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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 Class 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 Class 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 Class 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 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

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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.


Fund	Fiscal Year Ended 2/29/20
Intermediate Tax-Free High Yield Fund—Advisor Class	$1,000
Tax-Free High Yield Fund—Advisor Class	42,000
Tax-FreeIncome Fund—Advisor Class	963,000
Tax-Free Short-Intermediate Fund—Advisor Class	17,000


Fund	Fiscal Year Ended 5/31/19
Credit Opportunities Fund—Advisor Class	$1,000
FloatingRate Fund—Advisor Class	120,000
Global Multi-Sector Bond Fund—Advisor Class	57,000
High Yield Fund—Advisor Class	679,000
New IncomeFund—Advisor Class	138,000
New Income Fund—R Class	20,000
Retirement 2005 Fund—Advisor Class	187,000
Retirement2005 Fund—R Class	238,000
Retirement 2010 Fund—Advisor Class	838,000

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Fund	Fiscal Year Ended 5/31/19
Retirement 2010 Fund—R Class	1,050,000
Retirement 2015 Fund—Advisor Class	1,051,000
Retirement 2015 Fund—R Class	1,644,000
Retirement2020 Fund—Advisor Class	5,105,000
Retirement 2020 Fund—R Class	6,837,000
Retirement 2025 Fund—Advisor Class	3,795,000
Retirement2025 Fund—R Class	5,977,000
Retirement 2030 Fund—Advisor Class	6,362,000
Retirement 2030 Fund—R Class	9,589,000
Retirement2035 Fund—Advisor Class	3,211,000
Retirement 2035 Fund—R Class	5,262,000
Retirement 2040 Fund—Advisor Class	5,026,000
Retirement2040 Fund—R Class	7,072,000
Retirement 2045 Fund—Advisor Class	2,298,000
Retirement 2045 Fund—R Class	3,783,000
Retirement2050 Fund—Advisor Class	2,690,000
Retirement 2050 Fund—R Class	3,974,000
Retirement 2055 Fund—Advisor Class	1,161,000
Retirement2055 Fund—R Class	1,861,000
Retirement 2060 Fund—Advisor Class	161,000
Retirement 2060 Fund—R Class	280,000
Retirement2065 Fund—Advisor Class	(a)
Retirement 2065 Fund—R Class	(a)
Retirement Balanced Fund—Advisor Class	366,000
RetirementBalanced Fund—R Class	1,075,000
Short-Term Bond Fund—Advisor Class	75,000
Target 2005 Fund—Advisor Class	2,000
Target 2010Fund—Advisor Class	6,000
Target 2015 Fund—Advisor Class	15,000
Target 2020 Fund—Advisor Class	52,000
Target 2025Fund—Advisor Class	34,000
Target 2030 Fund—Advisor Class	62,000
Target 2035 Fund—Advisor Class	27,000
Target 2040Fund—Advisor Class	32,000
Target 2045 Fund—Advisor Class	21,000
Target 2050 Fund—Advisor Class	17,000
Target 2055Fund—Advisor Class	11,000
Target 2060 Fund—Advisor Class	3,000
Target 2065 Fund—Advisor Class	(a)
Total ReturnFund—Advisor Class	1,000
U.S. High Yield Fund—Advisor Class	12,000

(a) Prior to commencement of operations.

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Fund	Fiscal Year Ended 10/31/19
Asia Opportunities Fund—Advisor Class	$1,000
Emerging Markets Discovery Stock Fund—Advisor Class	1,000
Global Allocation Fund—Advisor Class	31,000
Global GrowthStock Fund—Advisor Class	6,000
Global Stock Fund—Advisor Class	77,000
International Disciplined Equity Fund—Advisor Class	3,000
International Stock Fund—Advisor Class	92,000
InternationalStock Fund—R Class	43,000
International Value Equity Fund—Advisor Class	168,000
International Value Equity Fund—R Class	212,000
OverseasStock Fund—Advisor Class	61,000
Summit Municipal Income Fund—Advisor Class	9,000
Summit Municipal Intermediate Fund—Advisor Class	11,000


Fund	Fiscal Year Ended 12/31/19
Blue Chip Growth Fund—Advisor Class	$8,399,000
Blue ChipGrowth Fund—R Class	4,402,000
Capital Appreciation Fund—Advisor Class	2,031
Dividend Growth Fund—Advisor Class	779,000
DynamicCredit Fund—Advisor Class	(a)
Dynamic Global Bond Fund—Advisor Class	1,000
Emerging Markets Bond Fund—Advisor Class	1,000
Emerging Markets Corporate Bond Fund—Advisor Class	2,000
Emerging Markets Local Currency Bond Fund—Advisor Class	(b)
Equity Income Fund—Advisor Class	679,000
Equity IncomeFund—R Class	336,000
Global High Income Bond Fund—Advisor Class	2,000
Global Real Estate Fund—Advisor Class	34,000
Growth StockFund—Advisor Class	7,116,000
Growth Stock Fund—R Class	4,431,000
International Bond Fund—Advisor Class	10,000
InternationalBond Fund (USD Hedged)—Advisor Class	1,000
Mid-Cap Growth Fund—Advisor Class	2,058,000
Mid-Cap Growth Fund—R Class	525,000
Mid-Cap Value Fund—Advisor Class	433,000
Mid-CapValue Fund—R Class	724,000
New America Growth Fund—Advisor Class	735,000
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	62,000

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Fund	Fiscal Year Ended 12/31/19
QM U.S. Value Equity Fund—Advisor Class	1,000
Real Estate Fund—Advisor Class	439,000
Science & Technology Fund—Advisor Class	1,625,000
Small-Cap Stock Fund—Advisor Class	325,000
Small-CapValue Fund—Advisor Class	300,000
U.S. Equity Research Fund—Advisor Class	58,000
U.S. Equity Research Fund—R Class	44,000
U.S. Large-CapCore Fund—Advisor Class	38,000
Value Fund—Advisor Class	611,000

(a) Prior to commencement of operations.

(b) Less than $1,000.

PORTFOLIO TRANSACTIONS

Investment or Brokerage Discretion

Decisionswith 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, certain FX trading activity may be aggregated across accounts, including the Price Funds, but each account’s trade is individually settled with the counterparty.

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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.

Since January 2020, T. Rowe Price bears the cost of research services for all client accounts we advise. Client accounts only pay execution commissions in connection with equity securities transaction. For certain proprietary pooled investment vehicles including the Price Funds, T. Rowe Price continues 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 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 have taken 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. Price International Ltd, Price Hong Kong, Price Japan and Price Singapore do not use client 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,

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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

270

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
Fund	2/29/20	2/28/19	2/28/18
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	(a)	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	7,281.40	4,497.00	0
Maryland Short-Term Tax-Free Bond Fund	0	0	0
Maryland Tax-Free Bond Fund	2,804.20	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	39,526.44	21,461.63	15,055.12
Tax-Exempt Money Fund	0	0	0
Tax-Free High Yield Fund	0	0	0
Tax-Free Income Fund	0	0	0
Tax-Free Short-Intermediate Fund	8,960.00	0	1,330.00
Virginia Tax-Free Bond Fund	(a)	0	0

(a) Lessthan $1,000.

