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Registration Nos. 002-48848/811-2396
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. 83 /X/
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/
Amendment No. 58 /X/
T. ROWE PRICE NEW INCOME FUND, INC.
Exact Name of Registrant as Specified in Charter
100 East Pratt Street, Baltimore,
Maryland 21202
Address of Principal Executive Offices
410-345-2000
Registrant’s Telephone Number,
Including Area Code
David Oestreicher
100 East Pratt Street, Baltimore, Maryland 21202
Name and
Address of Agent for Service
Approximate Date of Proposed Public Offering October 1, 2019
It is proposed that this filing will become effective (check appropriate box):
// Immediately upon filing pursuant to paragraph (b)
/X/ On October 1, 2019 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.
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PROSPECTUS October 1, 2019 | ||||
T. ROWE PRICE | ||||
New Income Fund | ||||
PRCIX PRXEX PANIX RRNIX | Investor Class I Class Advisor Class R Class | |||
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. Beginning on January 1, 2021, as permitted by SEC regulations, paper copies of the T. Rowe Price funds’ annual and semiannual shareholder reports will no longer be mailed, unless you specifically request them. Instead, shareholder reports will be made available on the funds’ website (troweprice.com/prospectus), and you will be notified by mail with a website link to access the reports each time a report is posted to the site. If you already elected to receive reports electronically, you will not be affected by this change and need not take any action. At any time, shareholders who invest directly in T. Rowe Price funds may generally elect to receive reports or other communications electronically by enrolling at troweprice.com/paperless or, if you are a retirement plan sponsor or invest in the funds through a financial intermediary (such as an investment advisor, broker-dealer, insurance company, or bank), by contacting your representative or your financial intermediary. You may elect to continue receiving paper copies of future shareholder reports free of charge. To do so, if you invest directly with T. Rowe Price, please call T. Rowe Price as follows: IRA, nonretirement account holders, and institutional investors, 1-800-225-5132; small business retirement accounts, 1-800-492-7670. If you are a retirement plan sponsor or invest in the T. Rowe Price funds through a financial intermediary, please contact your representative or financial intermediary, or follow additional instructions if included with this document. Your election to receive paper copies of reports will apply to all funds held in your account with your financial intermediary or, if you invest directly in the T. Rowe Price funds, with T. Rowe Price. Your election can be changed at any time in the future. | ||||
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Table of Contents
SUMMARY | 1 | |
The fund seeks to maximize total return through income and capital appreciation.
Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table.
Fees and Expenses of the Fund
Investor | I | Advisor | R | |||||
Shareholder fees (fees paid directly from your investment) | ||||||||
Maximum account fee | $20 | a | — | — | — | |||
Annual fund operating expenses | ||||||||
Management fees | 0.38 | %b | 0.38 | %b | 0.38 | %b | 0.38 | %b |
Distribution and service (12b-1) fees | — | — | 0.25 | 0.50 | ||||
Other expenses | 0.14 | 0.01 | 0.21 | 0.38 | ||||
Acquired fund fees and expenses | 0.02 | 0.02 | 0.02 | 0.02 | ||||
Total annual fund operating expenses | 0.54 | d | 0.41 | d | 0.86 | d | 1.28 | d |
Fee waiver/expense reimbursement | (0.02 | )b,e | (0.02 | )b,e | (0.02 | )b,e | (0.12) | b,e,f |
Total annual fund operating expenses after fee waiver/expense reimbursement | 0.52 | b,c | 0.39 | b,c | 0.84 | b,c | 1.16 | b,c,f |
a Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.
b T. Rowe Price Associates, Inc., has contractually agreed (at least through September 30, 2020) to waive a portion of the fund’s management fees so that an individual fund fee of 0.0765% is applied to the fund’s average daily net assets that are equal to or greater than $20 billion. Thereafter, this agreement will automatically renew for one-year terms unless terminated by the fund’s Board of Directors. Any fees waived under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc., by the fund.
c The figures shown in the fee table do not match the “Net expenses after waivers/payments by Price Associates” shown in the Financial Highlights table, as those figures do not include acquired fund fees and expenses and exclude expenses permanently waived as a result of investments in other T. Rowe Price Funds.
d The figures shown in the fee table do not match the “Gross expenses before waivers/payments by Price Associates” shown in the Financial Highlights table, as those figures reflect the effects of a management fee waiver agreement, do not include acquired fund fees and expenses, and exclude expenses permanently waived as a result of investments in other T. Rowe Price Funds (and with respect to the Advisor Class, those figures are also rounded differently).
e T. Rowe Price Associates, Inc., is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price Funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in
T. ROWE PRICE | 2 |
other T. Rowe Price Funds. The T. Rowe Price Funds would be required to seek regulatory approval in order to terminate this arrangement.
f T. Rowe Price Associates, Inc., has contractually agreed (through September 30, 2020) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.15%. The agreement may be terminated at any time after September 30, 2020, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and a previous limitation of 1.15%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 1.15%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ expense ratio (after the repayment is taken into account) to exceed the lesser of: (1) the expense limitation in place at the time such amounts were waived; or (2) the class’ current expense limitation.
Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation arrangement currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 year | 3 years | 5 years | 10 years | |
Investor Class | $53 | $169 | $295 | $664 |
I Class | 40 | 127 | 223 | 504 |
Advisor Class | 86 | 270 | 470 | 1,048 |
R Class | 118 | 392 | 686 | 1,524 |
Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 139.4% of the average value of its portfolio.
Investments, Risks, and Performance
Principal Investment Strategies The fund will invest at least 80% of its net assets in income-producing securities, which may include, but are not limited to, U.S. government and agency obligations, mortgage- and asset-backed securities (including commercial mortgage-backed securities), corporate bonds, foreign bonds, and Treasury inflation protected securities.
Active management of the portfolio can result in bonds being sold at gains or losses. However, over the long term, the fund seeks to achieve its objective by investing primarily in income-producing securities that possess what the fund believes are favorable total return (income plus increases in principal value) characteristics.
SUMMARY | 3 |
Eighty percent (80%) of the debt securities purchased by the fund will be rated investment grade (i.e., rated in one of the four highest rating categories) by each of the major credit rating agencies (S&P’s Global Ratings, Moody’s, and Fitch) that have assigned a rating to the security or, if unrated, deemed to be of investment-grade quality by T. Rowe Price. Up to 15% of the fund’s net assets may be invested in “split-rated securities,” which are securities that have been rated investment grade by at least one rating agency but below investment grade by another rating agency. The fund may invest up to 20% of its net assets in non-U.S. dollar-denominated foreign debt securities (including securities of issuers in emerging markets) and take currency positions to hedge this exposure as well as to capture appreciation from favorable currency changes. In addition, the fund may maintain a net exposure of up to 5% of its net assets in instruments (through direct holdings and derivatives) that have received below investment-grade ratings from each of the rating agencies that have assigned ratings to the instruments or, if unrated, deemed to be below investment-grade quality by T. Rowe Price (including high yield or “junk” bonds).
The fund has considerable flexibility in seeking high income. There are no maturity restrictions so the fund can purchase longer-term bonds, which tend to have higher yields than shorter-term bonds. In addition, when there is a large yield difference between the various quality levels, the fund may move down the credit scale and purchase lower-rated bonds with higher yields. When the difference is small or the outlook warrants, the fund may concentrate investments in higher-rated issues.
The fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.
While most assets will typically be invested in bonds, the fund also uses interest rate futures and forward currency exchange contracts in keeping with the fund’s objective. Interest rate futures would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Forward currency exchange contracts would be used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar.
The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or overall credit quality, or to shift assets into and out of higher- or lower-yielding securities or certain sectors.
T. ROWE PRICE | 4 |
Principal Risks As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:
Active management risks The investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. The fund could underperform other funds with a similar benchmark or similar objectives and investment strategies if the fund’s overall investment selections or strategies fail to produce the intended results.
Fixed income markets risks Economic and other market developments can adversely affect fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.
Interest rate risks The prices of, and the income generated by, debt instruments held by the fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. In recent years, the U.S. and many global markets have experienced historically low interest rates. Although interest rates have begun to rise and may continue doing so, interest rates may decline in response to ongoing global trade disputes, increasing the exposure of bond funds to the risks associated with declining interest rates.
Prepayment and extension risks The fund is subject to prepayment risks because the principal on mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.
Credit risks An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade (“junk”) bonds. Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer.
SUMMARY | 5 |
TBA/Dollar roll risks Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the fund to potential losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the fund’s portfolio turnover rate and transaction costs are increased when the fund enters into dollar roll transactions.
Liquidity risks The fund may not be able to meet redemption requests without significantly diluting the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.
Foreign investing risks The fund’s investments in foreign holdings 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. These risks are heightened for the fund’s investments in emerging markets, which are more susceptible to governmental interference, less efficient trading markets, and the imposition of local taxes or restrictions on gaining access to the fund’s investments.
Currency risks Because the fund may invest in securities issued in foreign currencies, the fund could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. Any attempts at currency hedging may not be successful and could cause the fund to lose money.
