Registration Nos. 002-99122/811-4358
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. 47 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 45 /X/
T. ROWE PRICE NEW AMERICA GROWTH FUND
Exact Name of Registrant as Specified in Charter
100
East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices
410-345-2000
Registrants
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 May 1, 2016
It is proposed that this filing will become effective (check appropriate box):
// Immediately upon filing pursuant to paragraph (b)
/X / On May 1, 2016 pursuant to paragraph (b)
// 60 days after filing pursuant to paragraph (a)(1)
// On (date) pursuant to paragraph (a)(1)
// 75 days after filing pursuant to paragraph (a)(2)
// On (date) pursuant to paragraph (a)(2) of Rule 485
If appropriate, check the following box:
// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
PROSPECTUS | |
PRWAX | |
May 1, 2016 | |
T. Rowe Price New America Growth Fund | |
A fund seeking long-term capital growth through investments primarily in the common stocks of growth companies. | |
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. | |
Table of Contents
SUMMARY
The fund seeks to provide long-term capital growth by investing primarily in the common stocks of growth companies.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Fund
Shareholder fees (fees paid directly from your investment) | |
Maximum sales charge (load) imposed on | NONE |
Maximum deferred sales charge (load) | NONE |
Redemption fee | NONE |
Maximum account fee | $20a |
Annual fund operating expenses | |
Management fees | 0.64% |
Distribution and service (12b-1) fees | 0.00% |
Other expenses | 0.15% |
Total annual fund operating expenses | 0.79% |
a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.
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. The example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year | 3 years | 5 years | 10 years |
$81 | $252 | $439 | $978 |
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 fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 81.0% of the average value of its portfolio.
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Investments, Risks, and Performance
Principal Investment Strategies The fund invests primarily (at least 65% of its total assets) in common stocks of U.S. companies operating in those sectors of the economy that, in the view of T. Rowe Price, are the fastest growing or have the greatest growth potential. The U.S. economy continues to evolve, in part because of the application of new technologies and scientific advances. Growing companies that are positioned to benefit from dynamic technological, social, medical, and business developments that help define the current U.S. economic landscape can be found across an array of industries. The funds allocation to industry sectors will generally reflect such factors as the overall revenue growth of the component companies in a sector and the sectors contribution to U.S. gross domestic product from year to year, although the fund may at times invest significantly in stocks of technology companies.
Holdings range from large-cap to small-cap companies. In selecting stocks, we look for many characteristics, typically including, but not limited to:
· earnings growth rates that generally exceed that of the average company in the S&P 500 Stock Index;
· favorable company fundamentals, such as a strong balance sheet, sound business strategy, and promising competitive positioning;
· effective management; or
· stock valuations, such as price/earnings or price/cash flow ratios, that seem reasonable relative to the companys prospects.
In pursuing its investment objective, the fund has the discretion to deviate from its normal investment criteria. These situations might arise when the funds adviser believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.
While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the funds objectives.
The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:
Active management risk The fund is subject to the risk that the investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the investments selected and strategies employed by the fund fail to produce the intended results, the fund could
Summary | 3 |
underperform in comparison to other funds with similar objectives and investment strategies.
Risks of U.S. stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the U.S. stock market, such as when the U.S. financial markets decline, or because of factors that affect a particular company or industry.
Investment style risk Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The funds growth approach to investing could cause it to underperform other stock funds that employ a different investment style. Growth stocks tend to be more volatile than certain other types of stocks, and their prices may fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market.
Market capitalization risk Because the fund may invest in companies of any size, its share price could be more volatile than a fund that invests only in large companies. Small- and medium-sized companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. Larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.
Industry risk To the extent the fund invests in specific industries or sectors, it may be more susceptible to developments affecting those industries and sectors. For example, the fund may at times have significant investments in technology companies, which could result in the fund performing poorly during a downturn in one or more of the industries that heavily impact technology companies. Technology companies can be adversely affected by, among other things, intense competition, earnings disappointments, and rapid obsolescence of products and services due to technological innovations or changing consumer preferences.
Foreign investing risk This is the risk that the funds investments in foreign securities 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.
Performance The bar chart showing calendar year returns and the average annual total returns table provide some indication of the risks of investing in the fund by showing how much returns can differ from year to year and how the funds average annual returns for certain periods compare with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that
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have investment characteristics similar to those of the fund. The funds performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.
The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.
In addition, the average annual total returns table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. In some cases, the figure shown for returns after taxes on distributions and sale of fund shares may be higher than the figure shown for returns before taxes because the calculations assume the investor received a tax deduction for any loss incurred on the sale of shares.
Summary | 5 |
Average Annual Total Returns | ||||||||||||
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| Periods ended |
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| December 31, 2015 |
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| 1 Year | 5 Years | 10 Years |
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| New America Growth Fund |
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| Returns before taxes | 8.80 | % | 13.15 | % | 9.54 | % |
| ||||
| Returns after taxes on distributions | 6.63 |
|
| 10.99 |
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| 7.99 |
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| Returns after taxes on distributions |
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|
|
|
|
|
|
|
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| and sale of fund shares | 6.65 |
|
| 10.08 |
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| 7.47 |
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| |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 1.38 |
|
| 12.57 |
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| 7.31 |
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| |
| Lipper Multi-Cap Growth Funds Index | 3.09 |
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| 11.70 |
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| 7.52 |
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|
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Updated performance information is available through troweprice.com or may be obtained by calling 1-800-225-5132.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Justin P. White | Chairman of Investment Advisory Committee | 2016 | 2008 |
Purchase and Sale of Fund Shares
The fund requires a $1,000 minimum initial investment and a $100 minimum subsequent investment for individual retirement accounts, small business retirement plan accounts, and Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts. For all other accounts, the fund generally requires a $2,500 minimum initial investment and a $100 minimum subsequent investment. The investment minimums may be modified for financial intermediaries that submit orders on behalf of their customers.
You may purchase, redeem, or exchange fund shares by accessing your account online at troweprice.com, by calling 1-800-225-5132, or by written request. If you hold shares through a financial intermediary, you must purchase, redeem, and exchange shares through your intermediary.
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Tax Information
Any dividends or 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, may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (although you may be taxed upon withdrawal from such account).
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 intermediarys website for more information.
Information About Accounts in T. Rowe Price Funds | 2 | |
The following policies and procedures generally apply to Investor Class accounts in the T. Rowe Price family of funds.
How and When Shares Are Priced
The share price, also called the net asset value, for each share class of a fund is calculated at the close of the New York Stock Exchange (normally 4 p.m. ET) each day that the exchange is open for business. To calculate the net asset value, the funds 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. 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 funds pricing services. If a market value for a security 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 security by taking into account various factors and methodologies that have been approved by the funds Board of Directors/Trustees. 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 funds and certain other debt securities held by a fund. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation.
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 circumstances described below. 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 New York Stock Exchange will, in its judgment, materially affect the value of some or all of the funds 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. The fund may also fair value certain securities or a group of securities in other situationsfor 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 which trade on weekends or other days when the fund does not price its
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shares, the funds net asset value may change on days when shareholders will not be able to purchase or redeem the funds shares.
The fund uses various pricing services to provide it with closing market prices and information used for adjusting those prices and to value most fixed income securities. The fund cannot predict how often it will use closing prices and 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 days opening prices in the same markets, and adjusted prices. The fund also evaluates 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 buy, sell, and exchange shares are explained at the end of this prospectus and on the new account form. These procedures may differ for institutional and employer-sponsored retirement accounts or if you hold your account through an intermediary.
How Your Purchase, Sale, or Exchange Price Is Determined
If your request is received by T. Rowe Price or its agent in correct form by the close of the New York Stock Exchange (normally 4 p.m. ET), your transaction will be priced at that business days net asset value. To ensure that your request is submitted in correct form, please refer to Account Requirements and Transaction Information in Section 4. If your request is received by T. Rowe Price or its agent in correct form after the close of the New York Stock Exchange, your transaction will be priced at the next business days net asset value.
The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions.
Investor Class shares may be purchased directly from T. Rowe Price or through various third-party intermediaries, including banks, brokers, and investment advisers. Where authorized by a fund, orders will be priced at the net asset value next computed after receipt by the intermediary. Contact your intermediary for trade deadlines and the applicable policies for purchasing, selling, or exchanging your shares, as well as initial and subsequent investment minimums. The intermediary may charge a fee for its services.
When authorized by the fund, certain financial institutions or retirement plans purchasing fund shares on behalf of customers or plan participants through T. Rowe Price Financial Institution Services or T. Rowe Price Retirement Plan Services 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 financial institution or retirement plan is responsible
Information About Accounts in T. Rowe Price Funds | 9 |
for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.
Note: 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 New York Stock Exchange closes at a time other than 4 p.m. ET. In the event of an emergency closing, a funds shareholders will receive the next share price calculated by the fund. 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 New York Stock Exchange closes to be priced at that business days net asset value. Under certain conditions, a money fund may accept and process purchase and redemption orders beyond the close of the New York Stock Exchange on days that the New York Stock Exchange closes early and does not reopen, and may accept orders on a business day that the New York Stock Exchange is unexpectedly closed.
How You Can Receive the Proceeds From a Sale
When filling out the new account form, you may wish to give yourself the widest range of options for receiving proceeds from a sale.
If your request is received in correct form by T. Rowe Price on a business day prior to the close of the New York Stock Exchange, proceeds are usually sent on the next business day. Proceeds can be mailed to you by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. Automated Clearing House is an automated method of initiating payments from, and receiving payments in, your financial institution account. 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. A $5 fee will be charged for an outgoing wire less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.
Exceptions Under certain circumstances, and when deemed to be in a funds best interest, your proceeds may not be sent for up to seven calendar days after we receive your redemption request. Under certain limited circumstances, the Board of Directors/Trustees of a money fund may elect to suspend redemptions and postpone payment of redemption proceeds in order to facilitate an orderly liquidation of the money fund (subject to any additional liquidation requirements). Effective October 14, 2016, the Board of Directors/Trustees of a retail money market fund may elect to temporarily suspend redemptions and postpone payment of redemption proceeds for up to 10 business days in a 90-day period, if the funds weekly liquid assets fall below 30% of its total assets and the funds Board of Directors/Trustees determines that imposing a redemption gate is in the funds best interests.
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If for some reason your request to sell shares cannot be processed because it is not received in correct form, we will attempt to contact you.
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, certain T. Rowe Price funds, listed in the following table, assess a fee on redemptions (including exchanges out of a fund), which reduces the proceeds from such redemptions by the amounts indicated:
T. Rowe Price Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Africa & Middle East | 2% | 90 days or less |
Asia Opportunities | 2% | 90 days or less |
Credit Opportunities | 2% | 90 days or less |
Emerging Europe | 2% | 90 days or less |
Emerging Markets Bond | 2% | 90 days or less |
Emerging Markets Corporate Bond | 2% | 90 days or less |
Emerging Markets Local Currency Bond | 2% | 90 days or less |
Emerging Markets Stock | 2% | 90 days or less |
Emerging Markets Value Stock | 2% | 90 days or less |
Equity Index 500 | 0.5% | 90 days or less |
European Stock | 2% | 90 days or less |
Extended Equity Market Index | 0.5% | 90 days or less |
Floating Rate | 2% | 90 days or less |
Global Growth Stock | 2% | 90 days or less |
Global High Income Bond | 2% | 90 days or less |
Global Real Estate | 2% | 90 days or less |
Global Stock | 2% | 90 days or less |
High Yield | 2% | 90 days or less |
Intermediate Tax-Free High Yield | 2% | 90 days or less |
International Bond | 2% | 90 days or less |
International Concentrated Equity | 2% | 90 days or less |
International Discovery | 2% | 90 days or less |
International Equity Index | 2% | 90 days or less |
International Growth & Income | 2% | 90 days or less |
International Stock | 2% | 90 days or less |
Japan | 2% | 90 days or less |
Latin America | 2% | 90 days or less |
Information About Accounts in T. Rowe Price Funds | 11 |
T. Rowe Price Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
New Asia | 2% | 90 days or less |
Overseas Stock | 2% | 90 days or less |
QM Global Equity | 2% | 90 days or less |
QM U.S. Small & Mid-Cap Core Equity | 1% | 90 days or less |
QM U.S. Small-Cap Growth Equity | 1% | 90 days or less |
Real Assets | 2% | 90 days or less |
Real Estate | 1% | 90 days or less |
Small-Cap Value | 1% | 90 days or less |
Spectrum International | 2% | 90 days or less |
Tax-Efficient Equity | 1% | less than 365 days |
Tax-Free High Yield | 2% | 90 days or less |
Total Equity Market Index | 0.5% | 90 days or less |
U.S. Bond Enhanced Index | 0.5% | 90 days or less |
Redemption fees are paid to a fund to deter short-term trading, offset costs, and protect the funds long-term shareholders. Subject to the exceptions described on the following pages, all persons holding shares of a T. Rowe Price fund that imposes a redemption fee are subject to the fee, whether the person is holding shares directly with a T. Rowe Price fund; through a retirement plan for which T. Rowe Price serves as recordkeeper; or indirectly through an intermediary (such as a broker, bank, or investment adviser), recordkeeper for retirement plan participants, or other third party.
Computation of Holding Period
When an investor sells shares of a fund that assesses a redemption fee, T. Rowe Price will use the first-in, first-out method to determine the holding period for the shares sold. Under this method, the date of redemption or exchange will be compared with the earliest purchase date of shares held in the account. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. For a fund with a 365-day holding period, a redemption fee will be charged on shares sold before the end of the required holding period. For funds with a 90-day holding period, a redemption fee will be charged on shares sold on or before the end of the required holding period. For example, if you redeem your shares on or before the 90th day from the date of purchase, you will be assessed the redemption fee. If you purchase shares through an intermediary, consult your intermediary to determine how the holding period will be applied.
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Transactions Not Subject to Redemption Fees
The T. Rowe Price funds will not assess a redemption fee with respect to certain transactions. As of the date of this prospectus, the following shares of T. Rowe Price funds will not be subject to redemption fees:
· Shares redeemed through an automated, systematic withdrawal plan;
· Shares redeemed through or used to establish certain rebalancing, asset allocation, wrap, and advisory programs, as well as non-T. Rowe Price fund-of-funds products, if approved in writing by T. Rowe Price;
· Shares purchased through the reinvestment of dividends or capital gain distributions;*
· Shares converted from one share class to another share class of the same fund;*
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees (e.g., for failure to meet account minimums);
· Shares purchased by rollover or changes of account registration within the same fund;*
· Shares redeemed to return an excess contribution from a retirement account;
· Shares of T. Rowe Price funds purchased by another T. Rowe Price fund and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that other 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;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a third-party intermediary acting as a service provider when the age of the shares cannot be determined systematically;* and
· Shares redeemed in retirement plans or other products that restrict trading to no more frequently than once per quarter, if approved in writing by T. Rowe Price.
* Subsequent exchanges of these shares into funds that assess redemption fees will subject such shares to the fee.
Redemption Fees on Shares Held in Retirement Plans
If shares are held in a retirement plan, redemption fees generally will be assessed on shares redeemed by exchange only if they were originally purchased by exchange. However, redemption fees may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or how the fees are applied by your plans recordkeeper. To determine which of your transactions are subject to redemption fees, you should contact T. Rowe Price or your plan recordkeeper.
Liquidity Fees and GatesMoney Market Funds
Effective October 14, 2016, money market funds that are designated retail money market funds pursuant to Rule 2a-7 under the Investment Company Act of 1940 will have the ability to impose liquidity fees of up to 2% if the funds weekly liquid
Information About Accounts in T. Rowe Price Funds | 13 |
assets fall below certain thresholds, as specified in Rule 2a-7. These fees may be mandatory or discretionary, depending on the funds level of weekly liquid assets. Effective October 14, 2016, retail money market funds will also have the ability to temporarily suspend redemptions for up to 10 days within a 90-day period if the funds weekly liquid assets fall below a certain threshold, as specified in Rule 2a-7. A funds Board of Directors/Trustees has ultimate discretion to determine whether or not a liquidity fee or redemption gate would be in the best interests of the funds shareholders and should be imposed.
Money market funds that are designated government money market funds pursuant to Rule 2a-7 are not required to impose a liquidity fee or redemption gate upon the sale of your shares. The Boards of Directors/Trustees of the T. Rowe Price money funds that will operate as government money market funds have determined that the funds do not intend to impose liquidity fees and redemption gates. However, the Board of Directors/Trustees 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.
Please reference Liquidity Fees and Gates in Section 3 of retail money market fund prospectuses for more information.
Omnibus Accounts
If your shares are held through an intermediary in an omnibus account, T. Rowe Price relies on the intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to enter into agreements with intermediaries establishing omnibus accounts that require the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all intermediaries or that the intermediaries will properly assess the fees.
Certain intermediaries may not apply the exemptions previously listed to the redemption fee policy; all redemptions by persons trading through such intermediaries may be subject to the fee. Certain intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through an intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
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
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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 funds shareholders.
To the extent possible, all net investment income and realized capital gains are distributed to shareholders.
Dividends and Other Distributions
Dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option. 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. 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 shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
Money funds | · Purchases received by T. Rowe Price by noon ET via wire begin to earn dividends on that day. Other shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · 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. · Declared daily and paid on the first business day of each month. |
Information About Accounts in T. Rowe Price Funds | 15 |
Dividend Payment Schedule | |
Fund | Dividends |
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Growth & Income · Personal Strategy Balanced · Personal Strategy Income · Real Estate | · Declared and paid quarterly, if any, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
Other stock funds | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Retirement,
Spectrum, and | |
· Retirement
Balanced and | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Declared daily and paid on the first business day of each month. |
· All others | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Bond and money fund shares earn dividends through the date of redemption (except for wire redemptions from money funds prior to noon ET, which 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 bond or money fund 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 bond or money fund shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds 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 sell your shares through an intermediary, consult your intermediary to determine when your shares begin and stop accruing dividends as the information previously described may vary.
T. Rowe Price | 16 |
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 gain payments are not expected from money funds, which are managed to maintain a constant share price.
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 individual retirement account, 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.
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. Private activity bonds issued in 2009 and 2010, and refunding bonds issued in 2009 and 2010 to refund private activity bonds that were issued from the beginning of 2004 to the end of 2008, are exempt from the alternative minimum tax. The portion of a funds 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. |
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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 investors marginal income tax rate. This includes the portion of ordinary dividends
derived from interest, short-term capital gains, distributions from nonqualified foreign corporations,
and dividends received by the fund from stocks that were on loan. Little, if any, of the ordinary dividends
paid by the Global Real Estate Fund, Real Estate Fund, or the bond and money funds is expected to qualify
for this lower rate.
For corporate shareholders, a portion of ordinary dividends may be eligible for the 70% deduction for dividends received by corporations to the extent the funds income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds or the bond and money 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.
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 in a taxable account is also a sale for tax purposes.
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 will make available to you Form 1099-B, if applicable, no later than mid-February, indicating the date and amount of each sale you made in the fund during the prior year. This information will also be reported to the Internal Revenue Service. For most new accounts or those opened by exchange in 1984 or later, we will provide you with the gain or loss on the shares you sold during the year based on the average cost single category method. You may calculate the cost basis using other methods acceptable to the Internal Revenue Service, such as specific identification.
T. Rowe Price | 18 |
If you hold your fund through an intermediary, the intermediary is responsible for providing you with any necessary tax forms. You should contact your intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.
For mutual fund shares acquired after 2011, federal income tax regulations require us to report the cost basis information to you and the Internal Revenue Service on Form 1099-B using a cost basis method selected by you or, in the absence of such selected method, our default method if you acquire your shares directly from us. Our default method is average cost. If you acquire your fund shares through an intermediary after 2011, you should check with your intermediary regarding the applicable cost basis method. You should, however, 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. 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 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 an intermediary, the intermediary is responsible for providing you with transaction confirmations and statements.
Taxes on Fund Distributions
T. Rowe Price (or your 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 or money 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.
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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 securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt securities are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
A funds distributions that have exceeded the funds 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 shareholders 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 purposesfor example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as real estate investment trusts (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.
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 a fund holds Build America Bonds or other qualified tax credit bonds and elects to pass through the corresponding interest income and any available tax credits, you will need to report both the interest income and any such tax credits as taxable income. You may be able to claim the tax credits on your federal tax return as an offset to your income tax (including alternative minimum tax) liability, but the tax credits generally are not refundable. There is no assurance, however, that a fund will elect to pass through the income and credits.
If you are subject to backup withholding, we will have to withhold a 28% backup withholding tax on distributions and, in some cases, redemption payments. You may
T. Rowe Price | 20 |
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, 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 money funds that impose a liquidity fee may generally treat the redemption fee as offsetting the shareholders amount realized on the redemption (thereby decreasing the shareholders gain, or increasing the shareholders loss, on the redeemed amount). The fund anticipates using 100% of a liquidity fee to help repair a market-based net asset value per share that was below $1.00.
A money market fund that uses amortized cost to maintain a stable share price of $1.00 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 liquidity fees causes the funds market-based net asset value to reach $1.0050. To the extent that the 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 funds. Any distribution in excess of the funds earnings and profits is treated as a return of capital, which would reduce your cost basis in the fund shares.
Information About Accounts in T. Rowe Price Funds | 21 |
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 datethe date that establishes you as the person to receive the upcoming distributionyou 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 funds record date before investing. In addition, a funds 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.
Following these procedures helps assure timely and accurate transactions.
Purchase Conditions
Nonpayment If you pay with a check or Automated Clearing House transfer that does not clear or if your payment is not received in a timely manner, your purchase may be canceled. You will be responsible for any losses or expenses incurred by the fund or transfer agent, and the fund can redeem shares you own in this 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.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks.
Retail Money Funds Money funds that are designated retail money market funds pursuant to Rule 2a-7 are required to limit their beneficial owners to natural persons. With respect to funds that will be designated retail money market funds on or before October 14, 2016, investors purchasing shares in those funds may be required to demonstrate eligibility on or about July 1, 2016 (for example, by providing their Social Security number).
Sale (Redemption) Conditions
Holds on Immediate Redemptions: 10-Day Hold If you sell shares that you just purchased and paid for by check or Automated Clearing House transfer, the fund will
T. Rowe Price | 22 |
process your redemption but will generally delay sending you the proceeds for up to 10 calendar days to allow the check or transfer to clear. If, during the clearing period, we receive a check drawn against your newly purchased shares, it will be returned marked uncollected. (The 10-day hold does not apply to purchases paid for by bank wire or automatic purchases through your paycheck.)
Telephone and Online Account Transactions You may access your account and conduct transactions using the telephone or the T. Rowe Price website. The T. Rowe Price funds and their agents use reasonable procedures to verify the identity of the shareholder. If these procedures are followed, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions. A confirmation is sent promptly after a transaction. Please review it carefully and contact T. Rowe Price immediately about any transaction you believe to be unauthorized. Telephone conversations are recorded.
Large Redemptions Large redemptions (for example, $250,000 or more) can adversely affect a portfolio managers ability to implement a funds 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 pay all or part of redemption proceeds with securities from the funds portfolio rather than in cash (redemption in-kind). If this occurs, the securities will be selected by the fund in its absolute discretion, and the redeeming shareholder or account will be responsible for disposing of the securities and bearing any associated costs and risks (for example, market risks until the securities are disposed of).
Retail Money Funds Effective October 14, 2016, the Board of Directors/Trustees of a retail money fund may elect to temporarily suspend redemptions and postpone payment of redemption proceeds for up to 10 business days in a 90-day period if the funds weekly liquid assets fall below 30% of its total assets and the funds Board of Directors/Trustees determines that imposing a gate is in the funds best interests.
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 funds portfolio management strategies, increasing a funds trading 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 Directors/Trustees 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 of Directors/Trustees 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.
Information About Accounts in T. Rowe Price Funds | 23 |
Subject to certain exceptions, each T. Rowe Price fund restricts a shareholders 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.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the 30-Day Purchase Block:
· Shares purchased or redeemed in money funds and ultra short-term bond funds;
· Shares purchased or redeemed through a systematic purchase or withdrawal plan;
· Checkwriting redemptions from bond and money 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); and
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price.
Transactions in certain rebalancing, asset allocation, wrap programs, and other advisory programs, 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 an 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 funds shares, including trading by persons acting collectively (e.g., 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.
T. Rowe Price | 24 |
Intermediary Accounts If you invest in T. Rowe Price funds through an intermediary, you should review the intermediarys materials carefully or consult with the intermediary directly to determine the trading policy that will apply to your trades in the 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 an intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
Intermediaries 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 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 intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects suspicious trading activity, T. Rowe Price may contact the intermediary and may request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable). If T. Rowe Price believes that excessive or short-term trading has occurred, it will instruct the 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. 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 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.
T. Rowe Price may allow an intermediary or other third party 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 of Directors/Trustees.
Retirement
Plan Accounts If shares 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 plans recordkeeper.
An alternative excessive trading policy may apply to the T. Rowe Price funds where a retirement
plan has its own policy deemed acceptable to T. Rowe Price. You should contact T. Rowe Price
or your plan recordkeeper to determine which of your transactions are subject to the funds 30-Day
Purchase Block or an alternative policy.
Information About Accounts in T. Rowe Price Funds | 25 |
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Keeping Your Account Open
Due to the relatively high cost to a fund of maintaining small accounts, we ask you to 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. The redemption of your account could result in a taxable gain.
Unclaimed Accounts
If your account has no activity in it for a certain period of time, T. Rowe Price may be required to transfer your account to the appropriate state under its abandoned property laws.
Signature Guarantees
A Medallion signature guarantee is designed to protect you and the T. Rowe Price funds from fraud by verifying your signature.
You may need to have your signature guaranteed in certain situations, such as:
· Requests to wire redemption proceeds when prior bank account authorization is not on file.
· Remitting redemption proceeds to any person, address, or bank account not on file.
· Transferring redemption proceeds to a T. Rowe Price fund account with a different registration (name or ownership) from yours.
· Establishing certain services after the account is opened.
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 most 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 guarantors stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.
Delivery of Shareholder Documents
A note on mailing procedures: If two or more members of a household own the same fund, we economize on fund expenses by sending only one fund report and prospectus. If you need additional copies or do not want your mailings to be householded, please call Shareholder Services at 1-800-225-5132 or write to us at P.O. Box 17630, Baltimore, MD 21297-1630.
T. Rowe Price | 26 |
The funds may make payments to retirement plan recordkeepers, broker-dealers, and other financial intermediaries (at a rate of up to 0.15% of average daily net assets per year) for transfer agency, recordkeeping, and other administrative services that they provide on behalf of the funds. These administrative services may include services such as maintaining account records for each customer; transmitting net purchase and redemption orders; delivering shareholder confirmations, statements, and tax forms; and providing support to respond to customers questions regarding their accounts.
In an effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain fund 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. The fee will 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 an intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, or money funds that are used as a T. Rowe Price Brokerage sweep account. Regardless of a particular fund accounts balance on 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;
· Any accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets includes investments in T. Rowe Price mutual funds, except for those held through a retirement plan for which T. Rowe Price Retirement Plan Services provides recordkeeping services; and T. Rowe Price Brokerage); or
· Any accounts of a shareholder who is a T. Rowe Price Preferred Services, Personal Services, or Enhanced Personal Services client (enrollment in these programs
Information About Accounts in T. Rowe Price Funds | 27 |
generally requires T. Rowe Price assets of at least $100,000visit troweprice.com or call 1-800-537-1098 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 individual retirement account, 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.
More About the Fund | 3 | |
How is the fund organized?
The fund was organized as a Massachusetts business trust in 1985 and is an open-end management investment company, or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives.
Shareholders have benefitted from T. Rowe Prices investment management experience since 1937.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in a fund. These shares are part of a funds authorized capital stock, but share certificates are not issued.
Each share and fractional share entitles the shareholder to:
· Receive a proportional interest in income and capital gain distributions. For funds with multiple share classes, the income dividends for each share class will generally differ from those of other share classes to the extent that the expense ratios of the classes differ.
· Cast one vote per share on certain fund matters, including the election of fund directors/trustees, changes in fundamental policies, or approval of material changes to the funds management contract. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Do T. Rowe Price funds have annual shareholder meetings?
The funds are not required to hold regularly scheduled shareholder meetings. To avoid unnecessary costs to fund shareholders, shareholder meetings are only held when certain matters, such as changes in fundamental policies or elections of directors/trustees, must be decided. In addition, shareholders representing at least 10% of all eligible votes may call a special meeting for the purpose of voting on the removal of any fund director or trustee. If a meeting is held and you cannot attend, you can vote by proxy. Before the meeting, the fund will send or make available to you proxy materials that explain the matters to be decided and include instructions on voting by mail, telephone, or the Internet.
Who runs the fund?
General Oversight
The fund is governed by a Board of Directors (the Board) that meets regularly to review fund investments, performance, expenses, and other business affairs. The
More About the Fund | 29 |
Board elects the funds officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the Firm).
Investment Adviser
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio pursuant to an investment management agreement between the adviser and the fund. T. Rowe Price is a SEC-registered investment adviser that provides investment management services to individual and institutional investors, and sponsors and serves as adviser and sub-adviser 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 December 31, 2015, the Firm had approximately $763 billion in assets under management and provided investment management services for more than 9 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 has day-to-day responsibility for managing the funds portfolio and works with the committee in developing and executing the funds investment program. The members of the committee are as follows: Justin P. White, Chairman, Ziad Bakri, Brian W.H. Berghuis, Eric L. DeVilbiss, Shawn T. Driscoll, Ian C. McDonald, Curt J. Organt, David L. Rowlett, Robert W. Sharps, Taymour R. Tamaddon, and Thomas H. Watson. The following information provides the year that the chairman (the portfolio manager) first joined the Firm and the chairmans specific business experience during the past five years (although the chairman may have had portfolio management responsibilities for a longer period). Mr. White has been chairman of the committee since April 1, 2016. He joined the Firm in 2008 and his investment experience dates from that time. Since joining the Firm, he has served as an equity research analyst. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio manager, and the portfolio managers ownership of fund shares.
The Management Fee
The management fee consists of two componentsan individual fund fee, which reflects a funds particular characteristics, and 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 Spectrum Funds, Retirement Funds, Target Funds, TRP Reserve Investment Funds, and any index or private label mutual funds). The group fee schedule (in the following table) is graduated, declining as the asset total rises, so shareholders benefit from the overall growth in mutual fund assets.
T. Rowe Price | 30 |
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% | Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The funds group fee is determined by applying the group fee rate to the funds average daily net assets. On December 31, 2015, the annual group fee rate was 0.29%. The individual fund fee, also applied to the funds average daily net assets, is 0.35%.
The expenses shown in the fee table in Section 1 are generally based on a funds prior fiscal year. If fund assets decline significantly, the funds total annual fund operating expenses may become higher than the numbers shown in the fee table.
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management agreement (and any sub-advisory agreement, if applicable) appears in the funds semiannual report to shareholders for the period ended June 30.
Fund Operations and Shareholder Services
T. Rowe Price and The Bank of New York Mellon, subject to the oversight of T. Rowe Price, each provides certain accounting services to the T. Rowe Price funds. T. Rowe Price Services, Inc. acts as the transfer 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 third-party intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. All such fees are included in the fees and expenses table under Other expenses and in the funds financial statements.
Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you seek long-term appreciation and can accept the potentially higher volatility of growth stocks, the fund could be an appropriate part of your
More About the Fund | 31 |
overall investment strategy. This fund should not represent your complete investment program or be used for short-term trading purposes.
Equity investors should have a long-term investment horizon and be willing to wait out bear markets.
The fund offers the potential for significant, long-term growth of capital by seeking to participate in the growth of companies positioned to benefit from the dynamic technological, social, medical, economic, and business developments that are defining the new America. The fund has the flexibility to seek investments in companies of any size in any sector believed by T. Rowe Price to offer significant growth potential.
Thomas Rowe Price, Jr., pioneered the growth stock theory of investing over 70 years ago. It is based on the premise that inflation represents a more serious long-term threat to an investors portfolio than stock market fluctuations or recessions. Mr. Price believed that when a companys earnings grow faster than both inflation and the economy in general, the market will eventually reward its long-term earnings growth with a higher stock price. However, investors should be aware that, during periods of adverse economic and market conditions, stock prices may fall despite favorable earnings trends.
Growth investors look for companies with above-average earnings gains.
As with any mutual fund, there is no guarantee the fund will achieve its objective. The funds share price fluctuates, which means you could lose money when you sell your shares of the fund. Some particular risks affecting the fund include the following:
As with all equity funds, the funds share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse local, political, social, or economic developments in the U.S. or abroad, changes in investor psychology, or heavy selling at the same time by major institutional investors in the market, such as mutual funds, pension funds, and banks. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the advisers assessment of companies held by the fund may prove incorrect, resulting in losses or poor performance even in a rising market. Also, the funds investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds. Legislative, regulatory, or tax developments may affect the investment strategies available to portfolio managers, which could adversely affect the ability to implement the funds overall investment program and achieve the funds investment objective.
The fund may be subject to above-average risk since growth companies pay few dividends and are typically more volatile than slower-growing companies with high
T. Rowe Price | 32 |
dividends. Generally, stocks of companies in rapidly evolvingand often highly competitiveindustries are subject to significant price swings. Since investors buy these stocks for their expected superior earnings growth, earnings disappointments, even small ones, can result in sharp price declines. Changes in investor psychology from positive to negative can also cause growth stocks to lose value because of the high valuations they typically carry. The level of risk will be increased if the fund has significant exposure to small-company stocks, which tend to be more volatile than large-company stocks because of their limited product lines, markets, or financial resources. In addition, picking long-term winners in the early stages of developing new industries is very difficult. Promising new fields tend to attract a great deal of competition and capital investment, and the increasingly fast pace of technological change can render an established companys products and services obsolete virtually overnight.
Foreign stock holdings may lose value because of, among other things, declining foreign currencies, or adverse political or economic events overseas.
One of the principal tools used to try to reduce the funds overall risk level is our intensive research when evaluating a companys prospects and selecting investments for the funds portfolio.
Additional strategies and risks While most assets will be invested in common stocks, the fund may employ other strategies that are not considered part of the funds principal investment strategies. From time to time, the fund may invest in securities other than common stocks and use derivatives that are consistent with its investment program. For instance, the fund may invest, to a limited extent, in futures contracts. Any investments in futures would typically serve as an efficient means of gaining exposure to certain markets, or as a tool to manage cash flows into and out of the fund and maintain liquidity while being invested in the market. To the extent the fund invests in futures, it could be exposed to potential volatility and losses greater than direct investments in the contracts underlying assets.
The use of futures or other derivatives, if any, exposes the fund to risks that are different from, and potentially greater than, investments in more traditional securities. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index and may not move in the direction anticipated by the portfolio manager. Derivatives can also be illiquid and difficult to value, the fund could be exposed to significant losses if a counterparty becomes insolvent or is unable to meet its obligations under the contract, and there is the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation.
Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. In December 2015, the SEC proposed a new rule that would change the regulation of the use of derivatives by
More About the Fund | 33 |
registered investment companies, such as T. Rowe Price funds. If adopted as proposed, the rule could require changes to funds use of derivatives. It is expected that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
This section takes a detailed look at some of the types of fund securities and the various kinds of investment practices that may be used in day-to-day portfolio management. Fund investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change fund investment objectives. Shareholder approval is also required to change certain investment restrictions noted in the following section as fundamental policies. Portfolio managers also follow certain operating policies that can be changed without shareholder approval.
Fund holdings in certain kinds of investments cannot exceed maximum percentages as set forth in this prospectus and the Statement of Additional Information. For instance, there are limitations regarding fund investments in certain types of derivatives. While these restrictions provide a useful level of detail about fund investments, investors should not view them as an accurate gauge of the potential risk of such investments. For example, in a given period, a 5% investment in derivatives could have a significantly greater impact on a funds share price than its weighting in the portfolio. The net effect of a particular investment depends on its volatility and the size of its overall return in relation to the performance of all other fund investments.
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time a fund purchases a security. The status, market value, maturity, duration, credit quality, or other characteristics of a funds securities may change after they are purchased, and this may cause the amount of a funds assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction and will not require the sale of an investment if it was proper at the time the investment was made (this exception does not apply to a funds borrowing or liquidity policy). However, certain changes will require holdings to be sold and purchased by a fund during the time it is above or below the stated percentage restriction in order for the fund to be in compliance with applicable restrictions.
T. Rowe Price | 34 |
Changes in fund holdings, fund performance, and the contribution of various investments to fund performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve fund objectives.
Types of Portfolio Securities
In seeking to meet its investment objective, fund investments may be made in any type of security or instrument (including certain potentially high-risk derivatives described in this section) whose investment characteristics are consistent with its investment program. The following pages describe various types of fund holdings and investment management practices.
Diversification As a fundamental policy, the fund will not purchase a security if, as a result, with respect to 75% of its total assets, more than 5% of the funds total assets would be invested in securities of a single issuer or more than 10% of the outstanding voting securities of the issuer would be held by the fund.
Fund investments are primarily in common stocks and, to a lesser degree, other types of securities as described as follows:
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders 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. Increases and decreases in earnings are usually reflected in a companys stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, a fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.
Convertible Securities and Warrants
Investments may be made in debt or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the issuer, which could in effect force conversion before the holder would otherwise choose. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock. Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of
More About the Fund | 35 |
common stock at a specified price anytime during the life of the warrants (generally, two or more years). Warrants have no voting rights, pay no dividends, and can be highly volatile. In some cases, the redemption value of a warrant could be zero.
Foreign Securities
Investments may be made in foreign securities. Foreign securities could include non-U.S. dollar-denominated securities traded outside of the U.S. and dollar-denominated securities of foreign issuers traded in the U.S. 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 investments value (favorable changes can increase its value). These risks are heightened for a funds investments in emerging markets. The fund may purchase American Depositary Receipts and Global Depositary Receipts, which are certificates evidencing ownership of shares of a foreign issuer. American Depositary Receipts and Global Depositary Receipts trade on established markets and are alternatives to directly purchasing the underlying foreign securities in their local markets and currencies. Such investments are subject to many of the same risks associated with investing directly in foreign securities. For purposes of a funds investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, a depositary receipt representing ownership of common stock will be treated as common stock.
Operating policy Fund investments in foreign securities are limited to 15% of total assets. Subject to the overall limit on fund investments in foreign securities, there is no limit on the amount of foreign investments that may be made in emerging markets.
Futures and Options
Futures, a type of potentially high-risk derivative, are often used to manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options, another type of potentially high-risk derivative, may be used to generate additional income to enhance return 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 (when the investor writes or sells the option) to sell, 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
T. Rowe Price | 36 |
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 a funds exposure to a 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. A 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 funds transaction costs and portfolio turnover rate.
Futures and options contracts may not always be successful hedges; their prices can be highly volatile; using them could lower a funds total return; the potential loss from the use of futures can exceed a funds initial investment in such contracts; and the losses from certain options written by a fund could be unlimited.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of a funds net asset value. The total market value of securities covering call or put options may not exceed 25% of total assets. No more than 5% of total assets will be committed to premiums when purchasing call or put options.
Hybrid Instruments
Hybrid instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, security, or securities index. Such instruments may or may not bear interest or pay dividends. Under certain conditions, the redemption value of a hybrid could be zero.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy Fund investments in hybrid instruments are limited to 10% of total assets.
Currency Derivatives
Funds that invest in foreign securities may attempt to hedge their 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. However, futures, swaps, and options on foreign currencies may also be used. In certain circumstances, a fund may use currency derivatives to substitute a different currency for the currency in which the investment is denominated, a strategy known as proxy hedging. If a fund were to engage in any of these foreign currency transactions, it could serve to protect the funds foreign securities from adverse currency movements relative to the U.S. dollar, although the
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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, a 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 a funds total return. There are certain markets, including many emerging markets, where it is not possible to engage in effective foreign currency hedging.
Investments in Other Investment Companies
A fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
A fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The fund might also purchase shares of another investment company to gain exposure to the securities in the investment companys portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with the funds 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 funds 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 companys fees and expenses. The funds 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.
A fund may also invest in certain other T. Rowe Price funds as a means of gaining efficient and cost-effective exposure to certain asset classes, provided the investment is consistent with the funds investment program and policies.
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 mutual funds) focus their investments include high yield bonds, inflation-linked securities, floating rate loans, international bonds, emerging market bonds,
T. Rowe Price | 38 |
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
Some fund holdings may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold in the ordinary course of business within seven days at approximately the prices at which they are valued. The determination of liquidity involves a variety of factors. Illiquid securities may include private placements that are sold directly to a small number of investors, usually institutions. Unlike public offerings, such securities are not registered with the SEC. Although certain of these securities may be readily sold (for example, pursuant to Rule 144A under the Securities Act of 1933) and therefore deemed liquid, others may have resale restrictions and be considered illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and a fund may only be able to sell such securities at prices substantially lower than what it believes they are worth.
Operating policy Fund investments in illiquid securities are limited to 15% of net assets. The 15% limit on illiquid securities applies at the time of purchase and continues thereafter.
Types of Investment Management Practices
Reserve Position
A certain portion of fund assets may be held in reserves. Fund reserve positions will primarily consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund; 2) short-term, high-quality U.S. and foreign dollar-denominated 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 and/or strategies and may invest, without limitation, in reserves. If a fund has significant holdings in reserves, it could compromise the funds ability to achieve its objectives. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into a 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
A fund may borrow from banks, other persons, and other T. Rowe Price funds for temporary emergency purposes to facilitate redemption requests, or for other purposes consistent with fund policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with fund assets, subject to restrictions.