271


Fund	Fiscal Year Ended
Fund	5/31/19		5/31/18		5/31/17
CorporateIncome Fund	$48,297.80		$19,499		(a)
Credit Opportunities Fund	786.58		160		$1,216
Floating Rate Fund	0		0		0
Global Multi-SectorBond Fund	27,291.73		11,777		5,656
GNMA Fund	49,469.40		49,628		40,946
Government Money Fund	0		0		0
GovernmentReserve 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
InstitutionalCore 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
Retirement2010 Fund	0		0		0
Retirement 2015 Fund	0		0		0
Retirement2020 Fund	0		0		0
Retirement 2025 Fund	0		0		0
Retirement2030 Fund	0		0		0
Retirement 2035 Fund	0		0		0
Retirement2040 Fund	0		0		0
Retirement 2045 Fund	0		0		0
Retirement2050 Fund	0		0		0
Retirement 2055 Fund	0		0		0
Retirement2060 Fund	0		0		0
Retirement 2065 Fund	(b	)	(b	)	(b	)
Retirement Balanced Fund	0		0		0
RetirementI 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
RetirementI 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
RetirementI 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
RetirementI 2050 Fund—I Class	0		0		0
Retirement I 2055 Fund—I Class	0		0		0

272


Fund	Fiscal Year Ended
Fund	5/31/19		5/31/18		5/31/17
RetirementI 2060 Fund—I Class	0		0		0
Retirement I 2065 Fund—I Class	(b)		(b)		(b)
Retirement Balanced I Fund—I Class	0		0		0
Short DurationIncome Fund	(b)		(b)		(b)
Short-Term Fund	0		0		0
Short-TermBond 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 2010Fund	0		0		0
Target 2015 Fund	0		0		0
Target 2020Fund	0		0		0
Target 2025 Fund	0		0		0
Target 2030Fund	0		0		0
Target 2035 Fund	0		0		0
Target 2040Fund	0		0		0
Target 2045 Fund	0		0		0
Target 2050Fund	0		0		0
Target 2055 Fund	0		0		0
Target 2060Fund	0		0		0
Target 2065 Fund	(b	)	(b	)	(b	)
Total Return Fund	2,221.16		3,560		1,718
Treasury Reserve Fund	0		0		0
U.S. HighYield 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-TermBond Fund	5,861.20		7,648		3,595

(a) Less than$1,000.

(b) Prior to commencement of operations.


Fund	Fiscal Year Ended
Fund	10/31/19	10/31/18	10/31/17
Africa & Middle East Fund	$169,753.86	$329,234.77	$426,458
Asia Opportunities Fund	166,762.75	158,627.86	70,470
Cash Reserves Fund	0	0	0
China Evolution Equity Fund	(a)	(a)	(a)
Emerging Europe Fund	143,058.85	176,080.32	281,737
Emerging Markets Stock Fund	5,314,323.30	4,143,220.13	7,447,885

273


Fund	Fiscal Year Ended
Fund	10/31/19	10/31/18	10/31/17
Emerging Markets Discovery Stock Fund	171,928.00	56,507.67	55,076
European Stock Fund	517,199.68	583,903.60	1,100,373
Global Allocation Fund	188,297.78	173,312.34	94,127
Global Growth Stock Fund	248,132.02	300,324.28	112,797
Global Stock Fund	1,502,341.73	753,065.14	656,987
Global Value Equity	5,671.74	6,123.54	7,948
Institutional Emerging Markets Equity Fund	765,509.60	751,473.89	916,423
Institutional International Core Equity Fund	17,930.05	37,456.35	38,158
Institutional International Disciplined Equity Fund	197,291.16	572,855.48	532,650
Institutional International Growth Equity Fund	24,424.17	28,627.73	30,860
International Disciplined Equity Fund	104,077.65	157,997.02	24,809
International Discovery Fund	3,192,792.63	3,867,496.78	3,557,718
International Equity Index Fund	18,124.88	34,095.96	34,848
International Stock Fund	6,008,192.18	7,374,328.25	8,822,012
International Value Equity Fund	5,802,758.81	9,951,043.38	12,373,148
Japan Fund	155,665.70	300,109.41	195,818
Latin America Fund	312,720.71	448,204.51	735,518
Multi-Strategy Total Return Fund	116,745.28	144,333.30	(a)
New Asia Fund	2,837,450.95	3,546,011.40	5,784,510
OverseasStock Fund	3,066,639.49	3,266,809.77	3,411,453
Summit Municipal Income Fund	0	0	0
Summit Municipal Intermediate Fund	0	2,240.00	7,674
Summit Municipal Money Market Fund	0	0	0
U.S. Bond Enhanced Index Fund	4,004.00	0	0

(a) Prior to commencement of operations.


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
Balanced Fund	$758,215.91	$755,969.47	$759,377
Blue Chip Growth Fund	7,244,262,.75	5,383,902.67	5,879,234
Capital Appreciation Fund	3,848,551.04	4,597,744.19	4,918,059
Communications& Technology Fund	261,075.98	229,754.66	317,679
Diversified Mid-Cap Growth Fund	104,454.69	74,863.66	102,675
Dividend Growth Fund	650,811.54	494,835.13	716,218
Dynamic Credit Fund	4,852.75	(a)	(a)
Dynamic Global Bond Fund	1,137,931.21	768,936.32	23,920
Emerging Markets Bond Fund	51,782.96	21,890.30	12,473
Emerging Markets Corporate Bond Fund	1,876.01	1,053.35	(b)
Emerging Markets Corporate Multi-Sector Account Portfolio	(b)	(b)	(b)
Emerging Markets Local Currency Bond Fund	3,352.81	6,374.55	3,434
Emerging Markets Local Multi-Sector Account Portfolio	(b)	(b)	(b)

274


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
Equity Income Fund	2,337,552.08	2,213,049.12	4,153,714
Equity Index500 Fund	361,182.28	350,750.46	611,644
Extended Equity Market Index Fund	108,382.93	163,741.06	165,137
Financial Services Fund	84,629.80	193,649.71	372,696
Global Consumer Fund	8,125.72	7,386.27	7,807
Global High Income Bond Fund	(b)	(b)	0
Global Industrials Fund	10,853.30	12,340.39	18,089
Global Real Estate Fund	48,739.86	44,332.83	73,496
Global Technology Fund	2,181,853.40	9,027,324.50	6,426,219
Growth &Income Fund	379,044.80	448,249.68	472,530
Growth Stock Fund	5,699,876.31	8,842,986.04	12,613,417
Health SciencesFund	2,888,411.57	3,567,657.05	3,584,061
Institutional Emerging Markets Bond Fund	3,875.53	1,098.41	1,014
Institutional Large-Cap Core Growth Fund	430,530,.36	323,913.06	403,860
Institutional Mid-Cap Equity Growth Fund	1,322,541.52	1,288,016.95	1,343,426
Institutional Small-Cap Stock Fund	1,519,917.07	1,697,398.23	2,304,535
InternationalBond Fund	41,923.54	42,599.99	118,949
International Bond Fund (USD Hedged)	186,244.28	98,915.85	7,834
Large-Cap Growth Fund	1,278,748.10	1,824,607.27	2,581,788
Large-CapValue Fund	471,987.07	451,061.79	726,871
Mid-Cap Growth Fund	5,143,490.05	4,948,835.74	5,333,856
Mid-CapIndex Fund	(b)	(b)	(b)
Mid-Cap Value Fund	4,676,270.91	4,145,732.57	5,918,165
New AmericaGrowth Fund	2,181,853.83	1,427,708.61	1,816,400
New Era Fund	1,738,941.95	2,086,041.51	3,230,643
New Horizons Fund	6,038,183.51	4,827,119.47	5,174,785
QM GlobalEquity Fund	1,592.02	1,945.71	2,480
QM U.S. Small & Mid-Cap Core Equity Fund	17,092.90	12,864.63	10,025
QM U.S. Small-Cap Growth Equity Fund	991,825.09	758,733.49	883,523
QM U.S. Value Equity Fund	2,624.27	2,198.36	3,305
Real Assets Fund	2,268,698.29	2,126,266.15	3,801,372
Real EstateFund	577,852.74	712,162.07	565,059
Retirement Income 2020 Fund	0	0	0
Science & Technology Fund	2,215,348.35	3,669,117.93	2,487,293
Small-CapIndex Fund	(b)	(b)	(b)
Small-Cap Stock Fund	2,939,633.56	3,525,444.59	5,641,709
Small-CapValue Fund	2,727,878.62	1,966,062.26	3,030,221
Spectrum Growth Fund	0	0	0
Spectrum Income Fund	0	0	0
Spectrum International Fund	0	0	0
Total Equity Market Index Fund	55,067.30	72,766.06	90,655

275


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
U.S. Equity Research Fund	296,657.52	141,689.85	131,440
U.S. Large-Cap Core Fund	106,149.56	133,418.32	122,482
Value Fund	16,098,578.62	19,343,600.73	15,297,914

(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 brokersand dealers as of the end of the fiscal years indicated.