Derivatives risks The fund uses interest rate futures and forward currency exchange contracts and is therefore exposed to additional volatility in comparison to investing directly in bonds and other debt instruments. These instruments may lack liquidity and be difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund and, if not traded on an exchange, are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund’s principal use of derivatives involves the risk that anticipated changes in currency values, currency exchange rates, interest rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the fund’s performance, and the risk that regulatory developments could negatively affect the fund’s investments in such instruments. Changes in regulations could significantly impact the fund’s ability to invest in specific types of derivatives, which could limit the fund’s ability to employ certain strategies that use derivatives.
Portfolio turnover risks The fund may actively and frequently trade its portfolio securities or other instruments to carry out its investment strategies. High portfolio turnover may adversely affect the fund’s performance and increase transaction costs, which could increase the fund’s
T. ROWE PRICE | 6 |
expenses. High portfolio turnover may also result in the distribution of higher capital gains when compared to a fund with less active trading policies, which could have an adverse tax impact if the fund’s shares are held in a taxable account.
Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.
The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.
The fund’s return for the six months ended 6/30/19 was 6.50%.
The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns 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, if applicable.
In addition, the 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 investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares
SUMMARY | 7 |
through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.
Average Annual Total Returns |
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| Since | Inception |
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| inception | date |
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| 08/31/1973 |
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| Returns before taxes | -0.63 | % |
| 2.36 | % |
| 4.05 | % |
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| Returns after taxes on distributions | -1.84 |
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| 1.20 |
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| 2.73 |
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| Returns after taxes on distributions |
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| and sale of fund shares | -0.38 |
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| 1.29 |
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| 2.63 |
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| I Class |
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| 08/28/2015 |
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| Returns before taxes | -0.50 |
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| 1.91 |
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| 09/30/2002 |
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| Returns before taxes | -0.94 |
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| 3.78 |
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| 09/30/2002 |
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| Returns before taxes | -1.25 |
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| 1.77 |
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| Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes) |
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| 3.48 |
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| 1.86 | a |
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| -0.69 |
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| 4.19 |
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| 1.71 | b |
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a Return since 8/28/15.
b Return since 8/31/15.
Updated performance information is available through troweprice.com.
Management
Investment Adviser T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)
Portfolio Manager | Title | Managed | Joined |
Stephen L. Bartolini | Chairman of Investment Advisory Committee | 2018 | 2010 |
Purchase and Sale of Fund Shares
The fund (other than the I Class) generally requires a $2,500 minimum initial investment ($1,000 minimum initial investment if opening an IRA, a custodial account for a minor, or a small business retirement plan account). Additional purchases generally require a $100 minimum. These investment minimums generally are waived for financial intermediaries and certain employer-sponsored retirement plans submitting orders on behalf of their customers.
T. ROWE PRICE | 8 |
Advisor Class and R Class shares may generally only be purchased through a financial intermediary or retirement plan.
The I Class requires a $1 million minimum initial investment and there is no minimum for additional purchases, although the initial investment minimum generally is waived for financial intermediaries, retirement plans, and certain institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority.
For investors holding shares of the fund directly with T. Rowe Price, you may purchase, redeem, or exchange fund shares by mail; by telephone (1-800-225-5132 for IRAs and nonretirement accounts; 1-800-492-7670 for small business retirement plans; and 1-800-638-8790 for institutional investors and financial intermediaries); or, for certain accounts, by accessing your account online through troweprice.com.
If you hold shares through a financial intermediary or retirement plan, you must purchase, redeem, and exchange shares of the fund through your intermediary or retirement plan. You should check with your intermediary or retirement plan to determine the investment minimums that apply to your account.
Tax Information
The fund declares dividends daily and pays them on the first business day of each month. Any capital gains are declared and paid annually, usually in December. Redemptions or exchanges of fund shares and distributions by the fund, whether or not you reinvest these amounts in additional fund shares, may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
MORE ABOUT THE FUND | 2 | |
How is the fund organized?
The fund was incorporated in Maryland in 1973 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.
What is meant by “shares”?
As with all mutual funds, investors purchase shares when they put money in the fund. These shares are part of the fund’s 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 the fund’s directors, changes in fundamental policies, or approval of material changes to the fund’s investment management agreement. Shareholders of each class have exclusive voting rights on matters affecting only that class.
Does the fund have annual shareholder meetings?
The mutual funds that are sponsored and managed by T. Rowe Price (the “T. Rowe Price Funds”) are not required to hold regularly scheduled shareholder meetings. To avoid unnecessary costs to the funds’ shareholders, shareholder meetings are only held when certain matters, such as changes in fundamental policies or elections of directors, 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. If a meeting is held and you cannot attend, you can vote by proxy. Before the meeting, the funds 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 the fund’s investments, performance, expenses, and other business affairs. The Board elects the fund’s 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 fund’s investment adviser and oversees the selection of the fund’s investments and management of the fund’s portfolio pursuant to an investment management
T. ROWE PRICE | 10 |
agreement between the investment adviser and the fund. T. Rowe Price is an SEC-registered investment adviser that provides investment management services to individual and institutional investors, and sponsors and serves as adviser and subadviser to registered investment companies, institutional separate accounts, and common trust funds. The address for T. Rowe Price is 100 East Pratt Street, Baltimore, Maryland 21202. As of June 30, 2019, the Firm had approximately $1.13 trillion in assets under management and provided investment management services for more than 7 million individual and institutional investor accounts.
Portfolio Management
T. Rowe Price has established an Investment Advisory Committee with respect to the fund. The committee chairman have day-to-day responsibility for managing the fund’s portfolio and works with the committee in developing and executing the fund’s investment program. The members of the committee are as follows: Stephen L. Bartolini, Chairman, Steve Boothe, Brian J. Brennan, Christopher P. Brown, Jr., Geoffrey M. Hardin, Robert M. Larkins, Matthew Lawton, Alan D. Levenson, and Susan G. Troll. The following information provides the year that the chairman (portfolio manager) first joined the Firm and the chairman’s specific business experience during the past five years (although the chairman may have had portfolio management responsibilities for a longer period). Mr. Bartolini has served as cochairman of the Investment Advisory Committee since January 2018 and became sole chairman in December 2018. He joined the Firm in 2010 and his investment experience dates from 2000. During the past five years, he has served as a portfolio manager (beginning in 2016) and, prior to that, as an associate portfolio manager of the U.S. Inflation Protected Bond and U.S. Short-Term Inflation Focused Bond strategies, a member of the fixed income division’s Global Interest Rates and Currencies Strategy team, and a fixed income trader. 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 the fund’s shares.
The Management Fee
The management fee consists of two components—an “individual fund fee,” which reflects the fund’s 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 funds-of-funds, TRP Reserve Funds, Multi-Sector Account Portfolios, and any index or private-label mutual funds). The group fee schedule (in the following table) is graduated, declining as the combined assets of the T. Rowe Price Funds rise, so shareholders benefit from the overall growth in mutual fund assets.
MORE ABOUT THE FUND | 11 |
Group Fee Schedule
0.334%* | First $50 billion |
0.305% | Next $30 billion |
0.300% | Next $40 billion |
0.295% | Next $40 billion |
0.290% | Next $60 billion |
0.285% | Next $80 billion |
0.280% | Next $100 billion |
0.275% | Next $100 billion |
0.270% | Next $150 billion |
0.265% | Thereafter |
* Represents a blended group fee rate containing various breakpoints.
The fund’s group fee is determined by applying the group fee rate to the fund’s average daily net assets. On May 31, 2019, the annual group fee rate was 0.29%. The individual fund fee, also applied to the fund’s average daily net assets, is 0.09%. T. Rowe Price has contractually agreed to waive a portion of the fund’s management fee so that an individual fund fee of 0.0765% is applied to the fund’s average daily net assets that are equal to or greater than $20 billion. This agreement automatically renews for one-year terms unless terminated by the fund’s Board. Any fees waived under this agreement are not subject to reimbursement to T. Rowe Price by the fund.
With respect to the I Class, T. Rowe Price has contractually agreed (through September 30, 2021) to pay the operating expenses of the fund’s I Class excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (“I Class Operating Expenses”), to the extent the I Class Operating Expenses exceed 0.05% of the class’ average daily net assets. The agreement may be terminated at any time after September 30, 2021, with approval by the fund’s Board. Any expenses paid under this agreement are subject to reimbursement to T. Rowe Price by the fund whenever the fund’s I Class Operating Expenses are below 0.05%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price if such repayment does not cause the I Class Operating Expenses (after the repayment is taken into account) to exceed the lesser of: (1) the limitation on I Class Operating Expenses in place at the time such amounts were waived; or (2) the current expense limitation on I Class Operating Expenses.
A discussion about the factors considered by the Board and its conclusions in approving the fund’s investment management agreement (and any subadvisory agreement, if applicable) appear in the fund’s annual report to shareholders for the period ended May 31.
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Consider your investment goals, your time horizon for achieving them, and your tolerance for risk. The fund may be appropriate for you if you seek an attractive level of income and are willing to accept the risks of a declining share price when interest rates rise. Steadily reinvesting the fund’s income is a conservative strategy for building capital over time. If you are investing primarily for safety and liquidity, you should consider a money market fund.
The fund should offer higher yields than money and short-term bond funds and generally less volatility than longer-term bond funds. In addition, the portfolio is widely diversified among a broad range of fixed income securities, thus reducing the effect of a single bond’s price fluctuations on the fund’s share price or total return.