More About the Fund | 39 |
Fundamental policy Borrowings may not exceed 331/3% of total assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of 1940.
Operating policy A fund will not transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 331/3% of total assets. A fund will not purchase additional securities when borrowings exceed 5% of total assets.
Lending of Portfolio Securities
A 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 reduce in value, default, or do not perform as well as expected.
Fundamental policy The value of loaned securities may not exceed 331/3% of total assets.
Portfolio Turnover
Turnover is an indication of frequency of trading. A fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held. Each time a fund purchases or sells a security, it incurs a cost. This cost is reflected in its 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 a funds total return. Higher turnover can also increase the possibility of taxable capital gain distributions. The funds portfolio turnover rates are shown in the Financial Highlights table.
Each T. Rowe Price funds portfolio holdings are disclosed on a regular basis in its semiannual and annual shareholder reports, and on Form N-Q, which is filed with the SEC within 60 days of the funds first and third fiscal quarter-end. The money funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP is publicly available immediately upon filing with the SEC (prior to April 14, 2016, Form N-MFP filings were available to the public 60 days after the end of the month to which the information pertained). In addition, the funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. Under certain conditions, up to 5% of a funds holdings may be included in this portfolio list without being individually identified. Generally, securities would not be individually identified if they are being actively bought or sold and it is determined that the quarter-end
T. Rowe Price | 40 |
disclosure of the holding could be harmful to the fund. A security will not be excluded for these purposes from a funds quarter-end holdings disclosure for more than one year. Money funds also disclose on troweprice.com their month-end portfolio holdings five business days after each month-end and historical information about fund investments for the previous six months, as of the last business day of the preceding month, including, among other things, the percentage of the funds investments in daily and weekly liquid assets, the funds weighted average maturity and weighted average life, and the funds net inflows and outflows. The quarter-end portfolio holdings will remain on the website for one year and the month-end money fund portfolio holdings will remain on the website for six months. Each fund also discloses its 10 largest holdings on troweprice.com on the seventh business day after each month-end. These holdings are listed in alphabetical order along with the aggregate percentage of the funds total assets that these 10 holdings represent. Each monthly top 10 list will remain on the website for six months. A description of T. Rowe Prices policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information and through troweprice.com.
The Financial Highlights table, which provides information about the funds financial history, is based on a single share outstanding throughout the periods shown. The table is part of the funds financial statements, which are included in its annual report and are incorporated by reference into the Statement of Additional Information (available upon request). The total returns in the table represent the rate that an investor would have earned or lost on an investment in the fund (assuming reinvestment of all dividends and distributions and no payment of any applicable account or redemption fees). The financial statements in the annual report were audited by the funds independent registered public accounting firm, PricewaterhouseCoopers LLP.
More About the Fund | 41 |
Financial Highlights
Year ended December 31 | ||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | ||||||
Net asset
value, | $32.99 | $31.81 | $35.92 | $44.17 | $42.01 | |||||
Income From Investment Operations | ||||||||||
Net investment income* | 0.09 | 0.20 | (0.01 | ) | (0.01 | ) | (0.06 | ) | ||
Net gains or losses on | (0.26 | ) | 4.11 | 13.35 | 4.04 | 3.72 | ||||
Total from investment | (0.17 | ) | 4.31 | 13.34 | 4.03 | 3.66 | ||||
Less Distributions | ||||||||||
Dividends
(from net | (0.07 | ) | (0.19 | ) | | | | |||
Distributions (from | (0.94 | ) | (0.01 | ) | (5.09 | ) | (6.19 | ) | (3.71 | ) |
Returns of capital | | | | | | |||||
Total distributions | (1.01 | ) | (0.20 | ) | (5.09 | ) | (6.19 | ) | (3.71 | ) |
Net asset value, | $31.81 | $35.92 | $44.17 | $42.01 | $41.96 | |||||
Total return | (0.41 | )% | 13.56 | % | 37.73 | % | 9.44 | % | 8.80 | % |
Ratios/Supplemental Data | ||||||||||
Net assets,
end of period | $2,215 | $3,118 | $3,853 | $3,794 | $3,930 | |||||
Ratio of expenses to | 0.81 | % | 0.81 | % | 0.81 | % | 0.79 | % | 0.79 | % |
Ratio of
net income to | 0.28 | % | 0.57 | % | (0.03 | )% | (0.02 | )% | (0.14 | )% |
Portfolio turnover rate | 32.1 | % | 34.4 | % | 91.5 | % | 79.4 | % | 81.0 | % |
* Per share amounts calculated using average shares outstanding method.
Investing With T. Rowe Price | 4 | |
If you are purchasing fund shares through a third-party intermediary, you should contact the intermediary for information regarding its policies on purchasing, exchanging, and redeeming fund shares, as well as initial and subsequent investment minimums. |
Tax Identification | We must have your correct Social Security number or employer identification number on a signed new account form or W-9 Form. Otherwise, federal law requires the funds to withhold a percentage of your dividends, capital gain distributions, and redemptions and may subject you to an Internal Revenue Service fine. If this information is not received within 60 days after your account is established, your account may be redeemed at the funds then-current net asset value. |
Money funds that are designated retail money market funds pursuant to Rule 2a-7 are required to limit their beneficial owners to natural persons. Investors in retail money market funds will be required to demonstrate eligibility (for example, by providing their Social Security number) to buy shares of the fund before a purchase can be accepted and processed. |
Transaction Confirmations | We send immediate confirmations for most of your fund transactions. However, certain
transactions, such as systematic purchases and systematic redemptions, dividend reinvestments, checkwriting
redemptions from money funds, and transactions in money funds used as a T. Rowe Price 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 by calling | |
Investing With T. Rowe Price | 43 |
Employer-Sponsored | Transaction procedures in the following sections may not apply to employer-sponsored retirement plans and institutional accounts. For procedures regarding employer-sponsored retirement plans, please call T. Rowe Price Trust Company or consult your plan administrator. For institutional account procedures, please call your designated account manager or service representative. For information on all retirement plans, please call 1-800-492-7670. |
$2,500 minimum initial investment; $1,000 for individual retirement accounts, certain small business retirement accounts, and Uniform Gifts to Minors Act/Uniform Transfers to Minors Act accounts ($25,000 minimum initial investment for Summit Funds only); purchases through an intermediary or certain employer-sponsored retirement plans may be subject to different minimums |
Important
Information | 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. |
T. Rowe Price | 44 |
When you open an account, you will be asked for the name, residential U.S. street address, date of birth, and Social Security number or employer 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. Investors in retail money market funds may be required to demonstrate eligibility to buy shares of the fund before a new account can be opened. 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. For more information, call Investor Services at 1-800-638-5660. |
We will use this information to verify the identity of the person(s)/entity opening the account. We will not be able to open your account until we receive all of this information. If we are unable to verify your identity, we are authorized to take any action permitted by law. (See Rights Reserved by the Funds.) |
The funds are generally available only to investors residing in the U.S. In addition, purchases in state tax-free funds are limited to investors living in states where the fund is available for sale. The address of record on your account must be located in one of these states, or you will be restricted from purchasing fund shares. Contact Investor Services for more information. |
We do not accept third-party checks for initial purchases; however, we do accept third-party checks for subsequent purchases. In addition, T. Rowe Price does not accept purchases by cash, travelers checks, or credit card checks. | ||
Account Registration | 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.) |
Investing With T. Rowe Price | 45 |
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 certain transactions (for example, to transfer ownership). |
By Mail | Please make your check payable to T. Rowe Price Funds (otherwise it may be returned), and send your check, together with the applicable new account form, to the appropriate address below: via U.S. Postal Service via private carriers/overnight services | |
Note: Please use the correct address to avoid a delay in opening your new account. |
By Wire | Visit us online at troweprice.com, under the HelpFAQ section, or call Investor Services for an account number and wire transfer instructions. | |
In order to obtain an account number, you must supply the name, date of birth, Social Security number or employer identification number, and residential or business street address for each owner on the account. |
Complete a new account form and mail it to one of the appropriate addresses listed under By Mail. |
Note: Although the purchase will be made, services may not be established and Internal Revenue Service penalty withholding may occur until we receive a signed new account form. | ||
Online | You can open a new mutual fund account online. Go to troweprice.com/newaccount to choose the type of account you wish to open. |
T. Rowe Price | 46 |
To open an account electronically, 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 that 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 Exchange
| Visit us online at troweprice.com, or call Shareholder Services. 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, for taxable accounts, the redemption will be reported as a sale for tax purposes. The new account will have the same registration as the account from which you are exchanging. Services for the new account may be carried over by telephone request if they are preauthorized on the existing account. For limitations on exchanging, please see Transaction Procedures and Special RequirementsExcessive and Short-Term Trading. |
In Person | Drop off your new account form at any Investor Center location listed on the back cover and obtain a receipt. | |
For all funds except Summit Funds$100 minimum per fund account for all additional purchases, including those made through Automatic Asset Builder; for Summit Funds$100 minimum per fund account for additional purchases through Automatic Asset Builder and $1,000 for all other additional purchases; purchases through an intermediary or certain employer-sponsored retirement plans may be subject to different minimums |
By Automated | Visit us online at troweprice.com, under the HelpFAQ section, or call Shareholder Services if you have established electronic transfers using the Automated Clearing House system. | |
Investing With T. Rowe Price | 47 |
By Wire | Go to troweprice.com, under the HelpFAQ section, or call Shareholder Services for wire transfer instructions. T. Rowe Price must receive the wire by the close of the New York Stock Exchange (normally 4 p.m. ET) to receive that days 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 Mail | 1. Make your check payable to T. Rowe Price Funds (otherwise, it may be returned). 2. Mail the check to us at the following address with either a fund reinvestment slip or a note indicating the fund you want to purchase and your fund account number. 3. Please use the correct address to avoid a delay in processing your transaction and remember to provide your account number and the fund name on the memo line of your check. |
via U.S. Postal Service (To send mail directly to T. Rowe Price via private carriers and overnight services, see previous section.) |
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 New York Stock Exchange (normally 4 p.m. ET) (not the day the request is received at the P.O. Box). |
Systematic Purchases | Automatic Asset Builder You can instruct us to automatically transfer money from your bank account, or you can instruct your employer to send all or a portion of your paycheck to the fund or funds you designate. Each systematic purchase must be at least $100 per fund account to be eligible for the Automatic Asset Builder service. Minimum initial purchase requirements will still apply. | |
T. Rowe Price | 48 |
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 the Account Services form to add the service to an existing account. | ||
Exchange Service | 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 is considered a sale and purchase for tax purposes. (Exchanges into a state tax-free fund are limited to investors living in states where the fund is available.) You can set up systematic investments from one fund account into another, such as from a money fund into a stock fund. For exchange policies, please see Transaction Procedures and Special RequirementsExcessive and Short-Term Trading Policy. | |
Redemptions | Redemption proceeds can be mailed to your account address, sent by Automated Clearing House transfer to your bank, or wired to your bank (provided your bank information is already on file). Redemption proceeds of less than $5,000 sent by wire are subject to a $5 fee paid to the fund. Please note that large purchase and redemption requests initiated through automated services, including the National Securities Clearing Corporation, may be rejected and, in such instances, the transaction must be placed by contacting a service representative. |
If you request to redeem a specific dollar amount, and the market value of your account is less than the amount of your request, your redemption will not be processed and you will need to submit a new redemption request in correct form. If you change your address on an account, proceeds will not be mailed to the new address for 15 calendar days after the address change, unless we receive a signature guaranteed letter of instruction. | ||
Investing With T. Rowe Price | 49 |
Some of the T. Rowe Price funds may impose a redemption fee. Check the funds prospectus under Contingent Redemption Fee in Pricing Shares and Receiving Sale Proceeds. The fee is paid to the fund. |
Effective October 14, 2016, money market funds (except government money market funds) may impose liquidity fees or redemption gates upon the sale of fund shares. Liquidity fees are paid to the fund. | ||
You can set up systematic redemptions and have the proceeds automatically sent via check or electronic transfer. For redemptions by check or electronic transfer, please see Information About Your Services. |
Online | Visit us online at troweprice.com. Customers can electronically exchange shares between identically registered T. Rowe Price accounts and electronically redeem shares from their mutual fund accounts. |
By Phone | You can call Shareholder Services at 1-800-225-5132 to place your transaction. If you find our phones busy during unusually volatile markets, please consider placing your order online through troweprice.com. |
Checkwriting | You may write an unlimited number of free checks on any money fund and on certain bond funds, with a minimum of $500 per check. Keep in mind, however, that a check results in a redemption; a check written on a bond fund will create a taxable event that you and we must report to the Internal Revenue Service. | |
By Mail | For each account involved, provide the account name and number, fund name, and exchange or redemption amount. For exchanges, be sure to specify any fund you are exchanging out of and the fund or funds you are exchanging into. T. Rowe Price may require a signature guarantee of all registered owners (see Transaction Procedures and Special RequirementsSignature Guarantees). Please use one of the following addresses: |
T. Rowe Price | 50 |
For
nonretirement and individual retirement accounts: via private carriers/overnight services For employer-sponsored retirement accounts: via private carriers/overnight services |
For requests that are not sent via private carriers or overnight services, 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 New York Stock Exchange (normally 4 p.m. ET) (not the day the request is received at the P.O. Box). |
Requests for redemptions from employer-sponsored retirement accounts may be required to be in writing; please call T. Rowe Price Trust Company or your plan administrator for instructions. Individual retirement account distributions may be requested in writing or by telephone; please call Shareholder Services to obtain an IRA Distribution form or an Account Services form to authorize the telephone redemption service. | ||
Investing With T. Rowe Price | 51 |
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 an intermediary no later than the business day after the order is received by the 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 shareholders 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, in cases of threatening conduct, 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 funds, to suspend redemptions and postpone the payment of proceeds to facilitate an orderly liquidation. | ||
T. Rowe Price | 52 |
In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat this information as confidential and recognize the importance of protecting access to it.
You may provide information when communicating or transacting business with us in writing, electronically, or by phone. For instance, information may come from applications, requests for forms or literature, and your transactions and account positions with us. On occasion, such information may come from consumer reporting agencies and those providing services to us.
We do not sell information about current or former customers to any third parties, and we do not disclose it to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law. We may share information within the T. Rowe Price family of companies in the course of providing or offering products and services to best meet your investing needs. We may also share that information with companies that perform administrative or marketing services for T. Rowe Price, with a research firm we have hired, or with a business partner, such as a bank or insurance company with which we are developing or offering investment products. When we enter into such a relationship, our contracts restrict the companies use of our customer information, prohibiting them from sharing or using it for any purposes other than those for which they were hired.
We maintain physical, electronic, and procedural safeguards to protect your personal information. Within T. Rowe Price, access to such information is limited to those who need it to perform their jobs, such as servicing your accounts, resolving problems, or informing you of new products or services. Finally, our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in strict confidence.
This Privacy Policy applies to the following T. Rowe Price family of companies: T. Rowe Price Associates, Inc.; T. Rowe Price Advisory Services, Inc.; T. Rowe Price Investment Services, Inc.; T. Rowe Price Trust Company; and the T. Rowe Price Funds.
For mutual fund or T. Rowe Price Brokerage information
Investor Services
1-800-638-5660
For existing accounts
Shareholder Services
1-800-225-5132
For the hearing impaired
1-800-367-0763
For performance, prices, or account information
Tele*AccessSM
24 hours, 7 days
1-800-638-2587
Internet address
troweprice.com
Plan Account Line
For retirement plan investors: The appropriate 800 number appears on your retirement account statement.
Investor Centers For directions,
call Baltimore Area Downtown 105 East
Lombard Owings Mills Three Financial Center Colorado Springs Financial Center One | Tampa 4211 W. Boy Scout Washington, D.C. Area Downtown 1717 K Street, N.W. Tysons Corner 1600 Tysons
Boulevard | A Statement of Additional Information for the T. Rowe Price family of funds, which includes additional information about the funds, has been filed with the SEC and is incorporated by reference into this prospectus. Further information about fund investments, including a review of market conditions and the managers recent investment strategies and their impact on performance during the past fiscal year, is available in the annual and semiannual shareholder reports. To obtain free copies of any of these documents, or for shareholder inquiries, call 1-800-638-5660. These documents and updated performance information are available through troweprice.com. Fund information and Statements of Additional Information are also available from the Public Reference Room of the SEC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Fund reports and other fund information are available on the EDGAR Database on the SECs 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, or by writing the Public Reference Room, U.S. Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1520. |
T. Rowe Price Associates, Inc. |
1940 Act File No. 811-4358 | F60-040 5/1/16 |
PROSPECTUS | |
PAWAX | |
May 1, 2016 | |
T. Rowe Price New America Growth FundAdvisor Class | |
A fund seeking long-term capital growth through investments primarily in the common stocks of growth companies. This class of shares is sold only through financial intermediaries. | |
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. | |
Table of Contents
SUMMARY
The fund seeks to provide long-term capital growth by investing primarily in the common stocks of growth companies.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Funds Advisor Class
Annual fund operating expenses | |
Management fees | 0.64% |
Distribution and service (12b-1) fees | 0.25% |
Other expenses | 0.17% |
Total annual fund operating expenses | 1.06% |
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. The example also assumes that your investment has a 5% return each year and that the funds operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year | 3 years | 5 years | 10 years |
$108 | $337 | $585 | $1,294 |
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 fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the most recent fiscal year, the funds portfolio turnover rate was 81.0% of the average value of its portfolio.
Investments, Risks, and Performance
Principal Investment Strategies The fund invests primarily (at least 65% of its total assets) in common stocks of U.S. companies operating in those sectors of the economy that, in the view of the funds adviser are the fastest growing or have the greatest growth potential. The U.S. economy continues to evolve, in part because of the application of new technologies and scientific advances. Growing companies that are positioned to benefit from dynamic technological, social, medical, and business developments that help define the current U.S. economic landscape can be found across an array of industries. The funds allocation to industry sectors will generally
T. Rowe Price | 2 |
reflect such factors as the overall revenue growth of the component companies in a sector and the sectors contribution to U.S. gross domestic product from year to year, although the fund may at times invest significantly in stocks of technology companies.
Holdings range from large-cap to small-cap companies. In selecting stocks, we look for many characteristics, typically including, but not limited to:
· earnings growth rates that generally exceed that of the average company in the S&P 500 Stock Index;
· favorable company fundamentals, such as a strong balance sheet, sound business strategy, and promising competitive positioning;
· effective management; or
· stock valuations, such as price/earnings or price/cash flow ratios, that seem reasonable relative to the companys prospects.
In pursuing its investment objective, the fund has the discretion to deviate from its normal investment criteria. These situations might arise when the funds adviser believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.
While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the funds objectives.
The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:
Active management risk The fund is subject to the risk that the investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the investments selected and strategies employed by the fund fail to produce the intended results, the fund could underperform in comparison to other funds with similar objectives and investment strategies.
Risks of U.S. stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the U.S. stock market, such as when the U.S. financial markets decline, or because of factors that affect a particular company or industry.
Summary | 3 |
Investment style risk Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The funds growth approach to investing could cause it to underperform other stock funds that employ a different investment style. Growth stocks tend to be more volatile than certain other types of stocks, and their prices may fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market.
Market capitalization risk Because the fund may invest in companies of any size, its share price could be more volatile than a fund that invests only in large companies. Small- and medium-sized companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. Larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.
Industry risk To the extent the fund invests in specific industries or sectors, it may be more susceptible to developments affecting those industries and sectors. For example, the fund may at times have significant investments in technology companies, which could result in the fund performing poorly during a downturn in one or more of the industries that heavily impact technology companies. Technology companies can be adversely affected by, among other things, intense competition, earnings disappointments, and rapid obsolescence of products and services due to technological innovations or changing consumer preferences.
Foreign investing risk This is the risk that the funds investments in foreign securities 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.
Performance The bar chart showing calendar year returns and the average annual total returns table provide some indication of the risks of investing in the fund by showing how much returns can differ from year to year and how the funds average annual returns for certain periods compare with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund. The funds performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.
The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted.
T. Rowe Price | 4 |
In addition, the average annual total returns table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement account. In some cases, the figure shown for returns after taxes on distributions and sale of fund shares may be higher than the figure shown for returns before taxes because the calculations assume the investor received a tax deduction for any loss incurred on the sale of shares.
Average Annual Total Returns | ||||||||||||
|
|
| Periods ended |
| ||||||||
| December 31, 2015 |
| ||||||||||
| 1 Year | 5 Years | 10 Years |
| ||||||||
| New America Growth FundAdvisor Class |
| ||||||||||
| Returns before taxes | 8.52 | % | 12.85 | % | 9.28 | % |
| ||||
| Returns after taxes on distributions | 6.41 |
|
| 10.75 |
|
| 7.76 |
|
|
| |
| Returns after taxes on distributions |
|
|
|
|
|
|
|
|
|
| |
| and sale of fund shares | 6.47 |
|
| 9.86 |
|
| 7.26 |
|
|
| |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 1.38 |
|
| 12.57 |
|
| 7.31 |
|
|
| |
| Lipper Multi-Cap Growth Funds Index | 3.09 |
|
| 11.70 |
|
| 7.52 |
|
|
|
Summary | 5 |
Updated performance information is available through troweprice.com or may be obtained by calling 1-800-638-8790.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Justin P. White | Chairman of Investment Advisory Committee | 2016 | 2006 |
Purchase and Sale of Fund Shares
You must purchase, redeem, and exchange shares of the fund through your financial intermediary. Generally, the funds minimum initial investment requirement is $2,500 and the funds minimum subsequent investment requirement is $100, although the investment minimums may be modified or waived for financial intermediaries submitting orders on behalf of their customers. You should check with your financial intermediary to determine the investment minimums that apply to your account.
Tax Information
Any dividends or 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, may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (although you may be taxed upon withdrawal from such account).
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 intermediarys website for more information.
Information About Accounts in T. Rowe Price Funds | 2 | |
The following policies and procedures generally apply to Advisor Class accounts in the T. Rowe Price family of funds.
How and When Shares Are Priced
The share price, also called the net asset value, for each share class of a fund is calculated at the close of the New York Stock Exchange (normally 4 p.m. ET) each day that the exchange is open for business. To calculate the net asset value, the funds 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 funds pricing services. If a market value for a security 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 security by taking into account various factors and methodologies that have been approved by the funds Board of Directors/Trustees. 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 funds and certain other debt securities held by a fund. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation.
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 circumstances described below. 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 New York Stock Exchange will, in its judgment, materially affect the value of some or all of the funds 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. The fund may also fair value certain securities or a group of securities in other situationsfor 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 which trade on weekends or other days when the fund does not price its
Information About Accounts in T. Rowe Price Funds | 7 |
shares, the funds net asset value may change on days when shareholders will not be able to purchase or redeem the funds shares.
The fund uses various pricing services to provide it with closing market prices and information used for adjusting those prices and to value most fixed income securities. The fund cannot predict how often it will use closing prices and 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 days opening prices in the same markets, and adjusted prices. The fund also evaluates 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.
How Your Purchase, Sale, or Exchange Price Is Determined
Advisor Class shares are intended for purchase through various third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and others. Contact your intermediary to find out how to purchase, sell, or exchange your shares; trade deadlines; and other applicable procedures for these transactions. The intermediary may charge a fee for its services.
The funds have authorized certain third-party intermediaries or their designees to accept orders to buy or sell fund shares on their behalf. When authorized 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 intermediary. The 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 intermediary could be held liable for the losses. To ensure that your request is submitted in correct form, please refer to Account Requirements and Transaction Information in Section 4.
When authorized by the fund, certain financial institutions or retirement plans purchasing fund shares on behalf of customers or plan participants through T. Rowe Price Financial Institution Services or T. Rowe Price Retirement Plan Services 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 financial institution 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.
Note: The time at which transactions and shares are priced and the time until which orders are accepted by the fund or an intermediary may be changed in case of an emergency or if the New York Stock Exchange closes at a time other than 4 p.m. ET. In the event of an emergency closing, a funds shareholders will receive the next share price calculated by the fund. There may be times when you are unable to contact us
T. Rowe Price | 8 |
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 New York Stock Exchange closes to be priced at that business days net asset value.
How Proceeds Are Received
Normally, the fund transmits proceeds to intermediaries for redemption orders received in correct form on either the next or third business day after receipt, depending on the arrangement with the intermediary. Under certain circumstances, and when deemed to be in a funds best interests, proceeds may not be sent to intermediaries for up to seven calendar days after receipt of the redemption order. You must contact your intermediary about procedures for receiving your redemption proceeds.
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, certain T. Rowe Price funds, listed in the following table, assess a fee on redemptions (including exchanges out of a fund), which reduces the proceeds from such redemptions by the amounts indicated:
T. Rowe Price Advisor Class Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Asia OpportunitiesAdvisor Class | 2% | 90 days or less |
Credit OpportunitiesAdvisor Class | 2% | 90 days or less |
Emerging Markets BondAdvisor Class | 2% | 90 days or less |
Emerging Markets Corporate BondAdvisor Class | 2% | 90 days or less |
Emerging Markets Local Currency BondAdvisor Class | 2% | 90 days or less |
Emerging Markets Value StockAdvisor Class | 2% | 90 days or less |
Floating RateAdvisor Class | 2% | 90 days or less |
Global Growth StockAdvisor Class | 2% | 90 days or less |
Global High Income BondAdvisor Class | 2% | 90 days or less |
Global Real EstateAdvisor Class | 2% | 90 days or less |
Global StockAdvisor Class | 2% | 90 days or less |
High YieldAdvisor Class | 2% | 90 days or less |
Intermediate Tax-Free High YieldAdvisor Class | 2% | 90 days or less |
International BondAdvisor Class | 2% | 90 days or less |
International Concentrated EquityAdvisor Class | 2% | 90 days or less |
Information About Accounts in T. Rowe Price Funds | 9 |
T. Rowe Price Advisor Class Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
International Growth & IncomeAdvisor Class | 2% | 90 days or less |
International StockAdvisor Class | 2% | 90 days or less |
Overseas StockAdvisor Class | 2% | 90 days or less |
QM Global EquityAdvisor Class | 2% | 90 days or less |
QM U.S. Small & Mid-Cap Core EquityAdvisor Class | 1% | 90 days or less |
Real EstateAdvisor Class | 1% | 90 days or less |
Small-Cap ValueAdvisor Class | 1% | 90 days or less |
Tax-Free High YieldAdvisor Class | 2% | 90 days or less |
Redemption fees are paid to a fund to deter short-term trading, offset costs, and protect the funds long-term shareholders. Subject to the exceptions described on the following pages, all persons holding shares of a T. Rowe Price fund that imposes a redemption fee are subject to the fee, whether the person is holding shares directly with a T. Rowe Price fund; through a retirement plan for which T. Rowe Price serves as recordkeeper; or indirectly through an intermediary (such as a broker, bank, or investment adviser), recordkeeper for retirement plan participants, or other third party.
Computation of Holding Period
When an investor sells shares of a fund that assesses a redemption fee, T. Rowe Price will use the first-in, first-out method to determine the holding period for the shares sold. Under this method, the date of redemption or exchange will be compared with the earliest purchase date of shares held in the account. A redemption fee will be charged on shares sold on or before the end of the required holding period. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. For example, if you redeem your shares on or before the 90th day after the date of purchase, you will be assessed the redemption fee. If you purchase shares through an intermediary, consult your intermediary to determine how the holding period will be applied.
Transactions Not Subject to Redemption Fees
The T. Rowe Price funds will not assess a redemption fee with respect to certain transactions. As of the date of this prospectus, the following shares of T. Rowe Price funds will not be subject to redemption fees:
· Shares redeemed through an automated, systematic withdrawal plan;
· Shares redeemed through or used to establish certain rebalancing, asset allocation, wrap, and advisory programs, as well as non-T. Rowe Price fund-of-funds products, if approved in writing by T. Rowe Price;
· Shares purchased through the reinvestment of dividends or capital gain distributions; *
T. Rowe Price | 10 |
· Shares converted from one share class to another share class of the same fund;*
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees (e.g., for failure to meet account minimums);
· Shares purchased by rollover or changes of account registration within the same fund; *
· Shares redeemed to return an excess contribution from a retirement account;
· Shares of T. Rowe Price funds purchased by another T. Rowe Price fund and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that other 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;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a third-party intermediary acting as a service provider when the age of the shares cannot be determined systematically; * and
· Shares redeemed in retirement plans or other products that restrict trading to no more frequently than once per quarter, if approved in writing by T. Rowe Price.
* Subsequent exchanges of these shares into funds that assess redemption fees will subject such shares to the fee.
Redemption Fees on Shares Held in Retirement Plans
If shares are held in a retirement plan, redemption fees generally will be assessed on shares redeemed by exchange only if they were originally purchased by exchange. However, redemption fees may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or how the fees are applied by your plans recordkeeper. To determine which of your transactions are subject to redemption fees, you should contact T. Rowe Price or your plan recordkeeper.
Omnibus Accounts
If your shares are held through an intermediary in an omnibus account, T. Rowe Price relies on the intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to enter into agreements with intermediaries establishing omnibus accounts that require the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all intermediaries or that the intermediaries will properly assess the fees.
Certain intermediaries may not apply the exemptions previously listed to the redemption fee policy; all redemptions by persons trading through such intermediaries may be subject to the fee. Certain intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through an intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
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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 funds shareholders.
To the extent possible, all net investment income and realized capital gains are distributed to shareholders.
Dividends and Other Distributions
Dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
Bond funds | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Declared daily and paid on the first business day of each month. |
These stock funds only: · Dividend GrowthAdvisor Class · Equity IncomeAdvisor Class · Global Real EstateAdvisor Class · Real EstateAdvisor Class | · Declared and paid quarterly, if any, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
Other stock funds | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Retirement and Target Funds: · Retirement BalancedAdvisor Class | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Declared daily and paid on the first business day of each month. |
· All others | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
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Bond fund shares will earn dividends through 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 bond fund 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 bond fund shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds 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 sell your shares through an intermediary, consult your 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.
Tax Information
You should contact your intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.
If you invest in the fund through a tax-deferred account, such as an individual retirement account, 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.
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-
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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 investors marginal income tax rate. This includes the portion of ordinary dividends derived from interest, short-term capital gains, distributions from nonqualified foreign corporations, and dividends received by the fund from stocks that were on loan. Little, if any, of the ordinary dividends paid by the Global Real Estate FundAdvisor Class, Real Estate FundAdvisor Class, or the bond fund Advisor Classes is expected to qualify for this lower rate.
For corporate shareholders, a portion of ordinary dividends may be eligible for the 70% deduction for dividends received by corporations to the extent the funds income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock or bond fund Advisor Classes is expected to qualify for this deduction.
Regular monthly dividends from the Summit Municipal Income FundAdvisor Class, Summit Municipal Intermediate FundAdvisor Class, Tax-Free High Yield FundAdvisor Class, Tax-Free Income FundAdvisor Class, and the Tax-Free Short-Intermediate FundAdvisor Class 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. For individual shareholders, you must report your total tax-free income on Internal Revenue Service Form 1040. The Internal Revenue Service uses this information to help determine the tax status of any Social Security payments you may have received during the year. Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax.
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.
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 in a taxable account is also a sale for tax purposes.
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.
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Taxes on Fund Distributions
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 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 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 securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt securities are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
A funds distributions that have exceeded the funds 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 shareholders 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 purposesfor example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as real estate investment trusts (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 in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments.
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 a fund holds Build America Bonds or other qualified tax credit bonds and elects to pass through the corresponding interest income and any available tax credits, you will need to report both the interest income and any such tax credits as taxable income. You may be able to claim the tax credits on your federal tax return as an offset to your income tax (including alternative minimum tax) liability, but the tax
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credits generally are not refundable. There is no assurance, however, that a fund will elect to pass through the income and credits.
For the tax-free bond fund Advisor Classes, 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 gain. To the extent the fund invests in these securities, the likelihood of a taxable gain distribution will be increased.
For the Retirement Funds 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 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 datethe date that establishes you as the person to receive the upcoming distributionyou 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 funds record date before investing. In addition, a funds 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.
The Advisor Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The funds Advisor Class shares are intended for purchase through various third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services.
The Advisor Class is designed for use by investors investing through intermediaries and requires an agreement between the 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
T. Rowe Price | 16 |
through an eligible intermediary, are subject to rejection or cancellation without prior notice to the intermediary or investor. Existing investments in the Advisor Class shares that are not held through an eligible intermediary may be transferred by T. Rowe Price to another class (with lower expenses) in the same fund following notice to the intermediary or shareholder.
Purchase Conditions for Intermediaries
Nonpayment If the fund does not receive payment for an order in a timely manner, your purchase may be canceled. The intermediary will be responsible for any losses or expenses incurred by the fund or transfer agent. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks.
Sale (Redemption) Conditions
Holds on Immediate Redemptions: 10-Day Hold If an intermediary sells shares that it just purchased and paid for by check or Automated Clearing House transfer, the fund will process the redemption but will generally delay sending the proceeds for up to 10 calendar days to allow the check or transfer to clear. (The 10-day hold does not apply to purchases paid for by bank wire.)
Large Redemptions Large redemptions (for example, $250,000 or more) can adversely affect a portfolio managers ability to implement a funds 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 pay all or part of redemption proceeds with securities from the funds portfolio rather than in cash (redemption in-kind). If this occurs, the securities will be selected by the fund in its absolute discretion, and the redeeming shareholder or account will be responsible for disposing of the securities and bearing any associated costs and risks (for example, market risks until the securities are disposed of).
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 funds portfolio management strategies, increasing a funds trading 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 Directors/Trustees 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 of Directors/Trustees deem necessary or appropriate to better detect short-term trading
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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 shareholders 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.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the 30-Day Purchase Block:
· Shares purchased or redeemed in money funds and ultra short-term bond funds;
· Shares purchased or redeemed through a systematic purchase or withdrawal plan;
· Checkwriting redemptions from bond and money 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); and
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price.
Transactions in certain rebalancing, asset allocation, wrap programs, and other advisory programs, 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 an 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 funds shares, including trading by persons acting collectively (e.g.,
T. Rowe Price | 18 |
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.
Intermediary Accounts If you invest in T. Rowe Price funds through an intermediary, you should review the intermediarys materials carefully or consult with the intermediary directly to determine the trading policy that will apply to your trades in the 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 an intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
Intermediaries 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 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 intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects suspicious trading activity, T. Rowe Price may contact the intermediary and may request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable). If T. Rowe Price believes that excessive or short-term trading has occurred, it will instruct the 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. 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 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.
T. Rowe Price may allow an intermediary or other third party 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 of Directors/Trustees.
Retirement
Plan Accounts If shares 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 plans recordkeeper.
An alternative excessive trading policy may apply to the T. Rowe Price funds where a retirement
plan has its own policy deemed acceptable to T. Rowe Price. You should
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contact T. Rowe Price or your plan recordkeeper to determine which of your transactions are subject to the funds 30-Day Purchase Block or an alternative policy.
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
If your account has no activity in it for a certain period of time, your intermediary may be required to transfer your account to the appropriate state under its abandoned property laws.
Signature Guarantees
An intermediary may need to obtain a Medallion signature guarantee in certain situations, such as:
· Requests to redeem over $5 million;
· Remitting redemption proceeds to any person, address, or bank account not on file; or
· Changing the account registration or broker-dealer of record for an account.
Intermediaries should consult their T. Rowe Price Financial Institution Services representative 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 most 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 guarantors stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.
The Advisor Class has adopted a 12b-1 plan under which it pays a fee at a rate of up to 0.25% of its average daily net assets per year to various unaffiliated intermediaries, such as brokers, banks, insurance companies, and retirement plan recordkeepers for distribution and/or shareholder servicing of the Advisor Class shares. Distribution payments may include payments to intermediaries for making the Advisor Class shares available to their customers (e.g., providing the fund with shelf space or inclusion on a preferred list or supermarket platform). Shareholder servicing payments may include payments to intermediaries for providing shareholder support services to existing shareholders of the Advisor Class. These payments may be more
T. Rowe Price | 20 |
or less than the costs incurred by the intermediaries. Because the fees are paid from the Advisor Class net assets on an ongoing basis, they will increase the cost of your investment and, over time, could result in your paying more than with other types of sales charges. The Advisor Class may also separately make payments to retirement plans, broker-dealers, and other financial intermediaries (at a rate of up to 0.15% of average daily net assets per year) for various recordkeeping, transfer agency, and other administrative services they provide on behalf of the Class. These administrative services may include such services as maintaining separate account records for each customer; transmitting net purchase and redemption orders; delivering shareholder confirmations, statements, and tax forms; and providing telephone and Internet support to respond to questions regarding the customers account. These separate administrative fee payments are reflected in the Other expenses line that appears in a funds fee table in Section 1, whereas 12b-1 payments are reflected in the Distribution and service (12b-1) fees line that appears in the fee table.
Payment of these fees may influence your financial advisors recommendation of the fund or of any particular share class of the fund.
More About the Fund | 3 | |
How is the fund organized?
The fund was organized as a Massachusetts business trust in 1985 and is an open-end management investment company, or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives. In 2005, the fund issued a separate class of shares known as the Advisor Class.
Shareholders have benefitted from T. Rowe Prices investment management experience since 1937.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in a fund. These shares are part of a funds authorized capital stock, but share certificates are not issued.
Each share and fractional share entitles the shareholder to:
· Receive a proportional interest in income and capital gain distributions. For funds with multiple share classes, the income dividends for each share class will generally differ from those of other share classes to the extent that the expense ratios of the classes differ.
· Cast one vote per share on certain fund matters, including the election of fund directors/trustees, changes in fundamental policies, or approval of material changes to the funds management contract. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Do T. Rowe Price funds have annual shareholder meetings?
The funds are not required to hold regularly scheduled shareholder meetings. To avoid unnecessary costs to fund shareholders, shareholder meetings are only held when certain matters, such as changes in fundamental policies or elections of directors/trustees, must be decided. In addition, shareholders representing at least 10% of all eligible votes may call a special meeting for the purpose of voting on the removal of any fund director or trustee. If a meeting is held and you cannot attend, you can vote by proxy. Before the meeting, the fund will send or make available to you proxy materials that explain the matters to be decided and include instructions on voting by mail, telephone, or the Internet.
T. Rowe Price | 22 |
Who runs the fund?
General Oversight
The fund is governed by a Board of Directors (the Board) that meets regularly to review fund investments, performance, expenses, and other business affairs. The Board elects the funds officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the Firm).
Investment Adviser
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio pursuant to an investment management agreement between the adviser and the fund. T. Rowe Price is a SEC-registered investment adviser that provides investment management services to individual and institutional investors, and sponsors and serves as adviser and sub-adviser 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 December 31, 2015, the Firm had approximately $763 billion in assets under management and provided investment management services for more than 9 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 has day-to-day responsibility for managing the funds portfolio and works with the committee in developing and executing the funds investment program. The members of the committee are as follows: Justin P. White, Chairman, Ziad Bakri, Brian W.H. Berghuis, Eric L. DeVilbiss, Shawn T. Driscoll, Ian C. McDonald, Curt J. Organt, David L. Rowlett, Robert W. Sharps, Taymour R. Tamaddon, and Thomas H. Watson. The following information provides the year that the chairman (the portfolio manager) first joined the Firm and the chairmans specific business experience during the past five years (although the chairman may have had portfolio management responsibilities for a longer period). Mr. White has been chairman of the committee since April 1, 2016. He joined the Firm in 2008 and his investment experience dates from that time. Since joining the Firm, he has served as an equity research analyst. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio manager, and the portfolio managers ownership of fund shares.
The Management Fee
The management fee consists of two componentsan individual fund fee, which reflects a funds particular characteristics, and 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 Spectrum Funds, Retirement Funds, Target Funds, TRP Reserve Investment Funds, and any index or private label mutual funds). The group fee schedule (in the following table)
More About the Fund | 23 |
is graduated, declining as the asset total rises, so shareholders benefit from the overall growth in mutual fund assets.
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% | Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The funds group fee is determined by applying the group fee rate to the funds average daily net assets. On December 31, 2015, the annual group fee rate was 0.29%. The individual fund fee, also applied to the funds average daily net assets, is 0.35%.
The expenses shown in the fee table in Section 1 are generally based on a funds prior fiscal year. If fund assets decline significantly, the funds total annual fund operating expenses may become higher than the numbers shown in the fee table.
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management agreement (and any sub-advisory agreement, if applicable) appears in the funds semiannual report to shareholders for the period ended June 30.
Fund Operations and Shareholder Services
T. Rowe Price and The Bank of New York Mellon, subject to the oversight of T. Rowe Price, each provides certain accounting services to the T. Rowe Price funds. T. Rowe Price Services, Inc. acts as the transfer 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 third-party intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. All such fees are included in the fees and expenses table under Other expenses and in the funds financial statements.
T. Rowe Price | 24 |
Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you are investing through an intermediary and seek long-term appreciation and can accept the potentially higher volatility of growth stocks, the fund could be an appropriate part of your overall investment strategy. This fund should not represent your complete investment program or be used for short-term trading purposes.
Equity investors should have a long-term investment horizon and be willing to wait out bear markets.
The fund offers the potential for significant, long-term growth of capital by seeking to participate in the growth of companies positioned to benefit from the dynamic technological, social, medical, economic, and business developments that are defining the new America. The fund has the flexibility to seek investments in companies of any size in any sector believed by T. Rowe Price to offer significant growth potential.
Thomas Rowe Price, Jr., pioneered the growth stock theory of investing over 70 years ago. It is based on the premise that inflation represents a more serious long-term threat to an investors portfolio than stock market fluctuations or recessions. Mr. Price believed that when a companys earnings grow faster than both inflation and the economy in general, the market will eventually reward its long-term earnings growth with a higher stock price. However, investors should be aware that, during periods of adverse economic and market conditions, stock prices may fall despite favorable earnings trends.