(Amounts in 000s)

Floating Rate Multi-Sector Account Portfolio


	Fiscal Year Ended 2/29/20
Brokers	Value of Stock Holdings	Value of Bond Holdings
Jane Street Financial Limited	—	$40

HighYield Multi-Sector Account Portfolio


	Fiscal Year Ended 2/29/20
Brokers	Value of Stock Holdings	Value of Bond Holdings
Credit Suisse	—	$224

Investment-GradeCorporate Multi-Sector Account Portfolio


	Fiscal Year Ended 2/29/20
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	—	$6,620
Goldman Sachs & Company	—	4,663
JPMorganChase HQ	—	1,435
Morgan Stanley & Company	—	3,186

Corporate Income Fund


	FiscalYear 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
GoldmanSachs	—	11,311
JPMorgan Chase	—	13,232
Morgan Stanley	—	21,028

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

276

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

GovernmentMoney 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
CitigroupGlobal Markets	—	298,000
Credit Agricole	—	243,000
GoldmanSachs	—	344,000
HSBC Securities	—	536,000
JPMorganChase	—	264,000
RBC Capital Markets	—	691,000
Wells Fargo Securities	—	66,000

Government Reserve Fund


	FiscalYear 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
GoldmanSachs	—	774,000
HSBC Securities	—	788,000
JP MorganChase	—	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

InflationProtected 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

277

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
JPMorganChase	—	13,000
UBS	—	2,200
US Bank	—	4,001
Wells FargoSecurities	—	3,000

Institutional Core Plus Fund


	FiscalYear 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
GoldmanSachs	—	2,547
HSBC	—	1,108
JPMorganChase	—	2,581
Morgan Stanley	—	3,381
UBS	—	688
Wells FargoSecurities	—	647

Institutional Floating Rate Fund


	FiscalYear 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


	FiscalYear 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


	FiscalYear 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
JPMorganChase	—	882
Morgan Stanley	—	561
Wells FargoSecurities	—	341

278

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

NewIncome 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 Lynch	—	$69,000
BNP Paribas	—	239,000
Citigroup	—	99,000
Credit Agricole	—	119,000
Credit Suisse	—	12,100
GoldmanSachs	—	99,000
HSBC	—	148,000
JPMorganChase	—	198,000
RBC	—	198,000
Wells FargoSecurities	—	49,000

Short-Term Bond Fund


	FiscalYear 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
GoldmanSachs	—	46,890
JPMorgan Chase	—	22,000
Morgan Stanley	—	35,463
Wells FargoSecurities	—	32,028

279

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 FargoSecurities	4,152	3,523

Spectrum Moderate Allocation Fund


	FiscalYear 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	—
GoldmanSachs	2,971	46
JPMorgan Chase	4,237	3,266
Morgan Stanley	3,289	4,922
UBS	367	—
Wells FargoSecurities	4,816	5,659

Spectrum Moderate Growth Allocation Fund


	FiscalYear 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	—
DeutscheBank Securities	359	—
Goldman Sachs	1,687	69
JPMorgan Chase	2,058	4,475
Morgan Stanley	2,034	6,738
UBS	342	—
Wells FargoSecurities	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
GoldmanSachs	—	638
JPMorgan Chase	—	206
Morgan Stanley	—	498

280

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
CitigroupGlobal Markets	—	50,000
Credit Agricole	—	122,000
Credit Suisse	—	100,400
GoldmanSachs	—	74,000
HSBC Securities	—	253,000
JPMorganChase	—	175,000
RBC Capital Markets	—	477,000
Wells Fargo Securities	—	350,000

Ultra Short-Term Bond Fund


	FiscalYear 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
GoldmanSachs	—	6,570
JPMorgan Chase	—	2,014
Morgan Stanley	—	4,748
RBC CapitalMarkets	—	3,023
Wells Fargo Securities	—	6,068

U.S. Treasury Money Fund


	FiscalYear 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
GoldmanSachs	—	208,000
HSBC Securities	—	435,000
JPMorganChase	—	132,000
RBC Capital Markets	—	477,000
Wells Fargo Securities	—	265,000

Global Allocation Fund


	FiscalYear Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	—	$972
Barclays Capital	$39	—
Citigroup Global Markets	1,217	917
Credit Suisse	—	254
GoldmanSachs	40	1,116
HSBC Securities	141	21
JPMorganChase	3,074	859
Morgan Stanley	942	1,275
UBS InvestmentBank	533	—
Wells Fargo Securities	3,272	1,057

281

Global Growth Stock Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Citigroup Global Markets	$2,752	—
JPMorgan Chase	2,535	—
Morgan Stanley	2,119	—

GlobalStock Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
JPMorgan Chase	$46,670	—

GlobalValue Equity Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$242	—
JPMorgan Chase	326	—
Morgan Stanley	122	—

InstitutionalInternational Core Equity Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Barclays Capital	$26	—

InstitutionalInternational Disciplined Equity Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
UBS Investment Bank	$3,362	—

InstitutionalInternational Growth Equity Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
UBS Investment Bank	$787	—

InternationalDisciplined Equity Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
UBS Investment Bank	$1,211	—

InternationalEquity Index Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Barclays Capital	$1,372	—
BNP Paribas Securities	2,096	—
UBS Investment Bank	1,518	—

InternationalStock Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
UBS Investment Bank	$201,055	—

282

International Value Equity Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
UBS Investment Bank	99,526	—

OverseasStock Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Barclays Capital	$17,464	—

U.S.Bond Enhanced Index Fund


	Fiscal Year Ended 10/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	—	$8,952
Barclays Capital	—	1,952
Citigroup Global Markets	—	10,231
Goldman Sachs	—	10,048
HSBC Securities		1,733
JPMorganChase	—	9,662
Morgan Stanley	—	8,687
Wells Fargo	—	4,572

Balanced Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$566	$5,304
CitigroupGlobal Markets	9,732	8,696
Credit Suisse	—	3,505
GoldmanSachs	1,265	10,830
HSBC Securities	—	3,101
JPMorganChase	42,076	18,336
Morgan Stanley	18,835	14,136
UBS InvestmentBank	—	1,069
Wells Fargo Securities	23,685	7,494

Blue Chip Growth Fund


	FiscalYear Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Citigroup Global Markets	$20,870	—
Goldman Sachs	49,605	—
JPMorgan Chase	14,166	—
Morgan Stanley	278,425	—

Capital Appreciation Fund


	FiscalYear Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
JPMorgan Chase	$69,692	—
Wells Fargo Securities	443,908	—

283

Dividend Growth Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
JPMorgan Chase	$471,938	—
Morgan Stanley	69,425	—
Wells Fargo Securities	235,489	—

DynamicGlobal Bond Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
JPMorgan Chase	—	$20,938
Santander Investment Securities	—	23,938
UBS InvestmentBank	—	13,578

Equity Income Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$13,912	—
CitigroupGlobal Markets	54,325	—
JPMorgan Chase	696,303	—
Morgan Stanley	404,870	—
State Street	339,339	—

Equity Index 500 Fund


	FiscalYear Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$335,024	—
Citigroup Global Markets	204,938	—
Goldman Sachs	86,097	—
JPMorgan Chase	513,741	—
Morgan Stanley	73,889	—
Wells FargoSecurities	243,297	—

Extended Equity Market Index Fund


	FiscalYear Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Stifel Nicolaus	$794	—

Financial Services Fund


	FiscalYear Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Citigroup	$24,548	—
JPMorganChase	26,102	—
Morgan Stanley	9,780	—

284

Global High Income Bond Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Barclays Capital	—	$632
Credit Suisse	—	564
NatWest Markets Securities	—	597
Santander Investment Securities	—	371
UBS Investment Bank	—	531

Growth& Income Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
JPMorgan Chase	$50,438	—
Morgan Stanley	30,688	—

InstitutionalLarge-Cap Core Growth Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Citigroup Global Markets	$1,303	—
Goldman Sachs	3,117	—
JPMorgan Chase	878	—
Morgan Stanley	17,085	—

InternationalBond Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	—	$1,657
Barclays Capital	—	3,335
Goldman Sachs	—	3,336
HSBC Securities	—	1,960
Morgan Stanley	—	3,324
Santander Investment Securities	—	1,730
UBS Investment Bank	—	4,657