In addition to investing in a wide array of bonds and other debt instruments, the fund also uses interest rate futures and forward currency exchange contracts as part of its principal investment strategies. Interest rate futures are typically used to manage the fund’s duration and overall interest rate exposure, but may also be used as a tool to help manage significant cash flows into and out of the fund. Forward currency exchange contracts are used to protect the fund’s non-U.S. dollar-denominated holdings from adverse currency movements by hedging the fund’s foreign currency exposure back to the U.S. dollar, as well as to gain exposure to a currency believed to be appreciating in value versus other currencies.
The fund’s yield will vary. The fund’s yield is the annualized dividends earned for a given period (typically 30 days for bond funds), divided by the share price at the end of the period. The fund’s total return includes distributions from income and capital gains and the change in share price for a given period.
Credit quality refers to a bond issuer’s expected ability to make all required interest and principal payments on time. Because highly-rated issuers represent less risk, they can borrow at lower interest rates than less-creditworthy issuers. Therefore, a fund investing in high-quality securities should have a lower yield than an otherwise comparable fund investing in lower-quality securities.
Every bond has a stated maturity date when the issuer must repay the bond’s entire principal value to the investor. However, many bonds are “callable,” meaning their principal can be repaid before the stated maturity date. Bonds are most likely to be called when interest rates are falling because the issuer can refinance at a lower rate, just as a homeowner refinances a mortgage when interest rates fall. In that environment, a bond’s “effective maturity” is usually its nearest call date. For example, the rate at which homeowners pay down their mortgage principal determines the effective maturity of mortgage-backed bonds.
Mortgage-backed securities differ from other high-quality bonds in one major respect. Non-mortgage bonds generally repay principal (face value of the bond) when their maturity date is reached, but most mortgage-backed securities repay principal continually as homeowners make mortgage payments. Homeowners have the option of paying either part or all of the loan
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balance before maturity, perhaps to refinance or buy a new home. As a result, the effective maturity of a mortgage-backed security is virtually always shorter than its stated maturity. For example, a newly issued pass-through certificate backed by 30-year, fixed rate mortgages will generally have a far shorter life than 30 years—probably 12 years or less. Therefore, it will usually be about as volatile as a 10-year Treasury bond. It is possible to estimate the average life of an entire mortgage pool backing a particular security with some accuracy, but not with certainty.
The fund may gain investment exposure to mortgage-backed securities by entering into agreements to buy or sell securities through the TBA market. The fund would enter into a commitment to either purchase or sell mortgage-backed securities for a fixed price, with payment and delivery at a scheduled future date beyond the customary settlement period for mortgage-backed securities. These transactions are considered to be TBA because the fund commits to buy a pool of mortgages that have yet to be specifically identified but will meet certain standardized parameters (such as yield, duration, and credit quality) and contain similar loan characteristics. For either purchase or sale transactions, the fund may choose to extend the settlement through a “dollar roll” transaction in which it sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. These transactions have the potential to enhance the fund’s returns and reduce its administrative burdens when compared with holding mortgage-backed securities directly, although these transactions will increase the fund’s portfolio turnover rate. During the roll period, the fund forgoes principal and interest paid on the securities. However, the fund would be compensated by the difference between the current sale price and the forward price for the future purchase, as well as by the interest earned on the cash proceeds of the initial sale.
A bond fund has no real maturity, but it does have a weighted average maturity and a weighted average effective maturity. Each of these numbers is an average of the stated or effective maturities of the underlying bonds, with each bond’s maturity “weighted” by the percentage of the fund’s assets it represents. (The fund’s average effective maturity takes into consideration the possibility that an issuer may call a bond before its maturity date or, with respect to a pool of mortgages, the likelihood of prepayments on the mortgages.) Some funds utilize effective maturities rather than stated maturities when managing a fund to a certain average maturity, which provides additional flexibility in portfolio management.
Duration is a calculation that seeks to measure the price sensitivity of a bond or a bond fund to changes in interest rates. It is expressed in years, like maturity, but it is a better indicator of price sensitivity than maturity because it takes into account the time value of cash flows generated over the bond’s life. Future interest and principal payments are discounted to reflect their present value and then multiplied by the number of years they will be received to produce a value expressed in years–the duration. “Effective” duration takes into account call features and sinking fund payments that may shorten a bond’s life.
Since duration can be computed for bond funds, you can estimate the effect of interest rate fluctuations on share prices by multiplying the fund’s duration by an expected change in
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interest rates. For example, the price of a bond fund with a duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. A bond fund with a longer duration will generally be more sensitive to changes in interest rates than a bond fund with a shorter duration. (The fund’s duration is shown in its shareholder report.)
As with any mutual fund, there is no guarantee the fund will achieve its objective. The income level of the fund will change with market conditions and interest rate levels.
The principal risks associated with the fund’s principal investment strategies include the following:
Market risks The market price of investments owned by the fund may go up or down, sometimes rapidly or unpredictably. The fund’s investments may decline in value due to factors affecting the overall markets, or particular industries or sectors. The value of a holding may decline due to general market conditions which are not specifically related to a particular issuer, such as real or perceived adverse economic conditions, changes in interest or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors which negatively affect a particular industry or industries, such as labor shortages, increased production costs, or competitive conditions within an industry. The fund may experience heavy redemptions that could cause it to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment in the fund to decline.
Interest rate risks The prices of bonds and other fixed income securities typically increase as interest rates fall and prices typically decrease as interest rates rise (bond prices and interest rates usually move in opposite directions). Prices fall because the bonds and notes in the fund’s portfolio become less attractive to other investors when securities with higher yields become available. Generally, securities with longer maturities or durations and funds with longer weighted average maturities or durations have greater interest rate risk. As a result, in a rising interest rate environment, the net asset value of a fund with a longer weighted average maturity or duration typically decreases at a faster rate than the net asset value of a fund with a shorter weighted average maturity or duration. Because the fund may invest in debt instruments of any maturity, it carries more interest rate risk than a fund that invests in shorter-term securities. In addition, some markets have recently experienced negative interest rates on bank deposits, and the debt instruments of certain issuers have traded at negative yields. Extremely low or negative interest rates may increase the fund’s susceptibility to interest rate risk and reduce the fund’s yield. Under current economic conditions, interest rates are near historically low levels. Low or negative interest rates may increase the fund’s susceptibility to interest rate risk.
Prepayment risks A fund investing in mortgage-backed securities, certain asset-backed securities, and other debt instruments that have embedded call options can be negatively impacted when interest rates fall because borrowers tend to refinance and prepay principal. Receiving increasing prepayments in a falling interest rate environment causes the average maturity of the portfolio to shorten, reducing its potential for price gains. It also requires the fund to reinvest proceeds at lower interest rates, which reduces the fund’s total return and yield, and could result in a loss if bond prices fall below the level that the fund paid for them.
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Extension risks A rise in interest rates or lack of refinancing opportunities can cause the fund’s average maturity to lengthen unexpectedly due to a drop in expected prepayments of mortgage-backed securities, asset-backed securities, and callable debt instruments. This would increase the fund’s sensitivity to rising rates and its potential for price declines.
Credit risks An issuer or counterparty of an instrument held by the fund may default (fail to make scheduled interest or principal payments), potentially reducing the fund’s income and share price. Credit risk is increased when portfolio holdings are downgraded or the perceived financial condition of an issuer or counterparty deteriorates.
Liquidity risks The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Sectors of the bond market can experience sudden downturns in trading activity. During periods of reduced market liquidity, the spread between the price at which a security can be bought and the price at which it can be sold can widen, and the fund may not be able to sell a holding readily at a price that reflects what the fund believes it should be worth. Securities with lower overall liquidity can also become more difficult to value. Liquidity risk may be the result of, among other things, the reduced number and capacity of broker-dealers to make a market in fixed income securities or the lack of an active trading market. The potential for price movements related to liquidity risk may be magnified by a rising interest rate environment or other circumstances where selling activity from fixed income investors may be higher than normal, potentially causing prices to fall due to increased supply in the market.
Foreign investing risks To the extent the fund holds foreign holdings, it will be subject to special risks, whether the securities are denominated in U.S. dollars or foreign currencies. These risks include potentially adverse local, political, social, and economic conditions overseas, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the U.S. dollar, lowering the value of securities denominated in those currencies and possibly the fund’s share price. These risks are heightened for the fund’s investments in emerging markets, which are more susceptible to governmental interference, less efficient trading markets, and the imposition of local taxes or restrictions on gaining access to sales proceeds for foreign investors.
TBA/Dollar roll risks TBA and dollar roll transactions present special risks to the fund. Although the particular TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the fund will still bear the risk of any decline in the value of the security to be delivered. Dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities for different settlement dates. Because these transactions do not require the purchase and sale of identical securities, the characteristics of the security delivered to the fund may be less favorable than the security delivered to the dealer.
Derivatives risks The fund uses interest rate futures and forward currency exchange contracts, and is therefore exposed to additional volatility in comparison to investing directly
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in bonds and other debt instruments. These instruments can experience reduced liquidity and become difficult to value, and any of these instruments not traded on an exchange are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The use of these instruments involves the risks that anticipated interest rate movements and changes in currency movements will not be accurately predicted.