Growth investors look for companies with above-average earnings gains.
As with any mutual fund, there is no guarantee the fund will achieve its objective. The funds share price fluctuates, which means you could lose money when you sell your shares of the fund. Some particular risks affecting the fund include the following:
As with all equity funds, the funds share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse local, political, social, or economic developments in the U.S. or abroad, changes in investor psychology, or heavy selling at the same time by major institutional investors in the market, such as mutual funds, pension funds, and banks. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the advisers assessment of companies held by the fund may prove incorrect, resulting in losses or poor performance even in a rising market. Also, the funds investment approach could fall out of favor with the
More About the Fund | 25 |
investing public, resulting in lagging performance versus other types of stock funds. Legislative, regulatory, or tax developments may affect the investment strategies available to portfolio managers, which could adversely affect the ability to implement the funds overall investment program and achieve the funds investment objective.
The fund may be subject to above-average risk since growth companies pay few dividends and are typically more volatile than slower-growing companies with high dividends. Generally, stocks of companies in rapidly evolvingand often highly competitiveindustries are subject to significant price swings. Since investors buy these stocks for their expected superior earnings growth, earnings disappointments, even small ones, can result in sharp price declines. Changes in investor psychology from positive to negative can also cause growth stocks to lose value because of the high valuations they typically carry. The level of risk will be increased if the fund has significant exposure to small-company stocks, which tend to be more volatile than large-company stocks because of their limited product lines, markets, or financial resources. In addition, picking long-term winners in the early stages of developing new industries is very difficult. Promising new fields tend to attract a great deal of competition and capital investment, and the increasingly fast pace of technological change can render an established companys products and services obsolete virtually overnight.
Foreign stock holdings may lose value because of, among other things, declining foreign currencies, or adverse political or economic events overseas.
One of the principal tools used to try to reduce the funds overall risk level is our intensive research when evaluating a companys prospects and selecting investments for the funds portfolio.
Additional strategies and risks While most assets will be invested in common stocks, the fund may employ other strategies that are not considered part of the funds principal investment strategies. From time to time, the fund may invest in securities other than common stocks and use derivatives that are consistent with its investment program. For instance, the fund may invest, to a limited extent, in futures contracts. Any investments in futures would typically serve as an efficient means of gaining exposure to certain markets, or as a tool to manage cash flows into and out of the fund and maintain liquidity while being invested in the market. To the extent the fund invests in futures, it could be exposed to potential volatility and losses greater than direct investments in the contracts underlying assets.
The use of futures or other derivatives, if any, exposes the fund to risks that are different from, and potentially greater than, investments in more traditional securities. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index and may not move in the direction anticipated by the portfolio manager. Derivatives can also be illiquid and difficult to value, the fund could be exposed to significant losses if a counterparty becomes insolvent or is unable to meet its obligations under the
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contract, and there is the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation.
Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. In December 2015, the SEC proposed a new rule that would change the regulation of the use of derivatives by registered investment companies, such as T. Rowe Price funds. If adopted as proposed, the rule could require changes to funds use of derivatives. It is expected that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
This section takes a detailed look at some of the types of fund securities and the various kinds of investment practices that may be used in day-to-day portfolio management. Fund investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change fund investment objectives. Shareholder approval is also required to change certain investment restrictions noted in the following section as fundamental policies. Portfolio managers also follow certain operating policies that can be changed without shareholder approval.
Fund holdings in certain kinds of investments cannot exceed maximum percentages as set forth in this prospectus and the Statement of Additional Information. For instance, there are limitations regarding fund investments in certain types of derivatives. While these restrictions provide a useful level of detail about fund investments, investors should not view them as an accurate gauge of the potential risk of such investments. For example, in a given period, a 5% investment in derivatives could have a significantly greater impact on a funds share price than its weighting in the portfolio. The net effect of a particular investment depends on its volatility and the size of its overall return in relation to the performance of all other fund investments.
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time a fund purchases a security. The status, market value, maturity, duration, credit quality, or other characteristics of a funds securities may change after they are purchased, and this may cause the amount of a funds assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of
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these changes occur, it would not be considered a violation of the investment restriction and will not require the sale of an investment if it was proper at the time the investment was made (this exception does not apply to a funds borrowing or liquidity policy). However, certain changes will require holdings to be sold and purchased by a fund during the time it is above or below the stated percentage restriction in order for the fund to be in compliance with applicable restrictions.
Changes in fund holdings, fund performance, and the contribution of various investments to fund performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve fund objectives.
Types of Portfolio Securities
In seeking to meet its investment objective, fund investments may be made in any type of security or instrument (including certain potentially high-risk derivatives described in this section) whose investment characteristics are consistent with its investment program. The following pages describe various types of fund holdings and investment management practices.
Diversification As a fundamental policy, the fund will not purchase a security if, as a result, with respect to 75% of its total assets, more than 5% of the funds total assets would be invested in securities of a single issuer or more than 10% of the outstanding voting securities of the issuer would be held by the fund.
Fund investments are primarily in common stocks and, to a lesser degree, other types of securities as described as follows:
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders 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. Increases and decreases in earnings are usually reflected in a companys stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, a fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.
Convertible Securities and Warrants
Investments may be made in debt or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the
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issuer, which could in effect force conversion before the holder would otherwise choose. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock. Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or more years). Warrants have no voting rights, pay no dividends, and can be highly volatile. In some cases, the redemption value of a warrant could be zero.
Foreign Securities
Investments may be made in foreign securities. Foreign securities could include non-U.S. dollar-denominated securities traded outside of the U.S. and dollar-denominated securities of foreign issuers traded in the U.S. 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 investments value (favorable changes can increase its value). These risks are heightened for a funds investments in emerging markets. The fund may purchase American Depositary Receipts and Global Depositary Receipts, which are certificates evidencing ownership of shares of a foreign issuer. American Depositary Receipts and Global Depositary Receipts trade on established markets and are alternatives to directly purchasing the underlying foreign securities in their local markets and currencies. Such investments are subject to many of the same risks associated with investing directly in foreign securities. For purposes of a funds investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, a depositary receipt representing ownership of common stock will be treated as common stock.
Operating policy Fund investments in foreign securities are limited to 15% of total assets. Subject to the overall limit on fund investments in foreign securities, there is no limit on the amount of foreign investments that may be made in emerging markets.
Futures and Options
Futures, a type of potentially high-risk derivative, are often used to manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options, another type of potentially high-risk derivative, may be used to
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generate additional income to enhance return 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 (when the investor writes or sells the option) to sell, 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 a funds 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. A 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 funds transaction costs and portfolio turnover rate.
Futures and options contracts may not always be successful hedges; their prices can be highly volatile; using them could lower a funds total return; the potential loss from the use of futures can exceed a funds initial investment in such contracts; and the losses from certain options written by a fund could be unlimited.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of a funds net asset value. The total market value of securities covering call or put options may not exceed 25% of total assets. No more than 5% of total assets will be committed to premiums when purchasing call or put options.
Hybrid Instruments
Hybrid instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, security, or securities index. Such instruments may or may not bear interest or pay dividends. Under certain conditions, the redemption value of a hybrid could be zero.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy Fund investments in hybrid instruments are limited to 10% of total assets.
Currency Derivatives
Funds that invest in foreign securities may attempt to hedge their 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
T. Rowe Price | 30 |
two counterparties to exchange one currency for another on a future date at a specified exchange rate. However, futures, swaps, and options on foreign currencies may also be used. In certain circumstances, a fund may use currency derivatives to substitute a different currency for the currency in which the investment is denominated, a strategy known as proxy hedging. If a fund were to engage in any of these foreign currency transactions, it could serve to protect the funds 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, a 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 a funds total return. There are certain markets, including many emerging markets, where it is not possible to engage in effective foreign currency hedging.
Investments in Other Investment Companies
A fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
A fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The fund might also purchase shares of another investment company to gain exposure to the securities in the investment companys portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with the funds 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 funds 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 companys fees and expenses. The funds 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.
A fund may also invest in certain other T. Rowe Price funds as a means of gaining efficient and cost-effective exposure to certain asset classes, provided the investment is consistent with the funds investment program and policies.
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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 mutual 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
Some fund holdings may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold in the ordinary course of business within seven days at approximately the prices at which they are valued. The determination of liquidity involves a variety of factors. Illiquid securities may include private placements that are sold directly to a small number of investors, usually institutions. Unlike public offerings, such securities are not registered with the SEC. Although certain of these securities may be readily sold (for example, pursuant to Rule 144A under the Securities Act of 1933) and therefore deemed liquid, others may have resale restrictions and be considered illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and a fund may only be able to sell such securities at prices substantially lower than what it believes they are worth.
Operating policy Fund investments in illiquid securities are limited to 15% of net assets. The 15% limit on illiquid securities applies at the time of purchase and continues thereafter.
Types of Investment Management Practices
Reserve Position
A certain portion of fund assets may be held in reserves. Fund reserve positions will primarily consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund; 2) short-term, high-quality U.S. and foreign dollar-denominated 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 and/or strategies and may invest, without limitation, in reserves. If a fund has significant holdings in reserves, it could compromise the funds ability to achieve its objectives. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into a 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.
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Borrowing Money and Transferring Assets
A fund may borrow from banks, other persons, and other T. Rowe Price funds for temporary emergency purposes to facilitate redemption requests, or for other purposes consistent with fund policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with fund assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 331/3% of total assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of 1940.
Operating policy A fund will not transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 331/3% of total assets. A fund will not purchase additional securities when borrowings exceed 5% of total assets.
Lending of Portfolio Securities
A 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 reduce in value, default, or do not perform as well as expected.
Fundamental policy The value of loaned securities may not exceed 331/3% of total assets.
Portfolio Turnover
Turnover is an indication of frequency of trading. A fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held. Each time a fund purchases or sells a security, it incurs a cost. This cost is reflected in its 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 a funds total return. Higher turnover can also increase the possibility of taxable capital gain distributions. The funds portfolio turnover rates are shown in the Financial Highlights table.
Each T. Rowe Price funds portfolio holdings are disclosed on a regular basis in its semiannual and annual shareholder reports, and on Form N-Q, which is filed with the SEC within 60 days of the funds first and third fiscal quarter-end. The money funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP is publicly available immediately upon filing
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with the SEC (prior to April 14, 2016, Form N-MFP filings were available to the public 60 days after the end of the month to which the information pertained). In addition, the funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. Under certain conditions, up to 5% of a funds holdings may be included in this portfolio list without being individually identified. Generally, securities would not be individually identified if they are being actively bought or sold and it is determined that the quarter-end disclosure of the holding could be harmful to the fund. A security will not be excluded for these purposes from a funds quarter-end holdings disclosure for more than one year. Money funds also disclose on troweprice.com their month-end portfolio holdings five business days after each month-end and historical information about fund investments for the previous six months, as of the last business day of the preceding month, including, among other things, the percentage of the funds investments in daily and weekly liquid assets, the funds weighted average maturity and weighted average life, and the funds net inflows and outflows. The quarter-end portfolio holdings will remain on the website for one year and the month-end money fund portfolio holdings will remain on the website for six months. Each fund also discloses its 10 largest holdings on troweprice.com on the seventh business day after each month-end. These holdings are listed in alphabetical order along with the aggregate percentage of the funds total assets that these 10 holdings represent. Each monthly top 10 list will remain on the website for six months. A description of T. Rowe Prices policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information and through troweprice.com.
The Financial Highlights table, which provides information about the funds Advisor Class financial history, is based on a single share outstanding throughout the periods shown. The class section of the table is part of the funds financial statements, which are included in its annual report and are incorporated by reference into the Statement of Additional Information (available upon request). The total returns in the table represent the rate that an investor would have earned or lost on an investment in the funds Advisor Class (assuming reinvestment of all dividends and distributions and no payment of any applicable account or redemption fees). The financial statements in the annual report were audited by the funds independent registered public accounting firm, PricewaterhouseCoopers LLP.
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Financial Highlights
Year ended December 31 | ||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | ||||||
Net asset
value, | $32.68 | $31.45 | $35.50 | $43.58 | $41.39 | |||||
Income From Investment Operations | ||||||||||
Net investment income* | 0.02 | 0.11 | (0.12 | ) | (0.13 | ) | (0.18 | ) | ||
Net gains or losses on | (0.27 | ) | 4.06 | 13.17 | 3.98 | 3.67 | ||||
Total from investment | (0.25 | ) | 4.17 | 13.05 | 3.85 | 3.49 | ||||
Less Distributions | ||||||||||
Dividends
(from net | (0.04 | ) | (0.11 | ) | | | | |||
Distributions (from | (0.94 | ) | (0.01 | ) | (4.97 | ) | (6.04 | ) | (3.58 | ) |
Returns of capital | | | | | | |||||
Total distributions | (0.98 | ) | (0.12 | ) | (4.97 | ) | (6.04 | ) | (3.58 | ) |
Net asset value, | $31.45 | $35.50 | $43.58 | $41.39 | $41.30 | |||||
Total return | (0.66 | )% | 13.26 | % | 37.34 | % | 9.15 | % | 8.52 | % |
Ratios/Supplemental Data | ||||||||||
Net assets,
end of period | $351,568 | $517,261 | $611,833 | $484,092 | $422,197 | |||||
Ratio of expenses to | 1.06 | % | 1.08 | % | 1.07 | % | 1.06 | % | 1.06 | % |
Ratio of
net income to | 0.07 | % | 0.32 | % | (0.29 | )% | (0.29 | )% | (0.41 | )% |
Portfolio turnover rate | 32.1 | % | 34.4 | % | 91.5 | % | 76.4 | % | 81.0 | % |
* Per share amounts calculated using average shares outstanding method.
Investing With T. Rowe Price | 4 | |
Your fund shares must be purchased through a third-party intermediary, therefore you should contact the intermediary for information regarding its policies on purchasing, exchanging, and redeeming fund shares, as well as initial and subsequent investment minimums. | ||
Tax Identification | The intermediary must provide T. Rowe Price with its certified taxpayer identification number. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject the intermediary or account holder to an Internal Revenue Service fine. If this information is not received within 60 days after the account is established, the account may be redeemed at the funds then-current net asset value. |
All initial and subsequent investments by intermediaries should be made by bank wire
or electronic payment. For more information, contact Financial Institution Services by calling |
Important Information About Opening an Account | Opening 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. |
| When an account is opened, the name, residential U.S. street address, date of birth, and Social Security or employer 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) must be provided. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of |
T. Rowe Price | 36 |
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. For more information, call Financial Institution Services at 1-800-638-8790. |
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. (See Rights Reserved by the Funds.) |
Intermediaries should call Financial Institution Services for an account number, assignment to a dedicated service representative, and wire transfer instructions. |
In order to obtain an account number, the intermediary must supply the name, Social Security or employer identification number, and business street address for the account. |
Intermediaries should complete a new account form and mail it, with proper documentation identifying your firm to one of the appropriate addresses listed below. Intermediaries must also enter into a separate agreement with the fund or its agent. The funds are generally available only to investors residing in the U.S. | ||
via U.S. Postal Service |
via private carriers/overnight
services |
Note: Please use the correct address to avoid a delay in opening your new account. |
Investing With T. Rowe Price | 37 |
$100 minimum per fund for all additional purchases and $1,000 minimum required for Summit Funds (your intermediary may impose different minimums) |
By Wire | Intermediaries should call Financial Institution Services or access troweprice.com, under the HelpFAQ section, for wire transfer instructions. T. Rowe Price must receive the wire by the close of the New York Stock Exchange (normally 4 p.m. ET) to receive that days share price. There is no assurance that the share price for the purchase will be the same day the wire was initiated. | |
Exchange Service | Money can be moved from one account to an existing, identically registered account or a new identically registered account can be opened. Intermediaries should call their Financial Institution Services representative for more information or to place a trade. For exchange policies, please see Transaction Procedures and Special RequirementsExcessive and Short-Term Trading Policy. |
Redemptions | Unless otherwise indicated, redemption proceeds will be wired to the intermediarys designated bank. Intermediaries should contact their Financial Institution Services representative. |
Some of the T. Rowe Price funds may impose a redemption fee. Check the funds prospectus under Contingent Redemption Fee in Pricing Shares and Receiving Sale Proceeds. The fee is paid to the fund. |
T. Rowe Price | 38 |
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 an intermediary no later than the business day after the order is received by the 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 shareholders 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, in cases of threatening conduct, 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 funds, to suspend redemptions and postpone the payment of proceeds to facilitate an orderly liquidation of the fund. | ||
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In the course of doing business with T. Rowe Price, you share personal and financial information with us. We treat this information as confidential and recognize the importance of protecting access to it.
You may provide information when communicating or transacting business with us in writing, electronically, or by phone. For instance, information may come from applications, requests for forms or literature, and your transactions and account positions with us. On occasion, such information may come from consumer reporting agencies and those providing services to us.
We do not sell information about current or former customers to any third parties, and we do not disclose it to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law. We may share information within the T. Rowe Price family of companies in the course of providing or offering products and services to best meet your investing needs. We may also share that information with companies that perform administrative or marketing services for T. Rowe Price, with a research firm we have hired, or with a business partner, such as a bank or insurance company with which we are developing or offering investment products. When we enter into such a relationship, our contracts restrict the companies use of our customer information, prohibiting them from sharing or using it for any purposes other than those for which they were hired.
We maintain physical, electronic, and procedural safeguards to protect your personal information. Within T. Rowe Price, access to such information is limited to those who need it to perform their jobs, such as servicing your accounts, resolving problems, or informing you of new products or services. Finally, our Code of Ethics, which applies to all employees, restricts the use of customer information and requires that it be held in strict confidence.
This Privacy Policy applies to the following T. Rowe Price family of companies: T. Rowe Price Associates, Inc.; T. Rowe Price Advisory Services, Inc.; T. Rowe Price Investment Services, Inc.; T. Rowe Price Trust Company; and the T. Rowe Price Funds.
A Statement of Additional Information for the T. Rowe Price family of funds, which includes additional information about the funds, has been filed with the SEC and is incorporated by reference into this prospectus. Further information about fund investments, including a review of market conditions and the managers recent investment strategies and their impact on performance during the past fiscal year, is available in the annual and semiannual shareholder reports. To obtain free copies of any of these documents, call your intermediary. These documents and updated performance information are available through troweprice.com.
Fund information and Statements of Additional Information are also available from the Public Reference Room of the SEC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Fund reports and other fund information are available on the EDGAR Database on the SECs 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, or by writing the Public Reference Room, U.S. Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1520.
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
1940 Act File No. 811-4358 E260-040 5/1/16
PROSPECTUS | |
PNAIX | |
May 1, 2016 | |
T. Rowe Price New America Growth FundI Class | |
A fund seeking long-term capital growth through investments primarily in the common stocks of growth companies. This class is generally available only to financial intermediaries and other institutional investors. | |
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. | |
Table of Contents
SUMMARY
The fund seeks to provide long-term capital growth by investing primarily in the common stocks of growth companies.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
Fees and Expenses of the Funds I Class
Annual fund operating expenses | |
Management fees | 0.64% |
Distribution and service (12b-1) fees | 0.00% |
Other expenses | 0.31% |
Total annual fund operating expenses | 0.95% |
Fee waiver/expense reimbursement | (0.26)%a |
Total annual fund operating expenses after fee waiver/expense reimbursement | 0.69%a |
a Through April 30, 2018, T. Rowe Price Associates, Inc. has agreed to pay the operating expenses of the funds 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 0.05% of the class average daily net assets. Any expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund or class whenever the funds I Class Operating Expenses are below 0.05%. However, no reimbursement will be made more than three years after the payment of the I Class Operating Expenses or if such reimbursement would cause the funds I Class Operating Expenses to exceed 0.05%. The agreement may be terminated at any time beyond April 30, 2018, with approval by the funds Board of Directors.
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. The example also assumes that your investment has a 5% return each year, that the funds operating expenses remain the same, and the expense limitation currently in place is not renewed. 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 | 5 years | 10 years |
$70 | $249 | $473 | $1,117 |
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 fund
T. Rowe Price | 2 |
shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the funds performance. During the period December 17, 2015 through December 31, 2015, the funds portfolio turnover rate was 81.0% of the average value of its portfolio.
Investments, Risks, and Performance
Principal Investment Strategies The fund invests primarily (at least 65% of its total assets) in common stocks of U.S. companies operating in those sectors of the economy that, in the view of the funds adviser are the fastest growing or have the greatest growth potential. The U.S. economy continues to evolve, in part because of the application of new technologies and scientific advances. Growing companies that are positioned to benefit from dynamic technological, social, medical, and business developments that help define the current U.S. economic landscape can be found across an array of industries. The funds allocation to industry sectors will generally reflect such factors as the overall revenue growth of the component companies in a sector and the sectors contribution to U.S. gross domestic product from year to year, although the fund may at times invest significantly in stocks of technology companies.
Holdings range from large-cap to small-cap companies. In selecting stocks, we look for many characteristics, typically including, but not limited to:
· earnings growth rates that generally exceed that of the average company in the S&P 500 Stock Index;
· favorable company fundamentals, such as a strong balance sheet, sound business strategy, and promising competitive positioning;
· effective management; or
· stock valuations, such as price/earnings or price/cash flow ratios, that seem reasonable relative to the companys prospects.
In pursuing its investment objective, the fund has the discretion to deviate from its normal investment criteria. These situations might arise when the funds adviser believes a security could increase in value for a variety of reasons, including an extraordinary corporate event, a new product introduction or innovation, a favorable competitive development, or a change in management.
While most assets will typically be invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with the funds objectives.
The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.
Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The funds share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:
Summary | 3 |
Active management risk The fund is subject to the risk that the investment advisers judgments about the attractiveness, value, or potential appreciation of the funds investments may prove to be incorrect. If the investments selected and strategies employed by the fund fail to produce the intended results, the fund could underperform in comparison to other funds with similar objectives and investment strategies.
Risks of U.S. stock investing Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the U.S. stock market, such as when the U.S. financial markets decline, or because of factors that affect a particular company or industry.
Investment style risk Different investment styles tend to shift in and out of favor depending on market conditions and investor sentiment. The funds growth approach to investing could cause it to underperform other stock funds that employ a different investment style. Growth stocks tend to be more volatile than certain other types of stocks, and their prices may fluctuate more dramatically than the overall stock market. A stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market.
Market capitalization risk Because the fund may invest in companies of any size, its share price could be more volatile than a fund that invests only in large companies. Small- and medium-sized companies often have less experienced management, narrower product lines, more limited financial resources, and less publicly available information than larger companies. Larger companies may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods, and they may be less capable of responding quickly to competitive challenges and industry changes.
Industry risk To the extent the fund invests in specific industries or sectors, it may be more susceptible to developments affecting those industries and sectors. For example, the fund may at times have significant investments in technology companies, which could result in the fund performing poorly during a downturn in one or more of the industries that heavily impact technology companies. Technology companies can be adversely affected by, among other things, intense competition, earnings disappointments, and rapid obsolescence of products and services due to technological innovations or changing consumer preferences.
Foreign investing risk This is the risk that the funds investments in foreign securities 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.
T. Rowe Price | 4 |
Performance The New American Growth FundI Class incepted on December 17, 2015, and does not have a full calendar year of performance history. Performance for the class will be presented after the class has been in operation for one full calendar year. As a point of comparison, however, the following bar chart and table show calendar year returns and average annual total returns for the existing Investor Class of the New American Growth Fund (Investor Class). Because the New American Growth FundI Class is expected to have lower expenses than the Investor Class, its performance, had it existed over the periods shown, would have been higher. The Investor Class and the New American Growth FundI Class share the same portfolio. The bar chart and table provide some indication of the risks of investing in the fund by showing how much returns can differ from year to year and how the Investor Class average annual returns for certain periods compare with the returns of a relevant broad-based market index, as well as with the returns of one or more other comparative indexes that have investment characteristics similar to those of the fund.
The fund can also experience short-term performance swings, as shown by the best and worst calendar quarter returns during the years depicted for the Investor Class.
Performance information represents only past performance (before and after taxes) and does not necessarily indicate future results.
In addition, the average annual total returns table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or individual retirement
Summary | 5 |
account. In some cases, the figure shown for returns after taxes on distributions and sale of fund shares may be higher than the figure shown for returns before taxes because the calculations assume the investor received a tax deduction for any loss incurred on the sale of shares.
Average Annual Total Returns | ||||||||||||
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| Periods ended |
| ||||||||
| December 31, 2015 |
| ||||||||||
| 1 Year | 5 Years | 10 Years |
| ||||||||
| New America Growth Fund |
| ||||||||||
| Returns before taxes | 8.80 | % | 13.15 | % | 9.54 | % |
| ||||
| Returns after taxes on distributions | 6.63 |
|
| 10.99 |
|
| 7.99 |
|
|
| |
| Returns after taxes on distributions |
|
|
|
|
|
|
|
|
|
| |
| and sale of fund shares | 6.65 |
|
| 10.08 |
|
| 7.47 |
|
|
| |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | 1.38 |
|
| 12.57 |
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| 7.31 |
|
|
| |
| Lipper Multi-Cap Growth Funds Index | 3.09 |
|
| 11.70 |
|
| 7.52 |
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|
|
Current performance information may be obtained through troweprice.com or by calling 1-800-638-8790.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price)
Portfolio Manager | Title | Managed Fund Since | Joined Investment |
Justin P. White | Chairman of Investment Advisory Committee | 2016 | 2008 |
Purchase and Sale of Fund Shares
The funds I Class generally requires a $1,000,000 minimum initial investment, although the minimum may be waived for certain accounts, such as retirement plans and financial intermediaries maintaining omnibus accounts. There is no minimum for subsequent purchases. If you hold shares through a retirement plan or financial intermediary, different investment minimums may apply to your account.
You may purchase, redeem, or exchange shares of the fund at any time by written request or by calling 1-800-638-8790 on any day the New York Stock Exchange is open for business. If you hold shares through a financial intermediary, you must purchase, redeem, and exchange shares through your intermediary.
T. Rowe Price | 6 |
Tax Information
Any dividends or 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, may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (although you may be taxed upon withdrawal from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
The fund and its investment adviser do not pay broker-dealers or other financial intermediaries for sales or related services of the funds I Class shares.
Information About Accounts in T. Rowe Price Funds | 2 | |
The following policies and procedures generally apply to I Class accounts in the T. Rowe Price family of funds.
How and When Shares Are Priced
The share price, also called the net asset value, for each share class of a fund is calculated at the close of the New York Stock Exchange (normally 4 p.m. ET) each day that the exchange is open for business. To calculate the net asset value, the funds 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. 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 funds pricing services. If a market value for a security 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 security by taking into account various factors and methodologies that have been approved by the funds Board of Directors/Trustees. 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 funds and certain other debt securities held by a fund. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation.
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 circumstances described below. 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 New York Stock Exchange will, in its judgment, materially affect the value of some or all of the funds 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. The fund may also fair value certain securities or a group of securities in other situationsfor 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 which trade on weekends or other days when the fund does not price its
T. Rowe Price | 8 |
shares, the funds net asset value may change on days when shareholders will not be able to purchase or redeem the funds shares.
The fund uses various pricing services to provide it with closing market prices and information used for adjusting those prices and to value most fixed income securities. The fund cannot predict how often it will use closing prices and 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 days opening prices in the same markets, and adjusted prices. The fund also evaluates 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 buy, sell, and exchange shares are explained at the end of this prospectus and on the new account form. These procedures may differ for institutional and employer-sponsored retirement accounts or if you hold your account through an intermediary.
How Your Purchase, Sale, or Exchange Price Is Determined
I Class shares may be purchased directly from T. Rowe Price or through various third-party intermediaries, including banks, brokers, and investment advisers. If your request is received by T. Rowe Price or its agent in correct form by the close of the New York Stock Exchange (normally 4 p.m. ET), your transaction will be priced at that business days net asset value. To ensure that your request is submitted in correct form, please refer to Account Requirements and Transaction Information in Section 4. If your request is received in correct form after the close of the New York Stock Exchange, your transaction will be priced at the next business days net asset value unless the fund has an agreement with your intermediary that permits the intermediary to accept orders on behalf of the fund until the close of the New York Stock Exchange (normally 4 p.m. ET). In such cases, if your order is received by the intermediary in correct form by the close of the New York Stock Exchange and is transmitted to T. Rowe Price and paid for in accordance with the agreement, the transaction will be priced at the next net asset value computed after the intermediary received your order. If the fund does not have an agreement with your intermediary, T. Rowe Price must receive the request in correct form from your intermediary by the close of the New York Stock Exchange in order for your transaction to be priced at that business days net asset value.
Contact your intermediary for trade deadlines and the applicable policies for purchasing, selling, or exchanging your shares, as well as initial and subsequent investment minimums. The intermediary may charge a fee for its services.
When authorized by the fund, certain financial institutions or retirement plans purchasing fund shares on behalf of customers or plan participants through T. Rowe Price Financial Institution Services or T. Rowe Price Retirement Plan Services may place a purchase order unaccompanied by payment. Payment for these shares must
Information About Accounts in T. Rowe Price Funds | 9 |
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 financial institution 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.
Note: 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 New York Stock Exchange closes at a time other than 4 p.m. ET. In the event of an emergency closing, a funds shareholders will receive the next share price calculated by the fund. 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 accepted by T. Rowe Price prior to the time the New York Stock Exchange closes to be priced at that business days net asset value.
How Proceeds Are Received
When filling out the new account form, you may wish to give yourself the widest range of options for receiving proceeds from a sale.
If you invest directly with T. Rowe Price and your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the New York Stock Exchange, proceeds are usually sent on the next business day. Proceeds can be mailed by check or sent electronically to a bank account by Automated Clearing House transfer or bank wire. Automated Clearing House is an automated method of initiating payments from, and receiving payments in, your financial institution account. 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, although your financial institution may charge an incoming wire fee.
If you invest through an intermediary, you must contact your intermediary about procedures for receiving your redemption proceeds. Normally, the fund transmits proceeds to intermediaries for redemption orders received in correct form on either the next or third business day after receipt, depending on the arrangement with the intermediary.
Exception Under certain circumstances, and when deemed to be in a funds best interest, proceeds may not be sent for up to seven calendar days after we receive a redemption request in correct form.
If for some reason we cannot accept your request to sell shares, we will attempt to contact you.
T. Rowe Price | 10 |
Contingent Redemption Fee
Short-term trading can disrupt a funds investment program and create additional costs for long-term shareholders. For these reasons, certain T. Rowe Price funds, listed in the following table, assess a fee on redemptions (including exchanges out of a fund), which reduces the proceeds from such redemptions by the amounts indicated:
T. Rowe Price I Class Funds With Redemption Fees | ||
Fund | Redemption fee | Holding period |
Emerging Markets BondI Class | 2% | 90 days or less |
Emerging Markets Corporate BondI Class | 2% | 90 days or less |
Emerging Markets Local Currency BondI Class | 2% | 90 days or less |
Emerging Markets StockI Class | 2% | 90 days or less |
Equity Index 500I Class | 0.5% | 90 days or less |
Global High Income BondI Class | 2% | 90 days or less |
High YieldI Class | 2% | 90 days or less |
International BondI Class | 2% | 90 days or less |
International DiscoveryI Class | 2% | 90 days or less |
International Growth & IncomeI Class | 2% | 90 days or less |
International StockI Class | 2% | 90 days or less |
New AsiaI Class | 2% | 90 days or less |
Overseas StockI Class | 2% | 90 days or less |
QM Global EquityI Class | 2% | 90 days or less |
QM U.S. Small-Cap Growth EquityI Class | 1% | 90 days or less |
QM U.S. Small & Mid-Cap Core EquityI Class | 1% | 90 days or less |
Real AssetsI Class | 2% | 90 days or less |
Real EstateI Class | 1% | 90 days or less |
Small-Cap ValueI Class | 1% | 90 days or less |
Redemption fees are paid to a fund to deter short-term trading, offset costs, and protect the funds long-term shareholders. Subject to the exceptions described on the following pages, all persons holding shares of a T. Rowe Price fund that imposes a redemption fee are subject to the fee, whether the person is holding shares directly with a T. Rowe Price fund; through a retirement plan for which T. Rowe Price serves as recordkeeper; or indirectly through an intermediary (such as a broker, bank, or investment adviser), recordkeeper for retirement plan participants, or other third party.
Computation of Holding Period
When an investor sells shares of a fund that assesses a redemption fee, T. Rowe Price will use the first-in, first-out method to determine the holding period for the shares
Information About Accounts in T. Rowe Price Funds | 11 |
sold. Under this method, the date of redemption or exchange will be compared with the earliest purchase date of shares held in the account. A redemption fee will be charged on shares sold on or before the end of the required holding period. The day after the date of your purchase is considered Day 1 for purposes of computing the holding period. For example, if you redeem your shares on or before the 90th day from the date of purchase, you will be assessed the redemption fee. If you purchase shares through an intermediary, consult your intermediary to determine how the holding period will be applied.
Transactions Not Subject to Redemption Fees
The T. Rowe Price funds will not assess a redemption fee with respect to certain transactions. As of the date of this prospectus, the following shares of T. Rowe Price funds will not be subject to redemption fees:
· Shares redeemed through an automated, systematic withdrawal plan;
· Shares redeemed through or used to establish certain rebalancing, asset allocation, wrap, and advisory programs, as well as non-T. Rowe Price fund-of-funds products, if approved in writing by T. Rowe Price;
· Shares purchased through the reinvestment of dividends or capital gain distributions;*
· Shares converted from one share class to another share class of the same fund;*
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees (e.g., for failure to meet account minimums);
· Shares purchased by rollover or changes of account registration within the same fund;*
· Shares redeemed to return an excess contribution from a retirement account;
· Shares of T. Rowe Price funds purchased by another T. Rowe Price fund and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that other shareholders of the investing T. Rowe Price fund are still subject to the policy);
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares that are redeemed in-kind;
· Shares transferred to T. Rowe Price or a third-party intermediary acting as a service provider when the age of the shares cannot be determined systematically;*
· Shares redeemed in retirement plans or other products that restrict trading to no more frequently than once per quarter, if approved in writing by T. Rowe Price; and
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price.
* Subsequent exchanges of these shares into funds that assess redemption fees will subject such shares to the fee.
T. Rowe Price | 12 |
Redemption Fees on Shares Held in Retirement Plans
If shares are held in a retirement plan, redemption fees generally will be assessed on shares redeemed by exchange only if they were originally purchased by exchange. However, redemption fees may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or how the fees are applied by your plans recordkeeper. To determine which of your transactions are subject to redemption fees, you should contact T. Rowe Price or your plan recordkeeper.
Omnibus Accounts
If your shares are held through an intermediary in an omnibus account, T. Rowe Price relies on the intermediary to assess the redemption fee on underlying shareholder accounts. T. Rowe Price seeks to enter into agreements with intermediaries establishing omnibus accounts that require the intermediary to assess the redemption fees. There are no assurances that T. Rowe Price will be successful in identifying all intermediaries or that the intermediaries will properly assess the fees.
Certain intermediaries may not apply the exemptions previously listed to the redemption fee policy; all redemptions by persons trading through such intermediaries may be subject to the fee. Certain intermediaries may exempt transactions not listed from redemption fees, if approved by T. Rowe Price. Persons redeeming shares through an intermediary should check with their respective intermediary to determine which transactions are subject to the fees.
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 funds shareholders.
To the extent possible, all net investment income and realized capital gains are distributed to shareholders.
Dividends and Other Distributions
Dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
Information About Accounts in T. Rowe Price Funds | 13 |
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. 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 shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
Bond funds | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Declared daily and paid on the first business day of each month. |
Stock funds: | |
· Equity Index 500 | · Declared and paid quarterly, if any, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
· All others | · Declared and paid annually, if any, generally in December. · Must be a shareholder on the dividend record date. |
Bond fund shares earn dividends through the date of redemption (except for wire redemptions from money funds prior to noon ET, which 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 bond or money fund 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 bond or money fund shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds 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 sell your shares through an intermediary, consult your intermediary to determine when your shares begin and stop accruing dividends as the information previously described may vary.
T. Rowe Price | 14 |
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.
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 individual retirement account, 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.
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 investors
marginal income tax rate. This includes the portion of ordinary dividends derived from interest, short-term
capital gains, distributions from nonqualified foreign corporations, and dividends received by the fund
from stocks that were on loan. Little, if any, of the ordinary dividends paid by the bond funds is expected
to qualify for this lower rate.
For corporate shareholders, a portion of ordinary dividends may be eligible for the 70% deduction for dividends received by corporations to the extent the funds income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock or bond 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.
Information About Accounts in T. Rowe Price Funds | 15 |
If you hold your fund through an intermediary, the intermediary is responsible for providing you with any necessary tax forms. You should contact your 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 in a taxable account is also a sale for tax purposes.
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 intermediary) will make available to you Form 1099-B, if applicable, no later than mid-February, indicating the date and amount of each sale you made in the fund during the prior year. This information will also be reported to the Internal Revenue Service. For most new accounts or those opened by exchange in 1984 or later, we will provide you with the gain or loss on the shares you sold during the year based on the average cost single category method. 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, tax regulations require
cost basis information to be reported to you and the Internal Revenue Service on
Form 1099-B
using a cost basis method selected by you or, in the absence of such selected method, our default method
if you acquire your shares directly from us. Our default method is average cost. If you acquire your
fund shares through an intermediary after 2011, you should check with your intermediary regarding the
applicable cost basis method. You should, however, 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. 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 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 an intermediary,
the intermediary is responsible for providing you with transaction confirmations and statements.
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Taxes on Fund Distributions
T. Rowe Price (or your 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 or money 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 securities, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt securities are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
A funds distributions that have exceeded the funds 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 shareholders 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 purposesfor example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as real estate investment trusts (REITs), and
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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.
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 a fund holds Build America Bonds or other qualified tax credit bonds and elects to pass through the corresponding interest income and any available tax credits, you will need to report both the interest income and any such tax credits as taxable income. You may be able to claim the tax credits on your federal tax return as an offset to your income tax (including alternative minimum tax) liability, but the tax credits generally are not refundable. There is no assurance, however, that a fund will elect to pass through the income and credits.
If you are subject to backup withholding, we will have to withhold a 28% 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.
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 datethe date that establishes you as the person to receive the upcoming distributionyou 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 funds record date before investing. In addition, a funds 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.
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Following these procedures helps assure timely and accurate transactions.
Purchase Conditions
Nonpayment If the fund does not receive payment for an order in a timely manner, your purchase may be canceled. The shareholder (or intermediary) will be responsible for any losses or expenses incurred by the fund or transfer agent. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks.
Sale (Redemption) Conditions
Holds on Immediate Redemptions: 10-Day Hold If shares are sold that were recently purchased and paid for by check or Automated Clearing House transfer, the fund will process the redemption but will generally delay sending the proceeds for up to 10 calendar days to allow the check or transfer to clear. If, during the clearing period, we receive a check drawn against your newly purchased shares, it will be returned marked uncollected. (The 10-day hold does not apply to purchases paid for by bank wire or automatic purchases through payroll deduction.)
Telephone Transactions You can only conduct transactions involving the I Class over the telephone or in writing. The T. Rowe Price funds and their agents use reasonable procedures to verify the identity of the shareholder. If these procedures are followed, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions. A confirmation is sent promptly after a transaction. Please review it carefully and contact T. Rowe Price immediately about any transaction you believe to be unauthorized. Telephone conversations are recorded.
Large Redemptions Large redemptions (for example, $250,000 or more) can adversely affect a portfolio managers ability to implement a funds 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 pay all or part of redemption proceeds with securities from the funds portfolio rather than in cash (redemption in-kind). If this occurs, the securities will be selected by the fund in its absolute discretion, and the redeeming shareholder or account will be responsible for disposing of the securities and bearing any associated costs and risks (for example, market risks until the securities are disposed of).
We also request that you give us at least three business days notice for any redemption of $2 million or more.
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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 funds portfolio management strategies, increasing a funds trading 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 Directors/Trustees 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 of Directors/Trustees 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 shareholders 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.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the 30-Day Purchase Block:
· Shares purchased or redeemed in money funds and ultra short-term bond funds;
· Shares purchased or redeemed through a systematic purchase or withdrawal plan;
· Checkwriting redemptions from bond and money 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); and
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· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price.
Transactions in certain rebalancing, asset allocation, wrap programs, and other advisory programs, 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 an 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 funds shares, including trading by persons acting collectively (e.g., 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.
Intermediary Accounts If you invest in T. Rowe Price funds through an intermediary, you should review the intermediarys materials carefully or consult with the intermediary directly to determine the trading policy that will apply to your trades in the 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 an intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
Intermediaries 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 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 intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects suspicious trading activity, T. Rowe Price may contact the intermediary and may request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable). If T. Rowe Price believes that excessive or short-term trading has occurred, it will instruct the 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. 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 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.
T. Rowe Price may allow an intermediary or other third party to maintain restrictions on trading in the T. Rowe Price funds that differ from the 30-Day Purchase Block. An
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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 of Directors/Trustees.
Retirement Plan Accounts If shares 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
plans recordkeeper. An alternative excessive trading policy may apply to the T. Rowe Price
funds where a retirement plan has its own policy deemed acceptable to T. Rowe Price. You should
contact T. Rowe Price or your plan recordkeeper to determine which of your transactions are subject
to the funds 30-Day Purchase Block or an alternative policy.
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Keeping Your Account Open
To keep operating expenses lower, we ask you to 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 convert your account to a different share class in the same fund with a higher expense ratio or redeem your account at the then-current net asset value after giving you 60 days to increase your balance. The redemption of your account could result in a taxable gain.