InternationalBond Fund (USD Hedged)


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	—	$13,036
Barclays Capital	—	6,858
Credit Suisse	—	7,396
Goldman Sachs	—	13,225
HSBC Securities	—	6,514
Morgan Stanley	—	11,582
Santander Investment Securities		9,968
UBS InvestmentBank	—	12,766

QM Global Equity Fund


	FiscalYear Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$192	—
JPMorgan Chase	293	—

285

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


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Raymond James	$271	—

QMU.S. Value Equity Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$589	—
Goldman Sachs	84	—
JPMorgan Chase	839	—
Morgan Stanley	246	—

Small-CapIndex Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Stifel Nicolaus	$11	—

TotalEquity Market Index Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$18,524	—
Citigroup Global Markets	11,258	—
Goldman Sachs	4,268	—
JPMorgan Chase	28,114	—
Morgan Stanley	4,759	—
Wells Fargo Securities	14,275	—

U.S.Equity Research Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Bank of America Securities	$2,591	—
Citigroup Global Markets	27,063	—
Goldman Sachs	3,426
JPMorgan Chase	58,281	—
Morgan Stanley	10,310	—
Wells Fargo Securities	38,702	—

U.S.Large-Cap Core Fund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
JPMorgan Chase	$13,018	—
Morgan Stanley	7,918

ValueFund


	Fiscal Year Ended 12/31/19
Brokers	Value of Stock Holdings	Value of Bond Holdings
Citigroup Global Markets	$141,510	—
JPMorgan Chase	1,164,089	—
Morgan Stanley	550,343	—
Wells Fargo Securities	603,629	—

286

Portfolio Turnover

The portfolio turnover rates for the funds (if applicable) for the fiscal years indicated are as follows:


Fund	Fiscal Year Ended
Fund	2/29/20		2/28/19		2/28/18
California Tax-Free Bond Fund	8.3	%	14.2	%	6.3	%
California Tax-Free Money Fund	(a)		(a)		(a)
Floating Rate Multi-Sector Account Portfolio	62.7		68.9		46.0
Georgia Tax-Free Bond Fund	8.0		7.3		6.1
High Yield Multi-Sector Account Portfolio	35.8		51.7		60.7
Intermediate Tax-Free High Yield Fund	11.3		9.6		10.4
Investment-Grade Corporate Multi-Sector Account Portfolio	118.6		107.0		63.3
Maryland Short-Term Tax-Free Bond Fund	30.3		36.7		29.4
Maryland Tax-Free Bond Fund	3.9		15.9		10.9
Maryland Tax-Free Money Fund	(a)		(a)		(a)
Mortgage-Backed Securities Multi-Sector Account Portfolio	344.9		299.6		467.6
New Jersey Tax-Free Bond Fund	7.9		5.8		7.6
New York Tax-Free Bond Fund	10.4		6.9		10.4
New York Tax-Free Money Fund	(a)		(a)		(a)
Tax-Efficient Equity Fund	22.9		12.1		11.7
Tax-Exempt Money Fund	(a)		(a)		(a)
Tax-Free High Yield Fund	5.1		12.8		8.8
Tax-Free Income Fund	10.6		12.1		10.6
Tax-Free Short-Intermediate Fund	17.4		30.1		24.9
Virginia Tax-Free Bond Fund	10.0		14.0		9.0

(a) Money market funds are not required to show portfolio turnover.


Fund	Fiscal Year Ended
Fund	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 YieldFund	60.6		62.7		74.0
Inflation Protected Bond Fund	111.6		102.8		179.8
Institutional Cash Reserves Fund	(a)		(a)		(a)
InstitutionalCore Plus Fund	95.3		122.1		104.3
Institutional Floating Rate Fund	58.8		53.8		62.9

287


Fund	Fiscal Year Ended
Fund	5/31/19	5/31/18	5/31/17
InstitutionalHigh 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 2065 Fund	(b)	(b)	(b)
RetirementBalanced 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
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 I 2065 Fund—I Class	(b)	(b)	(b)
RetirementBalanced I Fund—I Class	29.8	45.9	28.0
Short Duration Income Fund	(b)	(b)	(b)
Short-Term Fund	(c)	(c)	(c)
Short-TermBond 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 Allocation Growth 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

288


Fund	Fiscal Year Ended
Fund	5/31/19	5/31/18	5/31/17
Target 2015Fund	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
Target 2065 Fund	(b)	(b)	(b)
Total ReturnFund	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-TermBond Fund	40.1	42.1	115.9

(a) Moneymarket funds are not required to show portfolio turnover.

(b) Prior to commencement of operations.

(d) The portfolio turnover rates include activity of the Henderson High Yield Opportunities Fund (the fund’s predecessor fund) through May 19, 2017. The rate shown for the period ended May 31, 2017, is for the period August 1, 2017, through May 31, 2017.


Fund	Fiscal Year Ended
Fund	10/31/19		10/31/18		10/31/17
Africa &Middle East Fund	48.0	%	51.6	%	60.2	%
Asia Opportunities Fund	73.0		78.7		52.0
Cash Reserves Fund	(a)		(a)		(a)
China EvolutionEquity Fund	(b)		(b)		(b)
Emerging Europe Fund	37.5		41.7		40.2
Emerging Markets Discovery Stock Fund	61.6		70.1		63.6
Emerging Markets Stock Fund	24.5		17.6		30.9
European Stock Fund	33.6		32.2		48.2
Global Allocation Fund	43.1		47.8		35.8
Global Growth Stock Fund	66.3		120.0		69.7
Global Stock Fund	105.8		104.1		96.4
Global Value Equity Fund	79.1		100.4		84.0
Institutional Emerging Markets Equity Fund	20.9		14.0		19.7
Institutional International Core Equity Fund	32.9		32.3		11.5
Institutional International Disciplined Equity Fund	93.3		147.0		112.1
Institutional International Growth Equity Fund	36.2		39.1		34.7

289


Fund	Fiscal Year Ended
Fund	10/31/19	10/31/18	10/31/17
InternationalDisciplined Equity Fund	128.4	153.2	118.0
International Discovery Fund	26.0	31.8	22.2
International Equity Index Fund	7.8	10.8	8.1
International Stock Fund	36.6	37.0	31.3
International Value Equity Fund	39.9	58.0	50.2
Japan Fund	21.8	33.8	13.4
Latin America Fund	20.2	25.7	27.8
Multi-Strategy Total Return Fund	83.8	82.1	(b)
New Asia Fund	44.9	50.2	71.3
Overseas Stock Fund	18.2	14.4	13.4
Summit Municipal Income Fund	8.7	7.3	10.0
Summit Municipal Intermediate Fund	9.2	17.8	9.7
Summit Municipal Money Market Fund	(a)	(a)	(a)
U.S. BondEnhanced Index Fund	71.2	106.8	82.9

(a) Moneymarket funds are not required to show portfolio turnover.

(b) Prior to commencement of operations.