Portfolio turnover risks High portfolio turnover may result in increased transaction costs to the fund, which may include dealer mark-ups, brokerage commissions, and other transaction costs related to the sale of holdings and reinvestment of the proceeds in other holdings. Since bonds typically have a maturity date and will eventually require reinvestment, funds investing primarily in bonds tend to have higher portfolio turnover than funds investing primarily in stocks. For funds investing in shorter-term securities, mortgage-backed securities, and callable debt instruments, more frequent reinvestment of principal is typically required. The use of mortgage dollar rolls and participation in TBA transactions may significantly increase the fund’s portfolio turnover rate.
Efforts to reduce risks Consistent with the fund’s objective, the portfolio manager uses various tools to try to reduce risks and increase total return, including:
· Attempting to reduce the impact of a single holding on the fund’s net asset value.
· Thorough credit research performed by T. Rowe Price analysts.
· Adjusting the fund’s duration to try to reduce the drop in its share price when interest rates rise or to benefit from a rise in bond prices when interest rates fall. (For example, when interest rates rise, the portfolio manager may seek to lower the fund’s overall duration in an effort to reduce the adverse impact on the fund’s share price.)
In addition to the principal investment strategies and principal risks previously described, the fund may employ other investment strategies and may be subject to other risks, which include the following:
Additional strategies and risks In addition to the fund’s normal investments, the fund may employ other strategies that are not considered part of its principal investment strategies. Such investments may include income-producing convertible securities and preferred stocks, foreign government securities, and, to a limited extent, other types of derivatives that are consistent with the fund’s investment program. For example, the fund may use swaps, swaptions, and other derivatives to manage exposure to particular asset classes or segments of the market.
Convertible securities and preferred stock risks
Investments in convertible securities and preferred stocks subject the fund to risks associated with both equity and fixed income securities, depending on the price of the underlying security and the conversion price. Stocks generally fluctuate in value more than bonds and tend to move in cycles, with periods of rising and falling prices. The value of a stock may decline due to general weakness in the stock market or because of factors that affect a particular company or industry. A convertible security may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund. In addition, convertible securities are typically issued by smaller-capitalized companies whose stock prices are more volatile than companies that have access to more conventional means of
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raising capital. Preferred stock holders would be paid after corporate bondholders, but before common stockholders, in the event a company fails.
Foreign government securities risks Foreign government securities can involve additional risk. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal or interest when due. A governmental entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity’s policy toward the International Monetary Fund, and the political constraints to which a governmental entity may be subject.
Derivatives risks A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the assets on which the derivative is based. Derivatives can be highly volatile, lack liquidity, and be difficult to value. Changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivative position due to the lack of a liquid trading market. Derivatives involve the risk that a counterparty to the derivatives agreement will fail to make required payments or comply with the terms of the agreement. There is also the possibility that limitations or trading restrictions may be imposed by an exchange or government regulation, which could adversely impact the value and liquidity of a derivatives contract subject to such regulation.
The fund’s use of derivatives as a hedge to manage the fund’s exposure to a particular asset class or segment of the market may expose the fund to additional risk. When a derivative is used as a hedge against a position that the fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. Although hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying instrument, and there can be no assurance that the fund’s hedging transactions will be profitable.
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. 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.
Cybersecurity risks The fund may be subject to operational and information security risks resulting from breaches in cybersecurity. Cybersecurity breaches may involve unauthorized access to the digital information systems (e.g., through “hacking” or malicious software coding) of the fund or its third-party service providers, but may also result from outside attacks such as denial-of-service attacks. These breaches may, among other things, result in financial losses to the fund and its shareholders, cause the fund to lose proprietary information, disrupt business operations, or result in the unauthorized release of confidential information. Further, cybersecurity breaches involving third-party service providers, trading counterparties, or
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issuers in which the fund invests could subject the fund to many of the same risks associated with direct breaches.
The Statement of Additional Information contains more detailed information about the fund and its investments, operations, and expenses.
This section provides a more detailed description of the various types of portfolio holdings and investment practices that may be used by the fund to execute its overall investment program. Some of these holdings and investment practices are considered to be principal investment strategies of the fund and have already been described earlier in this prospectus. Any of the following holdings and investment practices that were not already described in Section 1 of this prospectus are not considered part of the fund’s principal investment strategies, but they may be used by the fund to help achieve its investment objective. The fund’s investments may be subject to further restrictions and risks described in the Statement of Additional Information.
Shareholder approval is required to substantively change the fund’s investment objective. 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.
The fund’s 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 the fund’s investments in certain types of derivatives. While these restrictions provide a useful level of detail about the fund’s 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 the fund’s 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 of the fund’s investments.
Certain investment restrictions, such as a required minimum or maximum investment in a particular type of security, are measured at the time the fund purchases a security. The status, market value, maturity, duration, credit quality, or other characteristics of the fund’s securities may change after they are purchased, and this may cause the amount of the fund’s 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 the fund’s borrowing policy). However, certain changes will require holdings to be sold or purchased by the 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.
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Changes in the fund’s holdings, the fund’s performance, and the contribution of various investments to the fund’s performance are discussed in the shareholder reports.
Portfolio managers have considerable discretion in choosing investment strategies and selecting securities they believe will help achieve the fund’s objective.
Types of Portfolio Securities
In seeking to meet its investment objective, the fund may invest 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 the fund’s holdings and investment management practices, some of which are also described as part of the fund’s principal investment strategies.
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 fund’s 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. These limitations do not apply to the fund’s purchases of securities issued or guaranteed by the U.S. government, its agencies, or instrumentalities.
Bonds
A bond is an interest-bearing security. The issuer has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the bond’s face value) on a specified date. An issuer may have the right to redeem or “call” a bond before maturity, and the investor may have to reinvest the proceeds at lower market rates. Bonds can be issued by U.S. and foreign governments, states, and municipalities, as well as a wide variety of companies.
A bond’s annual interest income, set by its coupon rate, is usually fixed for the life of the bond. Its yield (income as a percent of current price) will fluctuate to reflect changes in interest rate levels. A bond’s price usually rises when interest rates fall and vice versa, so its yield generally stays consistent with current market conditions.
Conventional fixed rate bonds offer a coupon rate for a fixed maturity with no adjustment for inflation. Real rate of return bonds also offer a fixed coupon but include ongoing inflation adjustments for the life of the bond.
Certain bonds have floating or variable interest rates that are adjusted periodically based on a particular index. These interest rate adjustments tend to minimize fluctuations in the bonds’ principal values. The maturity of certain floating rate securities may be shortened under certain specified conditions.
Bonds may be unsecured (backed by the issuer’s general creditworthiness only) or secured (also backed by specified collateral). Bonds include asset- and mortgage-backed securities.
Municipal Securities
The fund may invest in municipal notes and bonds, which are interest-bearing securities issued by state and local governments and governmental authorities to pay for public projects and services. The issuer of a municipal security has a contractual obligation to pay interest at a
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stated rate and to repay principal (the bond’s face value) on a specified date. An issuer may have the right to redeem or “call” a bond before maturity, which could require reinvestment of the proceeds at lower rates. The fund may purchase insured municipal bonds, which provide a guarantee that the bond’s interest and principal will be paid when due if the issuing entity defaults. Municipal bond insurance does not guarantee the price of the bond.
Income received from most municipal securities is exempt from federal income taxes. As a result, the yield on a municipal bond is typically lower than the yield on a taxable bond of similar quality and maturity. Like a taxable bond, a municipal bond’s price usually rises when interest rates fall and vice versa so its yield generally stays consistent with current market conditions.
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 and 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 company’s 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, the 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
The fund may invest in debt instruments 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.
Operating policy The fund may invest up to 20% of its net assets in preferred stocks and securities that are convertible into, or which carry warrants for, common stocks or other equity securities. Under normal conditions, the fund does not expect to directly purchase common stocks. However, the fund may occasionally hold shares of common stock that were received through a reorganization, restructuring, exercise, exchange, conversion, or similar action.
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Foreign Securities
The fund may invest in foreign securities. Foreign securities could include non-U.S. dollar-denominated securities traded outside the U.S. and U.S. dollar-denominated securities of foreign issuers traded in the U.S. (such as Yankee bonds). Investing in foreign securities involves special risks that can increase the potential for losses. These include exposure to potentially adverse local, political, social, and economic developments such as war, political instability, hyperinflation, currency devaluations, and overdependence on particular industries; government interference in markets such as nationalization and exchange controls, expropriation of assets, or imposition of punitive taxes; the imposition of international trade and capital barriers and other protectionist or retaliatory measures; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices and legal rights that differ from U.S. standards; and the potential for fluctuations in foreign exchange rates to decrease the investment’s value (favorable changes can increase its value). These risks are heightened for the fund’s investments in emerging markets.
Operating policy There is no limit on the fund’s investments in U.S. dollar-denominated debt instruments issued by foreign issuers, foreign branches of U.S. banks, and U.S. branches of foreign banks. The fund may also invest up to 20% of its net assets in non-U.S. dollar-denominated debt instruments. Subject to the overall limit on the fund’s investments in foreign debt instruments, there is no limit on the amount of foreign investments that may be made in emerging markets.