Unclaimed Accounts
If your account has no activity in it for a certain period of time, T. Rowe Price may be required to transfer your account to the appropriate state under its abandoned property laws.
Signature Guarantees
A Medallion signature guarantee is designed to protect you and the T. Rowe Price funds from fraud by verifying your signature.
The shareholder or intermediary may need to obtain a signature guarantee in certain situations, such as:
· Requests to redeem over $5 million;
· Remitting redemption proceeds to any person, address, or bank account not on file, or transferring redemption proceeds to a T. Rowe Price fund account with a different registration (name or ownership) from yours;
· Changing the account registration or broker-dealer of record for an account; and
· Establishing certain services after the account is opened.
Intermediaries should consult their T. Rowe Price Financial Institution Services representative for specific requirements relating to their account. The signature
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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 most 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 guarantors stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.
Delivery of Shareholder Documents
A note on mailing procedures: If two or more members of a household own the same fund, we economize on fund expenses by sending only one fund report and prospectus. If you need additional copies or do not want your mailings to be householded, please call Shareholder Services at 1-800-225-5132 or write to us at P.O. Box 17630, Baltimore, MD 21297-1630.
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How is the fund organized?
The fund was organized as a Massachusetts business trust in 1985 and is an open-end management investment company, or mutual fund. Mutual funds pool money received from shareholders and invest it to try to achieve specified objectives. In 2015, the fund issued a separate class of shares known as the I Class.
Shareholders have benefitted from T. Rowe Prices investment management experience since 1937.
What is meant by shares?
As with all mutual funds, investors purchase shares when they put money in a fund. These shares are part of a funds authorized capital stock, but share certificates are not issued.
Each share and fractional share entitles the shareholder to:
· Receive a proportional interest in income and capital gain distributions. For funds with multiple share classes, the income dividends for each share class will generally differ from those of other share classes to the extent that the expense ratios of the classes differ.
· Cast one vote per share on certain fund matters, including the election of fund directors/trustees, changes in fundamental policies, or approval of material changes to the funds management contract. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Do T. Rowe Price funds have annual shareholder meetings?
The funds are not required to hold regularly scheduled shareholder meetings. To avoid unnecessary costs to fund shareholders, shareholder meetings are only held when certain matters, such as changes in fundamental policies or elections of directors/trustees, must be decided. In addition, shareholders representing at least 10% of all eligible votes may call a special meeting for the purpose of voting on the removal of any fund director or trustee. If a meeting is held and you cannot attend, you can vote by proxy. Before the meeting, the fund will send or make available to you proxy materials that explain the matters to be decided and include instructions on voting by mail, telephone, or the Internet.
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Who runs the fund?
General Oversight
The fund is governed by a Board of Directors (the Board) that meets regularly to review fund investments, performance, expenses, and other business affairs. The Board elects the funds officers. At least 75% of Board members are independent of T. Rowe Price and its affiliates (the Firm).
Investment Adviser
T. Rowe Price is the funds investment adviser and oversees the selection of the funds investments and management of the funds portfolio pursuant to an investment management agreement between the adviser and the fund. T. Rowe Price is a SEC-registered investment adviser that provides investment management services to individual and institutional investors, and sponsors and serves as adviser and sub-adviser 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 December 31, 2015, the Firm had approximately $763 billion in assets under management and provided investment management services for more than 9 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 has day-to-day responsibility for managing the funds portfolio and works with the committee in developing and executing the funds investment program. The members of the committee are as follows: Justin P. White, Chairman, Ziad Bakri, Brian W.H. Berghuis, Eric L. DeVilbiss, Shawn T. Driscoll, Ian C. McDonald, Curt J. Organt, David L. Rowlett, Robert W. Sharps, Taymour R. Tamaddon, and Thomas H. Watson. The following information provides the year that the chairman (the portfolio manager) first joined the Firm and the chairmans specific business experience during the past five years (although the chairman may have had portfolio management responsibilities for a longer period). Mr. White has been chairman of the committee since April 1, 2016. He joined the Firm in 2008 and his investment experience dates from that time. Since joining the Firm, he has served as an equity research analyst. The Statement of Additional Information provides additional information about the portfolio managers compensation, other accounts managed by the portfolio manager, and the portfolio managers ownership of fund shares.
The Management Fee
The management fee consists of two componentsan individual fund fee, which reflects a funds particular characteristics, and 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 Spectrum Funds, Retirement Funds, Target Funds, TRP Reserve Investment Funds, and any index or private label mutual funds). The group fee schedule (in the following table)
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is graduated, declining as the asset total rises, so shareholders benefit from the overall growth in mutual fund assets.
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% | Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The funds group fee is determined by applying the group fee rate to the funds average daily net assets. On December 31, 2015, the annual group fee rate was 0.29%. The individual fund fee, also applied to the funds average daily net assets, is 0.35%.
A discussion about the factors considered by the Board and its conclusions in approving the funds investment management agreement (and any sub-advisory agreement, if applicable) appears in the funds semiannual report to shareholders for the period ended June 30.
Fund Operations and Shareholder Services
T. Rowe Price and The Bank of New York Mellon, subject to the oversight of T. Rowe Price, each provides certain accounting services to the T. Rowe Price funds. T. Rowe Price Services, Inc. acts as the transfer 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. All such fees are included in the fees and expenses table under Other expenses and in the funds financial statements.
Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. If you seek long-term appreciation and can accept the potentially higher volatility of growth stocks, the fund could be an appropriate part of your overall investment strategy. This fund should not represent your complete investment program or be used for short-term trading purposes.
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Equity investors should have a long-term investment horizon and be willing to wait out bear markets.
The fund offers the potential for significant, long-term growth of capital by seeking to participate in the growth of companies positioned to benefit from the dynamic technological, social, medical, economic, and business developments that are defining the new America. The fund has the flexibility to seek investments in companies of any size in any sector believed by T. Rowe Price to offer significant growth potential.
Thomas Rowe Price, Jr., pioneered the growth stock theory of investing over 70 years ago. It is based on the premise that inflation represents a more serious long-term threat to an investors portfolio than stock market fluctuations or recessions. Mr. Price believed that when a companys earnings grow faster than both inflation and the economy in general, the market will eventually reward its long-term earnings growth with a higher stock price. However, investors should be aware that, during periods of adverse economic and market conditions, stock prices may fall despite favorable earnings trends.
Growth investors look for companies with above-average earnings gains.
As with any mutual fund, there is no guarantee the fund will achieve its objective. The funds share price fluctuates, which means you could lose money when you sell your shares of the fund. Some particular risks affecting the fund include the following:
As with all equity funds, the funds share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse local, political, social, or economic developments in the U.S. or abroad, changes in investor psychology, or heavy selling at the same time by major institutional investors in the market, such as mutual funds, pension funds, and banks. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the advisers assessment of companies held by the fund may prove incorrect, resulting in losses or poor performance even in a rising market. Also, the funds investment approach could fall out of favor with the investing public, resulting in lagging performance versus other types of stock funds. Legislative, regulatory, or tax developments may affect the investment strategies available to portfolio managers, which could adversely affect the ability to implement the funds overall investment program and achieve the funds investment objective.
The fund may be subject to above-average risk since growth companies pay few dividends and are typically more volatile than slower-growing companies with high dividends. Generally, stocks of companies in rapidly evolvingand often highly competitiveindustries are subject to significant price swings. Since investors buy these stocks for their expected superior earnings growth, earnings disappointments,
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even small ones, can result in sharp price declines. Changes in investor psychology from positive to negative can also cause growth stocks to lose value because of the high valuations they typically carry. The level of risk will be increased if the fund has significant exposure to small-company stocks, which tend to be more volatile than large-company stocks because of their limited product lines, markets, or financial resources. In addition, picking long-term winners in the early stages of developing new industries is very difficult. Promising new fields tend to attract a great deal of competition and capital investment, and the increasingly fast pace of technological change can render an established companys products and services obsolete virtually overnight.
Foreign stock holdings may lose value because of, among other things, declining foreign currencies, or adverse political or economic events overseas.
One of the principal tools used to try to reduce the funds overall risk level is our intensive research when evaluating a companys prospects and selecting investments for the funds portfolio.
Additional strategies and risks While most assets will be invested in common stocks, the fund may employ other strategies that are not considered part of the funds principal investment strategies. From time to time, the fund may invest in securities other than common stocks and use derivatives that are consistent with its investment program. For instance, the fund may invest, to a limited extent, in futures contracts. Any investments in futures would typically serve as an efficient means of gaining exposure to certain markets, or as a tool to manage cash flows into and out of the fund and maintain liquidity while being invested in the market. To the extent the fund invests in futures, it could be exposed to potential volatility and losses greater than direct investments in the contracts underlying assets.
The use of futures or other derivatives, if any, exposes the fund to risks that are different from, and potentially greater than, investments in more traditional securities. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index and may not move in the direction anticipated by the portfolio manager. Derivatives can also be illiquid and difficult to value, the fund could be exposed to significant losses if a counterparty becomes insolvent or is unable to meet its obligations under the contract, and there is the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation.
Recent regulations have changed the requirements related to the use of certain derivatives. Some of these new regulations have limited the availability of certain derivatives and made their use by funds more costly. In December 2015, the SEC proposed a new rule that would change the regulation of the use of derivatives by registered investment companies, such as T. Rowe Price funds. If adopted as proposed, the rule could require changes to funds use of derivatives. It is expected
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that additional changes to the regulatory framework will occur, but the extent and impact of additional new regulations are not certain at this time.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
This section takes a detailed look at some of the types of fund securities and the various kinds of investment practices that may be used in day-to-day portfolio management. Fund investments are subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change fund investment objectives. Shareholder approval is also required to change certain investment restrictions noted in the following section as fundamental policies. Portfolio managers also follow certain operating policies that can be changed without shareholder approval.
Fund holdings in certain kinds of investments cannot exceed maximum percentages as set forth in this prospectus and the Statement of Additional Information. For instance, there are limitations regarding fund investments in certain types of derivatives. While these restrictions provide a useful level of detail about fund investments, investors should not view them as an accurate gauge of the potential risk of such investments. For example, in a given period, a 5% investment in derivatives could have a significantly greater impact on a funds share price than its weighting in the portfolio. The net effect of a particular investment depends on its volatility and the size of its overall return in relation to the performance of all other fund investments.
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time a fund purchases a security. The status, market value, maturity, duration, credit quality, or other characteristics of a funds securities may change after they are purchased, and this may cause the amount of a funds assets invested in such securities to exceed the stated maximum restriction or fall below the stated minimum restriction. If any of these changes occur, it would not be considered a violation of the investment restriction and will not require the sale of an investment if it was proper at the time the investment was made (this exception does not apply to a funds borrowing or liquidity policy). However, certain changes will require holdings to be sold and purchased by a fund during the time it is above or below the stated percentage restriction in order for the fund to be in compliance with applicable restrictions.
Changes in fund holdings, fund performance, and the contribution of various investments to fund performance are discussed in the shareholder reports.
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Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve fund objectives.
Types of Portfolio Securities
In seeking to meet its investment objective, fund investments may be made in any type of security or instrument (including certain potentially high-risk derivatives described in this section) whose investment characteristics are consistent with its investment program. The following pages describe various types of fund holdings and investment management practices.
Diversification As a fundamental policy, the fund will not purchase a security if, as a result, with respect to 75% of its total assets, more than 5% of the funds total assets would be invested in securities of a single issuer or more than 10% of the outstanding voting securities of the issuer would be held by the fund.
Fund investments are primarily in common stocks and, to a lesser degree, other types of securities as described as follows:
Common and Preferred Stocks
Stocks represent shares of ownership in a company. Generally, preferred stocks have a specified dividend rate and rank after bonds and before common stocks in their claim on income for dividend payments and on assets should the company be liquidated. After other claims are satisfied, common stockholders 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. Increases and decreases in earnings are usually reflected in a companys stock price, so common stocks generally have the greatest appreciation and depreciation potential of all corporate securities. Unlike common stock, preferred stock does not ordinarily carry voting rights. While most preferred stocks pay a dividend, a fund may decide to purchase preferred stock where the issuer has suspended, or is in danger of suspending, payment of its dividend.
Convertible Securities and Warrants
Investments may be made in debt or preferred equity securities that are convertible into, or exchangeable for, equity securities at specified times in the future and according to a certain exchange ratio. Convertible bonds are typically callable by the issuer, which could in effect force conversion before the holder would otherwise choose. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than nonconvertible securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree than common stock. Some convertible securities combine higher or lower current income with options and other features. Warrants are options to buy, directly from the issuer, a stated number of shares of common stock at a specified price anytime during the life of the warrants (generally, two or more years). Warrants have no voting rights, pay no dividends, and can be highly volatile. In some cases, the redemption value of a warrant could be zero.
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Foreign Securities
Investments may be made in foreign securities. Foreign securities could include non-U.S. dollar-denominated securities traded outside of the U.S. and dollar-denominated securities of foreign issuers traded in the U.S. 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 investments value (favorable changes can increase its value). These risks are heightened for a funds investments in emerging markets. The fund may purchase American Depositary Receipts and Global Depositary Receipts, which are certificates evidencing ownership of shares of a foreign issuer. American Depositary Receipts and Global Depositary Receipts trade on established markets and are alternatives to directly purchasing the underlying foreign securities in their local markets and currencies. Such investments are subject to many of the same risks associated with investing directly in foreign securities. For purposes of a funds investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, a depositary receipt representing ownership of common stock will be treated as common stock.
Operating policy Fund investments in foreign securities are limited to 15% of total assets. Subject to the overall limit on fund investments in foreign securities, there is no limit on the amount of foreign investments that may be made in emerging markets.
Futures and Options
Futures, a type of potentially high-risk derivative, are often used to manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options, another type of potentially high-risk derivative, may be used to generate additional income to enhance return 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 (when the investor writes or sells the option) to sell, 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 a funds exposure to certain markets; in an effort to enhance income; to
More About the Fund | 31 |
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. A 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 funds transaction costs and portfolio turnover rate.
Futures and options contracts may not always be successful hedges; their prices can be highly volatile; using them could lower a funds total return; the potential loss from the use of futures can exceed a funds initial investment in such contracts; and the losses from certain options written by a fund could be unlimited.
Operating policies Initial margin deposits on futures and premiums on options used for non-hedging purposes will not exceed 5% of a funds net asset value. The total market value of securities covering call or put options may not exceed 25% of total assets. No more than 5% of total assets will be committed to premiums when purchasing call or put options.
Hybrid Instruments
Hybrid instruments (a type of potentially high-risk derivative) can combine the characteristics of securities, futures, and options. For example, the principal amount, redemption, or conversion terms of a security could be related to the market price of some commodity, currency, security, or securities index. Such instruments may or may not bear interest or pay dividends. Under certain conditions, the redemption value of a hybrid could be zero.
Hybrids can have volatile prices and limited liquidity, and their use may not be successful.
Operating policy Fund investments in hybrid instruments are limited to 10% of total assets.
Currency Derivatives
Funds that invest in foreign securities may attempt to hedge their 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. However, futures, swaps, and options on foreign currencies may also be used. In certain circumstances, a fund may use currency derivatives to substitute a different currency for the currency in which the investment is denominated, a strategy known as proxy hedging. If a fund were to engage in any of these foreign currency transactions, it could serve to protect the funds 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, a fund could be invested in a currency without holding any securities denominated in that currency.
T. Rowe Price | 32 |
Such transactions involve, among other risks, the risk that anticipated currency movements will not occur, which could reduce a funds total return. There are certain markets, including many emerging markets, where it is not possible to engage in effective foreign currency hedging.
Investments in Other Investment Companies
A fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
A fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. The fund might also purchase shares of another investment company to gain exposure to the securities in the investment companys portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with the funds 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 funds 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 companys fees and expenses. The funds 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.
A fund may also invest in certain other T. Rowe Price funds as a means of gaining efficient and cost-effective exposure to certain asset classes, provided the investment is consistent with the funds investment program and policies.
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 mutual 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
More About the Fund | 33 |
reduced to ensure that the fund does not incur duplicate management fees as a result of its investment.
Illiquid Securities
Some fund holdings may be considered illiquid because they are subject to legal or contractual restrictions on resale or because they cannot be sold in the ordinary course of business within seven days at approximately the prices at which they are valued. The determination of liquidity involves a variety of factors. Illiquid securities may include private placements that are sold directly to a small number of investors, usually institutions. Unlike public offerings, such securities are not registered with the SEC. Although certain of these securities may be readily sold (for example, pursuant to Rule 144A under the Securities Act of 1933) and therefore deemed liquid, others may have resale restrictions and be considered illiquid. The sale of illiquid securities may involve substantial delays and additional costs, and a fund may only be able to sell such securities at prices substantially lower than what it believes they are worth.
Operating policy Fund investments in illiquid securities are limited to 15% of net assets. The 15% limit on illiquid securities applies at the time of purchase and continues thereafter.
Types of Investment Management Practices
Reserve Position
A certain portion of fund assets may be held in reserves. Fund reserve positions will primarily consist of: 1) shares of a T. Rowe Price internal money fund or short-term bond fund; 2) short-term, high-quality U.S. and foreign dollar-denominated 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 and/or strategies and may invest, without limitation, in reserves. If a fund has significant holdings in reserves, it could compromise the funds ability to achieve its objectives. The reserve position provides flexibility in meeting redemptions, paying expenses and managing cash flows into a 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
A fund may borrow from banks, other persons, and other T. Rowe Price funds for temporary emergency purposes to facilitate redemption requests, or for other purposes consistent with fund policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with fund assets, subject to restrictions.
Fundamental policy Borrowings may not exceed 331/3% of total assets. This limitation applies at the time of the transaction and continues to the extent required by the Investment Company Act of 1940.
T. Rowe Price | 34 |
Operating policy A fund will not transfer portfolio securities as collateral except as necessary in connection with permissible borrowings or investments, and then such transfers may not exceed 331/3% of total assets. A fund will not purchase additional securities when borrowings exceed 5% of total assets.
Lending of Portfolio Securities
A 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 reduce in value, default, or do not perform as well as expected.
Fundamental policy The value of loaned securities may not exceed 331/3% of total assets.
Portfolio Turnover
Turnover is an indication of frequency of trading. A fund will not generally trade in securities for short-term profits, but when circumstances warrant, securities may be purchased and sold without regard to the length of time held. Each time a fund purchases or sells a security, it incurs a cost. This cost is reflected in its 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 a funds total return. Higher turnover can also increase the possibility of taxable capital gain distributions. The funds portfolio turnover rate is shown in the Financial Highlights table.
Each T. Rowe Price funds portfolio holdings are disclosed on a regular basis in its semiannual and annual shareholder reports, and on Form N-Q, which is filed with the SEC within 60 days of the funds first and third fiscal quarter-end. The money funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP is publicly available immediately upon filing with the SEC (prior to April 14, 2016, Form N-MFP filings were available to the public 60 days after the end of the month to which the information pertained). In addition, the funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. Under certain conditions, up to 5% of a funds holdings may be included in this portfolio list without being individually identified. Generally, securities would not be individually identified if they are being actively bought or sold and it is determined that the quarter-end disclosure of the holding could be harmful to the fund. A security will not be excluded for these purposes from a funds quarter-end holdings disclosure for more than one year. Money funds also disclose on troweprice.com their month-end
More About the Fund | 35 |
portfolio holdings five business days after each month-end and historical information about fund investments for the previous six months, as of the last business day of the preceding month, including, among other things, the percentage of the funds investments in daily and weekly liquid assets, the funds weighted average maturity and weighted average life, and the funds net inflows and outflows. The quarter-end portfolio holdings will remain on the website for one year and the month-end money fund portfolio holdings will remain on the website for six months. Each fund also discloses its 10 largest holdings on troweprice.com on the seventh business day after each month-end. These holdings are listed in alphabetical order along with the aggregate percentage of the funds total assets that these 10 holdings represent. Each monthly top 10 list will remain on the website for six months. A description of T. Rowe Prices policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information and through troweprice.com.
The Financial Highlights table, which provides information about the funds I Class financial history, is based on a single share outstanding throughout the period shown. The class section of the table is part of the funds financial statements, which are included in its annual report and are incorporated by reference into the Statement of Additional Information (available upon request). The total returns in the table represent the rate that an investor would have earned or lost on an investment in the funds I Class (assuming reinvestment of all dividends and distributions and no payment of any applicable account or redemption fees). The financial statements in the annual report were audited by the funds independent registered public accounting firm, PricewaterhouseCoopers LLP.
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Financial Highlights
12/17/15* | ||||||||||||
12/31/15 | ||||||||||||
Net asset
value, | $42.09 | |||||||||||
Income From Investment Operations | ||||||||||||
Net investment incomea | 0.01 | b | ||||||||||
Net gains or losses on | (0.12 | ) | ||||||||||
Total from investment | (0.13 | ) | ||||||||||
Less Distributions | ||||||||||||
Dividends (from net | | |||||||||||
Distributions (from | | |||||||||||
Returns of capital | | |||||||||||
Total distributions | | |||||||||||
Net asset value, | $41.96 | |||||||||||
Total return | (0.31 | )%b | ||||||||||
Ratios/Supplemental Data | ||||||||||||
Net assets, end of period | $249 | |||||||||||
Ratio of
expenses to | 0.69 | %b,c | ||||||||||
Ratio of net income to | (0.56 | )%b,c | ||||||||||
Portfolio turnover rate | 81.0 | % |
* Inception date.
a Per share amounts calculated using average shares outstanding method.
b Excludes expenses waived (0.26% of average net assets) related to the contractual operating expense limitation in effect through April 30, 2018.
c Annualized
Investing With T. Rowe Price | 4 | |
If you are purchasing fund shares through a third-party intermediary, contact the intermediary for information regarding its policies on purchasing, exchanging, and redeeming fund shares, as well as initial and subsequent investment minimums. |
Tax Identification | We must have your correct tax identification number on a signed new account form or W-9 Form. Otherwise, federal law requires the funds to withhold a percentage of your dividends, capital gain distributions, and redemptions and may subject you to an Internal Revenue Service fine. If this information is not received within 60 days after your account is established, your account may be redeemed at the funds then-current net asset value. |
We send immediate confirmations for most fund transactions. However, certain transactions, such as systematic purchases, systematic redemptions, and dividend reinvestments, do not receive an immediate transaction confirmation but are reported on your account statement. Always verify your transactions by carefully reviewing the confirmation we send you and report any discrepancies. | ||
I Class accounts generally require a $1,000,000 minimum initial investment; the minimum may be waived for certain retirement plans, intermediaries maintaining omnibus accounts, and certain other accounts If you invest through an intermediary, you should check with the intermediary to determine what minimum applies to your initial investment |
Important Information About Opening an Account | Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. |
T. Rowe Price | 38 |
When you open an account for an entity, you will be required to provide the entitys name, residential U.S. street address, and tax identification number, as well as your name, residential street address, date of birth, and Social Security number as the person opening the account on behalf of 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. |
We will use this information to verify the identity of the entity and person opening the account. We will not be able to open the account for the entity until we receive all of this information. If we are unable to verify the identity of the entity, we are authorized to take any action permitted by law. (See Rights Reserved by the Funds.) |
The funds are generally available only to investors with a U.S. address. I Class shares may generally only be purchased and held by corporations; endowments and foundations; charitable trusts; investment companies; defined benefit and defined contribution retirement plans; broker-dealers; registered investment advisers; banks and bank trust programs; Section 529 college savings plans; pooled investment vehicles; institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority; and individuals meeting the investment minimum or certain criteria. Shares held by any investors that are not 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 at any time or conversion to another share class in the same fund with a higher expense ratio. |
Initial investments may be made by bank wire, check, exchange, or conversion from another class of the same fund. |
By Wire |
| Intermediaries and other institutional clients should call Financial Institution Services at 1-800-638-8790 for an account number, assignment to a dedicated |
Investing With T. Rowe Price | 39 |
service representative, and wire transfer instructions. Individuals opening an account
held directly with T. Rowe Price should call Investor Services at |
The wire must be received by T. Rowe Price by the close of the New York Stock Exchange (normally 4 p.m. ET) to receive that days share price. There is no assurance that the share price for the purchase will be the same day the wire was initiated. |
Complete a new account form and mail it, with proper documentation identifying your firm, to one of the appropriate addresses listed under By Mail. |
Note: Although the initial purchase by wire will be made, services may not be established and Internal Revenue Service penalty withholding may occur until we receive a signed new account form. |
By Check | We do not accept third-party checks for initial purchases; however, we do accept third-party checks for subsequent purchases. In addition, T. Rowe Price does not accept purchases by cash, travelers checks, or credit card checks. |
By Exchange | You may purchase shares of a fund using the proceeds from the redemption of shares from another fund in the same share class. The redemption and purchase will receive the same trade date and, for taxable accounts, the redemption will be reported as a sale for tax purposes. The new account will have the same registration as the account from which you are exchanging. Services for the new account may be carried over online or by telephone request if they are preauthorized on the existing account. |
By Conversion |
| You may convert from Investor Class shares of a fund to I Class shares of the same fund. 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 you owned before the conversion depending on the net asset values of the two share |
T. Rowe Price | 40 |
classes. A conversion between share classes of the same fund is a nontaxable event. The new account will have the same registration as the account from which you are converting. |
No minimum for additional purchases; additional shares may be purchased by check, wire, exchange from another fund, conversion from another share class, or Automated Clearing House (provided your bank information is already on file for your account) |
Exchanges | You can move money from one account to an existing, identically registered account or open a new identically registered account. An exchange from one fund to another is considered a sale and purchase for tax purposes. |
Redemptions | Redemption proceeds can be mailed to your account address, sent by Automated Clearing House transfer to your bank, or wired to your bank (provided your bank information is already on file). There may be a $5 fee for wire redemptions under $5,000, and your bank may charge for incoming or outgoing wire transfers regardless of size. Please note that large purchase and redemption requests initiated through automated services, including the National Securities Clearing Corporation, may be rejected and, in such instances, the transaction must be placed by contacting a service representative. |
If you request to redeem a specific dollar amount, and the market value of your account is less than the amount of your request, we will redeem all shares from your account. |
Some of the T. Rowe Price funds may impose a redemption fee. Check the funds prospectus under Contingent Redemption Fee in Pricing Shares and Receiving Sale Proceeds. The fee is paid to the fund. |
By Phone | Intermediaries and other institutional clients can call Financial Institution Services at 1-800-638-8790 to place their order. Individuals can call Shareholder Services at 1-800-225-5132 to place their transaction. | |
By Mail |
| For each account involved, provide the account name |
Investing With T. Rowe Price | 41 |
and number, fund name, and exchange or redemption amount. For exchanges, be sure to specify any fund you are exchanging out of and the fund or funds you are exchanging into. T. Rowe Price may require a signature guarantee of all registered owners (see Transaction Procedures and Special RequirementsSignature Guarantees). Please use the appropriate address below to avoid a delay in processing your transaction: |
For individuals via U.S. Postal Service For institutions via U.S. Postal Service For individuals via private carriers/overnight
services For
institutions via private carriers/overnight services |
| 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 an intermediary no later than the business day after the order is received by the 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; |
T. Rowe Price | 42 |
(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 shareholders 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, in cases of threatening conduct, 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 funds, to suspend redemptions and postpone the payment of proceeds to facilitate an orderly liquidation of the fund. | ||
Financial Institution Services | Many services are available to you as an institutional shareholdersome you receive automatically and others you must authorize or request on the new account form. By signing up for services on the new account form, you avoid having to complete a separate form at a later time and obtain a signature guarantee. For information on the services currently offered, call Financial Institution Services at 1-800-638-8790. |
Retirement Plans | We offer a wide range of plans for institutions and large and small businesses, including: SEP-IRAs, SIMPLE IRAs, 401(k)s, and 403(b)(7)s. For information on these retirement plans, please call our Trust Company at 1-800-492-7670. |
A Statement of Additional Information for the T. Rowe Price family of funds, which includes additional information about the funds, has been filed with the SEC and is incorporated by reference into this prospectus. Further information about fund investments, including a review of market conditions and the managers recent investment strategies and their impact on performance during the past fiscal year, will appear in the annual and semiannual shareholder reports once they are available. To obtain free copies of any of these documents, call 1-800-638-8790 or contact your intermediary. These documents and updated performance information are available through troweprice.com.
Fund information and Statements of Additional Information are also available from the Public Reference Room of the SEC. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-202-551-8090. Fund reports and other fund information are available on the EDGAR Database on the SECs 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, or by writing the Public Reference Room, U.S. Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1520.
T. Rowe Price Associates, Inc.
100 East Pratt Street
Baltimore, MD 21202
1940 Act File No. 811-4358 R435-040 5/1/16
STATEMENT OF ADDITIONAL INFORMATION |
This is the Statement of Additional Information 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 funds in the T. Rowe Price family of funds (Price Funds).
The date of this Statement of Additional Information (SAI) is May 1, 2016.
T. ROWE PRICE BALANCED FUND, INC. (RPBAX)
T. Rowe Price Balanced FundI Class (RBAIX)
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. (TRBCX)
T. Rowe Price Blue Chip Growth FundAdvisor Class (PABGX)
T. Rowe Price Blue Chip Growth FundI Class (TBCIX)
T. Rowe Price Blue Chip Growth FundR Class (RRBGX)
T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund (PRXCX)
California Tax-Free Money Fund (PCTXX)
T. ROWE PRICE CAPITAL APPRECIATION FUND (PRWCX)
T. Rowe Price Capital Appreciation FundAdvisor Class (PACLX)
T. Rowe Price Capital Appreciation FundI Class (TRAIX)
T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC. (PRCOX)
T. Rowe Price Capital Opportunity FundAdvisor Class (PACOX)
T. Rowe Price Capital Opportunity FundR Class (RRCOX)
T. ROWE PRICE CORPORATE INCOME FUND, INC. (PRPIX)
T. Rowe Price Corporate Income FundI Class (TICCX)
T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC. (PRCPX)
T. Rowe Price Credit Opportunities FundAdvisor Class (PAOPX)
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC. (PRDMX)
T. ROWE PRICE DIVIDEND GROWTH FUND, INC. (PRDGX)
T. Rowe Price Dividend Growth FundAdvisor Class (TADGX)
T. Rowe Price Dividend Growth FundI Class (PDGIX)
T. ROWE PRICE EQUITY INCOME FUND (PRFDX)
T. Rowe Price Equity Income FundAdvisor Class (PAFDX)
T. Rowe Price Equity Income FundI Class (REIPX)
T. Rowe Price Equity Income FundR Class (RRFDX)
T. ROWE PRICE FINANCIAL SERVICES FUND, INC. (PRISX)
T. ROWE PRICE FLOATING RATE FUND, INC. (PRFRX)
T. Rowe Price Floating Rate FundAdvisor Class (PAFRX)
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC. (RPGAX)
T. Rowe Price Global Allocation FundAdvisor Class (PAFGX)
T. Rowe Price Global Allocation FundI Class (TGAFX)
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. (formerly T. Rowe Price Strategic Income Fund, Inc.) (PRSNX)
T. Rowe Price Global Multi-Sector Bond FundAdvisor Class (formerly T. Rowe Price Strategic Income FundAdvisor Class) (PRSAX)
T. Rowe Price Global Multi-Sector Bond FundI Class (PGMSX)
T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC. (TRGRX)
T. Rowe Price Global Real Estate FundAdvisor Class (PAGEX)
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC. (PRGTX)
T. ROWE PRICE GNMA FUND (PRGMX)
T. ROWE PRICE GROWTH & INCOME FUND, INC. (PRGIX)
T. ROWE PRICE GROWTH STOCK FUND, INC. (PRGFX)
T. Rowe Price Growth Stock FundAdvisor Class (TRSAX)
T. Rowe Price Growth Stock FundI Class (PRUFX)
T. Rowe Price Growth Stock FundR Class (RRGSX)
T. ROWE PRICE HEALTH SCIENCES FUND, INC. (PRHSX)
T. Rowe Price Health Sciences FundI Class (THISX)
C00-042 5/1/16
T. ROWE PRICE HIGH YIELD FUND, INC. (PRHYX)
T. Rowe Price High Yield FundAdvisor Class (PAHIX)
T. Rowe Price High Yield FundI Class (PRHIX)
T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund (PREIX)
T. Rowe Price Equity Index 500 FundI Class (PRUIX)
T. Rowe Price Extended Equity Market Index Fund (PEXMX)
T. Rowe Price Mid-Cap Index Fund
T. Rowe Price Mid-Cap Index FundI Class
T. Rowe Price Small-Cap Index Fund
T. Rowe Price Small-Cap Index FundI Class
T. Rowe Price Total Equity Market Index Fund (POMIX)
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. (PRIPX)
T. Rowe Price Inflation Protected Bond FundI Class (TIIPX)
T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. (Institutional Equity Funds)
T. Rowe Price Institutional Large-Cap Core Growth Fund (TPLGX)
T. Rowe Price Institutional Large-Cap Growth Fund (TRLGX)
T. Rowe Price Institutional Large-Cap Value Fund (TILCX)
T. Rowe Price Institutional Mid-Cap Equity Growth Fund (PMEGX)
T. Rowe Price Institutional Small-Cap Stock Fund (TRSSX)
T. Rowe Price Institutional U.S. Structured Research Fund (TRISX)
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund (TICPX)
T. Rowe Price Institutional Core Plus FundF Class (PFCPX)
T. Rowe Price Institutional Credit Opportunities Fund (TRXPX)
T. Rowe Price Institutional Floating Rate Fund (RPIFX)
T. Rowe Price Institutional Floating Rate FundF Class (PFFRX)
T. Rowe Price Institutional Global Multi-Sector Bond Fund (RPGMX)
T. Rowe Price Institutional High Yield Fund (TRHYX)
T. Rowe Price Institutional Long Duration Credit Fund (RPLCX)
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund (TRIAX)
T. Rowe Price Institutional Emerging Markets Bond Fund (TREBX)
T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX)
T. Rowe Price Institutional Frontier Markets Equity Fund (PRFFX)
T. Rowe Price Institutional Global Focused Growth Equity Fund (TRGSX)
T. Rowe Price Institutional Global Growth Equity Fund (RPIGX)
T. Rowe Price Institutional Global Value Equity Fund (PRIGX)
T. Rowe Price Institutional International Bond Fund (RPIIX)
T. Rowe Price Institutional International Concentrated Equity Fund (RPICX)
T. Rowe Price Institutional International Core Equity Fund (TRCEX)
T. Rowe Price Institutional International Growth Equity Fund (PRFEX)
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC. (PRIHX)
T. Rowe Price Intermediate Tax-Free High Yield FundAdvisor Class (PRAHX)
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund (TRAMX)
T. Rowe Price Asia Opportunities Fund (TRAOX)
T. Rowe Price Asia Opportunities FundAdvisor Class (PAAOX)
T. Rowe Price Emerging Europe Fund (TREMX)
T. Rowe Price Emerging Markets Bond Fund (PREMX)
T. Rowe Price Emerging Markets Bond FundAdvisor Class (PAIKX)
T. Rowe Price Emerging Markets Bond FundI Class (PRXIX)
T. Rowe Price Emerging Markets Corporate Bond Fund (TRECX)
T. Rowe Price Emerging Markets Corporate Bond FundAdvisor Class (PACEX)
T. Rowe Price Emerging Markets Corporate Bond FundI Class (TECIX)
T. Rowe Price Emerging Markets Local Currency Bond Fund (PRELX)
T. Rowe Price Emerging Markets Local Currency Bond FundAdvisor Class (PAELX)
T. Rowe Price Emerging Markets Local Currency Bond FundI Class (TEIMX)
2
T. Rowe Price Emerging Markets Stock Fund (PRMSX)
T. Rowe Price Emerging Markets Stock FundI Class (PRZIX)
T. Rowe Price Emerging Markets Value Stock Fund (PRIJX)
T. Rowe Price Emerging Markets Value Stock FundAdvisor Class (PAIJX)
T. Rowe Price European Stock Fund (PRESX)
T. Rowe Price Global Consumer Fund (PGLOX)
T. Rowe Price Global Growth Stock Fund (RPGEX)
T. Rowe Price Global Growth Stock FundAdvisor Class (PAGLX)
T. Rowe Price Global High Income Bond Fund (RPIHX)
T. Rowe Price Global High Income Bond FundAdvisor Class (PAIHX)
T. Rowe Price Global High Income Bond FundI Class (RPOIX)
T. Rowe Price Global Industrials Fund (RPGIX)
T. Rowe Price Global Stock Fund (PRGSX)
T. Rowe Price Global Stock FundAdvisor Class (PAGSX)
T. Rowe Price Global Unconstrained Bond Fund (RPIEX)
T. Rowe Price Global Unconstrained Bond FundAdvisor Class (PAIEX)
T. Rowe Price Global Unconstrained Bond FundI Class (RPEIX)
T. Rowe Price International Bond Fund (RPIBX)
T. Rowe Price International Bond FundAdvisor Class (PAIBX)
T. Rowe Price International Bond FundI Class (RPISX)
T. Rowe Price International Concentrated Equity Fund (PRCNX)
T. Rowe Price International Concentrated Equity FundAdvisor Class (PRNCX)
T. Rowe Price International Discovery Fund (PRIDX)
T. Rowe Price International Discovery FundI Class (TIDDX)
T. Rowe Price International Growth & Income Fund (TRIGX)
T. Rowe Price International Growth & Income FundAdvisor Class (PAIGX)
T. Rowe Price International Growth & Income FundI Class (TRTIX)
T. Rowe Price International Growth & Income FundR Class (RRIGX)
T. Rowe Price International Stock Fund (PRITX)
T. Rowe Price International Stock FundAdvisor Class (PAITX)
T. Rowe Price International Stock FundI Class (PRIUX)
T. Rowe Price International Stock FundR Class (RRITX)
T. Rowe Price Japan Fund (PRJPX)
T. Rowe Price Latin America Fund (PRLAX)
T. Rowe Price New Asia Fund (PRASX)
T. Rowe Price New Asia FundI Class (PNSIX)
T. Rowe Price Overseas Stock Fund (TROSX)
T. Rowe Price Overseas Stock FundAdvisor Class (PAEIX)
T. Rowe Price Overseas Stock FundI Class (TROIX)
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund (PIEQX)
T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC. (formerly T. Rowe Price Inflation Focused Bond Fund, Inc.) (TRBFX)
T. Rowe Price Limited Duration Inflation Focused Bond FundI Class (TRLDX)
T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC. (PRMTX)
T. Rowe Price Media & Telecommunications FundI Class (TTMIX)
T. ROWE PRICE MID-CAP GROWTH FUND, INC. (RPMGX)
T. Rowe Price Mid-Cap Growth FundAdvisor Class (PAMCX)
T. Rowe Price Mid-Cap Growth FundI Class (RPTIX)
T. Rowe Price Mid-Cap Growth FundR Class (RRMGX)
T. ROWE PRICE MID-CAP VALUE FUND, INC. (TRMCX)
T. Rowe Price Mid-Cap Value FundAdvisor Class (TAMVX)
T. Rowe Price Mid-Cap Value FundI Class (TRMIX)
T. Rowe Price Mid-Cap Value FundR Class (RRMVX)
3
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (Multi-Sector Account Portfolios)
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio
T. ROWE PRICE NEW AMERICA GROWTH FUND (PRWAX)
T. Rowe Price New America Growth FundAdvisor Class (PAWAX)
T. Rowe Price New America Growth FundI Class (PNAIX)
T. ROWE PRICE NEW ERA FUND, INC. (PRNEX)
T. Rowe Price New Era FundI Class (TRNEX)
T. ROWE PRICE NEW HORIZONS FUND, INC. (PRNHX)
T. Rowe Price New Horizons FundI Class (PRJIX)
T. ROWE PRICE NEW INCOME FUND, INC. (PRCIX)
T. Rowe Price New Income FundAdvisor Class (PANIX)
T. Rowe Price New Income FundI Class (PRXEX)
T. Rowe Price New Income FundR Class (RRNIX)
T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. (Personal Strategy Funds)
T. Rowe Price Personal Strategy Balanced Fund (TRPBX)
T. Rowe Price Personal Strategy Balanced FundI Class (TPPAX)
T. Rowe Price Personal Strategy Growth Fund (TRSGX)
T. Rowe Price Personal Strategy Growth FundI Class (TGIPX)
T. Rowe Price Personal Strategy Income Fund (PRSIX)
T. Rowe Price Personal Strategy Income FundI Class (PPIPX)
T. ROWE PRICE PRIME RESERVE FUND, INC. (PRRXX)
T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC. (formerly T. Rowe Price Diversified Small-Cap Growth Fund, Inc.)