Fund	Fiscal Year Ended
Fund	12/31/19		12/31/18		12/31/17
Balanced Fund	53.3	%	68.2	%	48.7	%
Blue Chip Growth Fund	31.5		27.2		34.5
Capital Appreciation Fund	44.8		65.2		59.2
Communications & Technology Fund	6.4		6.9		7.3
DiversifiedMid-Cap Growth Fund	10.9		20.1		26.8
Dividend Growth Fund	7.1		16.9		15.5
Dynamic Credit Fund	311.5		(a)		(a)
Dynamic Global Bond Fund	188.3		165.2		109.6
Emerging Markets Bond Fund	42.9		48.6		62.6
Emerging Markets Corporate Bond Fund	53.3		112.8		116.9
Emerging Markets Corporate Multi-Sector Account Portfolio	53.3		105.4		92.9
Emerging Markets Local Currency Bond Fund	50.2		47.8		69.9
Emerging Markets Local Multi-Sector Account Portfolio	35.3		35.2		58.7
Equity Income Fund	17.5		16.2		20.2
Equity Index 500 Fund	9.3		7.3		6.8
ExtendedEquity Market Index Fund	17.4		20.9		23.2
Financial Services Fund	15.4		34.4		54.8
Global Consumer Fund	59.6		90.1		88.9	(b)
Global High Income Bond Fund	70.1		87.0		82.0
Global Industrials Fund	54.0		71.9		91.5
Global Real Estate Fund	27.9		16.4		13.2

290


Fund	Fiscal Year Ended
Fund	12/31/19	12/31/18	12/31/17
Global TechnologyFund	86.0	288.7	204.3
Growth & Income Fund	61.9	73.4	64.9
Growth Stock Fund	27.1	41.8	50.8
Health Sciences Fund	38.8	43.0	37.5
Institutional Emerging Markets Bond Fund	44.7	41.1	71.2
Institutional Large-Cap Core Growth Fund	37.1	27.4	41.1
Institutional Mid-Cap Equity Growth Fund	26.3	35.9	31.1
Institutional Small-Cap Stock Fund	28.7	39.8	41.6
International Bond Fund	26.3	39.1	58.1
International Bond Fund (USD Hedged)	31.4	22.5	13.5
Large-Cap Growth Fund	26.6	33.4	36.1
Large-Cap Value Fund	26.1	27.5	30.8
Mid-Cap Growth Fund	22.8	25.2	25.8
Mid-Cap Index Fund	26.6	32.3	28.2
Mid-Cap Value Fund	31.9	33.9	31.7
New America Growth Fund	84.2	77.7	74.9
New Era Fund	45.2	51.9	60.1
New Horizons Fund	45.8	39.3	38.8
QM Global Equity Fund	15.5	17.9	16.3
QM U.S. Small & Mid-Cap Core Equity Fund	37.4	24.5	23.6	(b)
QM U.S. Small-Cap Growth Equity Fund	21.6	17.9	12.0
QM U.S. Value Equity Fund	30.9	28.6	41.2
Real Assets Fund	59.5	53.8	65.4
Real Estate Fund	9.4	4.0	10.2
Retirement Income 2020 Fund	24.6	37.5	14.5
Science & Technology Fund	55.9	108.5	66.8
Small-Cap Index Fund	17.3	25.9	18.8
Small-Cap Stock Fund	24.1	33.5	36.3
Small-Cap Value Fund	22.3	19.3	17.1
Spectrum Growth Fund	19.3	10.8	12.2
Spectrum Income Fund	24.1	22.8	13.3
Spectrum International Fund	12.7	15.0	3.9
Total Equity Market Index Fund	4.7	6.5	8.6
U.S. EquityResearch Fund	32.3	33.5	36.8
U.S. Large-Cap Core Fund	58.4	76.7	60.5
Value Fund	139.6	146.3	95.7

(a) Prior tocommencement 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.

291

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 2/29/20		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lendingagent 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)
CaliforniaTax-Free Money Fund	(a)	(a)	(a)	(a)	(a)
Floating Rate Multi-Sector Account Portfolio	(a)	(a)	(a)	(a)	(a)
Georgia Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
High YieldMulti-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)
MarylandTax-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 YorkTax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)
New York Tax-Free Money Fund	(a)	(a)	(a)	(a)	(a)
Tax-Efficient Equity Fund	$470,250	$12,604	$393,332	$405,936	$64,315
Tax-Exempt Money Fund	(a)	(a)	(a)	(a)	(a)
Tax-FreeHigh Yield Fund	(a)	(a)	(a)	(a)	(a)
Tax-Free Income Fund	(a)	(a)	(a)	(a)	(a)

292


Fiscal Year Ended 2/29/20		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
Tax-Free Short-Intermediate Fund	(a)	(a)	(a)	(a)	(a)
Virginia Tax-Free Bond Fund	(a)	(a)	(a)	(a)	(a)

(a) Thisfund 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 lendingagent 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 YieldFund	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)
InstitutionalCore Plus Fund	0	0	0	0	0
Institutional Floating Rate Fund	0	0	0	0	0
Institutional High Yield Fund	0	0	0	0	0
Institutional Long DurationCredit 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)
Retirement2010 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2015 Fund	(a)	(a)	(a)	(a)	(a)
Retirement2020 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2025 Fund	(a)	(a)	(a)	(a)	(a)
Retirement2030 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2035 Fund	(a)	(a)	(a)	(a)	(a)
Retirement2040 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2045 Fund	(a)	(a)	(a)	(a)	(a)
Retirement2050 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2055 Fund	(a)	(a)	(a)	(a)	(a)
Retirement2060 Fund	(a)	(a)	(a)	(a)	(a)
Retirement 2065 Fund	(b)	(b)	(b)	(b)	(b)

293


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 lendingagent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Retirement Balanced Fund	(a)	(a)	(a)	(a)	(a)
RetirementI 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)
RetirementI 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)
RetirementI 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)
RetirementI 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)
RetirementI 2065 Fund—I Class	(b)	(b)	(b)	(b)	(b)
Retirement Balanced I Fund—I Class	(a)	(a)	(a)	(a)	(a)
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
Short Duration Income Fund	(b)	(b)	(b)	(b)	(b)
Short-TermFund	(a)	(a)	(a)	(a)	(a)
Short-Term Bond Fund	0	0	0	0	0
Target 2005 Fund	(a)	(a)	(a)	(a)	(a)
Target 2010 Fund	(a)	(a)	(a)	(a)	(a)
Target 2015Fund	(a)	(a)	(a)	(a)	(a)
Target 2020 Fund	(a)	(a)	(a)	(a)	(a)
Target 2025Fund	(a)	(a)	(a)	(a)	(a)
Target 2030 Fund	(a)	(a)	(a)	(a)	(a)
Target 2035Fund	(a)	(a)	(a)	(a)	(a)
Target 2040 Fund	(a)	(a)	(a)	(a)	(a)
Target 2045Fund	(a)	(a)	(a)	(a)	(a)
Target 2050 Fund	(a)	(a)	(a)	(a)	(a)
Target 2055Fund	(a)	(a)	(a)	(a)	(a)
Target 2060 Fund	(a)	(a)	(a)	(a)	(a)
Target 2065Fund	(b)	(b)	(b)	(b)	(b)
Total Return Fund	(a)	(a)	(a)	(a)	(a)
TreasuryReserve Fund	(a)	(a)	(a)	(a)	(a)
U.S. High Yield Fund	(a)	(a)	(a)	(a)	(a)
U.S. TreasuryIntermediate Fund	0	0	0	0	0

294


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 lendingagent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
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.

(b) Priorto commencement of operations.


Fiscal Year Ended 10/31/19		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
Africa & Middle East Fund	0	0	0	0	0
Asia Opportunities Fund	$37,417	$1,884	$24,858	$26,742	$10,675
Cash Reserves Fund	(a)	(a)	(a)	(a)	(a)
China EvolutionEquity Fund	(b)	(b)	(b)	(b)	(b)
Emerging Europe Fund	12,329	555	8,628	9,183	3,147
Emerging Markets Discovery Stock Fund	0	0	0	0	0
Emerging Markets Stock Fund	640	77	125	202	437
European Stock Fund	69,378	7,723	17,891	25,614	43,764
Global Allocation Fund	109,724	10,774	37,988	48,761	60,963
Global Growth Stock Fund	534,835	18,154	413,787	431,941	102,894
Global Stock Fund	1,798,383	93,351	1,176,008	1,269,359	529,024
Global Value Equity Fund	6,777	221	5,291	5,512	1,264
Institutional Emerging Markets Equity Fund	296	31	88	119	176
Institutional International Core Equity Fund	22,896	1,581	12,352	13,933	8,963
Institutional International Disciplined Equity Fund	0	0	0	0	0
Institutional International Growth Equity Fund	26,950	1,702	15,600	17,301	9,649
International Disciplined Equity Fund	0	0	0	0	0
International Discovery Fund	12,381,583	1,501,616	2,370,713	3,872,328	8,509,255
International Equity Index Fund	458,663	30,959	252,202	283,160	175,502
International Stock Fund	6,582,882	447,154	3,601,827	4,048,981	2,533,901
International Value Equity Fund	0	0	0	0	0
Japan Fund	1,239,050	141,925	292,847	434,773	804,277
Latin America Fund	66,941	3,013	46,879	49,892	17,049
Multi-Strategy Total Return Fund	38,531	2,472	23,984	26,456	12,075
New Asia Fund	1,307,095	141,012	364,392	505,404	801,691
Overseas Stock Fund	11,493,946	861,981	5,748,027	6,610,008	4,883,937
Summit Municipal Income Fund	(a)	(a)	(a)	(a)	(a)

295


Fiscal Year Ended 10/31/19		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lendingagent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Summit Municipal Intermediate Fund	(a)	(a)	(a)	(a)	(a)
Summit MunicipalMoney Market Fund	(a)	(a)	(a)	(a)	(a)
U.S. Bond Enhanced Index Fund	845,743	14,211	765,959	780,171	65,573

(a) This fund does not participate in securities lending.