Mortgage-Backed Securities
The fund may invest in a variety of mortgage-backed securities. Mortgage lenders pool individual home mortgages with similar characteristics to back a certificate or bond, which is sold to investors such as the fund. Interest and principal payments generated by the underlying mortgages are passed through to the investors. The “big three” issuers are the Government National Mortgage Association, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation. Government National Mortgage Association certificates are backed by the full faith and credit of the U.S. government, while others, such as the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation certificates, are only supported by the ability to borrow from the U.S. Treasury or by the credit of the agency. (Since September 2008, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation have operated under conservatorship of the Federal Housing Finance Agency, an independent federal agency.) Private mortgage bankers and other institutions also issue mortgage-backed securities.
Mortgage-backed securities are subject to scheduled and unscheduled principal payments as homeowners pay down or prepay their mortgages. As these payments are received, they must be reinvested when interest rates may be higher or lower than on the original mortgage security. Therefore, these securities are not an effective means of locking in long-term interest rates. In addition, when interest rates fall, the rate of mortgage prepayments, including refinancings, tends to increase. Refinanced mortgages are paid off at face value or “par,” causing a loss for any investor who may have purchased the security at a price above par. In
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such an environment, this risk limits the potential price appreciation of these securities and can negatively affect the fund’s net asset value. When interest rates rise, the prices of mortgage-backed securities can be expected to decline. In addition, when interest rates rise and prepayments slow, the effective duration of mortgage-backed securities extends, resulting in increased price volatility.
Operating policy There is no overall limit on the fund’s investments in mortgage-backed securities.
Other types of mortgage-backed securities in which the fund may invest include:
Collateralized Mortgage Obligations Collateralized mortgage obligations are debt instruments that are fully collateralized by a portfolio of mortgages or mortgage-backed securities including Government National Mortgage Association, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and non-agency-backed mortgages. All interest and principal payments from the underlying mortgages are passed through to the collateralized mortgage obligations in such a way as to create different classes with varying risk characteristics, payment structures, and maturity dates. Collateralized mortgage obligation classes may pay fixed or variable rates of interest, and certain classes have priority over others with respect to the receipt of prepayments and allocation of defaults.
Stripped Mortgage Securities Stripped mortgage securities are created by separating the interest and principal payments generated by a pool of mortgage-backed securities or a collateralized mortgage obligation to create additional classes of securities. Generally, one class receives interest-only payments and another receives principal-only payments. Unlike other mortgage-backed securities and principal-only strips, the value of interest-only strips tends to move in the same direction as interest rates. The fund can use interest-only strips as a hedge against falling prepayment rates (when interest rates are rising) and/or in an unfavorable market environment. Principal-only strips can be used as a hedge against rising prepayment rates (when interest rates are falling) and/or in a favorable market environment. Interest-only strips and principal-only strips are acutely sensitive to interest rate changes and to the rate of principal prepayments.
A rapid or unexpected increase in prepayments can severely depress the price of interest-only strips, while a rapid or unexpected decrease in prepayments could have the same effect on principal-only strips. Of course, under the opposite conditions these securities may appreciate in value. These securities can be very volatile in price and may have lower overall liquidity than most other mortgage-backed securities. Certain non-stripped collateralized mortgage obligation classes may also exhibit these qualities, especially those that pay variable rates of interest that adjust inversely with, and more rapidly than, short-term interest rates. In addition, if interest rates rise rapidly and prepayment rates slow more than expected, certain collateralized mortgage obligation classes, in addition to losing value, can exhibit characteristics of long-term securities and become more volatile. There is no guarantee that the fund’s investments in collateralized mortgage obligations, interest-only strips, or principal-only strips will be successful, and the fund’s total return could be adversely affected as a result.
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Operating policy The fund’s investments in stripped mortgage securities are limited to 10% of its net assets.
Commercial Mortgage-Backed Securities Commercial mortgage-backed securities are securities created from a pool of commercial mortgage loans, such as loans for hotels, shopping centers, office buildings, and apartment buildings. Interest and principal payments from the loans are passed on to the investor according to a schedule of payments. Credit quality depends primarily on the quality of the loans themselves and on the structure of the particular deal. Generally, deals are structured with senior and subordinate classes. The degree of subordination is determined by the rating agencies that rate the individual classes of the structure. Commercial mortgages are generally structured with prepayment penalties, which greatly reduce prepayment risk to the investor. However, the value of these securities may change because of actual or perceived changes in the creditworthiness of the individual borrowers, their tenants, the servicing agents, or the general state of commercial real estate. There is no limit on the fund’s investments in these securities.
Asset-Backed Securities
An underlying pool of assets, such as credit card or automobile trade receivables or corporate loans or bonds, backs these bonds and provides the interest and principal payments to investors. On occasion, the pool of assets may also include a swap obligation, which is used to change the cash flows on the underlying assets. As an example, a swap may be used to allow floating rate assets to back a fixed rate obligation. Credit quality depends primarily on the quality of the underlying assets, the level of any credit support provided by the structure or by a third-party insurance wrap or a line of credit, and the credit quality of the swap counterparty, if any. The underlying assets (i.e., loans) are sometimes subject to prepayments, which can shorten the security’s effective maturity and may lower its return. The value of these securities also may change because of actual or perceived changes in the creditworthiness of the individual borrowers, the originator, the servicing agent, the financial institution providing the credit support, or the swap counterparty. There is no limit on the fund’s investments in asset-backed securities.
Inflation-Linked Securities
Inflation-linked securities are income-generating instruments whose interest and principal payments are adjusted for inflation—a sustained increase in prices of goods and services that erodes the purchasing power of money. Treasury inflation-protected securities are inflation-linked securities issued by the U.S. government. Inflation-linked bonds are also issued by corporations, U.S. government agencies, and foreign governments. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the Consumer Price Index. A fixed coupon rate is applied to the inflation-adjusted principal so that as inflation rises, both the principal value and the interest payments increase. This can provide investors with a hedge against inflation, as it helps preserve the purchasing power of your investment. Because of this inflation-adjustment feature, inflation-protected bonds typically have lower yields than conventional fixed rate bonds.
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Inflation-protected bonds normally will decline in price when real interest rates rise. (A real interest rate is calculated by subtracting the inflation rate from a nominal interest rate. For example, if a 10-year Treasury note is yielding 5% and inflation expectations for the next 10 years are 2%, the real interest rate is 3%.) If inflation is negative, the principal and income of an inflation-protected bond could decline and result in losses for the fund.
Below Investment-Grade Debt Instruments
The fund’s holdings that are rated below investment-grade can consist of investments in bank loans, including loan participations and assignments, as well as high yield bonds. Investments in bank loans involve special types of risk, including those of being a direct lender and reduced liquidity. The price and yield of high yield bonds can be expected to fluctuate more than the price and yield of higher-quality bonds.
Investments involving below investment-grade issuers or borrowers are regarded as more volatile than investment-grade bonds and have greater risk with respect to the issuer’s continuing ability to meet principal and interest payments. Normally, the fund will invest in loans and high yield bonds through investments in other T. Rowe Price Funds that concentrate their investments in these areas.
Operating policy The fund’s net exposure to below investment-grade instruments is limited to 5% of the fund’s net assets.
Derivatives and Leverage
A derivative is a financial instrument whose value is derived from an underlying security, such as a stock or bond, or from a market benchmark, such as an interest rate index. Many types of investments representing a wide range of risks and potential rewards may be considered derivatives, including conventional instruments such as futures and options, as well as other potentially more complex investments such as swaps and structured notes. The use of derivatives can involve leverage. Leverage has the effect of magnifying returns, positively or negatively. The effect on returns will depend on the extent to which an investment is leveraged. For example, an investment of $1, leveraged at 2 to 1, would have the effect of an investment of $2. Leverage ratios can be higher or lower with a corresponding effect on returns. The fund may use derivatives in a variety of situations, including for the purposes of accomplishing any or all of the following: to hedge against a decline in principal value, to increase yield, to gain exposure to eligible asset classes or securities with greater efficiency and at a lower cost than is possible through a direct investment, or to adjust portfolio duration or credit risk exposures. In accordance with the Investment Company Act of 1940 and various SEC positions, the fund must “set aside” (often referred to as “asset segregation”) liquid assets, or engage in other measures, to “cover” open positions with respect to certain kinds of derivative instruments.
While the fund’s individual investments may involve leverage, it will not invest in any high-risk, highly leveraged derivative instrument that, at the time of entering into the derivative transaction, is expected to cause the overall price volatility of the portfolio to be meaningfully greater than that of a long-term (over 10-year maturity) investment-grade bond.
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Derivatives that may be used include the following instruments, as well as others that combine the risk characteristics and features of futures, options, and swaps:
Futures and Options Futures are often used to establish exposures or manage or hedge risk because they enable the investor to buy or sell an asset in the future at an agreed-upon price. Options may be used to generate additional income, to enhance returns, or as a defensive technique to protect against anticipated declines in the value of an asset. Call options give the investor the right to purchase (when the investor purchases the option), or the obligation to sell (when the investor “writes” or sells the option), an asset at a predetermined price in the future. Put options give the purchaser of the option the right to sell, or the seller (or “writer”) of the option the obligation to buy, an asset at a predetermined price in the future. Futures and options contracts may be bought or sold for any number of reasons, including to manage exposure to changes in interest rates, bond prices, foreign currencies, and credit quality; as an efficient means of increasing or decreasing the fund’s exposure to certain markets; in an effort to enhance income; to improve risk-adjusted returns; to protect the value of portfolio securities; and to serve as a cash management tool. Call or put options may be purchased or sold on securities, futures, financial indexes, and foreign currencies. The fund may choose to continue a futures contract by “rolling over” an expiring futures contract into an identical contract with a later maturity date. This could increase the fund’s transaction costs and portfolio turnover rate.