T. Rowe Price QM Global Equity Fund (TQGEX)
T. Rowe Price QM Global Equity FundAdvisor Class (TQGAX)
T. Rowe Price QM Global Equity FundI 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 FundAdvisor Class (TQSAX)
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity FundI Class (TQSIX)
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund (formerly T. Rowe Price Diversified Small-Cap Growth Fund) (PRDSX)
T. Rowe Price QM U.S. Small-Cap Growth Equity FundI Class (TQAIX)
T. Rowe Price QM U.S. Value Equity Fund (TQMVX)
T. Rowe Price QM U.S. Value Equity FundAdvisor Class (TQVAX)
T. Rowe Price QM U.S. Value Equity FundI Class (TQVIX)
T. ROWE PRICE REAL ASSETS FUND, INC. (PRAFX)
T. Rowe Price Real Assets FundI Class (PRIKX)
T. ROWE PRICE REAL ESTATE FUND, INC. (TRREX)
T. Rowe Price Real Estate FundAdvisor Class (PAREX)
T. Rowe Price Real Estate FundI Class (TIRRX)
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (TRP Reserve Funds)
T. Rowe
Price Government Reserve Investment Fund (TRP Government Reserve
Investment Fund)
T. Rowe Price Reserve Investment Fund (TRP Reserve Investment Fund)
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund
T. ROWE PRICE RETIREMENT FUNDS, INC. (Retirement Funds)
T. Rowe Price Retirement 2005 Fund (TRRFX)
T. Rowe Price Retirement 2005 FundAdvisor Class (PARGX)
T. Rowe Price Retirement 2005 FundR Class (RRTLX)
T. Rowe Price Retirement 2010 Fund (TRRAX)
T. Rowe Price Retirement 2010 FundAdvisor Class (PARAX)
T. Rowe Price Retirement 2010 FundR Class (RRTAX)
4
T. Rowe Price Retirement 2015 Fund (TRRGX)
T. Rowe Price Retirement 2015 FundAdvisor Class (PARHX)
T. Rowe Price Retirement 2015 FundR Class (RRTMX)
T. Rowe Price Retirement 2020 Fund (TRRBX)
T. Rowe Price Retirement 2020 FundAdvisor Class (PARBX)
T. Rowe Price Retirement 2020 FundR Class (RRTBX)
T. Rowe Price Retirement 2025 Fund (TRRHX)
T. Rowe Price Retirement 2025 FundAdvisor Class (PARJX)
T. Rowe Price Retirement 2025 FundR Class (RRTNX)
T. Rowe Price Retirement 2030 Fund (TRRCX)
T. Rowe Price Retirement 2030 FundAdvisor Class (PARCX)
T. Rowe Price Retirement 2030 FundR Class (RRTCX)
T. Rowe Price Retirement 2035 Fund (TRRJX)
T. Rowe Price Retirement 2035 FundAdvisor Class (PARKX)
T. Rowe Price Retirement 2035 FundR Class (RRTPX)
T. Rowe Price Retirement 2040 Fund (TRRDX)
T. Rowe Price Retirement 2040 FundAdvisor Class (PARDX)
T. Rowe Price Retirement 2040 FundR Class (RRTDX)
T. Rowe Price Retirement 2045 Fund (TRRKX)
T. Rowe Price Retirement 2045 FundAdvisor Class (PARLX)
T. Rowe Price Retirement 2045 FundR Class (RRTRX)
T. Rowe Price Retirement 2050 Fund (TRRMX)
T. Rowe Price Retirement 2050 FundAdvisor Class (PARFX)
T. Rowe Price Retirement 2050 FundR Class (RRTFX)
T. Rowe Price Retirement 2055 Fund (TRRNX)
T. Rowe Price Retirement 2055 FundAdvisor Class (PAROX)
T. Rowe Price Retirement 2055 FundR Class (RRTVX)
T. Rowe Price Retirement 2060 Fund (TRRLX)
T. Rowe Price Retirement 2060 FundAdvisor Class (TRRYX)
T. Rowe Price Retirement 2060 FundR Class (TRRZX)
T. Rowe Price Retirement Balanced Fund (TRRIX)
T. Rowe Price Retirement Balanced FundAdvisor Class (PARIX)
T. Rowe Price Retirement Balanced FundR Class (RRTIX)
T. Rowe Price Retirement I 2005 FundI Class (TRPFX)
T. Rowe Price Retirement I 2010 FundI Class (TRPAX)
T. Rowe Price Retirement I 2015 FundI Class (TRFGX)
T. Rowe Price Retirement I 2020 FundI Class (TRBRX)
T. Rowe Price Retirement I 2025 FundI Class (TRPHX)
T. Rowe Price Retirement I 2030 FundI Class (TRPCX)
T. Rowe Price Retirement I 2035 FundI Class (TRPJX)
T. Rowe Price Retirement I 2040 FundI Class (TRPDX)
T. Rowe Price Retirement I 2045 FundI Class (TRPKX)
T. Rowe Price Retirement I 2050 FundI Class (TRPMX)
T. Rowe Price Retirement I 2055 FundI Class (TRPNX)
T. Rowe Price Retirement I 2060 FundI Class (TRPLX)
T. Rowe Price Retirement Balanced I FundI Class (TRPTX)
T. Rowe Price Target 2005 Fund (formerly T. Rowe Price Target Retirement 2005 Fund) (TRARX)
T. Rowe Price Target 2005 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2005 FundAdvisor Class) (PANRX)
T. Rowe Price Target 2005 FundI Class (TFRRX)
T. Rowe Price Target 2010 Fund (formerly T. Rowe Price Target Retirement 2010 Fund) (TRROX)
T. Rowe Price Target 2010 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2010 FundAdvisor Class) (PAERX)
T. Rowe Price Target 2010 FundI Class (TORFX)
T. Rowe Price Target 2015 Fund (formerly T. Rowe Price Target Retirement 2015 Fund) (TRRTX)
T. Rowe Price Target 2015 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2015 FundAdvisor Class) (PAHRX)
T. Rowe Price Target 2015 FundI Class (TTRTX)
5
T. Rowe Price Target 2020 Fund (formerly T. Rowe Price Target Retirement 2020 Fund) (TRRUX)
T. Rowe Price Target 2020 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2020 FundAdvisor Class) (PAIRX)
T. Rowe Price Target 2020 FundI Class (TTURX)
T. Rowe Price Target 2025 Fund (formerly T. Rowe Price Target Retirement 2025 Fund) (TRRVX)
T. Rowe Price Target 2025 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2025 FundAdvisor Class) (PAJRX)
T. Rowe Price Target 2025 FundI Class (TRVVX)
T. Rowe Price Target 2030 Fund (formerly T. Rowe Price Target Retirement 2030 Fund) (TRRWX)
T. Rowe Price Target 2030 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2030 FundAdvisor Class) (PAKRX)
T. Rowe Price Target 2030 FundI Class (TWRRX)
T. Rowe Price Target 2035 Fund (formerly T. Rowe Price Target Retirement 2035 Fund) (RPGRX)
T. Rowe Price Target 2035 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2035 FundAdvisor Class) (PATVX)
T. Rowe Price Target 2035 FundI Class (TPGPX)
T. Rowe Price Target 2040 Fund (formerly T. Rowe Price Target Retirement 2040 Fund) (TRHRX)
T. Rowe Price Target 2040 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2040 FundAdvisor Class) (PAHHX)
T. Rowe Price Target 2040 FundI Class (TRXRX)
T. Rowe Price Target 2045 Fund (formerly T. Rowe Price Target Retirement 2045 Fund) (RPTFX)
T. Rowe Price Target 2045 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2045 FundAdvisor Class) (PAFFX)
T. Rowe Price Target 2045 FundI Class (TRFWX)
T. Rowe Price Target 2050 Fund (formerly T. Rowe Price Target Retirement 2050 Fund) (TRFOX)
T. Rowe Price Target 2050 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2050 FundAdvisor Class) (PAOFX)
T. Rowe Price Target 2050 FundI Class (TOORX)
T. Rowe Price Target 2055 Fund (formerly T. Rowe Price Target Retirement 2055 Fund) (TRFFX)
T. Rowe Price Target 2055 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2055 FundAdvisor Class) (PAFTX)
T. Rowe Price Target 2055 FundI Class (TRPPX)
T. Rowe Price Target 2060 Fund (formerly T. Rowe Price Target Retirement 2060 Fund) (TRTFX)
T. Rowe Price Target 2060 FundAdvisor Class (formerly T. Rowe Price Target Retirement 2060 FundAdvisor Class) (TRTGX)
T. Rowe Price Target 2060 FundI Class (TTOIX)
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC. (PRSCX)
T. Rowe Price Science & Technology FundAdvisor Class (PASTX)
T. Rowe Price Science & Technology FundI Class (TSNIX)
T. ROWE PRICE SHORT-TERM BOND FUND, INC. (PRWBX)
T. Rowe Price Short-Term Bond FundAdvisor Class (PASHX)
T. Rowe Price Short-Term Bond FundI Class (TBSIX)
T. Rowe Price Ultra Short-Term Bond Fund (TRBUX)
T. ROWE PRICE SMALL-CAP STOCK FUND, INC. (OTCFX)
T. Rowe Price Small-Cap Stock FundAdvisor Class (PASSX)
T. Rowe Price Small-Cap Stock FundI Class (OTIIX)
T. ROWE PRICE SMALL-CAP VALUE FUND, INC. (PRSVX)
T. Rowe Price Small-Cap Value FundAdvisor Class (PASVX)
T. Rowe Price Small-Cap Value FundI Class (PRVIX)
T. ROWE PRICE SPECTRUM FUND, INC. (Spectrum Funds)
Spectrum Growth Fund (PRSGX)
Spectrum Income Fund (RPSIX)
Spectrum International Fund (PSILX)
6
T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund (GTFBX)
Maryland Short-Term Tax-Free Bond Fund (PRMDX)
Maryland Tax-Free Bond Fund (MDXBX)
Maryland Tax-Free Money Fund (TMDXX)
New Jersey Tax-Free Bond Fund (NJTFX)
New York Tax-Free Bond Fund (PRNYX)
New York Tax-Free Money Fund (NYTXX)
Virginia Tax-Free Bond Fund (PRVAX)
T. ROWE PRICE SUMMIT FUNDS, INC. (Summit Income Funds)
T. Rowe Price Summit 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 FundAdvisor Class (PAIMX)
T. Rowe Price Summit Municipal Intermediate Fund (PRSMX)
T. Rowe Price Summit Municipal Intermediate FundAdvisor Class (PAIFX)
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-EXEMPT MONEY FUND, INC. (PTEXX)
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC. (PRFHX)
T. Rowe Price Tax-Free High Yield FundAdvisor Class (PATFX)
T. ROWE PRICE TAX-FREE INCOME FUND, INC. (PRTAX)
T. Rowe Price Tax-Free Income FundAdvisor Class (PATAX)
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC. (PRFSX)
T. Rowe Price Tax-Free Short-Intermediate FundAdvisor Class (PATIX)
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund (PRTUX)
T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC. (PBDIX)
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC. (TRULX)
T. Rowe Price U.S. Large-Cap Core FundAdvisor Class (PAULX)
T. ROWE PRICE U.S. TREASURY FUNDS, INC. (U.S. Treasury Funds)
U.S. Treasury Intermediate Fund (PRTIX)
U.S. Treasury Long-Term Fund (PRULX)
U.S. Treasury Money Fund (PRTXX)
T. ROWE PRICE VALUE FUND, INC. (TRVLX)
T. Rowe Price Value FundAdvisor Class (PAVLX)
T. Rowe Price Value FundI Class (TRPIX)
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 funds financial statements for its most recent fiscal period and the Report of Independent Registered Public Accounting Firm are included in each funds annual or semiannual report and incorporated by reference into this SAI. The Corporate Income FundI Class, Global Allocation FundI Class, Global Consumer Fund, Global Multi-Sector Bond FundI Class, Health Sciences FundI Class, High Yield FundI Class, Inflation Protected Bond FundI Class, International Discovery FundI Class, Limited Duration Inflation Focused Bond FundI Class, Media & Telecommunications FundI Class, New Asia FundI Class, New Income FundI Class, Personal Strategy Balanced FundI Class, Personal Strategy Growth FundI Class, Personal Strategy Income FundI Class, QM Global Equity Fund, QM Global Equity FundAdvisor Class, QM Global Equity FundI Class, QM U.S. Small & Mid-Cap Core Equity Fund, QM U.S. Small & Mid-Cap Core Equity FundAdvisor Class, QM U.S. Small & Mid-Cap Core Equity Fund
7
I Class, QM U.S. Small-Cap Growth Equity FundI Class, QM U.S. Value Equity Fund, QM U.S. Value Equity FundAdvisor Class, QM U.S. Value Equity FundI Class, Retirement I 2005 FundI Class, Retirement I 2010 FundI Class, Retirement I 2015 FundI Class, Retirement I 2020 FundI Class, Retirement I 2025 FundI Class, Retirement I 2030 FundI Class, Retirement I 2035 FundI Class, Retirement I 2040 FundI Class, Retirement I 2045 FundI Class, Retirement I 2050 FundI Class, Retirement I 2055 FundI Class, Retirement I 2060 FundI Class, Retirement Balanced I FundI Class, Science & Technology FundI Class, Short-Term Bond FundI Class, Short-Term Government Reserve Fund, Target 2005 FundI Class, Target 2010 FundI Class, Target 2015 FundI Class, Target 2020 FundI Class, Target 2025 FundI Class, Target 2030 FundI Class, Target 2035 FundI Class, Target 2040 FundI Class, Target 2045 FundI Class, Target 2050 FundI Class, Target 2055 FundI Class, Target 2060 FundI Class, and TaxFree Ultra ShortTerm Bond Fund 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.
8
PART I TABLE OF CONTENTS
Page
Investment Management Agreements | |
Page
Accounting Firm | |
References to the following are as indicated:
Fitch Ratings, Inc. (Fitch)
Internal Revenue Code of 1986, as amended (Code)
Internal Revenue Service (IRS)
Investment Company Act of 1940, as amended (1940 Act)
Moodys Investors Service, Inc. (Moodys)
Securities Act of 1933, as amended (1933 Act)
Securities and Exchange Commission (SEC)
Securities Exchange Act of 1934, as amended (1934 Act)
Standard & Poors Ratings Services (S&P)
T. Rowe Price Associates, Inc. (T. Rowe Price)
T. Rowe Price Hong Kong Limited (Price Hong Kong)
T. Rowe Price International Ltd (T. Rowe Price International)
T. Rowe Price Singapore Private Ltd. (Price Singapore)
Investor Class
The Investor Class is generally designed for individual investors, but is also available to 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.
Advisor Class
The Advisor Class is designed to be sold only through brokers, dealers, banks, insurance companies, and other financial intermediaries that provide various distribution and administrative services. The Advisor Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.
I Class
The I Class generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, intermediaries maintaining omnibus accounts, and certain other accounts. I Class shares are designed to be sold to corporations; endowments and foundations; charitable trusts; investment companies; defined benefit and defined contribution retirement plans; broker-dealers; registered investment advisers; banks and bank trust programs; Section 529 college savings plans; pooled investment vehicles; institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority; and certain individuals meeting the investment minimum or other specific criteria.
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 cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.
9
Institutional Funds
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 and certain investors maintaining omnibus accounts. Institutional Funds are designed for institutional investors, which typically include corporations, banks, pension and other retirement plans, trust and investment companies, and certain other financial intermediaries. Institutional Funds may be purchased directly through T. Rowe Price or through a financial intermediary.
F Class
The F Class 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.
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.
Below is a table showing the prospectus and shareholder report dates for each fund. The table also lists each funds 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 | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Balanced | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Balanced FundI Class | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
California Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
California Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Capital Appreciation | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Appreciation FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Appreciation FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
10
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Capital Opportunity FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Corporate Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Corporate Income FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Diversified Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Europe | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Value Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Value Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Equity Income | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
11
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Equity Index 500 | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Index 500 FundI Class | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
European Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Extended Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Financial Services | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Georgia Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Global Allocation | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Allocation FundAdvisor Class | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Allocation FundI Class | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Consumer | International Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Growth Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Growth Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global High Income Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global High Income Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global High Income Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global Industrials | International Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Multi-Sector Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Global Multi-Sector Bond FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Global Multi-Sector Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Global Real Estate | International Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Real Estate FundAdvisor Class | International Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Technology | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Unconstrained Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global Unconstrained Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global Unconstrained Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
GNMA | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
TRP Government Reserve Investment | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Growth & Income | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
12
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Growth Stock FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Health Sciences | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Health Sciences FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Inflation Protected Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Inflation Protected Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Africa & Middle East | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Core Plus | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Core Plus FundF Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Credit Opportunities | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Emerging Markets Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Floating Rate FundF Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Frontier Markets Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Focused Growth Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Growth Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Multi-Sector Bond | International Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Global Value Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional International Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional International Concentrated Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Core Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Growth Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Large-Cap Core Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Long Duration Credit | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
13
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Institutional Mid-Cap Equity Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Small-Cap Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional U.S. Structured Research | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Intermediate Tax-Free High Yield | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Intermediate Tax-Free High Yield FundAdvisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
International Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Bond FundAdvisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Bond FundI Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Concentrated Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Concentrated Equity FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Discovery | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Discovery FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Equity Index | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income FundR Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock FundR Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Investment-Grade Corporate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Japan | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Latin America | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Limited Duration Inflation Focused Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Limited Duration Inflation Focused Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Maryland Short-Term Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Media & Telecommunications | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
14
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Media & Telecommunications FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Index FundI Class | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value FundR Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New America Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New America Growth FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New America Growth FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Asia | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
New Asia FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
New Era | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Era FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Horizons | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Horizons FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income FundR Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Jersey Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Overseas Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Overseas Stock FundAdvisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Overseas Stock FundI Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Personal Strategy Balanced | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Balanced FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Growth | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Growth FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
15
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Personal Strategy Income | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Income FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Prime Reserve | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
QM Global Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM Global Equity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM Global Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small & Mid-Cap Core Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small & Mid-Cap Core Equity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small & Mid-Cap Core Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small-Cap Growth Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small-Cap Growth Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Value Equity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Value Equity FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Value Equity FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Assets | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Assets FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
TRP Reserve Investment | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
16
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Retirement 2025 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced FundR Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2005 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2010 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2015 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2020 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2025 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
17
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Retirement I 2030 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2035 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2040 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2045 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2050 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2055 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement I 2060 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced I FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Science & Technology | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Science & Technology FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Science & Technology FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Short-Term Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Bond FundAdvisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Bond FundI Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Government Reserve | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Reserve | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Small-Cap Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Index FundI Class | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Growth | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Income | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum International | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Summit Cash Reserves | Taxable Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Income | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Income FundAdvisor Class | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Intermediate | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Intermediate FundAdvisor Class | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
18
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Summit Municipal Money Market | Tax-Free Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Target 2005 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2005 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2005 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2010 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2010 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2010 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2015 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2015 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2015 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2020 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2020 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2020 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2025 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2025 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2025 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2030 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2030 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2030 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2035 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2035 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2035 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2040 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2040 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2040 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2045 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2045 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2045 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2050 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2050 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2050 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2055 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2055 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2055 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2060 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2060 FundAdvisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2060 FundI Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Tax-Efficient Equity | Equity | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Exempt Money | Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free High Yield | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
19
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Tax-Free High Yield FundAdvisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Income | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Income FundAdvisor Class | Tax Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-Intermediate | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-Intermediate FundAdvisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Ultra Short-Term Bond | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Total Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Bond Enhanced Index | Index Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
U.S. Large-Cap Core | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Large-Cap Core FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Treasury Intermediate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Long-Term | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Money | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Ultra Short-Term Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Value FundAdvisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Value FundI Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Virginia Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
The officers and directors (the term director is used to refer to directors or trustees, as applicable) 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/Trustees (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 or Massachusetts, and other applicable laws. At least 75% of each Boards members are independent 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 normally hold five regularly scheduled formal meetings during each calendar year. 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 Board. 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 Committee of Independent Directors, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs.
Edward C. Bernard, an inside director, serves as the Chairman of the Board of each fund. The independent directors of each fund have designated a Lead Independent Director, who functions as a liaison between the Chairman of the Board and the other independent directors. The Lead Independent Director presides at all
20
executive sessions of the independent directors, reviews and provides input on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. Anthony W. Deering currently serves as Lead Independent Director of each Board. Each funds 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 funds other principal service providers, on the other, and facilitates the exercise of the Boards 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 Committee of Independent Directors, which consists of all of the independent directors of the funds, is responsible for, among other things, seeking, reviewing and selecting candidates to fill vacancies on each funds Board, periodically evaluating the compensation payable to the independent directors, and performing certain functions with respect to the governance of the funds. The Lead Independent Director serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for director. Nominees, like current directors, will be considered based on the ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the funds management and counsel and the various service providers to the funds, and to exercise reasonable business judgment in the performance of their duties as directors. Nominees will be considered in light of their individual experience, qualifications, attributes, or skills. Shareholders should submit their recommendations to the secretary of the funds. The committee met nine times in 2015 in conjunction with the full Board.
The Joint Audit Committee consists of only independent directors. The current members of the committee are Bruce W. Duncan, Robert J. Gerrard, Jr., Paul F. McBride, and Cecilia E. Rouse. Mr. Gerrard serves as chairman of the committee and Mr. Duncan is considered an audit committee financial expert, as defined by the SEC. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds three regular meetings during each fiscal year. Two of the meetings include the attendance of the independent registered public accounting firm of the Price Funds as the Joint Audit Committee reviews: (1) the services provided; (2) the findings of the most recent audits; (3) managements response to the findings of the most recent audits; (4) the scope of the audits to be performed; (5) the accountants fees; and (6) any accounting questions relating to particular areas of the Price Funds operations or the operations of parties dealing with the Price Funds, as circumstances indicate. A third meeting is devoted primarily to a review of the risk management program of the funds investment adviser. The Joint Audit Committee met three times in 2015.
The Executive Committee, which consists of each funds inside directors, has been authorized by its respective Board 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 took action by written consent on behalf of three funds during 2015.
Like other mutual funds, the funds are subject to 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 members of the advisers Risk Management Oversight Committee on the significant risks inherent to the advisers business, including aggregate investment risks, reputational risk, business continuity 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
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investment sub-advisers to the funds, and other service providers (depending on the nature of the risk) that carry out the funds investment management and business affairs. Although the risk management policies of T. Rowe Price and its affiliates, and the funds other service providers, are reasonably designed to be effective, those policies and their implementation vary among service providers over time, and there is no guarantee that they will always be effective. An investment in a Price Fund may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third party service providers or trading counterparties. Although the funds attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result. Processes and controls developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks may be simply beyond any control of the funds, T. Rowe Price and its affiliates, or other service providers.
Each directors experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, has 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 directors 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, non-profit 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 director that led to the conclusion that he or she should serve as a director.
Edward C. Bernard has been an inside director and Chairman of the Board of all the Price Funds since 2006. Mr. Bernard has more than 25 years of experience in the investment management industry, all of which have been with T. Rowe Price. In addition to his responsibilities with T. Rowe Price and the Price Funds, Mr. Bernard served as chairman (from 2009 to 2011) and is currently the vice chairman of the board of governors of the Investment Company Institute, the national trade association for the mutual fund industry.
William R. Brody has been an independent director of the Price Funds since 2009. Dr. Brody has substantial experience in the public health and research fields, as well as academia. He previously served as president of the Johns Hopkins University, as well as on the boards of John Hopkins University, Johns Hopkins Health System, Salk Institute for Biological Studies, BioMed Realty Trust, IBM, and Novartis. He has also served on the boards of a number of other private companies and non-profit entities, including Mesa Biotech, Kool Smiles, Novamed, Stanford University, Standard Healthcare, and the Commonwealth Fund, which funds health services research.
Anthony W. Deering has been an independent director of the Price Funds for more than 30 years. He currently serves as the Lead Independent Director and was a member of the Joint Audit Committee until September 2014. Mr. Deering brings a wealth of financial services and investment management experience to the Boards. He is the former chair and chief executive officer of the Rouse Company and has also served on the boards of a number of public companies, including Deutsche Bank North America, Vornado Realty Trust, Brixmor Real Estate Investment Trust, Mercantile Bank, and Under Armour. He has also served on the boards of a number of private companies and non-profit entities, including the Investment Company Institute, Baltimore Museum of Art, Parks & People Foundation, The Rouse Company Foundation, and The Charlesmead Foundation among others.
Donald W. Dick, Jr. had been an independent director of the Price Funds for more than 30 years. He has significant investment and business experience from serving as a principal in a private equity firm and has previously served on the boards of manufacturing, construction, publishing, and advertising companies in the U.S. and Europe. Mr. Dick retired as independent director of the Price Funds on December 31, 2015.
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Bruce W. Duncan has substantial experience in the fields of commercial real estate and property management. He currently serves as president, chief executive officer, director, and chairman of the board of First Industrial Realty Trust and has held a variety of senior roles and board positions with Starwood Hotels & Resorts. He has been an independent director of the Price Funds since October 2013 and, in September 2014, he became a member of the Joint Audit Committee.
Robert J. Gerrard, Jr. has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and currently serves as a member of the Joint Audit Committee. 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 as general counsel to Scripps Networks.
Karen N. Horn had been an independent director of the Price Funds for more than 10 years. Ms. Horn has substantial experience in the financial services industry and the arts. She is a limited partner and senior managing director of Brock Capital Group, and has served on the boards of a number of public companies, including Eli Lilly, Simon Property Group, the Federal National Mortgage Association, and Norfolk Southern. She has also served on the boards of a number of private companies and non-profit entities, including the National Bureau of Economic Research, Council on Foreign Relations, and the Florence Griswold Museum. Ms. Horn retired as independent director of the Price Funds on December 31, 2015.
Paul F. McBride has served in various management and senior leadership roles with the Black & Decker Corporation and General Electric Company. He serves on the advisory board of Vizzia Technologies. He led businesses in the materials, industrial, and consumer durable segments. He also has significant global experience. He has served on the boards of a number of private and non-profit entities, including Dunbar Armored, Gilman School, and Living Classrooms Foundation. He has been an independent director of the Price Funds since October 2013 and, in September 2014, he became a member of the Joint Audit Committee.
Brian C. Rogers has been an inside director of the domestic equity and international Price Funds for more than 20 years. Mr. Rogers has served in a variety of senior leadership roles since joining T. Rowe Price in 1982. Prior to that, he was employed by Bankers Trust Company. In addition to his various offices held with T. Rowe Price and its affiliates, he is a Chartered Financial Analyst and serves as a member of the T. Rowe Price Asset Allocation Committee.
Cecilia E. Rouse has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and became a member of the Joint Audit Committee in September 2014. 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 board of MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor, and as a member of numerous entities, including the American Economic Association, National Bureau of Economic Research, 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 trustee of Loyola University of Chicago, and 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, and Hudson Pacific Properties.
Mark R. Tercek has been an independent director of the Price Funds since 2009 and served as chairman of the Joint Audit Committee until September 2014. He brings substantial financial services experience to the boards. He was a managing director of Goldman Sachs and is currently president and chief executive officer of The Nature Conservancy.
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Edward A. Wiese was elected as an inside director of the domestic fixed income Price Funds in 2015. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He currently serves as the Director of Fixed Income for T. Rowe Price and as the Chairperson of the T. Rowe Price Fixed Income Steering Committee, as well as a portfolio manager for various short-term bond and low duration domestic bond strategies.
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 | Principal
Occupation(s) | Directorships |
William R. Brody, M.D., Ph.D. 1944 185 portfolios | President and Trustee, Salk Institute for Biological Studies (2009 to present); Director, BioMed Realty Trust (2013 to 2016); Chairman of the Board, Mesa Biotech, a molecular diagnostic company (March 2016 to present) | Novartis, Inc. (2009 to 2014); IBM (2007 to present) |
Anthony W. Deering 1945 185 portfolios | Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director, Brixmor Real Estate Investment Trust (2012 to present); Director and Advisory Board Member, Deutsche Bank North America (2004 to present) | Under Armour (2008 to present); Brixmor Real Estate Investment Trust (2012 to present); Vornado Real Estate Investment Trust (2004 to 2012); Deutsche Bank North America (2004 to present) |
Donald W. Dick, Jr.* 1943 182 portfolios | Principal, EuroCapital Partners, LLC, an acquisition and management advisory firm (1995 to present) | None |
Bruce W. Duncan 1951 185 portfolios | President, Chief Executive Officer, and Director (2009 to present), and Chairman of the Board (January 2016 to present), First Industrial Realty Trust, owner and operator of industrial properties; Chairman of the Board (2005 to present) and Director (1999 to present), Starwood Hotels & Resorts, hotel and leisure company | None |
Robert J. Gerrard, Jr. 1952 185 portfolios | Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to present) | None |
Karen N. Horn* 1943 182 portfolios | Limited Partner and Senior Managing Director, Brock Capital Group, an advisory and investment banking firm (2004 to present) | Eli Lilly and Company (1987 to present); Simon Property Group (2004 to present); Norfolk Southern (2008 to present) |
Paul F. McBride 1956 185 portfolios | Advisory Board Member, Vizzia Technologies (2015 to present) | None |
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Cecilia E. Rouse, Ph.D. 1963 185 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 Program (2011 to present) and Board Member (2015 to present), National Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession (2012 to present) and Vice President (2015 to present), American Economic Association | None |
John G. Schreiber 1946 185 portfolios | Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Co-founder, Partner, and Co-Chairman 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 (2013 to present); Director, Hudson Pacific Properties (2014 to 2016) | General Growth Properties, Inc. (2010 to 2013) |
Mark R. Tercek 1957 185 portfolios | President and Chief Executive Officer, The Nature Conservancy (2008 to present) | None |
* Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds.
(a) All information about the independent directors was current as of December 31, 2015, except for the number of portfolios overseen, which is current as of the date of this SAI.
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. Mr. Bernard has served as a director of all Price Funds and has been Chairman of the Board for all Price Funds since 2006. Mr. Rogers has served as director of certain Price Funds since 2006. Mr. Wiese has served as director of certain Price Funds since 2015. For each fund, the two inside directors serve as members of the funds 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.
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Edward C. Bernard 1956 185 portfolios | Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board, Director, and President, T. Rowe Price Investment Services, Inc.; Chairman of the Board and Director, T. Rowe Price Retirement Plan Services, Inc. and T. Rowe Price Services, Inc.; Chairman of the Board, Chief Executive Officer, Director, and President, T. Rowe Price International and T. Rowe Price Trust Company Chairman of the Board, all funds | None |
Brian C. Rogers; CFA, CIC 1955 131 portfolios | Chief Investment Officer, Director, and Vice President, T. Rowe Price; Chairman of the Board, Chief Investment Officer, Director, and Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust Company President, Institutional Equity Funds; Director and Vice President, Personal Strategy Funds; Vice President, Equity Income Fund, Retirement Funds, Spectrum Funds, and Value Fund | None |
Edward A. Wiese; CFA 1959 54 portfolios | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company President, Short-Term Bond Fund and Multi-Sector Account Portfolios; Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Tax-Exempt Money Fund, and Tax-Free Short-Intermediate Fund | None |
(a) All information about the inside directors was current as of December 31, 2015, except for the number of portfolios overseen, which is current as of the date of this SAI.
Funds-of-Funds Arrangements
The Board is responsible for overseeing the business and affairs of the T. Rowe Price Funds-of-Funds, which consist of the following: Spectrum Growth Fund, Spectrum Income Fund, and Spectrum International Fund (collectively the Spectrum Funds); Retirement 2005 Fund, Retirement 2010 Fund, Retirement 2015 Fund, Retirement 2020 Fund, Retirement 2025 Fund, Retirement 2030 Fund, Retirement 2035 Fund, Retirement 2040 Fund, Retirement 2045 Fund, Retirement 2050 Fund, Retirement 2055 Fund, Retirement 2060 Fund and Retirement Balanced Fund, and their share classes (collectively the RDFs); Retirement I 2005 Fund, Retirement I 2010 Fund, Retirement I 2015 Fund, Retirement I 2020 Fund, Retirement I 2025 Fund, Retirement I 2030 Fund, Retirement I 2035 Fund, Retirement I 2040 Fund, Retirement I 2045 Fund, Retirement I 2050 Fund, Retirement I 2055 Fund, Retirement I 2060 Fund and Retirement Balanced I Fund (collectively the Retirement I Funds); and Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund and Target 2060 Fund, and their share classes (collectively the TRFs). The Spectrum Funds, RDFs, Retirement I Funds, and TRFs are referred to collectively as Funds-of-Funds and each fund individually a Fund-of-Funds, and where the policies that apply to the RDFs, Retirement I Funds, and TRFs are identical, the RDFs, Retirement I Funds, and TRFs may be referred to collectively as Retirement Date Funds.
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In generally exercising their responsibilities, the Boards, among other things, will refer to the policies, conditions, and guidelines included in an Exemptive Application (and accompanying Notice and Order) originally granted by the SEC in connection with the creation and operation of the Spectrum Funds. The RDFs rely on this same Exemptive Application and Order because the order was designed to cover any Fund-of-Funds arrangements that operate in a similar manner to the Spectrum Funds. The TRFs and Retirement I Funds do not rely on this Exemptive Order since they do not operate in a similar manner to the other Funds-of-Funds.
In connection with the Exemptive Order, the various Price Funds in which the Funds-of-Funds invest (collectively, the underlying Price Funds) have entered into Special Servicing Agreements with T. Rowe Price and each respective Spectrum Fund and/or RDF in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Spectrum Fund and/or RDF invests will bear its proportionate share of the expenses of that Fund-of-Funds if, and to the extent that, the underlying Price Funds savings from the operation of the Spectrum Fund or RDF exceeds these expenses. Pursuant to the Exemptive Order and Special Servicing Agreement, T. Rowe Price has agreed to bear any expenses of the Spectrum Fund or RDF that exceed the estimated savings to the underlying Price Funds. As a result, these Funds-of-Funds do not pay an investment management fee and will effectively pay no operating expenses at the Fund-of-Fund level, although shareholders of these Funds-of-Funds will still indirectly bear their proportionate share of the expenses of each underlying Price Fund in which the Funds-of-Funds invest. The TRFs and Retirement I Funds also do not pay an investment management fee and will indirectly bear their proportionate share of the expenses of each underlying Price Fund in which they invest. However, the TRFs and Retirement I Funds pay their own operating expenses at the Fund-of-Fund level.
A majority of the directors of the Funds-of-Funds are independent of T. Rowe Price and its affiliates. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the underlying Price Funds. Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of the Funds-of-Funds believe they have structured the Funds-of-Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price Fund, or the reverse could occur. If such a possibility arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.
Term of Office and Length of Time Served
The directors serve until retirement, resignation, or election of a successor. The following table shows the year from which each director has served on each funds Board (or that of the corporation or trust of which the fund is a part).