(b) Priorto commencement of operations.


Fiscal Year Ended 12/31/19		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
Balanced Fund	$709,586	$47,553	$396,330	$443,882	$265,703
Blue Chip Growth Fund	11,466,653	644,139	7,669,469	8,313,607	3,153,046
Capital Appreciation Fund	0	0	0	0	0
Communications & TechnologyFund	4,076,458	303,866	2,077,892	2,381,758	1,694,700
Diversified Mid-Cap Growth Fund	2,415,150	71,451	1,994,162	2,065,613	349,537
Dividend Growth Fund	3,363,401	131,342	2,691,463	2,822,805	540,595
DynamicCredit Fund	0	0	0	0	0
Dynamic Global Bond Fund	1,139,025	27,184	970,133	997,317	141,709
Emerging Markets Bond Fund	0	0	0	0	0
Emerging Markets CorporateBond Fund	0	0	0	0	0
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-SectorAccount Portfolio	(b)	(b)	(b)	(b)	(b)
Equity Income Fund	0	0	0	0	0
Equity Index 500 Fund	6,759,488	235,622	5,398,597	5,634,220	1,125,268
Extended Equity Market Index Fund	3,126,538	155,548	2,165,899	2,321,447	805,091
Financial Services Fund	583,026	15,975	507,509	523,484	59,543
Global ConsumerFund	3,587	211	2,177	2,389	1,199
Global High Income Bond Fund	0	0	0	0	0
Global IndustrialsFund	15,753	431	12,860	13,291	2,462
Global Real Estate Fund	0	0	0	0	0
Global TechnologyFund	0	0	0	0	0
Growth & Income Fund	45,146	996	38,660	39,656	5,490
Growth StockFund	475,808	71,371	0	71,371	404,437
Health Sciences Fund	491,542	73,731	0	73,731	417,810

296


Fiscal Year Ended 12/31/19		Fees and/or compensation for securities lending activities and related services
Fund	Gross income from securities lending activities	Fees paid to securities lendingagent from a revenue split	Rebate (paid to borrower)	Aggregate fees /compensation for securities lending activities	Net income from securities lending activities
Institutional Emerging Markets Bond Fund	0	0	0	0	0
InstitutionalLarge-Cap Core Growth Fund	1,111,692	44,909	861,125	906,034	205,658
Institutional Mid-Cap Equity Growth Fund	177,968	26,695	0	26,695	151,273
InstitutionalSmall-Cap Stock Fund	0	0	0	0	0
International Bond Fund	250,015	9,152	188,997	198,149	51,866
International Bond Fund (USD Hedged)	831,450	28,503	641,417	669,920	161,530
Large-CapGrowth Fund	0	0	0	0	0
Large-Cap Value Fund	1,476,359	33,009	1,315,887	1,348,896	127,463
Mid-CapGrowth Fund	677,690	101,653	0	101,653	576,037
Mid-Cap Index Fund	15,800	590	12,260	12,851	2,950
Mid-CapValue Fund	0	0	0	0	0
New America Growth Fund	315,299	45,267	13,519	58,786	256,514
New Era Fund	286,655	32,388	70,736	103,124	183,531
New Horizons Fund	0	0	0	0	0
QM GlobalEquity Fund	12,678	501	9,322	9,822	2,856
QM U.S. Small-Cap Growth Equity Fund	10,332,363	357,796	8,245,560	8,603,356	1,729,007
QM U.S. Small & Mid-Cap Core Equity Fund	100,692	2,956	86,167	89,122	1,729,320
QM U.S. Value Equity Fund	292	10	245	255	37
Real AssetsFund	0	0	0	0	0
Real Estate Fund	0	0	0	0	0
RetirementIncome 2020 Fund	(b)	(b)	(b)	(b)	(b)
Science & Technology Fund	3,252,593	237,060	1,909,023	2,146,083	1,106,510
Small-Cap Index Fund	22,872	1,249	14,680	15,929	6,944
Small-CapStock Fund	0	0	0	0	0
Small-Cap Value Fund	320,345	47,960	611	48,571	271,775
SpectrumGrowth Fund	(b)	(b)	(b)	(b)	(b)
Spectrum Income Fund	(b)	(b)	(b)	(b)	(b)
SpectrumInternational Fund	(b)	(b)	(b)	(b)	(b)
Total Equity Market Index Fund	1,056,138	39,469	816,017	855,486	200,652
U.S. Equity Research Fund	22,670	3,276	828	4,104	18,565
U.S. Large-CapCore Fund	0	0	0	0	0
Value Fund	10,872,032	260,995	9,594,950	9,855,945	1,016,087

(a) Prior to commencement of operations.

(b) This fund does not participate in securities lending.

297

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.

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PART II – TABLE OF CONTENTS

Page


Investment Objectives and Policies	299
Risk Factors	299
Portfolio Securities	325
Derivatives	343
Portfolio Management Practices	358
Investment Restrictions	361
Custodian and Fund Accounting	375
Code of Ethics	375
Disclosure of Fund Portfolio Information	375

Pricing of Securities	379
Net Asset Value Per Share	380

Page


Dividendsand Distributions	382
Redemptions In-Kind and Purchases	382
Tax Status	382
Capital Stock	387
Proxy Voting Policies	402
Federal Registration of Shares	406
Legal Counsel	406
Ratings of Commercial Paper	406
Ratings of Corporate Debt Securities	407
Ratings of MunicipalNotes and Variable
Rate Securities	408

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.

Each fund’s investment objective is considered a fundamental policy. As a result, 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.

All Funds

Unforeseen Market Events

Unpredictable events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats may significantly affect the economy and the markets and issuers in which a fund invests. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks.

These types of events may also cause widespread fear and uncertainty, and result in, among other things: quarantines and travel restrictions, including border closings; disruptions to business operations and supply chains; exchange trading suspensions and closures, and overall reduced liquidity of securities, derivatives, and commodities trading markets; reductions in consumer demand and economic output; and significant challenges in healthcare service preparation and

299

delivery. The funds could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions or events. In addition, the operations of the funds, their investment advisers, and the funds’ service providers may be significantly impacted, or even temporarily halted, as a result of extensive employee illnesses or unavailability, government quarantine measures, and restrictions on travel or meetings and other factors related to public emergencies. Recently, a novel strain of coronavirus (COVID-19) has resulted in disruptions to global business activity and caused significant volatility and declines in global financial markets.

Governmental and quasi-governmental authorities and regulators have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs, and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could negatively impact overall investor sentiment and further increase volatility in securities markets.

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.

Operational Risk

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.

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. 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

300

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.

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

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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 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.

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· 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.

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 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

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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”) The United Kingdom left the European Union (the “EU”) (“Brexit”) on January 31, 2020 subject to a transitional period ending December 31, 2020. During the transitional period although the United Kingdom will no longer be a member state of the EU it will remain subject to EU law and regulations as if it were still a member state. The United Kingdom and the EU are to negotiate the terms of their future trading relationship during the transitional period. Accordingly the terms of such trading relationship remain uncertain. The outcome of such negotiations may give rise to significant uncertainties and instability in the financial markets as the United Kingdom negotiates the terms of its future relationship with the EU. 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.

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.

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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 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

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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 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

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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 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

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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 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, 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

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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.

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

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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.

· 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

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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 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,

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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.

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

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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 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,

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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 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.

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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 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

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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.