Futures and options contracts may not always be successful investments or hedges; their prices can be highly volatile; using them could lower the fund’s total return; the potential loss from the use of futures can exceed the fund’s initial investment in such contracts; and the losses from certain options written by the fund could be unlimited.
Swaps The fund may invest in interest rate, index, total return, credit default, and other types of swap agreements, as well as options on swaps, commonly referred to as “swaptions,” and interest rate swap futures, which are instruments that provide a way to obtain swap exposure and the benefits of futures in one contract. All of these agreements are considered derivatives and, in certain cases, high-risk derivatives. Interest rate, index, and total return swaps are two-party contracts under which the fund and a counterparty, such as a broker or dealer, agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or indexes. Credit default swaps are agreements where one party (the protection buyer) will make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as defaults and bankruptcies related to an issuer or underlying credit instrument. Swap futures are futures contracts on interest rate swaps that enable purchasers to settle in cash at a future date at the price determined by a specific benchmark rate at the end of a fixed period. Swaps, swaptions, and swap futures can be used for a variety of purposes, including to manage the fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the fund’s exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk exposure.
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There are risks in the use of swaps and related instruments. Swaps could result in losses if interest or foreign currency exchange rates or credit quality changes are not correctly anticipated by the fund. Total return swaps could result in losses if the reference index, security, or investments do not perform as anticipated. Credit default swaps can increase the fund’s exposure to credit risk and could result in losses if evaluation of the creditworthiness of the counterparty, or of the company or government on which the credit default swap is based, is incorrect. The use of swaps, swaptions, and swap futures may not always be successful. Using them could lower the fund’s total return, their prices can be highly volatile, and the potential loss from the use of swaps can exceed the fund’s initial investment in such instruments. Also, the other party to a swap agreement could default on its obligations or refuse to cash out the fund’s investment at a reasonable price, which could turn an expected gain into a loss. Although there should be minimal counterparty risk associated with investments in interest rate swap futures, the fund could experience delays and/or losses due to the bankruptcy of a swap dealer through which the fund engaged in the transaction.
Currency Derivatives The fund may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through 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. In addition to foreign currency forwards, futures, swaps, and options on foreign currencies may also be used to protect the fund’s foreign securities from adverse currency movements relative to the U.S. dollar, as well as to gain exposure to currencies and markets expected to increase or decrease in value relative to other currencies or securities.
The fund may attempt to hedge its exposure to potentially unfavorable currency changes. Forward currency contracts can be used to adjust the foreign exchange exposure of the fund with a view to protecting the portfolio from adverse currency movements, based on the investment adviser’s outlook. However, forward currency contracts can also be used in an effort to benefit from a currency believed to be appreciating in value versus other currencies. The fund may invest in non-U.S. currencies directly without holding any non-U.S. securities denominated in those currencies.
Forward currency contracts involve special risks, including, but not limited to, the potential for significant volatility in currency markets, and the risk that in certain markets, particularly emerging markets, it is not possible to engage in effective foreign currency hedging. In addition, such transactions involve the risk that currency movements will not occur as anticipated by the investment adviser, which could reduce the fund’s total return.
The fund may enter into foreign currency transactions under a number of circumstances, including the following:
Lock In When the fund desires to lock in the U.S. dollar price on the purchase or sale of a security denominated in a foreign currency.
Cross Hedge If a particular currency is expected to decrease in value relative to another currency, the fund may sell the currency expected to decrease and purchase a currency that is
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expected to increase against the currency sold. The fund’s cross hedging transactions may involve currencies in which the fund’s holdings are denominated. However, the fund is not required to own securities in the particular currency being purchased or sold.
Direct Hedge If the fund seeks to eliminate substantially all of the risk of owning a particular currency or believes the portfolio could benefit from price appreciation in a given country’s bonds but did not want to hold the currency, it could employ a direct hedge back into the U.S. dollar. In either case, the fund would enter into a forward contract to sell the currency in which a portfolio security is denominated and purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign security, but the fund would hope to benefit from an increase (if any) in the value of the bond.
Proxy Hedge In certain circumstances, a different currency may be substituted for the currency in which the investment is denominated, as part of a strategy known as proxy hedging. In this case, the fund, having purchased a security, will sell a currency whose value is believed to be closely linked to the currency in which the security is denominated. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable relationship between the two currencies paired as proxies, and that relationship may not always be maintained. The fund may also use these instruments to create a synthetic bond, which is issued in one currency with the currency component transformed into another currency.
Costs of Hedging When the fund purchases a foreign bond with a higher interest rate than is available on U.S. bonds of a similar maturity, the additional yield on the foreign bond could be substantially lessened if the fund were to enter into a direct hedge by selling the foreign currency and purchasing the U.S. dollar. This is what is known as the “cost” of hedging. A proxy hedge, which is less costly than a direct hedge, may attempt to reduce this cost through an indirect hedge back to the U.S. dollar.
It is important to note that hedging costs are treated as capital transactions and are not, therefore, deducted from the fund’s dividend distribution and are not reflected in its yield. Instead, such costs will, over time, be reflected in the fund’s net asset value per share and total return. Hedging may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in an increase (or decrease) in the amount of taxable dividends paid by the fund and could affect whether dividends paid by the fund are classified as capital gains or ordinary income.
Operating policy The fund will not commit more than 20% of its net assets to any combination of currency derivatives.
When-Issued Securities and Forwards
The fund may purchase securities on a when-issued or delayed delivery basis or may purchase or sell securities on a forward commitment basis. There is no limit on the fund’s investments in these securities. The price of these securities is fixed at the time of the commitment to buy, but delivery and payment take place after the customary settlement period for that type of security (often a month or more later). During the interim period, the price and yield of the securities
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can fluctuate, and typically no interest accrues to the purchaser. At the time of delivery, the market value of the securities may be more or less than the purchase or sale price. To the extent the fund remains fully or almost fully invested (in securities with a remaining maturity of more than one year) at the same time it purchases these securities, there will be greater fluctuations in the fund’s net asset value than if the fund did not purchase them.
Investments in Other Investment Companies
The fund may invest in other investment companies, including open-end funds, closed-end funds, and exchange-traded funds.
The fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting the purchase of securities or as an efficient means of gaining exposure to a particular asset class. The fund might also purchase shares of another investment company to gain exposure to the securities in the investment company’s portfolio at times when the fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with the fund’s objective and investment program.
The risks of owning another investment company are generally similar to the risks of investing directly in the securities in which that investment company invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the fund’s performance. In addition, because closed-end funds and exchange-traded funds trade on a secondary market, their shares may trade at a premium or discount to the actual net asset value of their portfolio securities and their shares may have greater volatility if an active trading market does not exist.
As a shareholder of another investment company, the fund must pay its pro-rata share of that investment company’s fees and expenses. The fund’s investments in non-T. Rowe Price investment companies are subject to the limits that apply to investments in other funds under the Investment Company Act of 1940 or under any applicable exemptive order.
The 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 fund’s 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 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.
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Illiquid Investments
Some of the fund’s holdings may be considered illiquid because they are subject to legal or contractual restrictions on resale or because the fund cannot reasonably expect the investment to be sold or disposed of in current market conditions within seven days without the sale or disposition significantly changing the market value of the investment. The determination of liquidity involves a variety of factors. Illiquid investments 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 investments may involve substantial delays and additional costs, and the fund may only be able to sell such investments at prices substantially lower than what it believes they are worth. In addition, the fund’s investments in illiquid investments may reduce the returns of the fund because it may be unable to sell such investments at an advantageous time, which could prevent the fund from taking advantage of other investment opportunities.
Operating policy The fund may not acquire an illiquid investment if, immediately after the acquisition, the fund would have invested more than 15% of its net assets in illiquid investments.
Types of Investment Management Practices
Reserve Position
A certain portion of the fund’s assets may be held in reserves. The fund’s reserve positions will primarily consist of: (1) shares of a T. Rowe Price internal money market fund or short-term bond fund (which do not charge any management fees); (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 the fund has significant holdings in reserves, it could compromise its ability to achieve its objective. The reserve position provides flexibility in meeting redemptions, paying expenses, and managing cash flows into the fund and can serve as a short-term defense during periods of unusual market volatility. Non-U.S. dollar reserves are subject to currency risk.
Borrowing Money and Transferring Assets
The fund may borrow from banks, other persons, and other T. Rowe Price Funds for temporary or emergency purposes, to facilitate redemption requests, or for other purposes consistent with the fund’s policies as set forth in this prospectus and the Statement of Additional Information. Such borrowings may be collateralized with the fund’s assets, subject to certain restrictions.
Fundamental policy Borrowings may not exceed 331/3% of the fund’s total assets. This limitation includes any borrowings for temporary or emergency purposes, applies at the time
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of the transaction, and continues to the extent required by the Investment Company Act of 1940.
Operating policy The 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 its total assets. The fund will not purchase additional securities when its borrowings exceed 5% of its total assets.