Independent Directors | |||||||||||
Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek |
Balanced | 1 | 2009 | 2001 | 1991 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Blue Chip Growth | 1 | 2009 | 2001 | 1993 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
California Tax-Free Income Trust | 2 | 2009 | 1986 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Capital Appreciation | 1 | 2009 | 2001 | 1986 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Capital Opportunity | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Corporate Income | 1 | 2009 | 1995 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1995 | 2009 |
Credit Opportunities | 1 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
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Independent Directors | |||||||||||
Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek |
Diversified Mid-Cap Growth | 1 | 2009 | 2003 | 2003 | 2013 | 2012 | 2003 | 2013 | 2012 | 2003 | 2009 |
Dividend Growth | 1 | 2009 | 2001 | 1992 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Equity Income | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Financial Services | 1 | 2009 | 2001 | 1996 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Floating Rate | 1 | 2011 | 2011 | 2011 | 2013 | 2013 | 2011 | 2013 | 2013 | 2011 | 2011 |
Global Allocation | 1 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 |
Global Multi-Sector Bond | 1 | 2009 | 2008 | 2008 | 2013 | 2013 | 2008 | 2013 | 2013 | 2008 | 2009 |
Global Real Estate | 1 | 2009 | 2008 | 2008 | 2013 | 2012 | 2008 | 2013 | 2012 | 2008 | 2009 |
Global Technology | 1 | 2009 | 2001 | 2000 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
GNMA | 1 | 2009 | 1985 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Growth & Income | 1 | 2009 | 2001 | 1982 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Growth Stock | 1 | 2009 | 2001 | 1980 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Health Sciences | 1 | 2009 | 2001 | 1995 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
High Yield | 1 | 2009 | 1984 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Index Trust | 5 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Inflation Protected Bond | 1 | 2009 | 2002 | 2002 | 2013 | 2013 | 2003 | 2013 | 2013 | 2002 | 2009 |
Institutional Equity | 6 | 2009 | 2001 | 1996 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Institutional Income | 6 | 2009 | 2002 | 2002 | 2013 | 2013 | 2003 | 2013 | 2013 | 2002 | 2009 |
Institutional International | 11 | 2009 | 1991 | 1989 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Intermediate Tax-Free High Yield | 1 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
International | 24 | 2009 | 1991 | 1988 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
International Index | 1 | 2009 | 2000 | 2000 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Limited Duration Inflation Focused Bond | 1 | 2009 | 2006 | 2006 | 2013 | 2013 | 2006 | 2013 | 2013 | 2006 | 2009 |
Media & Telecommunications | 1 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Mid-Cap Growth | 1 | 2009 | 2001 | 1992 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Mid-Cap Value | 1 | 2009 | 2001 | 1996 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Multi-Sector Account Portfolios | 6 | 2012 | 2012 | 2012 | 2013 | 2013 | 2012 | 2013 | 2013 | 2012 | 2012 |
New America Growth | 1 | 2009 | 2001 | 1985 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
New Era | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
New Horizons | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
New Income | 1 | 2009 | 1980 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Personal Strategy | 3 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Prime Reserve | 1 | 2009 | 1979 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Quantitative Management | 4 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Real Assets | 1 | 2010 | 2010 | 2010 | 2013 | 2012 | 2010 | 2013 | 2012 | 2010 | 2010 |
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Independent Directors | |||||||||||
Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek |
Real Estate | 1 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
TRP Reserve | 4 | 2009 | 1997 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1997 | 2009 |
Retirement | 38 | 2009 | 2002 | 2002 | 2013 | 2012 | 2003 | 2013 | 2012 | 2002 | 2009 |
Science & Technology | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Short-Term Bond | 2 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Small-Cap Stock | 1 | 2009 | 2001 | 1992 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Small-Cap Value | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Spectrum | 3 | 2009 | 2001 | 1999 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
State Tax-Free Income Trust | 8 | 2009 | 1986 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Summit Income | 1 | 2009 | 1993 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1993 | 2009 |
Summit Municipal | 3 | 2009 | 1993 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1993 | 2009 |
Tax-Efficient | 1 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Tax-Exempt Money | 1 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Tax-Free High Yield | 1 | 2009 | 1984 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Tax-Free Income | 1 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Tax-Free Short-Intermediate | 2 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
U.S. Bond Enhanced Index | 1 | 2009 | 2000 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 2000 | 2009 |
U.S. Large-Cap Core | 1 | 2009 | 2009 | 2009 | 2013 | 2012 | 2009 | 2013 | 2012 | 2009 | 2009 |
U.S. Treasury | 3 | 2009 | 1989 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Value | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Rogers | Wiese | ||
Balanced | 1 | 2006 | 2006 | |
Blue Chip Growth | 1 | 2006 | 2006 | |
California Tax-Free Income Trust | 2 | 2006 | | 2015 |
Capital Appreciation | 1 | 2006 | 2006 | |
Capital Opportunity | 1 | 2006 | 2013 | |
Corporate Income | 1 | 2006 | | 2015 |
Credit Opportunities | 1 | 2014 | | 2015 |
Diversified Mid-Cap Growth | 1 | 2006 | 2013 | |
Dividend Growth | 1 | 2006 | 2006 | |
Equity Income | 1 | 2006 | 2006 | |
Financial Services | 1 | 2006 | 2006 | |
Floating Rate | 1 | 2011 | | 2015 |
Global Allocation | 1 | 2013 | 2013 | |
Global Multi-Sector Bond | 1 | 2008 | | 2015 |
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Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Rogers | Wiese | ||
Global Real Estate | 1 | 2008 | 2008 | |
Global Technology | 1 | 2006 | 2006 | |
GNMA | 1 | 2006 | | 2015 |
Growth & Income | 1 | 2006 | 2006 | |
Growth Stock | 1 | 2006 | 2006 | |
Health Sciences | 1 | 2006 | 2013 | |
High Yield | 1 | 2006 | | 2015 |
Index Trust | 5 | 2006 | 2006 | |
Inflation Protected Bond | 1 | 2006 | | 2015 |
Institutional Equity | 6 | 2006 | 2006 | |
Institutional Income | 6 | 2006 | | 2015 |
Institutional International | 11 | 2006 | 2006 | |
Intermediate Tax-Free High Yield | 1 | 2014 | | 2015 |
International | 24 | 2006 | 2006 | |
International Index | 1 | 2006 | 2006 | |
Limited Duration Inflation Focused Bond | 1 | 2006 | | 2015 |
Media & Telecommunications | 1 | 2006 | 2006 | |
Mid-Cap Growth | 1 | 2006 | 2006 | |
Mid-Cap Value | 1 | 2006 | 2006 | |
Multi-Sector Account Portfolios | 6 | 2012 | | 2015 |
New America Growth | 1 | 2006 | 2013 | |
New Era | 1 | 2006 | 2006 | |
New Horizons | 1 | 2006 | 2013 | |
New Income | 1 | 2006 | | 2015 |
Personal Strategy | 3 | 2006 | 2006 | |
Prime Reserve | 1 | 2006 | | 2015 |
Quantitative Management | 4 | 2006 | 2013 | |
Real Assets | 1 | 2010 | 2010 | |
Real Estate | 1 | 2006 | 2006 | |
TRP Reserve | 4 | 2006 | | 2015 |
Retirement | 38 | 2006 | 2006 | |
Science & Technology | 1 | 2006 | 2013 | |
Short-Term Bond | 2 | 2006 | | 2015 |
Small-Cap Stock | 1 | 2006 | 2013 | |
Small-Cap Value | 1 | 2006 | 2013 | |
Spectrum | 3 | 2006 | 2006 | |
State Tax-Free Income Trust | 8 | 2006 | | 2015 |
Summit Income | 1 | 2006 | | 2015 |
Summit Municipal | 3 | 2006 | | 2015 |
Tax-Efficient | 1 | 2006 | 2006 | |
30
Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Rogers | Wiese | ||
Tax-Exempt Money | 1 | 2006 | | 2015 |
Tax-Free High Yield | 1 | 2006 | | 2015 |
Tax-Free Income | 1 | 2006 | | 2015 |
Tax-Free Short-Intermediate | 2 | 2006 | | 2015 |
U.S. Bond Enhanced Index | 1 | 2006 | | 2015 |
U.S. Large-Cap Core | 1 | 2009 | 2009 | |
U.S. Treasury | 3 | 2006 | | 2015 |
Value | 1 | 2006 | 2006 | |
Officers
Fund | Name | Position
Held |
All funds | Darrell N. Braman Paul J. Krug David Oestreicher John W. Ratzesberger Deborah D. Seidel Jeffrey T. Zoller Catherine D. Mathews Shannon Hofher Rauser John R. Gilner | Vice President and Secretary Vice President Vice President Vice President Vice President Vice President Treasurer and Vice President Assistant Secretary Chief Compliance Officer |
Fund | Name | Position Held |
Balanced | Charles M. Shriver Kimberly E. DeDominicis Anna A. Dreyer Mark S. Finn Robert M. Larkins Wyatt A. Lee Raymond A. Mills Sebastien Page Larry J. Puglia Guido F. Stubenrauch Toby M. Thompson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Blue Chip Growth | Larry J. Puglia Ziad Bakri Peter J. Bates Ryan N. Burgess Eric L. DeVilbiss Shawn T. Driscoll Paul D. Greene II Ryan S. Hedrick Thomas J. Huber George A. Marzano Vivek Rajeswaran Robert W. Sharps Taymour R. Tamaddon (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
31
Fund | Name | Position Held |
California Tax-Free Income Trust California Tax-Free Bond California Tax-Free Money | Hugh D. McGuirk Joseph K. Lynagh Konstantine B. Mallas Steven G. Brooks M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Marcy M.Lash Alan D. Levenson Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas Edward A. Wiese (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Capital Appreciation | David R. Giroux Shawn T. Driscoll Jon M. Friar Paul D. Greene II Nina P. Jones Vidya Kadiyam Steven D. Krichbaum John D. Linehan Paul M. Massaro Sudhir Nanda Farris G. Shuggi Gabriel Solomon Taymour R. Tamaddon Susan G. Troll Tamara P. Wiggs (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Capital Opportunity | Ann M. Holcomb Jason B. Polun Eric L. Veiel Kennard W. Allen Peter J. Bates Ryan N. Burgess Christopher W. Carlson Donald J. Easley Joseph B. Fath Mark S. Finn Steven D. Krichbaum Jennifer Martin Jeffrey Rottinghaus Thomas H. Watson Justin P. White (For remaining officers, refer to the All funds table) | Co-President Co-President Co-President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
32
Fund | Name | Position Held |
Corporate Income | David A. Tiberii Steve Boothe Steven G. Brooks Michael P. Daley Michael J. Grogan Michael Lambe Matthew Lawton Samy B. Muaddi Alexander S. Obaza Miso Park Vernon A. Reid, Jr. Theodore E. Robson Elliot J. Shue Scott D. Solomon Kimberly A Stokes Robert D. Thomas Lauren T. Wagandt J. Howard Woodward (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Credit Opportunities | Rodney M. Rayburn Michael F. Blandino Christopher P. Brown, Jr. Andrew P. Jamison James M. Murphy Brian A. Rubin Jamie Shin Robert D. Thomas Siby Thomas Michael J. Trivino Lauren T. Wagandt (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Diversified Mid-Cap Growth | Donald J. Peters Donald J. Easley Jason Adams Kennard W. Allen Peter J. Bates Brian W.H. Berghuis Eric L. DeVilbiss Stephon A. Jackson Sudhir Nanda Timothy E. Parker John F. Wakeman Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Dividend Growth | Thomas J. Huber Peter J. Bates Andrew S. Davis Jon M. Friar Ryan Hedrick David M. Lee Jeffrey Rottinghaus Weijie Si Gabriel Solomon John M. Williams Jon D. Wood (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
33
Fund | Name | Position Held |
Equity Income | John D. Linehan Jason Adams Vinit Agrawal Andrew M. Brooks Mark S. Finn David R. Giroux Ryan Hedrick Shinwoo Kim Daniel Martino George Marzano Heather K. McPherson Kyle Rasbach Brian C. Rogers Matthew J. Snowling (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Financial Services | Gabriel Solomon Vincent DeAugustino Stephen M. Finamore Christopher T. Fortune Jon M. Friar Nina P. Jones Yoichiro Kai Gregory Locraft Andrew C. McCormick Ian C. McDonald Jason B. Polun Matthew J. Snowling Mitchell J.K. Todd Susan G. Troll Zenon Voyiatzis Tamara P. Wiggs (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Floating Rate | Mark J. Vaselkiv Paul M. Massaro Brian E. Burns Michael F. Connelly Stephen M. Finamore Justin T. Gerbereux David R. Giroux Steven C. Huber Michael J. McGonigle Brian A. Rubin Thomas E. Tewksbury Thea N. Williams (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Allocation | Charles M. Shriver Stephen L. Bartolini Robert L. Harlow Steven C. Huber Stefan Hubrich Robert M. Larkins Sebastien Page Robert A. Panariello Darrell Riley Toby M. Thompson Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
34
Fund | Name | Position Held |
Global Multi-Sector Bond | Steven C. Huber Steve Boothe Michael J. Conelius Quentin S. Fitzsimmons Arif Husain Andrew J. Keirle Paul M. Massaro Andrew C. McCormick Samy B. Muaddi Kenneth A. Orchard David Stanley Ju Yen Tan (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Real Estate | Nina P. Jones Harishankar Balkrishna Richard N. Clattenburg Tetsuji Inoue Jai Kapadia David M. Lee Robert J. Marcotte Daniel A. McCulley Raymond A. Mills Philip A. Nestico Viral S. Patel Preeta Ragavan (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Technology | Joshua K. Spencer Kennard W. Allen Christopher W. Carlson David J. Eiswert Henry M. Ellenbogen Paul D. Greene II Jacqueline Liu Heather K. McPherson Tobias F. Mueller Corey D. Shull Michael F. Sola Alan Tu Thomas H. Watson Alison Mei Ling Yip (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
GNMA | Andrew C. McCormick Anil K. Andhavarapu Brian J. Brennan Christopher P. Brown, Jr. Ramon R. de Castro Keir R. Joyce Martin G. Lee Alan D. Levenson Michael K. Sewell John D. Wells Rick Zhang Steven M. Kohlenstein Victor M. Weinblatt (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
35
Fund | Name | Position Held |
Growth & Income | Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn Paul D. Greene II John D. Linehan Robert W. Sharps Gabriel Solomon (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Growth Stock | Joseph B. Fath Andrew S. Davis Eric L. DeVilbiss Shawn T. Driscoll Greg Dunham David J. Eiswert Jon M. Friar Paul D. Greene II Daniel Martino Robert W. Sharps Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Health Sciences | Taymour R. Tamaddon Ziad Bakri Melissa C. Gallagher John Hall Adam Poussard Kyle Rasbach Jon D. Wood Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
High Yield | Mark J. Vaselkiv Jason A. Bauer Andrew M. Brooks Michael F. Connelly Michael Della Vedova Carson R. Dickson Stephen M. Finamore Justin T. Gerbereux Andrew P. Jamison Paul M. Massaro Brian A. Rubin Jamie Shin Thomas E. Tewksbury Michael J. Trivino Thea N. Williams (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Index Trust Equity Index 500 Extended Equity Market Index Mid-Cap Index Small-Cap Index Total Equity Market Index | Ken D. Uematsu E. Frederick Bair Neil Smith Craig A. Thiese Michael T. Wehn (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President |
36
Fund | Name | Position Held |
Inflation Protected Bond | Daniel O. Shackelford Stephen L. Bartolini Brian J. Brennan Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Michael F. Reinartz Rebecca L. Setcavage Scott D. Solomon (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Institutional Equity Funds Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research | Brian C. Rogers Brian W.H. Berghuis Mark S. Finn Ann M. Holcomb John D. Linehan Gregory A. McCrickard Heather K. McPherson Jason B. Polun Larry J. Puglia Robert W. Sharps Eric L. Veiel J. David Wagner John F. Wakeman (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President |
Institutional Income Funds Institutional Core Plus Institutional Credit Opportunities Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit | Mark J. Vaselkiv Brian J. Brennan Steven C. Huber Paul M. Massaro Rodney M. Rayburn David A. Tiberii Stephen L. Bartolini Jason A. Bauer Michael F. Blandino Steve Boothe Andrew M. Brooks Christopher P. Brown, Jr. Brian E. Burns Michael J. Conelius Michael F. Connelly Michael P. Daley Stephen M. Finamore Quentin S. Fitzsimmons Justin T. Gerbereux David R. Giroux Michael J. Grogan Arif Husain Andrew P. Jamison Andrew J. Keirle Michael Lambe Robert M. Larkins Andrew C. McCormick Michael J. McGonigle Samy B. Muaddi James M. Murphy Alexander S. Obaza Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian A. Rubin Daniel O. Shackelford Jamie Shin | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
37
Fund | Name | Position Held |
Scott D. Solomon David Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas Michael J. Trivino Lauren T. Wagandt Thea N. Williams J. Howard Woodward (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
Institutional International Funds Institutional Africa & Middle East Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity | Christopher D. Alderson Oliver D.M. Bell R. Scott Berg Richard N. Clattenburg Michael J. Conelius David J. Eiswert Arif Husain Andrew J. Keirle Sebastien Mallet Raymond A. Mills Joshua Nelson Jason Nogueira Kenneth A. Orchard Gonzalo Pangaro Federico Santilli Ulle Adamson Roy H. Adkins Paulina Amieva Malik S. Asif Harishankar Balkrishna Sheena L. Barbosa Peter J. Bates Steve Boothe Peter I. Botoucharov Tala Boulos Carolyn Hoi Che Chu Archibald Ciganer Albeniz Michael Della Vedova Richard de los Reyes Laurent Delgrande Shawn T. Driscoll Bridget A. Ebner Mark S. Finn Quentin S. Fitzsimmons Paul D. Greene II Benjamin Griffiths Amanda B. Hall Richard L. Hall Nabila Hanano Steven C Huber Stefan Hubrich Randal S. Jenneke Nina P. Jones Yoichiro Kai Jai Kapadia Christopher J. Kushlis Mark J. Lawrence Christopher C. Loop Anh Lu Jonathan H.W. Matthews | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
38
Fund | Name | Position Held |
Eric C. Moffett Tobias Mueller Sudhir Nanda Sridhar Nishtala Michael D. Oh Oluwaseun A. Oyegunle Sebastian Schrott Robert W. Sharps John C.A. Sherman Robert W. Smith Gabriel Solomon Joshua K. Spencer David Stanley Taymour R. Tamaddon Ju Yen Tan Dean Tenerelli Eric L. Veiel Verena E. Wachnitz Dai Wang Christopher S. Whitehouse J. Howard Woodward Ernest C. Yeung (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
Intermediate Tax-Free High Yield | James M. Murphy R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Dylan Jones Marianna Korpusova Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
International Funds Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Local Currency Bond Emerging Markets Stock Emerging Markets Value Stock European Stock Global Consumer Global Growth Stock Global High Income Bond Global Industrials Global Stock Global Unconstrained Bond International Bond International Concentrated Equity International Discovery International Growth & Income International Stock Japan Latin America New Asia | Christopher D. Alderson Ulle Adamson Peter J. Bates Oliver D.M. Bell R. Scott Berg Archibald Ciganer Albeniz Richard N. Clattenburg Michael J. Conelius Michael Della Vedova David J. Eiswert Arif Husain Andrew J. Keirle Anh Lu Jonathan H.W. Matthews Raymond A. Mills Eric C. Moffett Samy B. Muaddi Joshua Nelson Jason Nogueira Kenneth A. Orchard Gonzalo Pangaro Christopher J. Rothery Federico Santilli Dean Tenerelli | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President |
39
Fund | Name | Position Held |
Overseas Stock | Justin Thomson Mark J. Vaselkiv Verena E. Wachnitz Ernest C. Yeung Jason Adams Roy H. Adkins Syed H. Ali Paulina Amieva Malik S. Asif Harishankar Balkrishna Sheena L. Barbosa Luis M. Baylac Steve Boothe Peter I. Botoucharov Tala Boulos Ryan N. Burgess Sheldon Chan Andrew Chang Tak Yiu Cheng Carolyn Hoi Che Chu Michael F. Connelly Andrew S. Davis Richard de los Reyes Laurent Delgrande Shawn T. Driscoll Bridget A. Ebner Henry M. Ellenbogen Ryan W. Ferro Mark S. Finn Quentin S. Fitzsimmons Melissa C. Gallagher Justin T. Gerbereux Alastair McKinlay Gilmour Vishnu Vardhan Gopal Joel Grant Paul D. Greene II Benjamin Griffiths Amanda B. Hall Richard L. Hall Nabil Hanano Steven C. Huber Stefan Hubrich Tetsuji Inoue Michael Jacobs Randal S. Jenneke Prashant G. Jeyaganesh Nina P. Jones Yoichiro Kai Jai Kapadia Christopher J. Kushlis Shengrong Lau Mark J. Lawrence Jacqueline Liu Christopher C. Loop Oxana Lyalina Sebastien Mallet Ryan Martyn Jihong Min Tobias Mueller Jared T. Murphy Philip A. Nestico Michael Niedzielski | Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
40
Fund | Name | Position Held |
Sridhar Nishtala Michael D. Oh Curt J. Organt Paul T. OSullivan Oluwaseun A. Oyegunle Vivek Rajeswaran Melanie A.Rizzo David L. Rowlett Mariel Santiago Sebastian Schrott Jeneiv Shah Robert W. Sharps John C.A. Sherman Robert W. Smith Gabriel Solomon Eunbin Song Joshua K. Spencer David Stanley Taymour R. Tamaddon Ju Yen Tan Sin Dee Tan Siby Thomas Mitchell J.K. Todd Kes Visuvalingam David J. Wallack Dai Wang Hiroshi Watanabe Christopher S. Whitehouse Clive M. Williams J. Howard Woodward Marta Yago Benjamin T. Yeagle Alison Mei Ling Yip Wenli Zheng (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
International Index Fund International Equity Index | Neil Smith E. Frederick Bair Craig A. Thiese Ken D. Uematsu Michael T. Wehn (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President |
Limited Duration Inflation Focused Bond | Daniel O. Shackelford Stephen L. Bartolini Brian J. Brennan Jerome A. Clark Geoffrey M. Hardin Wyatt A. Lee Andrew C. McCormick Cheryl A. Mickel Vernon A. Reid, Jr. Michael F. Reinartz Rebecca L. Setcavage Scott D. Solomon (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
41
Fund | Name | Position Held |
Media & Telecommunications | Paul D. Greene II Paul Y. Cho Greg Dunham David J. Eiswert Henry M. Ellenbogen Joseph B. Fath Jacqueline Liu Daniel Martino Jeffrey R. Nathan Philip A. Nestico Corey D. Shull Verena E. Wachnitz Justin P. White Christopher S. Whitehouse Ernest C. Yeung Wenli Zheng (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Mid-Cap Growth | Brian W.H. Berghuis John F. Wakeman Kennard W. Allen Ira W. Carnahan Shawn T. Driscoll Donald J. Easley Henry M. Ellenbogen Joseph B. Fath Robert J. Marcotte Vicek Rajeswaran Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Mid-Cap Value | David J. Wallack Heather K. McPherson Ryan N. Burgess Christopher W. Carlson Richard de los Reyes Henry M. Ellenbogen Mark S. Finn Ryan S. Hedrick Gregory A. McCrickard Gabriel Solomon J. David Wagner Justin P. White John M. Williams (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Multi-Sector Account Portfolios Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Multi-Sector Account Portfolio Floating Rate Multi-Sector Account Portfolio High Yield Multi-Sector Account Portfolio Investment-Grade Corporate Multi-Sector Account Portfolio Mortgage-Backed Securities Multi-Sector Account Portfolio | Edward A. Wiese Steve Boothe Andrew J. Keirle Paul M. Massaro Andrew C. McCormick Samy B. Muaddi Mark J. Vaselkiv Roy H. Adkins Anil K. Andhavarapu Peter I. Botoucharov Tala Boulos Brian J. Brennan Steven G. Brooks Christopher P. Brown, Jr. Brian E. Burns Sheldon Chan Carolyn Hoi Che Chu | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
42
Fund | Name | Position Held |
Michael J. Conelius Michael F. Connelly Michael P. Daley Ramon R. de Castro Stephen M. Finamore Justin T. Gerbereux Michael J. Grogan Richard L. Hall Steven C. Huber Arif Husain Keir R. Joyce Christopher J. Kushlis Michael Lambe Martin G. Lee Alan D. Levenson Christopher C. Loop Michael J. McGonigle Alexander S. Obaza Michael D. Oh Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian A. Rubin Mariel Santiago Michael K. Sewell Daniel O. Shackelford Scott D. Solomon David Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas David A. Tiberii Lauren T. Wagandt John D. Wells Thea N. Williams J. Howard Woodward Steven M. Kohlenstein (For remaining officers, refer to the All funds table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President | |
New America Growth | Justin P. White Ziad Bakri Brian W.H. Berghuis Eric L. DeVilbiss Shawn T. Driscoll Ian C. McDonald Curt J. Organt David L. Rowlett Robert W. Sharps Taymour R. Tamaddon Craig A. Thiese Thomas H. Watson (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
43
Fund | Name | Position Held |
New Era | Shawn T. Driscoll Syed H. Ali Ryan N. Burgess Richard de los Reyes Christopher Driessen Donald J. Easley Mark S. Finn Ryan S. Hedrick Shinwoo Kim Ryan Martyn Heather K. McPherson Christian M. ONeill Timothy E. Parker Vivek Rajeswaran Thomas A. Shelmerdine Craig A. Thiese David J. Wallack John M. Williams (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New Horizons | Henry M. Ellenbogen Francisco M. Alonso Preston G. Athey Ziad Bakri Brian W.H. Berghuis Michael F. Blandino Christopher W. Carlson Eric L. DeVilbiss Anouk Dey Barry Henderson Timothy E. Parker Adam Poussard Corey D. Shull Michael F. Sola Joshua K. Spencer Justin Thomson Alan Tu J. David Wagner (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New Income | Daniel O. Shackelford Stephen L. Bartolini Steve Boothe Brian J. Brennan Christopher P. Brown, Jr. Michael J. Grogan Geoffrey M. Hardin Steven C. Huber Robert M. Larkins Alan D. Levenson Andrew C. McCormick Vernon A. Reid, Jr. Rebecca L. Setcavage David A. Tiberii (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
44
Fund | Name | Position Held |
Personal Strategy Funds Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income | Charles M. Shriver Christopher D. Alderson E. Frederick Bair Jerome A. Clark Kimberly E. DeDominicis Mark S. Finn David R. Giroux Ian D. Kelson Wyatt A. Lee Raymond A. Mills Sebastien Page Larry J. Puglia Brian C. Rogers Daniel O. Shackelford Robert W. Sharps Guido F. Stubenrauch Toby M. Thompson Justin Thomson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Prime Reserve | Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Quantitative Management QM Global Equity QM U.S. Small & Mid-Cap Core Equity QM U.S. Small-Cap Growth Equity QM U.S. Value Equity | Sudhir Nanda Boyko D. Atanassov Prashant G. Jeyaganesh Farris G. Shuggi Vinit Agrawal Vidya Kadiyam (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President |
Real Assets | Wyatt A. Lee E. Frederick Bair Stephen L. Bartolini Richard de los Reyes Shawn T. Driscoll Stefan Hubrich Nina P. Jones David M. Lee Daniel O. Shackelford Charles M. Shriver Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Real Estate | David M. Lee Thomas J. Huber Nina P. Jones Daniel A. McCulley Philip A. Nestico Preeta Ragavan Theodore E. Robson Weijie Si (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
45
Fund | Name | Position Held |
TRP Reserve Funds Government Reserve Investment Reserve Investment Short-Term Government Reserve Short-Term Reserve | Joseph K. Lynagh Steven G. Brooks M. Helena Condez G. Richard Dent Stephani A. Gentile March M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Retirement Funds Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement 2050 Retirement 2055 Retirement 2060 Retirement Balanced Retirement I 2005 FundI Class Retirement I 2010 FundI Class Retirement I 2015 FundI Class Retirement I 2020 FundI Class Retirement I 2025 FundI Class Retirement I 2030 FundI Class Retirement I 2035 FundI Class Retirement I 2040 FundI Class Retirement I 2045 FundI Class Retirement I 2050 FundI Class Retirement I 2055 FundI Class Retirement I 2060 FundI Class Retirement Balanced I FundI Class Target 2005 Target 2010 Target 2015 Target 2020 Target 2025 Target 2030 Target 2035 Target 2040 Target 2045 Target 2050 Target 2055 Target 2060 | Jerome A. Clark Wyatt A. Lee Christopher D. Alderson Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Brian C. Rogers Daniel O. Shackelford Robert W. Sharps Charles M. Shriver Guido F. Stubenrauch Justin Thomson James Tzitzouris Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
46
Fund | Name | Position Held |
Science & Technology | Kennard W. Allen Brian W.H. Berghuis Greg Dunham David J. Eiswert Paul D. Greene II Tobias F. Mueller Emily C. Scudder Michael F. Sola Joshua K. Spencer Alan Tu Thomas H. Watson Alison Mei Ling Yip (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Short-Term Bond Ultra Short-Term Bond | Edward A. Wiese Joseph K. Lynagh Michael F. Reinartz Steven G. Brooks Jason T. Collins M. Helena Condez Levent Demirekler Michael J. Grogan Geoffrey M. Hardin Charles B. Hill Keir R. Joyce Andrew C. McCormick Cheryl A. Mickel Alexander S. Obaza Vernon A. Reid, Jr. Chen Shao Douglas D. Spratley John D. Wells Steven M. Kohlenstein (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Small-Cap Stock | Gregory A. McCrickard Francisco M. Alonso Andrew S. Davis Christopher T. Fortune Robert J. Marcotte Curt J. Organt Timothy E. Parker Charles G. Pepin Robert T. Quinn Michael F. Sola Joshua K. Spencer J. David Wagner Rouven J. Wool-Lewis (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Small-Cap Value | J. David Wagner Francisco M. Alonso Preston G. Athey Andrew S. Davis Christopher T. Fortune Ryan S. Hedrick Nina P. Jones Gregory A. McCrickard Curt J. Organt Timothy E. Parker Robert T. Quinn Farris G. Shuggi (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
47
Fund | Name | Position Held |
Spectrum Funds Spectrum Growth Spectrum Income Spectrum International | Charles M. Shriver Christopher D. Alderson Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Sebastien Page Brian C. Rogers Daniel O. Shackelford Robert W. Sharps Guido F. Stubenrauch Toby M. Thompson Justin Thomson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
State Tax-Free Income Trust Georgia Tax-Free Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Virginia Tax-Free Bond | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. Colin T. Bando M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Dylan Jones Marianna Korpusova Marcy M. Lash Alan D. Levenson James T. Lynch James M. Murphy Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas Edward A. Wiese (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Summit Income Funds Summit Cash Reserves | Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Cheryl A. Mickel Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
48
Fund | Name | Position Held |
Summit Municipal Funds Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Stephanie A. Gentile Dylan Jones Marianna Korpusova Marcy M. Lash Alan D. Levenson James T. Lynch Cheryl A. Mickel James M. Murphy Linda A. Murphy Chen Shao Douglas D. Spratley Timothy G. Taylor Robert D. Thomas (For remaining officers, refer to the All funds table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Efficient Funds Tax-Efficient Equity | Donald J. Peters Kennard W. Allen Ziad Bakri Andrew S. Davis Greg Dunham Donald J. Easley Timothy E. Parker Taymour R. Tamaddon Alan Tu Mark R. Weigman (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Exempt Money | Joseph K. Lynagh M. Helena Condez G. Richard Dent Stephanie A. Gentile Marcy M. Lash Alan D. Levenson Chen Shao Douglas D. Spratley Robert D. Thomas Edward A. Wiese (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
49
Fund | Name | Position Held |
Tax-Free High Yield | James M. Murphy R. Lee Arnold, Jr. Austin Applegate Colin T. Bando G. Richard Dent Sarah J. Engle Charles B. Hill Dylan Jones Marianna Korpusova Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Free Income | Konstantine B. Mallas R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Marcy M. Lash James T. Lynch Hugh D. McGuirk James M. Murphy Chen Shao Timothy G. Taylor (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond | Charles B. Hill Austin Applegate M. Helena Condez G. Richard Dent Charles E. Emrich Dylan Jones Marianna Korpusova Marcy M. Lash Joseph K. Lynagh James T. Lynch Konstantine B. Mallas Hugh D. McGuirk Chen Shao Timothy G. Taylor Edward A. Wiese (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
U.S. Bond Enhanced Index | Robert M. Larkins Stephen L. Bartolini Brian J. Brennan Christopher P. Brown Martin G. Lee Andrew C. McCormick Daniel O. Shackelford Scott D. Solomon David A. Tiberii (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
50
Fund | Name | Position Held |
U.S. Large-Cap Core | Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn Paul D. Greene II John D. Linehan Robert W. Sharps Gabriel Solomon (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
U.S. Treasury Funds U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money | Brian J. Brennan Joseph K. Lynagh Stephen L. Bartolini M. Helena Condez G. Richard Dent Stephanie A. Gentile Geoffrey M. Hardin Marcy M. Lash Alan D. Levenson Andrew C. McCormick Cheryl A. Mickel Rebecca L. Setcavage Daniel O. Shackelford Chen Shao Douglas D. Spratley Robert D. Thomas (For remaining officers, refer to the All funds table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Value | Mark S. Finn Peter J. Bates Jason A. Bauer Ira W. Carnahan Andrew S. Davis Joel Grant John D. Linehan Daniel Martino Heather K. McPherson Christian ONeill Brian C. Rogers Weijie Si Joshua K. Spencer Tamara P. Wiggs Jon D. Wood (For remaining officers, refer to the All funds table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Officers
Name, Year of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) |
Jason R. Adams, 1979 Vice President T. Rowe Price and T. Rowe Price Group, Inc.; formerly Research Analyst, Caxton Associates (to 2015) | Vice President, Diversified Mid-Cap Growth Fund, Equity Income Fund, and International Funds |
Ulle Adamson, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
51
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Vinit Agrawal, 1987 Vice President, T. Rowe Price | Vice President, Equity Income Fund and Quantitative Management Funds |
Christopher D. Alderson, 1962 Companys Representative and Vice President, Price Hong Kong; Vice President, Price Singapore; Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. | President, Institutional International Funds and International Funds; Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Syed H. Ali, 1970 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds and New Era Fund |
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Science & Technology Fund; Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Global Technology Fund, Mid-Cap Growth Fund, and Tax-Efficient Funds |
Francisco M. Alonso, 1978 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 |
Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
Anil K. Andhavarapu, 1980 Vice President, T. Rowe Price | Vice President, GNMA Fund and Multi-Sector Account Portfolios |
Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
R. Lee Arnold, Jr., 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Malik S. Asif, 1981 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, student, The University of Chicago Booth School of Business (to 2012) | Vice President, Institutional International Funds and International Funds |
Boyko D. Atanassov, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds |
Preston G. Athey, 1949 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC | Vice President, New Horizons Fund and Small-Cap Value Fund |
E. Frederick Bair, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | Executive Vice President, Index Trust; Vice President, International Index Fund, Personal Strategy Funds, and Real Assets Fund |
Ziad Bakri, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; M.D., CFA | Vice President, Blue Chip Growth Fund, Health Sciences Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds |
Harishankar Balkrishna, 1983 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds |
Colin T. Bando, 1987 Vice President, T. Rowe Price; formerly Senior Analyst, PFM Group in New York (to 2014); CFA | Vice President, State Tax-Free Income Trust and Tax-Free High Yield Fund |
Sheena L. Barbosa, 1983 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
52
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Stephen L. Bartolini, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Global Allocation Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, New Income Fund, Real Assets Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Peter J. Bates, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, 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, High Yield Fund, Institutional Income Funds, 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, Institutional International Funds and International Funds |
R. Scott Berg, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional International Funds and International Funds |
Brian W.H. Berghuis, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund |
Michael F. Blandino, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, Institutional Income Funds, and New Horizons Fund |
Steve Boothe, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Corporate Income Fund and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and New Income Fund |
Peter I. Botoucharov, 1965 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Director EMEA Macroeconomic Research and Strategy (to 2012) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Tala Boulos, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, CEEMEA Corporate Credit Research, Deutsche Bank (to 2013) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Darrell N. Braman, 1963 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. | Vice President and Secretary, all funds |
53
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Brian J. Brennan, 1964 Vice President,
T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust | 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, and U.S. Bond Enhanced Index Fund |
Andrew M. Brooks, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund, High Yield Fund, and Institutional Income Funds |
Steven G. Brooks, 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Corporate Income Fund, Multi-Sector Account Portfolios, TRP Reserve Funds, and Short-Term Bond Fund |
Christopher P. Brown, Jr., 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Credit Opportunities Fund, GNMA Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund |
Ryan N. Burgess, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, International Funds, Mid-Cap Value Fund, and New Era 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, Capital Opportunity Fund, Global Technology Fund, Mid-Cap Value Fund, and New Horizons Fund |
Ira W. Carnahan, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Mid-Cap Growth Fund and Value Fund |
Sheldon Chan, 1981 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds and Multi-Sector Account Portfolios |
Andrew Chang, 1983 Vice President, T. Rowe Price Group, Inc. | Vice President, International Funds |
Tak Yiu Cheng, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, International Funds |
Paul Y. Cho, 1986 Employee, T. Rowe Price; student, The Wharton School, University of Pennsylvania (to 2015); formerly Investment Analyst, Maverick Capital (to 2013) | Vice President, Media & Telecommunications Fund |
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Archibald Ciganer Albeniz, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Jerome A. Clark, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; CFA | President, Retirement Funds; Vice President, Limited Duration Inflation Focused Bond Fund and Personal Strategy Funds |
Richard N. Clattenburg, 1979 Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Real Estate Fund |
54
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Jason T. Collins, 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, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Michael J. Conelius, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Michael F. Connelly, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios |
Michael P. Daley, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
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, Small-Cap Stock Fund, Small-Cap Value Fund, Tax-Efficient Funds, and Value Fund |
Vincent DeAugustino, 1983 Vice President, T. Rowe Price; P&C Insurance Director, Keefe Bruyette & Woods (to 2012) | Vice President, Financial Services Fund |
Ramon R. de Castro, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Chief Operating Officer, Amherst Advisory & Management, LLC (to 2012) | Vice President, GNMA and Multi-Sector Account Portfolios |
Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Richard de los Reyes, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, and Real Assets Fund |
Laurent Delgrande, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Portfolio Manager, Fidelity International Limited (to 2014) | Vice President, Institutional International Funds and International Funds |
Michael Della Vedova, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, High Yield Fund and Institutional International Funds |
Levent Demirekler, 1974 Vice President, T. Rowe Price | Vice President, Short-Term Bond Fund |
G. Richard Dent, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
55
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Eric L. DeVilbiss, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Growth Stock Fund, New America Growth Fund, and New Horizons Fund |
Anouk Dey, 1986 Employee, T. Rowe Price | Vice President, New Horizons Fund |
Carson R. Dickson, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, High Yield Fund |
Anna A. Dreyer, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund |
Christopher Driessen, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Executive Director, Goldman Sachs Asset Management (to 2014) | Vice President, New Era Fund |
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, Blue Chip Growth Fund, Capital Appreciation Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, Real Assets Fund, and U.S. Large-Cap Core Fund |
Greg Dunham, 1974 Vice President, T. Rowe Price Group; formerly Analyst, Goldman Sachs (to 2015); CFA | Vice President, Growth Stock Fund, Media & Telecommunications Fund, Science & Technology Funds, and Tax-Efficient Funds |
Donald J. Easley, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Diversified Mid-Cap Growth Fund; Vice President, Capital Opportunity Fund, Mid-Cap Growth Fund, New Era Fund, and Tax-Efficient Funds |
Bridget A. Ebner, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
David J. Eiswert, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, and Science & Technology Fund |
Henry M. Ellenbogen, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, New Horizons Fund; Vice President, Global Technology Fund, International Funds, Media & Telecommunications Fund, Mid-Cap Growth Fund, and Mid-Cap Value Fund |
Charles E. Emrich, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund |
Sarah J. Engle, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Program Examiner and Policy Analyst, Office of Management & Budget (to 2012) | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund |
Joseph B. Fath, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | President, Growth Stock Fund; Vice President, Capital Opportunity Fund, Growth & Income Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and U.S. Large-Cap Core Fund |
56
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Ryan W. Ferro, 1985 Vice President, T. Rowe Price; formerly, student, Tucker School of Business at Dartmouth (to 2014); Director, Corporate Development, ModusLink Global Solutions, Inc. (to 2012) | Vice President, International Funds |
Stephen M. Finamore, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Financial Services Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Mark S. Finn, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Capital Opportunity Fund, Equity Income Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Personal Strategy Funds, and U.S. Large-Cap Core Fund |
Quentin S. Fitzsimmons, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Portfolio Manager, Royal Bank of Scotland Group (to 2015); Executive Director, Threadneedle Investment, Ltd. (to 2012) | Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, and International Funds |
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 |
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, and Growth Stock 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 |
Stephanie A. Gentile, 1956 Vice President, T. Rowe Price; formerly Director, Credit Suisse Securities (to 2014); CFA | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
Justin T. Gerbereux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios |
Alastair Mckinlay Gilmour, 1981 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds |
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, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Capital Appreciation Fund; Vice President, Equity Income Fund, Floating Rate Fund, Institutional Income Funds, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Vishnu Vardhan 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 Price Group, Inc.; formerly Analyst, Fidelity International (to 2014) | Vice President, International Funds and Value Fund |
57
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Paul D. Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Science & Technology Fund, and U.S. Large-Cap Core Fund |
Benjamin Griffiths, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds and International Funds |
Michael J. Grogan, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund |
Amanda B. Hall, 1985 Vice President, T. Rowe Price International; formerly Investment Analyst, Bill Gates Investments (to 2012); student, Stanford Graduate School of Business (to 2014) CFA | Vice President, Institutional International Funds and International Funds |
John Hall, 1977 Employee, T. Rowe Price; formerly Assistant Professor of Medicine, Johns Hopkins University School of Medicine (to 2013) | Vice President, Health Sciences Fund |
Richard L. Hall, 1979 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; formerly Financial Attaché, U.S. Department of Treasury, International Affairs Division (to 2012) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Nabil Hanano, 1984 Employee, T. Rowe Price; Senior Equity Research Associates, Raymond James (to 2012); CFA | Vice President, Institutional International Funds and International Funds |
Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds |
Robert L. Harlow, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CAIA, CFA | Vice President, Global Allocation Fund |
Ryan S. Hedrick, 1980 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; formerly Analyst, Davidson Kempner Capital Management (to 2013); CFA | Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Equity Income Fund, Mid-Cap Value Fund, New Era Fund, and Small-Cap Value Fund |
Barry Henderson, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, New Horizons Fund |
Charles B. Hill, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Income Trust and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund |
Ann M. Holcomb, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds |
58
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Steven C. Huber, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA, FSA | President, Global Multi-Sector Bond Fund; Executive Vice President, Institutional Income Funds; Vice President, Floating Rate Fund, Global Allocation Fund, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and New Income Fund |
Thomas J. Huber, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Dividend Growth Fund; Vice President, Blue Chip Growth Fund, and Real Estate Fund |
Stefan Hubrich, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | Vice President, Global Allocation Fund, Institutional International Funds, International Funds, and Real Assets Fund |
Arif Husain, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Director/Head of UK and Euro Fixed Income, AllianceBernstein (to 2013); CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Tetsuji Inoue, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Equity Sales, JP Morgan Chase Securities Ltd. (to 2012) | Vice President, Global Real Estate Fund and International Funds |
Stephon A. Jackson, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Mid-Cap Growth Fund |
Michael Jacobs, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, JP Morgan Asset Management (to 2013) | Vice President, International Funds |
Andrew P. Jamison, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds; Vice President, International Funds |
Dylan Jones, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
Nina P. Jones, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | President, Global Real Estate Fund; Vice President, Capital Appreciation Fund, Financial Services Fund, Institutional International Funds, International Funds, Real Assets Fund, Real Estate Fund, and Small-Cap Value Fund |
Keir R. Joyce, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Vidya Kadiyam, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund and Quantitative Management Funds |
Yoichiro Kai, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund, Institutional International Funds, and International Funds |
Jai Kapadia, 1982 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds |
59
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund and Institutional Income Funds |
Ian D. Kelson, 1956 Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. | Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund and New Era Fund |
Steven M. Kohlenstein, 1987 Assistant Vice President, T. Rowe Price | Assistant Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Marianna Korpusova, 1984 Vice President, T. Rowe Price, formerly, student, The University of Chicago (to 2014); Associate, PricewaterhouseCoopers (to 2012); CFA | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
Steven D. Krichbaum, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund and Capital Opportunity Fund |
Paul J. Krug, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | Vice President, all funds |
Christopher J. Kushlis, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Michael Lambe, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Robert M. Larkins, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, U.S. Bond Enhanced Index Fund; Vice President, Balanced Fund, Global Allocation Fund, Institutional Income Funds, and New Income Fund |
Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Funds, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly, student, The Wharton School, University of Pennsylvania (to 2012) | Vice President, International Funds |
Mark J. Lawrence, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Matthew Lawton, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Corporate Income Fund |
David M. Lee, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Real Estate Fund; Vice President, Dividend Growth Fund, Global Real Estate Fund, and Real Assets Fund |
Martin G. Lee, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
60
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Wyatt A. Lee, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Real Assets Fund; Executive Vice President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, and Personal Strategy Funds |
Alan D. Levenson, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. | Vice President, California Tax-Free Income Trust, GNMA Fund, Inflation Protected Bond Fund, Multi-Sector Account Portfolios, New Income Fund, Prime Reserve Fund, TRP Reserve Funds, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
John D. Linehan, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Equity Income Fund; Executive Vice President, Institutional Equity Funds; Vice President, Capital Appreciation Fund, Growth & Income Fund, U.S. Large-Cap Core Fund, and Value Fund |
Jacqueline L. Liu, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Investment Analyst, Fidelity International Hong Kong Limited (to 2014) | Vice President, Global Technology Fund, International Funds, and Media & Telecommunications Fund |
Gregory Locraft, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund |
Christopher C. Loop, 1966 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Anh Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Oxana Lyalina, 1987 Employee, T. Rowe Price; Senior Analyst, Goldman Sachs International (to 2013) | Vice President, International Funds |
Joseph K. Lynagh, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Prime Reserve Fund, TRP Reserve Funds, Summit Income Funds, and Tax-Exempt Money Fund; Executive Vice President, California Tax-Free Income Trust, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Municipal Funds, and U.S. Treasury Funds; Vice President, Tax-Free Short-Intermediate Fund |
James T. Lynch, 1983 Vice President, T. Rowe Price; CFA | Vice President, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
Konstantine B. Mallas, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Tax-Free Income Fund; Executive Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
Sebastien Mallet, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds; Vice President, International Funds |
Robert J. Marcotte, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, Mid-Cap Growth Fund, and Small-Cap Stock Fund |
Jennifer Martin, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund |
61
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Daniel Martino, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Equity Income Fund, Growth Stock Fund, Media & Telecommunications 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, Equity Income Fund, U.S. Bond Enhanced Index Fund, and U.S. Large-Cap Core Fund |
Paul M. Massaro, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios; Vice President, Capital Appreciation Fund, Global Multi-Sector Bond Fund, and High Yield Fund |
Catherine D. Mathews, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Treasurer and Vice President, all funds |
Jonathan H.W. Matthews, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, GNMA Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Financial Services Fund, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, New Income Fund, Short-Term Bond Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Gregory A. McCrickard, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Mid-Cap Value Fund and Small-Cap Value Fund |
Daniel A. McCulley, 1987 Employee, T. Rowe Price | Vice President, Global Real Estate Fund and Real Estate Fund |
Ian C. McDonald, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund and New America Growth Fund |
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, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, California Tax-Free Income Trust, State Tax-Free Income Trust, 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, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Executive Vice President, Institutional Equity Funds and Mid-Cap Value Fund; Vice President, Equity Income Fund, Global Technology Fund, New Era Fund, and Value Fund |
Cheryl A. Mickel, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Limited Duration Inflation Focused Bond Fund, Prime Reserve Fund, TRP Reserve Funds, Short-Term Bond Fund, Summit Income Funds, Summit Municipal Funds, and U.S. Treasury Funds |
62
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Raymond A. Mills, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; Ph.D., CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Personal Strategy Funds |
Jihong Min, 1979 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly Financial Analyst, Geosphere Capital Management, Singapore (to 2012) | Vice President, International Funds |
Eric C. Moffett, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Samy B. Muaddi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, and Institutional Income Funds |
Tobias F. Mueller, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Technology Fund, Institutional International Funds, International Funds, and Science & Technology Fund |
James M. Murphy, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, Credit Opportunities Fund, Institutional Income Funds, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Jared Murphy, 1986 Employee, T. Rowe Price; formerly, student, Stanford Graduate School of Business (to 2015); Associate, ShawSpring Partners (to 2013) | Vice President, International Funds |
Linda A. Murphy, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free High Yield Fund |
Sudhir Nanda, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | President, Quantitative Management Funds; Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, and Institutional International Funds |
Jeffrey R. Nathan, 1985 Employee, T. Rowe Price; Independent Consultant, Hedge Fund; Vice President, Atlas holdings, LLC (to 2012) | Vice President, Media & Telecommunications Fund |
Joshua Nelson, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Institutional International Funds and International Funds |
Philip A. Nestico, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, International Funds, Media & Telecommunications Fund, and Real Estate Fund |
Michael Niedzielski, 1979 Vice President T. Rowe Price Group, Inc. and T. Rowe Price International; Manager and Analyst, Fidelity Investments, Boston and London Offices (to 2015) | Vice President, International Funds |
Sridhar Nishtala, 1975 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
Jason Nogueira, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional International Funds and International Funds |
Alexander S. Obaza, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
63
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
David Oestreicher, 1967 Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Vice President and Secretary, T. Rowe Price and T. Rowe Price International; Vice President, Price Hong Kong and Price Singapore | Vice President, all funds |
Michael D. Oh, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Christian M. ONeill, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Lord Abbett & Company, LLC (to 2013) | Vice President, New Era Fund and Value Fund |
Kenneth A. Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Curt J. Organt, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds, New America Growth Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Paul T. OSullivan, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Oluwaseun A. Oyegunle, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, student, The Wharton School, University of Pennsylvania (to 2013); Summer Investment Analyst, T. Rowe Price International (2012); Analyst, Asset & Resource Management Limited (to 2012); CFA | Vice President, Institutional International Funds and International Funds |
Sebastien Page, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds |
Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Allocation Fund |
Gonzalo Pangaro, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
Miso Park, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Timothy E. Parker, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Mid-Cap Growth Fund, New Era Fund, New Horizons Fund, Small-Cap Stock Fund, Small-Cap Value Fund, and Tax-Efficient Funds |
Viral S. Patel, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund |
Charles G. Pepin, 1966 Director, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Small-Cap Stock Fund |
Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds |
64
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Jason B. Polun, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds; Vice President, Financial Services Fund |
Adam Poussard, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Health Sciences Fund and New Horizons Fund |
Larry J. Puglia, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund and Personal Strategy Funds |
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, 1987 Vice President, T. Rowe Price; formerly Intern (to 2013) | Vice President, Global Real Estate Fund and Real Estate Fund |
Vivek Rajeswaran, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, student, Columbia Business School (to 2012) | Vice President, Blue-Chip Growth Fund, International Funds, Mid-Cap Growth Fund, and New Era Fund |
Kyle Rasbach, 1980 Vice President, T. Rowe Price; formerly Vice President, Cowen and Company (to 2013) | Vice President, Equity Income Fund and Health Sciences Fund |
John W. Ratzesberger, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; formerly North American Head of Listed Derivatives Operation, Morgan Stanley (to 2013) | Vice President, all funds |
Shannon H. Rauser, 1987 Employee, T. Rowe Price | Assistant Secretary, all funds |
Rodney M. Rayburn, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Värde Partners (to 2014); CFA | President, Credit Opportunities Fund; Executive Vice President, Institutional Income Funds |
Vernon A. Reid, Jr., 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund |
Michael F. Reinartz, 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 |
Darrell M. Riley, 1958 Vice President, T Rowe Price Group, Inc. | Vice President, Global Allocation Fund |
Melanie A. Rizzo, 1982 Employee, T. Rowe Price | Vice President, International Funds |
Theodore E. Robson, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Real Estate Fund |
Christopher J. Rothery, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds |
Jeffrey Rottinghaus, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | President, Growth & Income Fund and U.S. Large-Cap Core Fund; Vice President, Capital Opportunity Fund and Dividend Growth Fund |
David L. Rowlett, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds and New America Growth Fund |
65
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Brian A. Rubin, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Mariel Santiago, 1981 Vice President, T. Rowe Price; Equity Research Analyst, HSBC Securities, Inc.; (pending resume) | Vice President, International Funds and Multi-Sector Account Portfolios |
Federico Santilli, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Emily C. Scudder, 1985 Employee, T. Rowe Price; formerly, student, The Wharton School, University of Pennsylvania; (to 2015); Equity Research Associate, BMO Capital Markets (to 2013); CFA, CPA | Vice President, Science & Technology Fund |
Deborah D. Seidel, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. | Vice President, all funds |
Rebecca L. Setcavage, 1982 Vice President, T. Rowe Price | Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Horizons Fund, and U.S. Treasury Funds |
Michael K. Sewell, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund and Multi-Sector Account Portfolios |
Daniel O. Shackelford, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, and New Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, Personal Strategy Funds, Real Assets Fund, Retirement Funds, Spectrum Funds, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Jeneiv Shah, 1980 Vice President, T. Rowe Price International; CFA | Vice President, International Funds |
Chen Shao, 1980 Vice President, T. Rowe Price | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Robert W. Sharps, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, New America Growth Fund, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and U.S. Large-Cap Core Fund |
Thomas A. Shelmerdine, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Investment Committee Member, Myer Family Company Holdings Limited (to 2012) | Vice President, New Era Fund |
66
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
John C.A. Sherman, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Jamie Shin, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Charles M. Shriver, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds; Vice President, Real Assets Fund and Retirement Funds |
Elliot J. Shue, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Corporate Income Fund |
Farris G. Shuggi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds; Vice President, Capital Appreciation Fund and Small-Cap Value Fund |
Corey D. Shull, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Global Technology Fund, Media & Telecommunications Fund and New Horizons Fund |
Weijie Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group; formerly, student, Harvard Business School (to 2012) | Vice President, Dividend Growth Fund, Real Estate Fund, and Value Fund |
Neil Smith, 1972 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International | President, International Index Fund; Vice President, Index Trust |
Robert W. Smith, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Institutional International Funds, International Funds, and Retirement Funds |
Matthew J. Snowling, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Equity Income Fund and Financial Services Fund |
Michael F. Sola, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Small-Cap Stock Fund |
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Financial Services Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, and U.S. Large-Cap Core Fund |
Scott D. Solomon, 1981 Vice President, T. Rowe Price; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
Eunbin Song, 1980 Vice President, Price Singapore and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds |
Joshua K. Spencer, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Global Technology Fund; Vice President, Institutional International Funds, International Funds, New Horizons Fund, Science & Technology Fund, Small-Cap Stock Fund, and Value Fund |
67
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Douglas D. Spratley, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
David A. Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Kimberly A. Stokes, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
William J. Stromberg, 1960 Director and President, T. Rowe Price; Director, Chief Executive Officer, and President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price International; CFA | Vice President, Capital Appreciation Fund and Tax-Efficient Funds |
Guido F. Stubenrauch, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Taymour R. Tamaddon, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, and Tax-Efficient Funds |
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Sin Dee Tan, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Timothy G. Taylor, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Thomas E. Tewksbury, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Craig A. Thiese, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Index Trust, International Index Fund, New America Growth Fund, and New Era Fund |
Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, California Tax-Free Income Trust, Corporate Income Fund, Credit Opportunities Fund, Institutional Income Funds, Multi-Sector Account Portfolios, Prime Reserve Fund, State Tax-Free Income Trust, Summit Income Funds, Summit Municipal Funds, TRP Reserve Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
68
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios |
Toby M. Thompson, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Director of Investments, I.A.M. National Pension Fund (to 2012); CFA, CAIA | Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds |
Justin Thomson, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, New Horizons Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
David A. Tiberii, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | President, Corporate Income Fund; Executive Vice President, Institutional Income Funds; Vice President, Multi-Sector Account Portfolios, New Income Fund and U.S. Bond Enhanced Index Fund |
Mitchell J.K. Todd, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund and International Funds |
Michael J. Trivino, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Susan G. Troll, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Capital Appreciation Fund and Financial Services Fund |
Alan Tu, 1985 Vice President, T. Rowe Price; formerly Intern, T. Rowe Price (to 2013); student, University of Chicago Booth School of Business (to 2014); Ananda Capital Management, Analyst (to 2012) | Vice President, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds |
James Tzitzouris, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. | Vice President, Retirement Funds |
Ken D. Uematsu, 1969 Vice President, T. Rowe Price and T. Rowe Price Trust Company; CFA | President, Index Trust; Vice President, International Index Fund |
Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Floating Rate Fund, High Yield Fund, and Institutional Income Funds; Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Eric L. Veiel, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Co-President, Capital Opportunity Fund; Executive Vice President, Institutional Equity Funds; Vice President, Institutional International Funds |
Kes Visuvalingam, 1968 Director, Responsible Officer, and Vice President, Price Hong Kong; Director, Chief Executive Officer, and Vice President, Price Singapore; and Vice President, T. Rowe Price Group, Inc.; CFA | Vice President, International Funds |
Zenon Voyiatzis, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Managing Director, UBS Global Asset Management (to 2015) | Vice President, Financial Services Fund |
Verena E. Wachnitz, 1978 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds and Media & Telecommunications Fund |
69
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Credit Opportunities Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
J. David Wagner, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Small-Cap Value Fund; Vice President, Institutional Equity Funds, Mid-Cap Value Fund, New Horizons Fund, and Small-Cap Stock Fund |
John F. Wakeman, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund and Institutional 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 |
Dai Wang, 1989 Employee, T. Rowe Price; formerly, student Harvard Business School (to 2014); Analyst, Goldman Sachs (to 2012) | Vice President, Institutional International Funds and International Funds |
Hiroshi Watanabe, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Thomas H. Watson, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund, Global Technology Fund, New America Growth Fund, and Science & Technology Fund |
Michael T. Wehn, 1984 Assistant Vice President, T. Rowe Price | Vice President, Index Trust and International Index Fund |
Mark R. Weigman, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC | Assistant Vice President, Tax-Efficient Funds |
Victor M. Weinblatt, 1988 Assistant Vice President, T. Rowe Price;(pending resume) | Vice President, GNMA Fund |
John D. Wells, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, New America Growth Fund; Vice President, Capital Opportunity Fund, Growth Stock Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, and Mid-Cap Value Fund |
Christopher S. Whitehouse, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
Richard T. Whitney, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, Real Assets Fund, Retirement Funds, and Spectrum Funds |
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 |
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, Dividend Growth Fund, Mid-Cap Value Fund, and New Era Fund |
Thea N. Williams, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
70
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Jon D. Wood, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President and Senior Research Analyst, Jeffries & Company, Inc. (to 2013); CFA | Vice President, Dividend Growth Fund and Value Fund |
J. Howard Woodward, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Rouven J. Wool-Lewis, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. | Vice President, Diversified Mid-Cap Growth Fund, Health Sciences Fund, and Small-Cap Stock Fund |
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Benjamin T. Yeagle, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds |
Ernest C. Yeung, 1979 Director, Responsible Officer, and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc.; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds and Media & Telecommunications Fund |
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 |
Rick Zhang, 1984 Vice President, T. Rowe Price; Vice President, PIMCO (to 2012) (pending resume) | Vice President, GNMA Fund |
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds and Media & Telecommunications Fund |
Jeffrey T. Zoller, 1970 Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Price Trust Company | Vice President, all funds |
Directors Compensation
Effective January 1, 2016, each independent director is paid $300,000 annually for his/her service on the funds Boards and the chairman of the Committee of Independent Directors is paid an additional $150,000 annually for his/her service as Lead Independent Director. (During 2015, each independent director was paid $270,000 annually for his/her service on the funds Boards and the Lead Independent Director was paid an additional $100,000). Effective January 1, 2016, an independent director who serves on the Joint Audit Committee receives $30,000 annually for his/her service as a member of the committee and the Joint Audit Committee chairman receives $40,000 annually for his/her service as chairman of the committee. (During 2015, Joint Audit Committee members were paid $10,000 annually and the Joint Audit Committee chairman was paid $20,000.) All of these fees are allocated to each fund on a pro rata basis based on each funds net assets relative to the other funds.