Debt As of May 1, 2020, the state of California’s general obligation debt was rated Aa2 by Moody’s Investors Service, Inc. (Moody’s), AA- by S&P Global Ratings (S&P), and AA by Fitch Ratings, Inc. (Fitch). All three rating agencies have assigned stable outlooks for their ratings.

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.

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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.

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

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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.

Debt As of May 1, 2020, the state of Georgia’s general obligation bonds were rated AAA by Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), and Fitch Ratings, Inc. (Fitch). Each rating agency has assigned a stable outlook for the state.

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 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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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.

Debt As of May 1, 2020, the state of Maryland’s general obligation debt was rated Aaa by Moody’s Investors Service, Inc. (Moody’s) and AAA by S&P Global Ratings (S&P) and Fitch Ratings, Inc. (Fitch). All three agencies have assigned a stable outlook.

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.

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.

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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 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, pandemics, 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.

Debt As of May 1, 2020, the state of New Jersey’s general obligation debt was rated A3 by Moody’s Investors Service, Inc. (Moody’s), A- by S&P Global Ratings (S&P), and A by Fitch Ratings, Inc. (Fitch). S&P and Moody’s have a negative outlook for the state while Fitch maintains a stable outlook.

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.

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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.

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.

Debt As of May 1, 2020, the state of New York’s general obligation debt was rated Aa1 by Moody’s Investors Service, Inc. (Moody’s), AA+ by S&P Global Ratings (S&P), and AA+ by Fitch Ratings, Inc. (Fitch). S&P has assigned a stable outlook. Moody’s and Fitch moved the outlook to negative following the COVID-19 outbreak in the state.

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.

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.

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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.

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.

Debt As of May 1, 2020, the Commonwealth of Virginia’s general obligation debt was rated Aaa by Moody’s Investors Service, Inc. (Moody’s) and AAA by S&P Global Ratings (S&P) and Fitch Ratings, Inc. (Fitch). All three agencies have stable outlooks on the ratings of the Commonwealth.

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.

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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.

All Tax-Free Funds

The regular income dividends shareholders receive from municipal bond funds are typically exempt from regular federal income taxes. The portion of these dividends representing interest on bonds issued by your state may also be exempt from your state and local income taxes (if any). However, any capital gain distributions from municipal bond funds may be taxable to shareholders. Since the income generated by most municipal securities is exempt from federal taxation, investors are willing to accept lower yields on a municipal bond or municipal bond fund than on an otherwise similar (in quality, maturity, and duration) taxable bond or taxable bond fund.

Interest income from municipal securities is not always exempt from federal taxes. Since 1986, income from so-called “private activity” municipal bonds has generally been subject to the federal alternative minimum tax. For instance, some bonds financing airports, stadiums, and student loan programs fall into this category. These bonds typically carry higher yields than regular municipal securities. Shareholders subject to the alternative minimum tax must include income derived from private activity bonds that are not exempt from the alternative minimum tax in their alternative minimum tax calculation. The portion of any fund income subject to the alternative minimum tax will be reported annually to shareholders.

Additionally, under highly unusual circumstances, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable. If a state-tax free fund were to hold such a bond, it might have to distribute taxable income or reclassify previously distributed tax-free income as taxable income.

Municipal bond funds are generally not appropriate investments for those investing through a tax-deferred account, such as an IRA or employer-sponsored retirement plan, because the funds’ tax advantages are not applicable if investing through such an account.

Credit ratings and the financial and economic conditions of the state and local governments, public authorities, or others in which the state tax-free funds may invest are subject to change at any time.

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: some of these securities may be exempt from U.S. federal, state, and local income taxes. As of May 1, 2020, Puerto Rico’s general obligation debt was rated Ca with a negative outlook by Moody’s; RD by Fitch; in March 2018, S&P discontinued its ‘D’ rating for Puerto Rico general obligation debt. Each of these ratings reflects a downgrade of Puerto Rico’s general obligation debt further below investment grade or an altogether withdrawal of ratings. Certain related Puerto Rico issuers have been similarly downgraded.

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The below investment-grade credit ratings are due in part to Puerto Rico’s default on its debt payments that began on August 1, 2015, as well as 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.

In June 2015, the commonwealth’s governor at the time, Alejandro García Padilla, indicated that Puerto Rico would be unable to continue servicing its debt -- a reversal of Puerto Rico’s previous position. This announcement 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 with creditors to restructure the 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 response to these developments, in June 2016, the U.S. Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), establishing a federally appointed Financial Oversight & Management Board (FOMB) to oversee the island’s financial operations and possible debt restructuring. Members of the FOMB were announced by the Obama administration in August 2016. Over the course of numerous meetings between the commonwealth’s then-governor, Ricardo Rosselló, and the FOMB, a financial plan emerged that provided only 23% bondholder recovery. When a PROMESA-allowed stay on litigation expired on May 1, 2017, the FOMB enacted Title III of PROMESA (quasi-bankruptcy), deeming Puerto Rico’s 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.

The credit ratings, along with any 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 negatively, depending on its exposure to Puerto Rico’s municipal obligations.

Puerto Rico has suffered a series of devastating natural events. In September 2017, Hurricanes Irma and Maria crossed Puerto Rico, causing over $80 billion in damage; recovery has been prolonged and will continue to require considerable resources. On December 29, 2019, a series of seismic events struck; the largest, a 6.4 magnitude earthquake, occurred on January 7, 2020. Estimates for the cost of total damage is still being calculated, but currently stands in excess of $1 billion. On March 15, 2020, in response to the COVID-19 pandemic, Governor Wanda Vásquez Garced signed an executive order, closing businesses and enacting a curfew. On May 1, 2020, Governor Vásquez issued an amended executive order to reopen businesses under a phased program. Puerto Rico estimates the total direct economic damage for fiscal year 2020 and fiscal year 2021 to total $6.6 billion. These ongoing challenges and any future additional or unanticipated events could negatively impact a fund’s performance, depending on its exposure to Puerto Rico’s municipal obligations.

Puerto Rico is party to significant, material, and ongoing litigation. This could impact their ability to pay interest and principal when due. Ongoing and any future additional or unanticipated litigation could negatively impact a fund’s performance, depending on its exposure to Puerto Rico’s municipal obligations.

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.

Guaranteed direct obligations of the commonwealth that are 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, by the commonwealth’s appropriations, or taxes.

Although different measures suggest that 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), which as of 2018 was $68 billion.

Economy Puerto Rico’s economy, as measured by GNP, continues to decline. Government officials estimate that the economy shrank 20.8% between 2006 and 2019. Puerto Rico estimates that GNP will decrease 3.6% in fiscal year 2020 and 7.8% in fiscal year 2021, primarily due to COVID-19. As of December 2019, unemployment was 8.4%, 2.4 times higher than the national average.

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Manufacturing, particularly pharmaceuticals, is important to the local economy in Puerto Rico. Manufacturing accounted for approximately 47% of GNP in 2018, and 8% of nonfarm payroll employment. Services is another significant component of the local economy and represented 14% of GNP and 39% of employment in 2018.

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; however, employment in this sector is trending downward as some individual plants have closed or have become 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. In an effort to balance the budget, then-governor Alejandro García Padilla and his administration implemented various fiscal measures, including substantial expense restructuring and tax reform. Puerto Rico’s financial disclosure practices continue to be very weak.

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

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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 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

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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 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

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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.

· 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.

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· 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 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.

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· 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 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 (but not yet implemented) rules of FINRA (with a future implementation date of March 25, 2021) 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

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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 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

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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 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.