Meeting Redemption Requests
We expect that the fund will hold cash or cash equivalents to meet redemption requests. The fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the fund. These redemption methods will be used regularly and may also be used in deteriorating or stressed market conditions. The fund reserves the right to pay redemption proceeds with securities from the fund’s portfolio rather than in cash (redemptions in-kind), as described under “Large Redemptions.” Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of the fund’s net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. In general, any redemptions in-kind will represent a pro-rata distribution of the fund’s securities, subject to certain limited exceptions. Redemptions in-kind may be used regularly in circumstances as described above and may also be used in stressed market conditions.
The fund, along with other T. Rowe Price Funds, is a party to an interfund lending exemptive order received from the SEC that permits the T. Rowe Price Funds to borrow money from and/or lend money to other T. Rowe Price Funds to help the funds meet short-term redemptions and liquidity needs.
During periods of deteriorating or stressed market conditions, when an increased portion of the fund’s portfolio may be composed of holdings with reduced liquidity or lengthy settlement periods, or during extraordinary or emergency circumstances, the fund may be more likely to pay redemption proceeds with cash obtained through interfund lending or short-term borrowing arrangements (if available), or by redeeming a large redemption request in-kind.
Lending of Portfolio Securities
The fund may lend its securities to broker-dealers, other institutions, or other persons to earn additional income. Risks include the potential insolvency of the broker-dealer or other borrower that could result in delays in recovering securities and capital losses. Additionally, losses could result from the reinvestment of collateral received on loaned securities in investments that decline in value, default, or do not perform as well as expected. Cash collateral from securities lending is invested in the T. Rowe Price Short-Term Fund.
Fundamental policy The value of loaned securities may not exceed 331/3% of the fund’s total assets.
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Credit Quality Considerations
The credit quality of many fund holdings is evaluated by rating agencies such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), and Fitch Ratings, Inc. (Fitch). Credit quality refers to the issuer’s ability and willingness to meet all required interest and principal payments. The highest ratings are assigned to issuers perceived to have the lowest credit risks. T. Rowe Price credit research analysts also evaluate the fund’s holdings, including those rated by outside agencies. Other things being equal, bonds and other debt obligations with lower ratings typically have higher yields due to greater credit risk.
Credit quality ratings are not guarantees. They are estimates of an issuer’s creditworthiness and ability to make interest and principal payments as they come due. Ratings can change at any time due to actual or perceived changes in an issuer’s creditworthiness or financial fundamentals.
Bonds rated Baa and above by Moody’s, and BBB and above by S&P and Fitch, are considered to be “investment grade.” Bonds that are rated below these categories are considered to have greater credit risk and are referred to as “below investment grade” or “noninvestment grade.” Bonds rated below investment grade range from speculative to highly speculative with respect to the issuer’s ability or willingness to pay interest and repay principal. The following table summarizes the rating scales and associated credit risk assigned by the major rating agencies. Within these categories, the rating may be modified with a symbol (such as 1, 2, and 3, or a plus or minus) to indicate whether the bond is ranked in the higher or lower end of its rating category. T. Rowe Price generally relies upon its own credit analysis when selecting investments.
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Ratings of Debt Instruments
Moody’s | S&P | Fitch | Description of Category |
Aaa | AAA | AAA | Lowest level of credit risk with extremely strong capacity to meet financial commitments |
Aa | AA | AA | Very low credit risk with very strong capacity to meet financial commitments |
A | A | A | Low credit risk with strong capacity to meet financial commitments |
Baa | BBB | BBB | Moderate credit risk with adequate capacity to meet financial commitments |
Ba | BB | BB | Subject to substantial credit risk, and adverse conditions could lead to inadequate capacity to meet financial commitments |
B | B | B | Subject to high credit risk, and adverse conditions will likely impair capacity to meet financial commitments |
Caa | CCC | CCC | Subject to very high credit risk and dependent upon favorable conditions to meet financial commitments |
Ca | CC | CC | Highly vulnerable to nonpayment and likely in, or very near, default with some prospect of recovery of principal and interest |
C | C | C | Typically in default with little prospect for recovery of principal and interest |
— | D | D | In default |
Portfolio Turnover
Turnover is an indication of frequency of trading. Each time the fund purchases or sells a security, it incurs a cost. This cost is reflected in the fund’s net asset value but not in its operating expenses. The higher the turnover rate, the higher the transaction costs and the greater the impact on the fund’s total return. Higher turnover can also increase the possibility of taxable capital gain distributions. The fund’s portfolio turnover rates are shown in the Financial Highlights tables.
The Financial Highlights tables, which provide information about each class’ financial history, are based on a single share outstanding throughout the periods shown. The tables are part of the fund’s financial statements, which are included in its annual report and are incorporated by reference into the Statement of Additional Information (available upon request). The financial statements in the annual report were audited by the fund’s independent registered public accounting firm, PricewaterhouseCoopers LLP.
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FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | |||||||||||||||||||
Investor Class | ||||||||||||||||||||
Year
|
| 5/31/18 |
| 5/31/17 |
| 5/31/16 |
| 5/31/15 | ||||||||||||
NET ASSET VALUE |
|
|
|
|
| |||||||||||||||
Beginning of period | $ | 9.22 | $ | 9.50 | $ | 9.58 | $ | 9.59 | $ | 9.57 | ||||||||||
| ||||||||||||||||||||
Investment activities | ||||||||||||||||||||
Net investment | 0.27 | 0.24 | 0.22 | 0.22 | 0.21 | |||||||||||||||
Net realized and | 0.31 | (0.26 | ) | (0.06 | ) | 0.01 | 0.04 | |||||||||||||
Total from investment | 0.58 | (0.02 | ) | 0.16 | 0.23 | 0.25 | ||||||||||||||
| ||||||||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | (0.29 | ) | (0.26 | ) | (0.24 | ) | (0.24 | ) | (0.23 | ) | ||||||||||
| ||||||||||||||||||||
NET ASSET VALUE | ||||||||||||||||||||
End of period | $ | 9.51 | $ | 9.22 | $ | 9.50 | $ | 9.58 | $ | 9.59 | ||||||||||
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FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | |||||||||||||||||||
Investor Class | ||||||||||||||||||||
Year | 5/31/18 |
| 5/31/17 |
| 5/31/16 |
| 5/31/15 | |||||||||||||
Ratios/Supplemental Data |
|
|
|
|
|
| ||||||||||||||
| ||||||||||||||||||||
Total return(2) (3) | 6.38% | (0.21)% | 1.71% | 2.50% | 2.65% | |||||||||||||||
| ||||||||||||||||||||
Ratios to average net | ||||||||||||||||||||
Gross
expenses before | 0.51% | 0.53% | 0.56% | 0.61% | 0.60% | |||||||||||||||
Net
expenses after | 0.50% | 0.51% | 0.55% | 0.59% | 0.58% | |||||||||||||||
Net investment income | 2.97% | 2.54% | 2.29% | 2.37% | 2.22% | |||||||||||||||
| ||||||||||||||||||||
Portfolio turnover rate(4) | 139.4% | 96.1% | 99.9% | 164.3% | 144.7% | |||||||||||||||
Portfolio
turnover rate, | 86.4% | 75.5% | 58.4% | 73.7% | 53.7% | |||||||||||||||
Net
assets, end of period | $ | 17,423 | $ | 21,083 | $ | 30,681 | $ | 27,712 | $ | 29,233 | ||||||||||
(1) Per share amounts calculated using average shares outstanding method.
(2) Includes the impact of expense-related arrangements with Price Associates.
(3) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions and payment of no redemption or account fees, if applicable.
(4) The portfolio turnover rate calculation includes purchases and sales from the mortgage dollar roll transactions.
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FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | |||||||||||||||
I Class | ||||||||||||||||
Year |
| 5/31/18 |
| 5/31/17 |
| 8/28/15(1) | ||||||||||
NET ASSET VALUE |
|
|
|
| ||||||||||||
Beginning of period | $ | 9.21 | $ | 9.50 | $ | 9.57 | $ | 9.45 | ||||||||
| ||||||||||||||||
Investment activities | ||||||||||||||||
Net investment | 0.28 | 0.26 | 0.23 | 0.11 | ||||||||||||
Net realized and | 0.31 | (0.28 | ) | (0.04 | ) | 0.20 | ||||||||||
Total from investment | 0.59 | (0.02 | ) | 0.19 | 0.31 | |||||||||||
| ||||||||||||||||
Distributions | ||||||||||||||||
Net investment income | (0.30 | ) | (0.27 | ) | (0.26 | ) | (0.19 | ) | ||||||||
| ||||||||||||||||
NET ASSET VALUE | ||||||||||||||||
End of period | $ | 9.50 | $ | 9.21 | $ | 9.50 | $ | 9.57 | ||||||||
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FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | |||||||||||||||
I Class | ||||||||||||||||
Year |
| 5/31/18 |
| 5/31/17 |
| 8/28/15(1) | ||||||||||
Ratios/Supplemental Data |
|
|
|
| ||||||||||||
| ||||||||||||||||
Total return(3) (4) | 6.52% | (0.18)% | 1.97% | 3.37% | ||||||||||||
| ||||||||||||||||
Ratios to average net | ||||||||||||||||
Gross
expenses before | 0.39% | 0.39% | 0.40% | 0.44% | (5) | |||||||||||
Net
expenses after waivers/payments | 0.37% | 0.37% | 0.39% | 0.43% | (5) | |||||||||||
Net investment income | 3.10% | 2.72% | 2.47% | 1.68% | (5) | |||||||||||
| ||||||||||||||||
Portfolio turnover rate(6) | 139.4% | 96.1% | 99.9% | 164.3% | ||||||||||||
Portfolio
turnover rate, excluding | 86.4% | 75.5% | 58.4% | 73.7% | ||||||||||||
Net assets, end of period (in millions) | $ | 8,136 | $ | 7,412 | $ | 5,067 | $ | 1,562 | ||||||||
(1) Inception date
(2) Per share amounts calculated using average shares outstanding method.