The following table shows the total compensation that was received by the independent directors for the 2015 calendar year. The independent directors of the funds do not receive any pension or retirement benefits from the funds or 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 |
Brody | $270,000 |
Deering (Lead) | 376,000 |
71
Directors | Total Compensation |
Dick* | 270,000 |
Duncan | 280,000 |
Gerrard | 296,000 |
Horn* | 275,000 |
McBride | 286,000 |
Rouse | 286,000 |
Schreiber | 277,000 |
Tercek | 270,000 |
* Mr. Dick and Ms. Horn retired as independent directors
of
the Price Funds effective December 31, 2015.
The following table shows the amounts paid by each fund to the independent directors based on accrued compensation for the calendar year 2015:
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
Africa & Middle East | $77 | $107 | $77 | $80 | $85 | $78 | $82 | $82 | $79 | $77 |
Asia Opportunities | 11 | 16 | 11 | 12 | 12 | 11 | 12 | 12 | 12 | 11 |
Balanced | 1,669 | 2,325 | 1,669 | 1,731 | 1,831 | 1,698 | 1,769 | 1,769 | 1,711 | 1,669 |
Blue Chip Growth | 11,623 | 16,174 | 11,623 | 12,053 | 12,729 | 11,807 | 12,299 | 12,299 | 11,903 | 11,623 |
California Tax-Free Bond | 205 | 286 | 205 | 213 | 225 | 209 | 217 | 217 | 210 | 205 |
California Tax-Free Money | 30 | 41 | 30 | 31 | 33 | 30 | 32 | 32 | 30 | 30 |
Capital Appreciation | 9,643 | 13,429 | 9,643 | 10,000 | 10,572 | 9,804 | 10,215 | 10,215 | 9,878 | 9,643 |
Capital Opportunity | 270 | 376 | 270 | 280 | 296 | 275 | 286 | 286 | 277 | 270 |
Corporate Income | 267 | 372 | 267 | 277 | 292 | 271 | 283 | 283 | 273 | 267 |
Credit Opportunities | 15 | 21 | 15 | 16 | 16 | 15 | 16 | 16 | 15 | 15 |
Diversified Mid-Cap Growth | 182 | 253 | 182 | 189 | 199 | 185 | 193 | 193 | 186 | 182 |
Dividend Growth | 1,898 | 2,644 | 1,898 | 1,968 | 2,081 | 1,930 | 2,011 | 2,011 | 1,945 | 1,898 |
Emerging Europe | 71 | 99 | 71 | 74 | 78 | 72 | 76 | 76 | 73 | 71 |
Emerging Markets Bond | 1,826 | 2,544 | 1,826 | 1,894 | 2,002 | 1,857 | 1,935 | 1,935 | 1,871 | 1,826 |
Emerging Markets Corporate Bond | 54 | 75 | 54 | 56 | 59 | 55 | 57 | 57 | 55 | 54 |
Emerging Markets Corporate Multi-Sector Account Portfolio(d) | 12 | 17 | 12 | 13 | 14 | 13 | 13 | 13 | 13 | 12 |
Emerging Markets Local Currency Bond | 72 | 100 | 72 | 74 | 79 | 73 | 76 | 76 | 74 | 72 |
Emerging Markets Local Multi-Sector Account Portfolio(d) | 15 | 21 | 15 | 16 | 17 | 15 | 16 | 16 | 16 | 15 |
Emerging Markets Stock | 3,394 | 4,724 | 3,394 | 3,520 | 3,718 | 3,449 | 3,593 | 3,593 | 3,477 | 3,394 |
Emerging Markets Value Stock | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
72
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
Equity Income | 11,063 | 15,431 | 11,063 | 11,473 | 12,155 | 11,266 | 11,743 | 11,743 | 11,349 | 11,063 |
Equity Index 500 | 10,124 | 14,098 | 10,124 | 10,499 | 11,099 | 10,293 | 10,724 | 10,724 | 10,374 | 10,124 |
European Stock | 653 | 908 | 653 | 677 | 714 | 663 | 690 | 690 | 668 | 653 |
Extended Equity Market Index | 309 | 430 | 309 | 320 | 338 | 314 | 327 | 327 | 316 | 309 |
Financial Services | 232 | 322 | 232 | 240 | 254 | 235 | 245 | 245 | 237 | 232 |
Floating Rate | 216 | 300 | 216 | 224 | 237 | 219 | 229 | 229 | 221 | 216 |
Floating Rate Multi-Sector Account Portfolio(d) | 22 | 31 | 22 | 23 | 24 | 23 | 24 | 24 | 23 | 22 |
Georgia Tax-Free Bond | 98 | 137 | 98 | 102 | 108 | 100 | 104 | 104 | 101 | 98 |
Global Allocation | 47 | 65 | 47 | 49 | 51 | 48 | 50 | 50 | 48 | 47 |
Global Consumer(a) | 2 | 2 | 0 | 2 | 2 | 0 | 2 | 2 | 2 | 2 |
Global Growth Stock | 39 | 54 | 39 | 41 | 43 | 40 | 41 | 41 | 40 | 39 |
Global High Income Bond | 9 | 12 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
Global Industrials | 7 | 10 | 7 | 7 | 8 | 7 | 7 | 7 | 7 | 7 |
Global Multi-Sector Bond | 121 | 169 | 121 | 126 | 133 | 123 | 129 | 129 | 124 | 121 |
Global Real Estate | 95 | 133 | 95 | 99 | 104 | 97 | 101 | 101 | 98 | 95 |
Global Stock | 207 | 288 | 207 | 214 | 227 | 210 | 219 | 219 | 212 | 207 |
Global Technology | 804 | 1,117 | 804 | 834 | 879 | 815 | 849 | 849 | 822 | 804 |
Global Unconstrained Bond | 12 | 17 | 12 | 12 | 13 | 12 | 13 | 13 | 12 | 12 |
GNMA | 641 | 893 | 641 | 664 | 703 | 652 | 679 | 679 | 657 | 641 |
TRP Government Reserve Investment | 863 | 1,201 | 863 | 895 | 945 | 877 | 913 | 913 | 883 | 863 |
Growth & Income | 637 | 888 | 637 | 661 | 699 | 648 | 676 | 676 | 653 | 637 |
Growth Stock | 18,212 | 25,357 | 18,212 | 18,887 | 19,960 | 18,512 | 19,286 | 19,286 | 18,660 | 18,212 |
Health Sciences | 5,735 | 7,974 | 5,735 | 5,947 | 6,274 | 5,821 | 6,063 | 6,063 | 5,873 | 5,735 |
High Yield | 3,971 | 5,531 | 3,971 | 4,118 | 4,354 | 4,038 | 4,207 | 4,207 | 4,070 | 3,971 |
High Yield Multi-Sector Account Portfolio(d) | 8 | 12 | 8 | 9 | 9 | 9 | 9 | 9 | 9 | 8 |
Inflation Protected Bond | 154 | 214 | 154 | 159 | 169 | 156 | 163 | 163 | 158 | 154 |
Institutional Africa & Middle East | 82 | 114 | 82 | 85 | 90 | 83 | 87 | 87 | 84 | 82 |
Institutional Core Plus | 236 | 329 | 236 | 245 | 259 | 240 | 251 | 251 | 242 | 236 |
Institutional Credit Opportunities | 20 | 28 | 20 | 21 | 22 | 21 | 22 | 22 | 21 | 20 |
Institutional Emerging Markets Bond | 134 | 186 | 134 | 139 | 147 | 136 | 142 | 142 | 137 | 134 |
Institutional Emerging Markets Equity | 396 | 552 | 396 | 411 | 435 | 403 | 420 | 420 | 406 | 396 |
Institutional Floating Rate | 1,380 | 1,921 | 1,380 | 1,431 | 1,512 | 1,403 | 1,461 | 1,461 | 1,413 | 1,380 |
73
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
Institutional Frontier Markets Equity | 18 | 25 | 18 | 19 | 20 | 19 | 19 | 19 | 19 | 18 |
Institutional Global Focused Growth Equity | 37 | 52 | 37 | 39 | 41 | 38 | 39 | 39 | 38 | 37 |
Institutional Global Growth Equity | 115 | 160 | 115 | 119 | 126 | 117 | 121 | 121 | 118 | 115 |
Institutional Global Multi-Sector Bond | 85 | 119 | 85 | 88 | 93 | 87 | 90 | 90 | 87 | 85 |
Institutional Global Value Equity | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
Institutional High Yield | 875 | 1,220 | 875 | 908 | 961 | 891 | 928 | 928 | 897 | 875 |
Institutional International Bond | 132 | 184 | 132 | 137 | 145 | 134 | 140 | 140 | 135 | 132 |
Institutional International Concentrated Equity | 91 | 126 | 91 | 94 | 99 | 92 | 96 | 96 | 93 | 91 |
Institutional International Core Equity | 58 | 80 | 58 | 60 | 63 | 58 | 61 | 61 | 59 | 58 |
Institutional International Growth Equity | 28 | 39 | 28 | 29 | 31 | 29 | 30 | 30 | 29 | 28 |
Institutional Large-Cap Core Growth | 728 | 1,012 | 728 | 755 | 796 | 739 | 769 | 769 | 745 | 728 |
Institutional Large-Cap Growth | 5,089 | 7,082 | 5,089 | 5,277 | 5,574 | 5,170 | 5,386 | 5,386 | 5,211 | 5,089 |
Institutional Large-Cap Value | 935 | 1,302 | 935 | 970 | 1,025 | 950 | 990 | 990 | 958 | 935 |
Institutional Long Duration Credit | 12 | 16 | 12 | 12 | 13 | 12 | 12 | 12 | 12 | 12 |
Institutional Mid-Cap Equity Growth | 2,052 | 2,855 | 2,052 | 2,128 | 2,247 | 2,085 | 2,171 | 2,171 | 2,102 | 2,052 |
Institutional Small-Cap Stock | 852 | 1,186 | 852 | 883 | 933 | 866 | 902 | 902 | 872 | 852 |
Institutional U.S. Structured Research | 318 | 443 | 318 | 330 | 349 | 323 | 337 | 337 | 326 | 318 |
Intermediate Tax-Free High Yield | 12 | 16 | 12 | 12 | 13 | 12 | 12 | 12 | 12 | 12 |
International Bond | 1,978 | 2,752 | 1,978 | 2,051 | 2,166 | 2,009 | 2,093 | 2,093 | 2,025 | 1,978 |
International Concentrated Equity | 4 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
International Discovery | 1,608 | 2,237 | 1,608 | 1,668 | 1,760 | 1,633 | 1,701 | 1,701 | 1,647 | 1,608 |
International Equity Index | 214 | 298 | 214 | 222 | 235 | 218 | 227 | 227 | 220 | 214 |
International Growth & Income | 4,625 | 6,435 | 4,625 | 4,796 | 5,065 | 4,698 | 4,894 | 4,894 | 4,737 | 4,625 |
International Stock | 5,710 | 7,947 | 5,710 | 5,921 | 6,255 | 5,802 | 6,044 | 6,044 | 5,851 | 5,710 |
Investment-Grade Corporate Multi-Sector Account Portfolio(d) | 18 | 25 | 18 | 19 | 20 | 19 | 19 | 19 | 19 | 18 |
Japan | 122 | 170 | 122 | 127 | 134 | 124 | 129 | 129 | 125 | 122 |
Latin America | 252 | 352 | 252 | 261 | 277 | 257 | 268 | 268 | 259 | 252 |
74
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
Limited Duration Inflation Focused Bond | 2,921 | 4,067 | 2,921 | 3,029 | 3,201 | 2,969 | 3,093 | 3,093 | 2,992 | 2,921 |
Maryland Short-Term Tax-Free Bond | 86 | 121 | 86 | 90 | 95 | 88 | 92 | 92 | 89 | 86 |
Maryland Tax-Free Bond | 825 | 1,149 | 825 | 855 | 905 | 839 | 874 | 874 | 845 | 825 |
Maryland Tax-Free Money | 54 | 76 | 54 | 56 | 60 | 55 | 58 | 58 | 56 | 54 |
Media & Telecommunications | 1,330 | 1,852 | 1,330 | 1,380 | 1,458 | 1,352 | 1,409 | 1,409 | 1,363 | 1,330 |
Mid-Cap Growth | 10,211 | 14,217 | 10,211 | 10,589 | 11,192 | 10,379 | 10,814 | 10,814 | 10,462 | 10,211 |
Mid-Cap Index | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Mid-Cap Value | 4,822 | 6,720 | 4,822 | 5,000 | 5,292 | 4,906 | 5,113 | 5,113 | 4,943 | 4,822 |
Mortgage-Backed Securities Multi-Sector Account Portfolio(d) | 28 | 39 | 28 | 29 | 30 | 28 | 29 | 29 | 29 | 28 |
New America Growth | 1,768 | 2,462 | 1,768 | 1,833 | 1,938 | 1,798 | 1,873 | 1,873 | 1,812 | 1,768 |
New Asia | 1,587 | 2,214 | 1,587 | 1,646 | 1,743 | 1,616 | 1,685 | 1,685 | 1,631 | 1,587 |
New Era | 1,342 | 1,871 | 1,342 | 1,391 | 1,474 | 1,366 | 1,424 | 1,424 | 1,376 | 1,342 |
New Horizons | 6,410 | 8,926 | 6,410 | 6,647 | 7,026 | 6,516 | 6,789 | 6,789 | 6,568 | 6,410 |
New Income | 11,403 | 15,888 | 11,403 | 11,825 | 12,511 | 11,600 | 12,087 | 12,087 | 11,689 | 11,403 |
New Jersey Tax-Free Bond | 137 | 192 | 137 | 143 | 151 | 140 | 146 | 146 | 141 | 137 |
New York Tax-Free Bond | 177 | 247 | 177 | 184 | 195 | 180 | 188 | 188 | 182 | 177 |
New York Tax-Free Money | 29 | 41 | 29 | 31 | 32 | 30 | 31 | 31 | 30 | 29 |
Overseas Stock | 4,259 | 5,925 | 4,259 | 4,417 | 4,663 | 4,326 | 4,506 | 4,506 | 4,362 | 4,259 |
Personal Strategy Balanced | 826 | 1,150 | 826 | 856 | 906 | 840 | 875 | 875 | 846 | 826 |
Personal Strategy Growth | 663 | 924 | 663 | 688 | 727 | 674 | 703 | 703 | 680 | 663 |
Personal Strategy Income | 600 | 836 | 600 | 623 | 658 | 610 | 636 | 636 | 615 | 600 |
Prime Reserve | 2,627 | 3,661 | 2,627 | 2,725 | 2,882 | 2,672 | 2,785 | 2,785 | 2,693 | 2,627 |
QM Global Equity (b) | 3 | 5 | 0 | 3 | 4 | 0 | 3 | 3 | 3 | 3 |
QM U.S. Small & Mid-Cap Core Equity (c) | 4 | 6 | 0 | 4 | 4 | 0 | 4 | 4 | 4 | 4 |
QM U.S. Small-Cap Growth Equity | 587 | 814 | 587 | 609 | 640 | 594 | 619 | 619 | 600 | 587 |
QM U.S. Value Equity (c) | 3 | 4 | 0 | 3 | 3 | 0 | 3 | 3 | 3 | 3 |
Real Assets | 1,824 | 2,541 | 1,824 | 1,892 | 2,000 | 1,855 | 1,933 | 1,933 | 1,869 | 1,824 |
Real Estate | 2,117 | 2,951 | 2,117 | 2,195 | 2,325 | 2,155 | 2,246 | 2,246 | 2,169 | 2,117 |
TRP Reserve Investment | 7,889 | 11,002 | 7,889 | 8,181 | 8,665 | 8,033 | 8,373 | 8,373 | 8,090 | 7,889 |
Retirement 2005 | 669 | 932 | 669 | 694 | 734 | 680 | 709 | 709 | 685 | 669 |
Retirement 2010 | 2,526 | 3,520 | 2,526 | 2,620 | 2,772 | 2,570 | 2,678 | 2,678 | 2,589 | 2,526 |
Retirement 2015 | 4,080 | 5,684 | 4,080 | 4,231 | 4,476 | 4,150 | 4,325 | 4,325 | 4,182 | 4,080 |
75
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
Retirement 2020 | 10,147 | 14,130 | 10,147 | 10,523 | 11,124 | 10,316 | 10,748 | 10,748 | 10,397 | 10,147 |
Retirement 2025 | 7,188 | 10,006 | 7,188 | 7,455 | 7,876 | 7,305 | 7,610 | 7,610 | 7,364 | 7,188 |
Retirement 2030 | 9,745 | 13,566 | 9,745 | 10,105 | 10,678 | 9,904 | 10,318 | 10,318 | 9,984 | 9,745 |
Retirement 2035 | 5,267 | 7,330 | 5,267 | 5,462 | 5,769 | 5,351 | 5,575 | 5,575 | 5,395 | 5,267 |
Retirement 2040 | 6,728 | 9,365 | 6,728 | 6,977 | 7,371 | 6,837 | 7,122 | 7,122 | 6,893 | 6,728 |
Retirement 2045 | 3,026 | 4,210 | 3,026 | 3,138 | 3,314 | 3,074 | 3,202 | 3,202 | 3,099 | 3,026 |
Retirement 2050 | 2,273 | 3,162 | 2,273 | 2,358 | 2,488 | 2,308 | 2,404 | 2,404 | 2,328 | 2,273 |
Retirement 2055 | 727 | 1,010 | 727 | 754 | 795 | 738 | 768 | 768 | 744 | 727 |
Retirement 2060 | 12 | 16 | 12 | 12 | 13 | 12 | 12 | 12 | 12 | 12 |
Retirement Balanced | 1,415 | 1,973 | 1,415 | 1,467 | 1,554 | 1,440 | 1,501 | 1,501 | 1,451 | 1,415 |
Retirement I 2005 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2010 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2015 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2020 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2025 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2030 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2035 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2040 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2045 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2050 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2055 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement I 2060 FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retirement Balanced I FundI Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Science & Technology | 1,510 | 2,103 | 1,510 | 1,566 | 1,656 | 1,536 | 1,600 | 1,600 | 1,548 | 1,510 |
Short-Term Bond | 2,464 | 3,436 | 2,464 | 2,555 | 2,706 | 2,508 | 2,614 | 2,614 | 2,526 | 2,464 |
Short-Term Government Reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Short-Term Reserve | 733 | 1,015 | 733 | 760 | 797 | 741 | 771 | 771 | 748 | 733 |
Small-Cap Index | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Small-Cap Stock | 3,698 | 5,154 | 3,698 | 3,835 | 4,058 | 3,763 | 3,921 | 3,921 | 3,792 | 3,698 |
Small-Cap Value | 3,437 | 4,791 | 3,437 | 3,564 | 3,774 | 3,498 | 3,646 | 3,646 | 3,524 | 3,437 |
Spectrum Growth | 1,565 | 2,181 | 1,565 | 1,623 | 1,717 | 1,592 | 1,659 | 1,659 | 1,605 | 1,565 |
Spectrum Income | 2,551 | 3,555 | 2,551 | 2,646 | 2,799 | 2,595 | 2,705 | 2,705 | 2,615 | 2,551 |
Spectrum International | 488 | 679 | 488 | 506 | 535 | 496 | 517 | 517 | 500 | 488 |
Summit Cash Reserves | 2,043 | 2,849 | 2,043 | 2,119 | 2,243 | 2,080 | 2,168 | 2,168 | 2,094 | 2,043 |
76
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
Summit Municipal Income | 409 | 569 | 409 | 424 | 448 | 416 | 433 | 433 | 419 | 409 |
Summit Municipal Intermediate | 1,624 | 2,263 | 1,624 | 1,684 | 1,782 | 1,652 | 1,721 | 1,721 | 1,664 | 1,624 |
Summit Municipal Money Market | 79 | 110 | 79 | 82 | 87 | 80 | 84 | 84 | 81 | 79 |
Target 2005 | 7 | 10 | 7 | 7 | 8 | 7 | 8 | 8 | 7 | 7 |
Target 2010 | 15 | 21 | 15 | 16 | 17 | 16 | 16 | 16 | 16 | 15 |
Target 2015 | 41 | 57 | 41 | 42 | 45 | 42 | 43 | 43 | 42 | 41 |
Target 2020 | 51 | 70 | 51 | 53 | 55 | 51 | 54 | 54 | 52 | 51 |
Target 2025 | 40 | 56 | 40 | 42 | 44 | 41 | 42 | 42 | 41 | 40 |
Target 2030 | 41 | 57 | 41 | 42 | 44 | 41 | 43 | 43 | 42 | 41 |
Target 2035 | 24 | 34 | 24 | 25 | 27 | 25 | 26 | 26 | 25 | 24 |
Target 2040 | 19 | 27 | 19 | 20 | 21 | 20 | 20 | 20 | 20 | 19 |
Target 2045 | 13 | 18 | 13 | 13 | 14 | 13 | 14 | 14 | 13 | 13 |
Target 2050 | 7 | 9 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
Target 2055 | 4 | 6 | 4 | 5 | 5 | 4 | 5 | 5 | 5 | 4 |
Target 2060 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Tax-Efficient Equity | 72 | 101 | 72 | 75 | 79 | 74 | 77 | 77 | 74 | 72 |
Tax-Exempt Money | 387 | 538 | 387 | 401 | 424 | 393 | 410 | 410 | 396 | 387 |
Tax-Free High Yield | 1,367 | 1,905 | 1,367 | 1,418 | 1,500 | 1,391 | 1,449 | 1,449 | 1,401 | 1,367 |
Tax-Free Income | 1,038 | 1,448 | 1,038 | 1,077 | 1,140 | 1,057 | 1,102 | 1,102 | 1,064 | 1,038 |
Tax-Free Short-Intermediate | 853 | 1,189 | 853 | 885 | 936 | 868 | 905 | 905 | 875 | 853 |
Tax-Free Ultra Short-Term Bond | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Equity Market Index | 480 | 668 | 480 | 498 | 526 | 488 | 508 | 508 | 492 | 480 |
U.S. Bond Enhanced Index | 244 | 340 | 244 | 253 | 268 | 249 | 259 | 259 | 250 | 244 |
U.S. Large-Cap Core | 50 | 70 | 50 | 52 | 55 | 51 | 53 | 53 | 51 | 50 |
U.S. Treasury Intermediate | 160 | 223 | 160 | 166 | 175 | 163 | 169 | 169 | 164 | 160 |
U.S. Treasury Long-Term | 141 | 196 | 141 | 146 | 155 | 143 | 149 | 149 | 144 | 141 |
77
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
U.S. Treasury Money | 840 | 1,170 | 840 | 871 | 921 | 854 | 890 | 890 | 860 | 840 |
Ultra Short-Term Bond | 220 | 307 | 220 | 228 | 241 | 224 | 233 | 233 | 225 | 220 |
Value | 9,108 | 12,683 | 9,108 | 9,445 | 9,984 | 9,259 | 9,647 | 9,647 | 9,333 | 9,108 |
Virginia Tax-Free Bond | 407 | 567 | 407 | 422 | 446 | 414 | 431 | 431 | 417 | 407 |
* Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds.
(a) Estimated for the period June 28, 2016, through December 31, 2016.
(b) Estimated for the period April 16, 2016, through December 31, 2016.
(c) Estimated for the period February 27, 2016, through December 31, 2016.
(d) Directors fees were paid by T. Rowe Price on behalf of the fund.
Directors Holdings in the Price Funds
The following tables set forth the Price Fund holdings of the current independent and inside directors, as of December 31, 2015, unless otherwise indicated.