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Service Provider	Service
Adobe	Systems Vendor
Algorithmics	Systems Vendor
Barclays	Fixed IncomeAnalytics
Bloomberg	Pricing and Data Vendor
Bloomberg BVAL	Pricing Vendor
Bloomberg Port	Fixed Income Analytics
BNY Mellon	Fund Accounting and Middle Office
Broadridge	Printing and Mailing Vendor
BroadridgeSystems	Systems Vendor
Cassini Systems Inc.	Systems Vendor


Service Provider	Service
Charles River	Systems 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 FixedIncome LLC	Fixed Income Analytics
FX Transparency	FX Analytics
ICE Data Services	Pricing and Systems Vendor
IHS Markit	Pricing and Data Vendor
ISS	Proxy andSystems Vendor
Intercontinental Exchange, Inc.	Fixed Income Analytics
Investor Tools, Inc.	Fixed Income Analytics
Iron Mountain	Records Management Vendor
JPMorgan	Custodian and Securities Lending Agent
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
MBI Solutions, LLC	Systems 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
State Street Corporation	Custodian and Securities Lending Agent
Style Research	Systems Vendor
Sybase Inc.	Systems Vendor
Toppan Merrill	Printingand Mailing Vendor
Veritas	Records Management Vendor
Veritext Global	Transcription Vendor
WCI Consulting	Systems Vendor


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. RowePrice 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. RowePrice Blue Chip Growth Fund—R Class (class)	2002
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—IClass (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. RowePrice 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. RowePrice 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. RowePrice 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


Corporations	Year of Inception
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. RowePrice 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 Dynamic Global Bond Fund—Z Class (class)	2020
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 Bond Fund—Z Class (class)	2020
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 (InvestorClass)	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
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. RowePrice Global Stock Fund—I Class (class)	2017


Corporations	Year of Inception
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—Z Class (class)	2020
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 Bond Fund (USD Hedged)—Z Class (class)	2020
T. Rowe Price International Disciplined Equity Fund (series)	2014
T. Rowe Price International Disciplined Equity Fund (InvestorClass)	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 International Value Equity Fund—Z Class (class)	2020
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. RowePrice Overseas Stock Fund—Z Class (class)	2020
T. Rowe Price International Index Fund, Inc. (corporation)	2000
T. Rowe Price International Equity Index Fund (series)	2000
T. RowePrice 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 Limited Duration Inflation Focused Bond Fund—Z Class (class)	2020
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. RowePrice Mid-Cap Growth Fund—Z Class (class)	2020


Corporations	Year of Inception
T. Rowe Price Mid-Cap Value Fund, Inc. (corporation)	1996
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. RowePrice Mid-Cap Value Fund—Z Class (class)	2020
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. RowePrice 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. RowePrice 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. RowePrice 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. RowePrice New Horizons Fund—Z Class (class)	2020
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. RowePrice New Income Fund—Z Class (class)	2020
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—AdvisorClass (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. RowePrice 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. RowePrice Real Assets Fund—Z Class (class)	2020


Corporations	Year of Inception
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. RowePrice Real Estate Fund—I Class (class)	2015
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. RowePrice 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 2065 Fund (series)	2020
T. Rowe Price Retirement 2065 Fund (Investor Class)	2020
T. Rowe Price Retirement 2065 Fund—Advisor Class (class)	2020
T. RowePrice Retirement 2065 Fund—R Class (class)	2020


Corporations	Year of Inception
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
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 I 2065 Fund—I Class (series)	2020
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. RowePrice Target 2055 Fund—I Class (class)	2016


Corporations	Year of Inception
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 Target 2065 Fund (series)	2020
T. Rowe Price Target 2065 Fund (Investor Class)	2020
T. Rowe Price Target 2065 Fund—Advisor Class (class)	2020
T. RowePrice Target 2065 Fund—I Class (class)	2020
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. RowePrice Science & Technology Fund—I Class (class)	2016
T. Rowe Price Short-Term Bond Fund, Inc. (corporation)	1984
T. Rowe Price Short Duration Income Fund (series)	2020
T. Rowe Price Short Duration Income Fund (Investor Class)	2020
T. Rowe Price Short Duration Income Fund—I Class (class)	2020
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. RowePrice 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. RowePrice Small-Cap Stock Fund—Z Class (class)	2020
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. RowePrice Small-Cap Value Fund—Z Class (class)	2020
T. Rowe Price Spectrum Fund, Inc. (corporation)	1987
Spectrum Growth Fund (series)	1990
Spectrum Income Fund (series)	1990
SpectrumInternational 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. RowePrice Maryland Short-Term Tax-Free Bond Fund (series)	1993


Name	Company Name	Position Held With Company
Christopher D. Alderson	T. Rowe Price Group, Inc.	Vice President
	T. Rowe Price Hong Kong Limited	Vice President
	T. Rowe Price International Ltd	Director
		Vice President
	T. Rowe Price Singapore Private Ltd.	Vice President
Phillipe Ayral	T. Rowe Price Group, Inc.	Vice President
	T. Rowe Price Japan, Inc.	Director
		Vice President
Emma Beal	T. Rowe Price (Canada), Inc.	Vice President
	T. Rowe Price (Luxembourg) Management SÀRL	Vice President

	T. Rowe Price (Switzerland) GmbH	Authorized Signer
	T. Rowe Price Group, Inc.	Vice President
	T. Rowe Price Hong Kong Limited	Vice President
	T. Rowe Price International Ltd	Director
		Vice President
		Assistant Secretary
	T. Rowe Price Singapore Private Ltd.	Vice President
	T. Rowe Price UK Limited	Director
		Vice President
		Authorized Signer
Archibald A. Ciganer	T. Rowe Price Group, Inc.	Vice President
	T. Rowe Price Japan, Inc.	Director
		Vice President

Graeme de Moor	T. Rowe Price Group, Inc.	Vice President

	T. Rowe Price Hong Kong Limited	Director
	T. Rowe Price International Ltd	Vice President
	T. Rowe Price Singapore Private Ltd.	Director
Kuniaki Doi	T. Rowe Price Group, Inc.	Vice President
	T. Rowe Price Japan, Inc.	Director
		Vice President


Name	Positions and Offices With Underwriter	Positions and Offices With Registrant
Dorothy C. Sawyer	Chairman of the Board, Director, and President	None
Kevin L. Collins	Director	None
Timothy S. Dignan	Treasurer and Vice President	None
Stephanie P. Mumford	Chief Compliance Officer and Vice President	None
Christopher C. Newman	Director and Vice President	None
David Oestreicher	Director, Vice President, and Secretary	Director, Principal Executive Officer, Executive Vice President

George D. Riedel	Director and Vice President	None
Susanne P. Voelker	Controller and Vice President	None
Christine B. Akins	Vice President	None
Brent A. Andersen	Vice President	None
Lorraine J. Andrews	Vice President	None
Cheryl L. Armitage	Vice President	None
Brendan C. Asaff	Vice President	None
Christopher P. Augelli	Vice President	None
Andrew L. Baird	Vice President	None

Jason L. Bandel	Vice President	None

Thomas E. Bauer	Vice President	None
Cheri M. Belski	Vice President	None
Sukhvinder K. Bhogal	Vice President	None
Bryan K. Blackmon	Vice President	None

Matthew W. Boren	Vice President	None
Chase B. Bower	Vice President	None

Kathy Brady	Vice President	None

Darrell N. Braman	Vice President	Vice President and Secretary
Jaime M. Branstetter	Vice President	None
Anne Whitescarver Brown	Vice President	None
Martin P. Brown	Vice President	None
Christopher D. Browne	Vice President	None

Heather C. Buchanan	Vice President	None

Barbara J. Burdett	Vice President	None
Jason N. Butler	Vice President	None
Adam Byard	Vice President	None
Jessica Calder	Vice President	None


Signature	Title	Date



/s/David Oestreicher	Director (Principal Executive Officer)	July 10, 2020

David Oestreicher	and Executive Vice President



/s/Alan S. Dupski	Treasurer	July 10, 2020
Alan S. Dupski	(Principal Financial Officer)

	and Vice President

*

Teresa Bryce Bazemore	Director	July 10, 2020



*

Ronald J. Daniels	Director	July 10, 2020



*

Bruce W. Duncan	Director	July 10, 2020



*

Robert J. Gerrard, Jr.	Chairman of the Board	July 10, 2020

	and Director

*

Paul F. McBride	Director	July 10, 2020



*

Cecilia E. Rouse	Director	July 10, 2020



*

John G. Schreiber	Director	July 10, 2020




/s/Robert W. Sharps	Director	July 10, 2020

Robert W. Sharps



*/s/David Oestreicher	Attorney-In-Fact	July 10, 2020

David Oestreicher