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Africa & Middle East | None | None | None | None | None | None | None | None | None | None |
Asia Opportunities | None | None | None | None | None | None | None | None | None | None |
Asia Opportunities FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Balanced | None | None | over $100,000 | None | None | None | None | None | None | None |
Balanced FundI Class | None | None | None | None | None | None | None | None | None | None |
Blue Chip Growth | None | None | $50,001-$100,000 | None | None | None | None | None | over $100,000 | None |
Blue Chip Growth FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Blue Chip Growth FundI Class | None | None | None | None | None | None | None | None | None | None |
Blue Chip Growth FundR Class | None | None | None | None | None | None | None | None | None | None |
California Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
California Tax-Free Money | over $100,000 | None | None | None | None | None | None | None | None | None |
Capital Appreciation | None | None | over $100,000 | None | $50,001-$100,000 | None | over $100,000 | None | None | None |
Capital Appreciation FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Capital Appreciation FundI Class | None | None | None | None | None | None | None | None | None | None |
Capital Opportunity | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
Capital Opportunity FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
78
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Capital Opportunity FundR Class | None | None | None | None | None | None | None | None | None | None |
Corporate Income | None | None | None | None | None | None | None | None | None | None |
Corporate Income FundI Class | None | None | None | None | None | None | None | None | None | None |
Credit Opportunities Fund | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
Credit Opportunities FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Diversified Mid-Cap Growth | None | None | None | None | None | None | None | None | None | None |
Dividend Growth | None | None | over $100,000 | None | None | None | None | None | None | None |
Dividend Growth FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Dividend Growth FundI Class | None | None | None | None | None | None | None | None | None | None |
Emerging Europe | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Bond | None | None | over $100,000 | None | None | None | None | None | None | None |
Emerging Markets Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Stock | None | None | None | over $100,000 | None | None | None | None | over $100,000 | None |
Emerging Markets Stock FundI Class | None | None | None | None | None | None | None | None | None | None |
79
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Emerging Markets Value Stock | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Value Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Equity Income | None | None | $50,001-$100,000 | None | None | None | None | None | None | None |
Equity Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Equity Income FundI Class | None | None | None | None | None | None | None | None | None | None |
Equity Income FundR Class | None | None | None | None | None | None | None | None | None | None |
Equity Index 500 | None | None | None | None | None | None | None | None | None | None |
Equity Index 500 FundI Class | None | None | None | None | None | None | None | None | None | None |
European Stock | None | None | None | None | $1-$10,000 | None | None | None | None | None |
Extended Equity Market Index | None | None | None | None | None | None | None | None | None | None |
Financial Services | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
Floating Rate | None | over $100,000 | None | None | None | None | None | None | None | None |
Floating Rate FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Floating Rate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Georgia Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
Global Allocation | None | None | None | None | None | None | None | None | None | None |
Global Allocation FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Global Growth Stock | None | None | None | None | None | None | None | None | None | None |
Global Growth Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Global High Income Bond | None | None | None | None | None | None | None | None | None | None |
Global High Income Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Global High Income Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
Global Industrials | None | None | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond | None | None | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Global Real Estate | None | None | None | None | $1-$10,000 | None | None | None | None | None |
80
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Global Real Estate FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Global Stock | None | None | None | None | None | None | None | None | None | None |
Global Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Global Technology | None | None | None | None | $50,001-$100,000 | None | None | None | None | None |
Global Unconstrained Bond | None | None | None | None | None | None | None | None | None | None |
Global Unconstrained Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Global Unconstrained Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
GNMA | None | None | None | None | None | None | None | None | over $100,000 | None |
TRP Government Reserve Investment | None | None | None | None | None | None | None | None | None | None |
Growth & Income | None | $50,001-$100,000 | None | None | None | None | None | None | over $100,000 | None |
Growth Stock | None | None | over $100,000 | None | $10,001-$50,000 | None | None | None | None | None |
Growth Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Growth Stock FundI Class | None | None | None | None | None | None | None | None | None | None |
Growth Stock FundR Class | None | None | None | None | None | None | None | None | None | None |
Health Sciences | None | None | over $100,000 | None | $50,001-$100,000 | None | over $100,000 | None | None | None |
High Yield | None | None | None | None | None | None | None | None | over $100,000 | None |
High Yield FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
High Yield FundI Class | None | None | None | None | None | None | None | None | None | None |
High Yield Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Inflation Protected Bond | None | None | over $100,000 | None | None | None | None | None | None | None |
Inflation Protected Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
Institutional Africa & Middle East | None | None | None | None | None | None | None | None | None | None |
Institutional Core Plus | None | None | None | None | None | None | None | None | None | None |
Institutional Core Plus FundF Class | None | None | None | None | None | None | None | None | None | None |
Institutional Credit Opportunities Fund | None | None | None | None | None | None | None | None | None | None |
81
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Institutional Emerging Markets Bond | None | None | None | None | None | None | None | None | None | None |
Institutional Emerging Markets Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Floating Rate | None | over $100,000 | None | None | None | None | None | None | None | None |
Institutional Floating Rate FundF Class | None | None | None | None | None | None | None | None | None | None |
Institutional Frontiers Markets Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Global Focused Growth Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Global Growth Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Global Multi-Sector Bond | None | None | None | None | None | None | None | None | None | None |
Institutional Global Value Equity | None | None | None | None | None | None | None | None | None | None |
Institutional High Yield | None | None | None | None | None | None | None | None | None | None |
Institutional International Bond | None | None | None | None | None | None | None | None | None | None |
Institutional International Concentrated Equity | None | None | None | None | None | None | None | None | None | None |
Institutional International Core Equity | None | None | None | None | None | None | None | None | None | None |
Institutional International Growth Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Large-Cap Core Growth | None | None | None | None | None | None | None | None | None | None |
Institutional Large-Cap Growth | None | None | None | None | None | None | None | None | None | None |
Institutional Large-Cap Value | None | None | None | None | None | None | None | None | None | None |
Institutional Long Duration Credit | None | None | None | None | None | None | None | None | None | None |
Institutional Mid-Cap Equity Growth | None | None | None | None | None | None | None | None | None | None |
Institutional Small-Cap Stock | None | None | None | None | None | None | None | None | None | None |
Institutional U.S. Structured Research | None | None | None | None | None | None | None | None | None | None |
Intermediate Tax-Free High Yield | None | None | None | None | None | None | None | None | None | None |
Intermediate Tax-Free High YieldAdvisor Class | None | None | None | None | None | None | None | None | None | None |
International Bond | None | None | None | None | None | None | None | None | None | None |
82
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
International Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
International Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
International Concentrated Equity | None | None | None | None | None | None | None | None | None | None |
International Concentrated EquityAdvisor Class | None | None | None | None | None | None | None | None | None | None |
International Discovery | None | None | None | None | None | None | None | None | None | None |
International Discovery FundI Class | None | None | None | None | None | None | None | None | None | None |
International Equity Index | None | None | None | None | None | None | None | None | None | None |
International Growth & Income | None | None | None | None | None | None | None | None | None | None |
International Growth & Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
International Growth & Income FundI Class | None | None | None | None | None | None | None | None | None | None |
International Growth & Income FundR Class | None | None | None | None | None | None | None | None | None | None |
International Stock | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
International Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
International Stock FundI Class | None | None | None | None | None | None | None | None | None | None |
International Stock FundR Class | None | None | None | None | None | None | None | None | None | None |
Investment Grade Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Japan | None | None | None | None | None | None | None | None | over $100,000 | None |
Latin America | None | None | None | None | None | None | None | None | over $100,000 | None |
Limited Duration Inflation Focused Bond | None | None | None | None | None | None | None | None | None | None |
Limited Duration Inflation Focused Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
Maryland Short-Term Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
Maryland Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
Maryland Tax-Free Money | None | None | None | None | None | None | None | None | None | None |
83
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Media & Telecommunications | None | None | None | None | $50,001-$100,000 | None | None | None | None | None |
Mid-Cap Growth | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Growth FundAdvisor Class | None | None | None | None | over $100,000 | None | None | None | None | None |
Mid-Cap Growth FundI Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Growth FundR Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Index | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Index FundI Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Value | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Value FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Value FundI Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Value FundR Class | None | None | None | None | None | None | None | None | None | None |
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
New America Growth | None | None | None | None | $1-$10,000 | None | over $100,000 | None | None | None |
New America Growth FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
New America Growth FundI Class | None | None | None | None | None | None | None | None | None | None |
New Asia | None | None | None | None | None | None | None | None | None | None |
New Asia FundI Class | None | None | None | None | None | None | None | None | None | None |
New Era | None | None | None | None | None | None | None | None | over $100,000 | None |
New Era FundI Class | None | None | None | None | None | None | None | None | None | None |
New Horizons | $10,001-$50,000 | None | None | None | $50,001-$100,000 | None | None | None | None | None |
New Horizons FundI Class | None | None | None | None | None | None | None | None | None | None |
New Income | None | None | None | None | None | None | None | None | over $100,000 | None |
New Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
New Income FundI Class | None | None | None | None | None | None | None | None | None | None |
New Income FundR Class | None | None | None | None | None | None | None | None | None | None |
New Jersey Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
New York Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
84
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
New York Tax-Free Money | None | None | None | None | None | None | None | None | None | None |
Overseas Stock | None | None | None | None | None | None | None | None | None | None |
Overseas Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Overseas Stock FundI Class | None | None | None | None | None | None | None | None | None | None |
Personal Strategy Balanced | None | None | None | None | $10,001-$50,000 | None | None | $50,001-$100,000 | None | None |
Personal Strategy Growth | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
Personal Strategy Income | None | None | None | None | None | None | None | None | None | None |
Prime Reserve | None | over $100,000 | None | None | None | None | None | None | $10,001-$50,000 | None |
QM U.S. Small-Cap Growth Equity | None | $10,001-$50,000 | None | None | None | None | None | None | None | None |
Real Assets | None | None | None | None | None | None | None | None | None | None |
Real Assets FundI Class | None | None | None | None | None | None | None | None | None | None |
Real Estate | None | None | None | None | $1- $10,000 | None | over $100,000 | None | None | None |
Real Estate FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Real Estate FundI Class | None | None | None | None | None | None | None | None | None | None |
TRP Reserve Investment | None | None | None | None | None | None | None | None | None | None |
Retirement 2005 | None | None | None | None | None | None | None | None | None | None |
Retirement 2005 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2005 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2010 | None | None | None | None | None | None | None | None | None | None |
Retirement 2010 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2010 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2015 | over $100,000 | over $100,000 | None | None | None | $50,001-$100,000 | None | None | None | None |
Retirement 2015 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2015 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2020 | None | None | None | None | $50,001-$100,000 | $50,001-$100,000 | None | None | None | None |
Retirement 2020 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2020 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2025 | None | None | None | None | $50,001-$100,000 | None | None | None | None | None |
85
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Retirement 2025 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2025 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2030 | None | None | None | None | None | None | None | over $100,000 | None | None |
Retirement 2030 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2030 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2035 | None | None | None | None | None | None | None | None | None | None |
Retirement 2035 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2035 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2040 | None | None | None | None | None | None | None | None | None | None |
Retirement 2040 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2040 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2045 | None | None | None | None | None | None | None | None | None | None |
Retirement 2045 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2045 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2050 | None | None | None | None | None | None | None | None | None | None |
Retirement 2050 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2050 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2055 | None | None | None | None | None | None | None | None | None | None |
Retirement 2055 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2055 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2060 | None | None | None | None | None | None | None | None | None | None |
Retirement 2060 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2060 FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement Balanced | None | None | None | None | None | None | None | None | None | None |
Retirement Balanced FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement Balanced FundR Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2005 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2010 FundI Class | None | None | None | None | None | None | None | None | None | None |
86
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Retirement I 2015 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2020 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2025 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2030 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2035 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2040 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2045 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2050 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2055 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement I 2060 FundI Class | None | None | None | None | None | None | None | None | None | None |
Retirement Balanced I FundI Class | None | None | None | None | None | None | None | None | None | None |
Science & Technology | None | None | None | None | $1-$10,000 | None | None | None | None | None |
Science & Technology FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Short-Term Bond | None | None | over $100,000 | None | None | None | None | None | over $100,000 | None |
Short-Term Bond FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Short-Term Bond FundI Class | None | None | None | None | None | None | None | None | None | None |
Short-Term Government Reserve | None | None | None | None | None | None | None | None | None | None |
Short-Term Reserve | None | None | None | None | None | None | None | None | None | None |
Small-Cap Index | None | None | None | None | None | None | None | None | None | None |
Small-Cap Index FundI Class | None | None | None | None | None | None | None | None | None | None |
Small-Cap Stock | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
Small-Cap Stock FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Small-Cap Stock FundI Class | None | None | None | None | None | None | None | None | None | None |
Small-Cap Value | None | None | None | None | None | None | None | None | None | None |
Small-Cap Value FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Small-Cap Value FundI Class | None | None | None | None | None | None | None | None | None | None |
Spectrum Growth | None | None | None | None | None | None | None | None | None | None |
Spectrum Income | None | None | over $100,000 | None | None | None | None | None | None | None |
Spectrum International | None | None | None | None | None | None | None | None | None | None |
87
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Summit Cash Reserves | None | None | over $100,000 | None | None | None | None | None | over $100,000 | over $100,000 |
Summit Municipal Income | None | None | None | None | None | None | None | None | over $100,000 | None |
Summit Municipal Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Summit Municipal Intermediate | None | None | None | None | None | None | over $100,000 | None | over $100,000 | None |
Summit Municipal Intermediate FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Summit Municipal Money Market | None | None | None | None | None | None | None | None | $50,001-$100,000 | None |
Target 2005 | None | None | None | None | None | None | None | None | None | None |
Target 2005 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2010 | None | None | None | None | None | None | None | None | None | None |
Target 2010 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2015 | None | None | None | None | None | None | None | None | None | None |
Target 2015 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2020 | None | None | None | None | None | None | None | None | None | None |
Target 2020 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2025 | None | None | None | None | None | None | None | None | None | None |
Target 2025 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2030 | None | None | None | None | None | None | None | None | None | None |
Target 2030 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2035 | None | None | None | None | None | None | None | None | None | None |
Target 2035 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2040 | None | None | None | None | None | None | None | None | None | None |
Target 2040 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2045 | None | None | None | None | None | None | None | None | None | None |
Target 2045 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2050 | None | None | None | None | None | None | None | None | None | None |
Target 2050 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2055 | None | None | None | None | None | None | None | None | None | None |
Target 2055 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Target 2060 | None | None | None | None | None | None | None | None | None | None |
Target 2060 FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Tax-Efficient Equity | None | None | None | None | None | None | None | None | None | None |
Tax-Exempt Money | None | None | None | None | None | None | None | None | None | None |
Tax-Free High Yield | None | None | None | None | None | None | None | None | over $100,000 | None |
Tax-Free High Yield FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
88
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick* | Duncan | Gerrard | Horn* | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Tax-Free Income | None | None | None | None | None | None | None | None | None | None |
Tax-Free Income FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate | None | None | None | None | None | None | over $100,000 | None | None | None |
Tax-Free Short-Intermediate FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Tax-Free Ultra Short-Term Bond | None | None | None | None | None | None | None | None | None | None |
Total Equity Market Index | None | None | None | None | None | None | None | None | None | None |
U.S. Bond Enhanced Index | None | None | None | None | None | None | None | None | None | None |
U.S. Large-Cap Core | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
U.S. Large-Cap Core FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
U.S. Treasury Intermediate | None | None | None | None | None | None | None | None | over $100,000 | None |
U.S. Treasury Long-Term | None | None | None | None | None | None | None | None | over $100,000 | None |
U.S. Treasury Money | None | None | None | None | None | None | None | None | $1-$10,000 | None |
Ultra Short-Term Bond | None | None | None | None | None | None | None | None | None | None |
Value | None | None | None | None | None | None | None | None | over $100,000 | None |
Value FundAdvisor Class | None | None | None | None | None | None | None | None | None | None |
Value FundI Class | None | None | None | None | None | None | None | None | None | None |
Virginia Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
* Effective December 31, 2015, Mr. Dick and Ms. Horn retired as independent directors of the Price Funds.
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Africa & Middle East | None | None | None | ||||
Asia Opportunities | None | None | None | ||||
Asia Opportunities FundAdvisor Class | None | None | None | ||||
Balanced | None | None | None | ||||
Balanced FundI Class | None | None | None | ||||
Blue Chip Growth | None | None | None | ||||
Blue Chip Growth FundAdvisor Class | None | None | $10,001-$50,000 | ||||
Blue Chip Growth FundI Class | None | None | None | ||||
Blue Chip Growth FundR Class | None | None | None | ||||
California Tax-Free Bond | None | None | None | ||||
California Tax-Free Money | None | None | None |
89
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Capital Appreciation | over $100,000 | None | None | ||||
Capital Appreciation FundAdvisor Class | None | None | None | ||||
Capital Appreciation FundI Class | None | None | None | ||||
Capital Opportunity | None | None | None | ||||
Capital Opportunity FundAdvisor Class | None | None | None | ||||
Capital Opportunity FundR Class | None | None | None | ||||
Credit Opportunities | None | None | None | ||||
Credit Opportunities FundAdvisor Class | None | None | None | ||||
Corporate Income | None | over $100,000 | None | ||||
Corporate Income FundI Class | None | None | None | ||||
Diversified Mid-Cap Growth | None | None | None | ||||
Dividend Growth | None | None | None | ||||
Dividend Growth FundAdvisor Class | None | None | None | ||||
Dividend Growth FundI Class | None | None | None | ||||
Emerging Europe | None | None | None | ||||
Emerging Markets Bond | None | None | $10,001-$50,000 | ||||
Emerging Markets Bond FundAdvisor Class | None | None | None | ||||
Emerging Markets Bond FundI Class | None | None | None | ||||
Emerging Markets Corporate Bond | None | None | None | ||||
Emerging Markets Corporate Bond FundAdvisor Class | None | None | None | ||||
Emerging Markets Corporate Bond FundI Class | None | None | None | ||||
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None | None | ||||
Emerging Markets Local Currency Bond | None | None | None | ||||
Emerging Markets Local Currency Bond FundAdvisor Class | None | None | None | ||||
Emerging Markets Local Currency Bond FundI Class | None | None | None | ||||
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | ||||
Emerging Markets Stock | $50,001-$100,000 | None | None | ||||
Emerging Markets Stock FundI Class | None | None | None | ||||
Emerging Markets Value Stock | None | None | None | ||||
Emerging Markets Value Stock FundAdvisor Class | None | None | None | ||||
Equity Income | $50,001-$100,000 | over $100,000 | None | ||||
Equity Income FundAdvisor Class | None | None | None | ||||
Equity Income FundI Class | None | None | None | ||||
Equity Income FundR Class | None | None | None | ||||
Equity Index 500 | None | None | None | ||||
Equity Index 500 FundI Class | None | None | None |
90
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
European Stock | None | None | None | ||||
Extended Equity Market Index | None | None | None | ||||
Financial Services | None | None | None | ||||
Floating Rate | None | None | None | ||||
Floating Rate FundAdvisor Class | None | None | None | ||||
Floating Rate Multi-Sector Account Portfolio | None | None | None | ||||
Georgia Tax-Free Bond | None | None | None | ||||
Global Allocation | None | None | None | ||||
Global Allocation FundAdvisor Class | None | None | None | ||||
Global Growth Stock | None | None | None | ||||
Global Growth Stock FundAdvisor Class | None | None | None | ||||
Global High Income Bond | None | None | over $100,000 | ||||
Global High Income Bond FundAdvisor Class | None | None | None | ||||
Global High Income Bond FundI Class | None | None | None | ||||
Global Industrials | None | None | None | ||||
Global Multi-Sector Bond | None | None | None | ||||
Global Multi-Sector Bond FundAdvisor Class | None | None | None | ||||
Global Real Estate | None | None | None | ||||
Global Real Estate FundAdvisor Class | None | None | None | ||||
Global Stock | over $100,000 | None | $10,001-$50,000 | ||||
Global Stock FundAdvisor Class | None | None | None | ||||
Global Technology | None | None | $10,001-$50,000 | ||||
Global Unconstrained Bond | None | None | over $100,000 | ||||
Global Unconstrained Bond FundAdvisor Class | None | None | None | ||||
Global Unconstrained Bond FundI Class | None | None | None | ||||
GNMA | None | None | None | ||||
TRP Government Reserve Investment | None | None | None | ||||
Growth & Income | None | None | None | ||||
Growth Stock | over $100,000 | None | None | ||||
Growth Stock FundAdvisor Class | None | None | None | ||||
Growth Stock FundI Class | None | None | None | ||||
Growth Stock FundR Class | None | None | None | ||||
Health Sciences | None | None | over $100,000 | ||||
High Yield | $10,001-$50,000 | None | None | ||||
High Yield FundAdvisor Class | None | None | None | ||||
High Yield FundI Class | None | None | None | ||||
High Yield Multi-Sector Account Portfolio | None | None | None | ||||
Inflation Protected Bond | None | None | None | ||||
Inflation Protected Bond FundI Class | None | None | None | ||||
Institutional Africa & Middle East | None | None | None |
91
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Institutional Credit Opportunities | None | None | None | ||||
Institutional Core Plus | None | None | None | ||||
Institutional Core Plus FundF Class | None | None | None | ||||
Institutional Emerging Markets Bond | None | None | None | ||||
Institutional Emerging Markets Equity | None | None | None | ||||
Institutional Floating Rate | None | over $100,000 | over $100,000 | ||||
Institutional Floating Rate FundF Class | None | None | None | ||||
Institutional Frontiers Markets Equity | None | None | None | ||||
Institutional Global Focused Growth Equity | over $100,000 | over $100,000 | None | ||||
Institutional Global Growth Equity | None | None | None | ||||
Institutional Global Multi-Sector Bond | None | None | None | ||||
Institutional Global Value Equity | None | None | None | ||||
Institutional High Yield | None | None | None | ||||
Institutional International Bond | None | None | None | ||||
Institutional International Concentrated Equity | None | None | None | ||||
Institutional International Core Equity | None | None | None | ||||
Institutional International Growth Equity | None | None | None | ||||
Institutional Large-Cap Core Growth | None | None | None | ||||
Institutional Large-Cap Growth | None | None | None | ||||
Institutional Large-Cap Value | None | None | None | ||||
Institutional Long Duration Credit | None | None | None | ||||
Institutional Mid-Cap Equity Growth | over $100,000 | None | None | ||||
Institutional Small-Cap Stock | $10,001-$50,000 | None | None | ||||
Institutional U.S. Structured Research | None | None | None | ||||
Intermediate Tax-Free High Yield | None | None | None | ||||
Intermediate Tax Free High YieldAdvisor Class | None | None | None | ||||
International Bond | None | None | None | ||||
International Bond FundAdvisor Class | None | None | None | ||||
International Bond FundI Class | None | None | None | ||||
International Concentrated Equity | None | None | None | ||||
International Concentrated FundAdvisor Class | None | None | None | ||||
International Discovery | $10,001-$50,000 | None | None | ||||
International Discovery FundI Class | None | None | None | ||||
International Equity Index | None | None | $1-$10,000 | ||||
International Growth & Income | None | None | None |
92
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
International Growth & Income FundAdvisor Class | None | None | None | ||||
International Growth & Income FundI Class | None | None | None | ||||
International Growth & Income FundR Class | None | None | None | ||||
International Stock | $10,001-$50,000 | None | $1-$10,000 | ||||
International Stock FundAdvisor Class | None | None | None | ||||
International Stock FundI Class | None | None | None | ||||
International Stock FundR Class | None | None | None | ||||
Investment Grade Multi-Sector Account Portfolio | None | None | None | ||||
Japan | None | None | None | ||||
Latin America | None | None | None | ||||
Limited Duration Inflation Focused Bond | None | None | None | ||||
Limited Duration Inflation Focused Bond FundI Class | None | None | None | ||||
Maryland Short-Term Tax-Free Bond | None | None | None | ||||
Maryland Tax-Free Bond | None | None | None | ||||
Maryland Tax-Free Money | None | None | $10,001-$50,000 | ||||
Media & Telecommunications | None | over $100,000 | None | ||||
Mid-Cap Growth | None | None | None | ||||
Mid-Cap Growth FundAdvisor Class | None | None | None | ||||
Mid-Cap Growth FundI Class | None | None | None | ||||
Mid-Cap Growth FundR Class | None | None | None | ||||
Mid-Cap Index | None | None | None | ||||
Mid-Cap Index FundI Class | None | None | None | ||||
Mid-Cap Value | None | None | None | ||||
Mid-Cap Value FundAdvisor Class | None | None | None | ||||
Mid-Cap Value FundI Class | None | None | None | ||||
Mid-Cap Value FundR Class | None | None | None | ||||
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | ||||
New America Growth | None | None | None | ||||
New America Growth FundAdvisor Class | None | None | None | ||||
New America Growth FundI Class | None | None | None | ||||
New Asia | over $100,000 | None | None | ||||
New Asia FundI Class | None | None | None | ||||
New Era | None | None | None | ||||
New Era FundI Class | None | None | None | ||||
New Horizons | $10,001-$50,000 | None | None | ||||
New Horizons FundI Class | None | None | None | ||||
New Income | None | $50,001-$100,000 | None | ||||
New Income FundAdvisor Class | None | None | None | ||||
New Income FundI Class | None | None | None | ||||
New Income FundR Class | None | None | None |
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Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
New Jersey Tax-Free Bond | None | None | None | ||||
New York Tax-Free Bond | None | None | None | ||||
New York Tax-Free Money | None | None | None | ||||
Overseas Stock | None | None | None | ||||
Overseas Stock FundAdvisor Class | None | None | None | ||||
Overseas Stock FundI Class | None | None | None | ||||
Personal Strategy Balanced | None | None | None | ||||
Personal Strategy Growth | None | None | None | ||||
Personal Strategy Income | None | None | None | ||||
Prime Reserve | over $100,000 | over $100,000 | $1-$10,000 | ||||
QM U.S. Small-Cap Growth Equity | None | None | None | ||||
Real Assets | None | None | None | ||||
Real Assets FundI Class | None | None | None | ||||
Real Estate | over $100,000 | None | None | ||||
Real Estate FundAdvisor Class | None | None | None | ||||
Real Estate FundI Class | None | None | None | ||||
TRP Reserve Investment | None | None | None | ||||
Retirement 2005 | None | None | None | ||||
Retirement 2005 FundAdvisor Class | None | None | None | ||||
Retirement 2005 FundR Class | None | None | None | ||||
Retirement 2010 | None | None | None | ||||
Retirement 2010 FundAdvisor Class | None | None | None | ||||
Retirement 2010 FundR Class | None | None | None | ||||
Retirement 2015 | None | None | None | ||||
Retirement 2015 FundAdvisor Class | None | None | None | ||||
Retirement 2015 FundR Class | None | None | None | ||||
Retirement 2020 | None | None | None | ||||
Retirement 2020 FundAdvisor Class | None | None | None | ||||
Retirement 2020 FundR Class | None | None | None | ||||
Retirement 2025 | None | None | None | ||||
Retirement 2025 FundAdvisor Class | None | None | None | ||||
Retirement 2025 FundR Class | None | None | None | ||||
Retirement 2030 | None | None | None | ||||
Retirement 2030 FundAdvisor Class | None | None | None | ||||
Retirement 2030 FundR Class | None | None | None | ||||
Retirement 2035 | None | None | None | ||||
Retirement 2035 FundAdvisor Class | None | None | None | ||||
Retirement 2035 FundR Class | None | None | None | ||||
Retirement 2040 | None | None | None | ||||
Retirement 2040 FundAdvisor Class | None | None | None | ||||
Retirement 2040 FundR Class | None | None | None | ||||
Retirement 2045 | None | None | None | ||||
Retirement 2045 FundAdvisor Class | None | None | None |
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Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Retirement 2045 FundR Class | None | None | None | ||||
Retirement 2050 | None | None | None | ||||
Retirement 2050 FundAdvisor Class | None | None | None | ||||
Retirement 2050 FundR Class | None | None | None | ||||
Retirement 2055 | over $100,000 | None | None | ||||
Retirement 2055 FundAdvisor Class | None | None | None | ||||
Retirement 2055 FundR Class | None | None | None | ||||
Retirement 2060 | None | None | None | ||||
Retirement 2060 FundAdvisor Class | None | None | None | ||||
Retirement 2060 FundR Class | None | None | None | ||||
Retirement Balanced | None | None | None | ||||
Retirement Balanced FundAdvisor Class | None | None | None | ||||
Retirement Balanced FundR Class | None | None | None | ||||
Retirement I 2005 FundI Class | None | None | None | ||||
Retirement I 2010 FundI Class | None | None | None | ||||
Retirement I 2015 FundI Class | None | None | None | ||||
Retirement I 2020 FundI Class | None | None | None | ||||
Retirement I 2025 FundI Class | None | None | None | ||||
Retirement I 2030 FundI Class | None | None | None | ||||
Retirement I 2035 FundI Class | None | None | None | ||||
Retirement I 2040 FundI Class | None | None | None | ||||
Retirement I 2045 FundI Class | None | None | None | ||||
Retirement I 2050 FundI Class | None | None | None | ||||
Retirement I 2055 FundI Class | None | None | None | ||||
Retirement I 2060 FundI Class | None | None | None | ||||
Retirement Balanced I FundI Class | None | None | None | ||||
Science & Technology | over $100,000 | over $100,000 | over $100,000 | ||||
Science & Technology FundAdvisor Class | None | None | None | ||||
Short-Term Bond | over $100,000 | None | over $100,000 | ||||
Short-Term Bond FundAdvisor Class | None | None | None | ||||
Short-Term Bond FundI Class | None | None | None | ||||
Short-Term Government Reserve | None | None | None | ||||
Short-Term Reserve | None | None | None | ||||
Small-Cap Index | None | None | None | ||||
Small-Cap Index FundI Class | None | None | None | ||||
Small-Cap Stock | None | None | None | ||||
Small-Cap Stock FundAdvisor Class | None | None | None | ||||
Small-Cap Stock FundI Class | None | None | None | ||||
Small-Cap Value | $10,001-$50,000 | None | None | ||||
Small-Cap Value FundAdvisor Class | None | None | None | ||||
Small-Cap Value FundI Class | None | None | None | ||||
Spectrum Growth | over $100,000 | None | None | ||||
Spectrum Income | over $100,000 | over $100,000 | None | ||||
Spectrum International | over $100,000 | None | None |
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Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Summit Cash Reserves | over $100,000 | over $100,000 | over $100,000 | ||||
Summit Municipal Income | None | None | None | ||||
Summit Municipal Income FundAdvisor Class | None | None | None | ||||
Summit Municipal Intermediate | None | None | None | ||||
Summit Municipal Intermediate FundAdvisor Class | None | None | None | ||||
Summit Municipal Money Market | over $100,000 | None | None | ||||
Target 2005 | None | None | None | ||||
Target 2005 FundAdvisor Class | None | None | None | ||||
Target 2010 | None | None | None | ||||
Target 2010 FundAdvisor Class | None | None | None | ||||
Target 2015 | None | None | None | ||||
Target 2015 FundAdvisor Class | None | None | None | ||||
Target 2020 | None | None | None | ||||
Target 2020 FundAdvisor Class | None | None | None | ||||
Target 2025 | None | None | None | ||||
Target 2025 FundAdvisor Class | None | None | None | ||||
Target 2030 | None | None | None | ||||
Target 2030 FundAdvisor Class | None | None | None | ||||
Target 2035 | None | None | None | ||||
Target 2035 FundAdvisor Class | None | None | None | ||||
Target 2040 | None | None | None | ||||
Target 2040 FundAdvisor Class | None | None | None | ||||
Target 2045 | None | None | None | ||||
Target 2045 FundAdvisor Class | None | None | None | ||||
Target 2050 | None | None | None | ||||
Target 2050 FundAdvisor Class | None | None | None | ||||
Target 2055 | None | None | None | ||||
Target 2055 FundAdvisor Class | None | None | None | ||||
Target 2060 | None | None | None | ||||
Target 2060 FundAdvisor Class | None | None | None | ||||
Tax-Efficient Equity | None | None | None | ||||
Tax-Exempt Money | None | None | None | ||||
Tax-Free High Yield | None | None | None | ||||
Tax-Free High Yield FundAdvisor Class | None | None | None | ||||
Tax-Free Income | None | None | None | ||||
Tax-Free Income FundAdvisor Class | None | None | None | ||||
Tax-Free Short-Intermediate | None | None | None | ||||
Tax-Free Short-Intermediate FundAdvisor Class | None | None | None |
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Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Tax-Free Ultra Short-Term Bond | None | None | None | ||||
Total Equity Market Index | over $100,000 | None | $10,001-$50,000 | ||||
U.S. Bond Enhanced Index | over $100,000 | None | None | ||||
U.S. Large-Cap Core | None | None | None | ||||
U.S. Large-Cap Core FundAdvisor Class | None | None | None | ||||
U.S. Treasury Intermediate | None | None | None | ||||
U.S. Treasury Long-Term | None | None | None | ||||
U.S. Treasury Money | None | None | None | ||||
Ultra Short-Term Bond | None | None | None | ||||
Value | None | $50,001-$100,000 | None | ||||
Value FundAdvisor Class | None | None | None | ||||
Value FundI Class | None | None | None | ||||
Virginia Tax-Free Bond | None | None | None |
Portfolio Managers Holdings in the Price Funds
The following tables set forth the Price Fund holdings of each funds portfolio manager, who serves as chairman of the funds Investment Advisory Committee and has day-to-day responsibility for managing the fund and executing the funds investment program. One column shows the dollar range of shares beneficially owned in the fund for which he or she serves as portfolio manager, as of the end of that funds fiscal year, and the other column shows the dollar range of shares beneficially owned in all funds within the T. Rowe Price family of funds, as of December 31 of the prior year. Shares of the Price Funds are frequently held by T. Rowe Price employees, including portfolio managers, through participation in the T. Rowe Price 401(k) plan. However, starting in 2012, the T. Rowe Price 401(k) plan has periodically replaced certain Price Funds in the eligible investment lineup with similarly managed Institutional Price Funds and T. Rowe Price common trust funds, which operate much like mutual funds but are exempt from registration under the federal securities laws. As a result, the range of fund holdings shown in the tables may have decreased for those portfolio managers who manage a Price Fund that is no longer offered as part of the T. Rowe Price 401(k) plan even though the portfolio manager may now invest in the Institutional Price Fund or T. Rowe Price common trust fund within the same investment strategy.
Fund | Portfolio Manager | Range of Fund Holdings | All Funds | |
Africa & Middle East | Oliver D.M. Bell | None | None | |
Asia Opportunities | Eric C. Moffett | over $1,000,000 | over $1,000,000 | |
Balanced | Charles M. Shriver | $100,001$500,000 | over $1,000,000 | |
Blue Chip Growth (b) | Larry J. Puglia | over $1,000,000 | over $1,000,000 | |
Capital Appreciation (b) | David R. Giroux | over $1,000,000 | over $1,000,000 | |
Capital Opportunity | Ann M. Holcomb Jason B. Polun Eric L. Veiel | $100,001$500,000 None None | over $1,000,000 over $1,000,000 over $1,000,000 | |
Corporate Income | David A. Tiberii | $100,001$500,000 | over $1,000,000 | |
Credit Opportunities | Rodney M. Rayburn | None(c) | $100,001$500,000 | |
Diversified Mid-Cap Growth | Donald J. Easley Donald J. Peters | $500,001$1,000,000 over $1,000,000 | over $1,000,000 over $1,000,000 | |
Dividend Growth | Thomas J. Huber | $500,001$1,000,000 | over $1,000,000 | |
Emerging Europe | Ulle Adamson | None | None | |
Emerging Markets Bond | Michael J. Conelius | $50,001$100,000 | over $1,000,000 | |
Emerging Markets Corporate Bond | Samy B. Muaddi | $10,001$50,000 | $100,001$500,000 |
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Fund | Portfolio Manager | Range of Fund Holdings | All Funds | |
Emerging Markets Local Currency Bond | Andrew Keirle | $10,001$50,000 | $10,001$50,000 | |
Emerging Markets Stock | Gonzalo Pangaro | over $1,000,000 | over $1,000,000 | |
Emerging Markets Value Stock | Ernest C. Yeung | $100,001$500,000 | $100,001$500,000 | |
Equity Income | John D. Linehan | $500,001$1,000,000 | over $1,000,000 | |
Equity Index 500 (b) | Ken D. Uematsu(d) | $1$10,000 | $500,001$1,000,000 | |
European Stock | Dean Tenerelli | None | None | |
Extended Equity Market Index | Ken D. Uematsu(d) | $50,001$100,000 | 500,001$1,000,000 | |
Financial Services | Gabriel Solomon | $10,001$50,000 | over $1,000,000 | |
Floating Rate | Paul M. Massaro | $50,001$100,000 | over $1,000,000 | |
Global Allocation | Charles M. Shriver | $100,001$500,000 | over $1,000,000 | |
Global Consumer | Jason Nogueira | (e) | (e) | |
Global Growth Stock (b) | R. Scott Berg | over $1,000,000 | over $1,000,000 | |
Global High Income Bond | Michael Della Vedova Mark J. Vaselkiv | None None | None over $1,000,000 | |
Global Industrials | Peter J. Bates | $500,001$1,000,000 | over $1,000,000 | |
Global Multi-Sector Bond | Steven C. Huber | None | $500,001$1,000,000 | |
Global Real Estate | Nina P. Jones | $10,001$50,000 | $500,001$1,000,000 | |
Global Stock (b) | David J. Eiswert | over $1,000,000 | over $1,000,000 | |
Global Technology | Joshua K. Spencer | over $1,000,000 | over $1,000,000 | |
Global Unconstrained Bond | Arif Husain | None | None | |
GNMA | Andrew C. McCormick | $100,001$500,000 | over $1,000,000 | |
Growth & Income(b) | Jeffrey Rottinghaus | None | over $1,000,000 | |
Growth Stock (b) | Joseph B. Fath | None | over $1,000,000 | |
Health Sciences | Ziad Bakri(f) Taymour R. Tamaddon | $1$10,000 $500,001$1,000,000 | $500,001$1,000,000 over $1,000,000 | |
High Yield | Mark J. Vaselkiv | None | over $1,000,000 | |
Inflation Protected Bond | Daniel O. Shackelford | $50,001$100,000 | over $1,000,000 | |
Intermediate Tax-Free High Yield | James M. Murphy | $50,001$100,000 | over $1,000,000 | |
International Bond | Arif Husain Kenneth A. Orchard(g) | None None | None None | |
International Concentrated Equity | Federico Santilli | None | None | |
International Discovery | Justin Thomson | $500,001$1,000,000 | over $1,000,000 | |
International Equity Index | Neil Smith(h) | None | None | |
International Growth & Income | Jonathan H.W. Matthews | $10,001$50,000 | $10,001$50,000 | |
International Stock (b) | Richard N. Clattenburg | None | None | |
Japan | Archibald Ciganer | None | None | |
Latin America | Verena E. Wachnitz | $100,001$500,000 | $100,001$500,000 | |
Limited Duration Inflation Focused Bond | Daniel O. Shackelford | None | over $1,000,000 | |
Maryland Short-Term Tax-Free Bond | Charles B. Hill | $10,001$50,000 | over $1,000,000 | |
Maryland Tax-Free Bond | Hugh D. McGuirk | over $1,000,000 | over $1,000,000 | |
Maryland Tax-Free Money | Joseph K. Lynagh | $1$10,000 | over $1,000,000 | |
Media & Telecommunications | Paul D. Greene II | $100,001$500,000 | $500,001$1,000,000 | |
Mid-Cap Growth | Brian W.H. Berghuis | over $1,000,000 | over $1,000,000 | |
Mid-Cap Value (b) | David J. Wallack | None | over $1,000,000 | |
New America Growth | Justin White(i) | None | $100,001$500,000 | |
New Asia | Anh Lu | $500,001$1,000,000 | over $1,000,000 | |
New Era | Shawn T. Driscoll | $100,001$500,000 | over $1,000,000 | |
New Horizons (b) | Henry M. Ellenbogen | $100,001$500,000 | over $1,000,000 |
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Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
New Income | Daniel O. Shackelford | $10,001$50,000 | over $1,000,000 |
Overseas Stock (b) | Raymond A. Mills | None | over $1,000,000 |
Personal Strategy Balanced | Charles M. Shriver | $10,001$50,000 | over $1,000,000 |
Personal Strategy Growth | Charles M. Shriver | $100,001$500,000 | over $1,000,000 |
Personal Strategy Income | Charles M. Shriver | $1$10,000 | over $1,000,000 |
Prime Reserve | Joseph K. Lynagh | $10,001$50,000 | over $1,000,000 |
QM Global Equity | Sudhir Nanda | (j) | $500,001$1,000,000 |
QM U.S. Small & Mid-Cap Core Equity | Boyko D. Atanassov | (k) | None |
QM U.S. Small-Cap Growth Equity | Sudhir Nanda | $100,001$500,000 | $500,001$1,000,000 |
QM U.S. Value Equity | Farris G. Shuggi | (k) | None |
Real Assets (b) | Wyatt A. Lee | $1$10,000 | over $1,000,000 |
Real Estate | David M. Lee | $100,001$500,000 | over $1,000,000 |
Science & Technology | Kennard W. Allen | over $1,000,000 | over $1,000,000 |
Short-Term Bond | Michael F. Reinartz Edward A. Wiese | None $500,001$1,000,000 | $500,001$1,000,000 over $1,000,000 |
Small-Cap Stock | Gregory A. McCrickard(l) | $500,001$1,000,000 | over $1,000,000 |
Small-Cap Value(b) | J. David Wagner | $100,001$500,000 | $500,001$1,000,000 |
Spectrum Growth | Charles M. Shriver | $100,001$500,000 | over $1,000,000 |
Spectrum Income | Charles M. Shriver | $100,001$500,000 | over $1,000,000 |
Spectrum International | Charles M. Shriver | $100,001$500,000 | over $1,000,000 |
Summit Cash Reserves | Joseph K. Lynagh | $1$10,000 | over $1,000,000 |
Summit Municipal Income | Konstantine B. Mallas | $100,001$500,000 | over $1,000,000 |
Summit Municipal Intermediate | Charles B. Hill | $500,001$1,000,000 | over $1,000,000 |
Summit Municipal Money Market | Joseph K. Lynagh | None | over $1,000,000 |
Tax- Efficient Equity | Donald J. Peters | over $1,000,000 | over $1,000,000 |
Tax- Exempt Money | Joseph K. Lynagh | $10,001$50,000 | over $1,000,000 |
Tax- Free High Yield | James M. Murphy | $100,001$500,000 | over $1,000,000 |
Tax- Free Income | Konstantine B. Mallas | $100,001$500,000 | over $1,000,000 |
Tax- Free Short-Intermediate | Charles B. Hill | $1$10,000 | over $1,000,000 |
Tax- Free Ultra Short-Term Bond | Joseph K. Lynagh | (m) | over $1,000,000 |
Total Equity Market Index | Ken D. Uematsu(d) | $1$10,000 | $500,001$1,000,000 |
U.S. Bond Enhanced Index (b) | Robert M. Larkins | None | $100,001$500,000 |
U.S. Large-Cap Core | Jeffrey Rottinghaus | over $1,000,000 | over $1,000,000 |
U.S. Treasury Intermediate | Brian J. Brennan | $10,001$50,000 | over $1,000,000 |
U.S. Treasury Long-Term | Brian J. Brennan | $10,001$50,000 | over $1,000,000 |
U.S. Treasury Money | Joseph K. Lynagh | $1$10,000 | over $1,000,000 |
Ultra Short-Term Bond | Joseph K. Lynagh | $100,001$500,000 | over $1,000,000 |
Value (b) | Mark S. Finn | over $1,000,000 | over $1,000,000 |
(a) See table beginning on page 8 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 8.
(b) The portfolio manager invests in a similarly managed T. Rowe Price common trust fund within the T. Rowe Price 401(k) plan.
(c) On July 8, 2015, Rodney M. Rayburn replaced Paul A. Karpers as the funds portfolio manager. The range of fund holdings is as of July 31, 2015.
(d) Ken D. Uematsu became the funds sole portfolio manager on May 1, 2016.
(e) The funds expected inception date is June 27, 2016, therefore the range of fund holdings is not yet available.
(f) On April 1, 2016, Ziad Bakri became co-portfolio manager of the fund. Effective July 1, 2016, Mr. Tammadon will step down as co-portfolio manager and Mr. Bakri will become the sole portfolio manager of the fund.
99
(g) On December 31, 2015, Kenneth A. Orchard became co-portfolio manager of the fund.
(h) Neil Smith became the funds sole portfolio manager on March 1, 2016.
(i) On April 1, 2016, Justin White replaced Daniel Martino as portfolio manager of the fund.
(j) The fund incepted on April 15, 2016, therefore the range of fund holdings is not yet available.
(k) The fund incepted on February 26, 2016, therefore the range of fund holdings is not yet available.
(l) On October 1, 2016, Frank M. Alonso will replace Gregory A McCrickard as the funds portfolio manager.
(m) The fund has not incepted, therefore the range of fund holdings is not yet available.
The following funds may be purchased only by institutional investors.
Fund | Portfolio Manager | Range of Fund Holdings as of Funds Fiscal Yeara | All Funds |
Institutional Africa & Middle East | Oliver D.M. Bell | None | None |
Institutional Core Plus | Brian J. Brennan | $10,001$50,000 | over $1,000,000 |
Institutional Credit Opportunities | Rodney M. Rayburn | $1$10,000(b) | $100,001$500,000 |
Institutional Emerging Markets Bond | Michael J. Conelius | $100,001$500,000 | over $1,000,000 |
Institutional Emerging Markets Equity | Gonzalo Pangaro | None | over $1,000,000 |
Institutional Floating Rate | Paul M. Massaro | $10,001$50,000 | over $1,000,000 |
Institutional Frontier Markets Equity | Oliver D.M. Bell | None | None |
Institutional Global Focused Growth Equity | David J. Eiswert | $500,001$1,000,000 | over $1,000,000 |
Institutional Global Growth Equity | R. Scott Berg | over $1,000,000 | over $1,000,000 |
Institutional Global Multi-Sector Bond | Steven C. Huber | $500,001$1,000,000 | $500,001$1,000,000 |
Institutional Global Value Equity | Sebastien Mallet | None | None |
Institutional High Yield | Mark J. Vaselkiv | $500,001$1,000,000(c) | over $1,000,000 |
Institutional International Bond | Arif Husain Kenneth A. Orchard | None None | None None |
Institutional International Concentrated Equity | Federico Santilli | None | None |
Institutional International Core Equity | Raymond A. Mills | None | over $1,000,000 |
Institutional International Growth Equity | Richard N. Clattenburg | None | None |
Institutional Large Cap Core Growth | Larry J. Puglia | None | over $1,000,000 |
Institutional Large-Cap Growth | Robert W. Sharps(d) | over $1,000,000 | over $1,000,000 |
Institutional Large-Cap Value | Mark S. Finn John D. Linehan Heather K. McPherson | $100,001$500,000 $100,001$500,000 over $1,000,000 | over $1,000,000 over $1,000,000 over $1,000,000 |
Institutional Long Duration Credit | David A. Tiberii | None | over $1,000,000 |
Institutional Mid-Cap Equity Growth | Brian W.H. Berghuis | over $1,000,000 | over $1,000,000 |
Institutional Small-Cap Stock | Gregory A. McCrickard(e) | over $1,000,000 | over $1,000,000 |
Institutional U.S. Structured Research | Ann M. Holcomb Jason B. Polun Eric L. Veiel | None None None | over $1,000,000 over $1,000,000 over $1,000,000 |
(a) See table beginning on page 8 for the fiscal year of the funds. The range of fund holdings as of the funds fiscal year is updated concurrently with each funds prospectus date as shown in the table beginning on page 8.
(b) On July 8, 2015, Rodney M. Rayburn replaced Paul A. Karpers as the funds portfolio manager. The range of fund holdings is as of July 31, 2015.
(c) On July 8, 2015, Mark J. Vaselkiv replaced Paul A. Karpers as the funds portfolio manager. The range of fund holdings is as of July 31, 2015.
(d) On January 1, 2017, Taymour R. Tamaddon will replace Robert W. Sharps as the funds portfolio manager.
(e) On October 1, 2016, Frank M. Alonso will replace Gregory A McCrickard as the funds portfolio manager.
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The following funds are designed for persons residing in the indicated state. The portfolio managers reside in Maryland.
Fund | Portfolio Manager | Range
of Fund Holdings |