(3) Includes the impact of expense-related arrangements with Price Associates.
(4) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions and payment of no redemption or account fees, if applicable. Total return is not annualized for periods less than one year.
(5) Annualized
(6) The portfolio turnover rate calculation includes purchases and sales from the mortgage dollar roll transactions.
MORE ABOUT THE FUND | 37 |
FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | |||||||||||||||||||
Advisor Class | ||||||||||||||||||||
Year
|
| 5/31/18 |
| 5/31/17 |
| 5/31/16 |
| 5/31/15 | ||||||||||||
NET ASSET VALUE |
|
|
|
|
| |||||||||||||||
Beginning of period | $ | 9.20 | $ | 9.49 | $ | 9.56 | $ | 9.57 | $ | 9.55 | ||||||||||
| ||||||||||||||||||||
Investment activities | ||||||||||||||||||||
Net investment | 0.24 | 0.22 | 0.20 | 0.20 | 0.19 | |||||||||||||||
Net realized and | 0.30 | (0.27 | ) | (0.05 | ) | 0.01 | 0.04 | |||||||||||||
Total from investment | 0.54 | (0.05 | ) | 0.15 | 0.21 | 0.23 | ||||||||||||||
| ||||||||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | (0.25 | ) | (0.24 | ) | (0.22 | ) | (0.22 | ) | (0.21 | ) | ||||||||||
| ||||||||||||||||||||
NET ASSET VALUE | ||||||||||||||||||||
End of period | $ | 9.49 | $ | 9.20 | $ | 9.49 | $ | 9.56 | $ | 9.57 | ||||||||||
T. ROWE PRICE | 38 |
FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | ||||||||||||||||||||
Advisor Class | |||||||||||||||||||||
Year |
| 5/31/18 |
| 5/31/17 |
| 5/31/16 |
| 5/31/15 | |||||||||||||
Ratios/Supplemental Data |
|
|
|
|
|
| |||||||||||||||
| |||||||||||||||||||||
Total return(2) (3) | 6.04% | (0.59)% | 1.56% | 2.28% | 2.42% | ||||||||||||||||
| |||||||||||||||||||||
Ratios
to average net | |||||||||||||||||||||
Gross expenses before | 0.84% | 0.79% | 0.81% | 0.83% | 0.83% | ||||||||||||||||
Net expenses after | 0.82% | 0.77% | 0.80% | 0.82% | 0.82% | ||||||||||||||||
Net investment income | 2.65% | 2.29% | 2.04% | 2.13% | 1.97% | ||||||||||||||||
| |||||||||||||||||||||
Portfolio turnover rate(4) | 139.4% | 96.1% | 99.9% | 164.3% | 144.7% | ||||||||||||||||
Portfolio turnover rate, | 86.4% | 75.5% | 58.4% | 73.7% | 53.7% | ||||||||||||||||
Net assets, end of period | $ | 51,936 | $ | 58,584 | $ | 49,779 | $ | 55,840 | $ | 50,833 | |||||||||||
(1) Per share amounts calculated using average shares outstanding method.
(2) Includes the impact of expense-related arrangements with Price Associates.
(3) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions and payment of no redemption or account fees, if applicable.
(4) The portfolio turnover rate calculation includes purchases and sales from the mortgage dollar roll transactions.
MORE ABOUT THE FUND | 39 |
FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | |||||||||||||||||||
R Class | ||||||||||||||||||||
Year
|
| 5/31/18 |
| 5/31/17 |
| 5/31/16 |
| 5/31/15 | ||||||||||||
NET ASSET VALUE |
|
|
|
|
| |||||||||||||||
Beginning of period | $ | 9.21 | $ | 9.50 | $ | 9.57 | $ | 9.59 | $ | 9.57 | ||||||||||
| ||||||||||||||||||||
Investment activities | ||||||||||||||||||||
Net investment | 0.21 | 0.18 | 0.16 | 0.17 | 0.16 | |||||||||||||||
Net realized and | 0.31 | (0.27 | ) | (0.04 | ) | –(3) | 0.04 | |||||||||||||
Total from investment | 0.52 | (0.09 | ) | 0.12 | 0.17 | 0.20 | ||||||||||||||
| ||||||||||||||||||||
Distributions | ||||||||||||||||||||
Net investment income | (0.23 | ) | (0.20 | ) | (0.19 | ) | (0.19 | ) | (0.18 | ) | ||||||||||
| ||||||||||||||||||||
NET ASSET VALUE | ||||||||||||||||||||
End of period | $ | 9.50 | $ | 9.21 | $ | 9.50 | $ | 9.57 | $ | 9.59 | ||||||||||
T. ROWE PRICE | 40 |
FINANCIAL HIGHLIGHTS | For a share outstanding throughout each period | ||||||||||||||||||||
R Class | |||||||||||||||||||||
Year |
| 5/31/18 |
| 5/31/17 |
| 5/31/16 |
| 5/31/15 | |||||||||||||
Ratios/Supplemental Data |
|
|
|
|
|
| |||||||||||||||
| |||||||||||||||||||||
Total return(2) (4) | 5.71% | (0.94)% | 1.22% | 1.84% | 2.09% | ||||||||||||||||
| |||||||||||||||||||||
Ratios to average net | |||||||||||||||||||||
Gross
expenses before | 1.25% | 1.15% | 1.17% | 1.19% | 1.22% | ||||||||||||||||
Net expenses after | 1.14% | 1.13% | 1.14% | 1.14% | 1.14% | ||||||||||||||||
Net investment income | 2.34% | 1.92% | 1.70% | 1.78% | 1.65% | ||||||||||||||||
| |||||||||||||||||||||
Portfolio turnover rate(5) | 139.4% | 96.1% | 99.9% | 164.3% | 144.7% | ||||||||||||||||
Portfolio turnover rate, | 86.4% | 75.5% | 58.4% | 73.7% | 53.7% | ||||||||||||||||
Net assets, end of period | $ | 3,808 | $ | 4,322 | $ | 7,122 | $ | 9,167 | $ | 7,736 | |||||||||||
(1) Per share amounts calculated using average shares outstanding method.
(2) Includes the impact of expense-related arrangements with Price Associates.
(3) Amounts round to less than $0.01 per share.
(4) Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions and payment of no redemption or account fees, if applicable.
(5) The portfolio turnover rate calculation includes purchases and sales from the mortgage dollar roll transactions.
The T. Rowe Price Funds’ complete portfolio holdings as of their fiscal year-ends are disclosed in their annual shareholder reports and their complete portfolio holdings as of their fiscal mid-point are disclosed in their semiannual shareholder reports. The annual and semiannual shareholder reports are filed with the SEC and sent to the funds’ shareholders within 60 days of the period covered. The shareholder reports are publicly available immediately upon filing with the SEC. Beginning with reporting periods ending on or after March 1, 2019, the T. Rowe Price Funds (except the money market funds) also disclose their complete portfolio holdings as of
MORE ABOUT THE FUND | 41 |
their first and third fiscal quarter-ends on Form N-PORT, along with other fund information. Form N-PORT is filed with the SEC each quarter, and the fund’s complete portfolio holdings as of its first and third fiscal quarter-ends (as of the third month of the fund’s fiscal quarter for reporting periods on or after September 30, 2019) are made publicly available within 60 days after the end of each quarter. Prior to March 1, 2019, the T. Rowe Price Funds (including the money market funds) disclosed their complete portfolio holdings for their first and third fiscal quarter-ends on Form N-Q, which was filed with the SEC within 60 days of the period covered and made publicly available immediately upon filing with the SEC. Neither Form N-PORT nor Form N-Q is sent to the funds’ shareholders. Under certain conditions, the shareholder reports, Form N-PORT, and Form N-Q may include up to 5% of a fund’s holdings under the caption “Miscellaneous Securities” without identifying the specific security or issuer. Generally, a holding would not be individually identified if it is determined that its disclosure could be harmful to the fund or its shareholders. A holding will not be excluded for these purposes from a fund’s SEC filings for more than one year. The money market funds also file detailed month-end portfolio holdings information on Form N-MFP with the SEC each month. Form N-MFP is publicly available immediately upon filing with the SEC.
In addition, most T. Rowe Price Funds disclose their calendar quarter-end portfolio holdings on troweprice.com 15 calendar days after each quarter. At the discretion of the investment adviser, these holdings reports may exclude the issuer name and other information relating to a holding in order to protect the fund’s interests and prevent harm to the fund or its shareholders. Private placements and other restricted securities may not be individually identified in the calendar quarter-end holdings on troweprice.com, but would be disclosed in any SEC filings. Money market funds also disclose on troweprice.com their month-end complete portfolio holdings five business days after each month-end and historical information about the fund’s investments for the previous six months, as of the last business day of the preceding month. This information includes, among other things, the percentage of the fund’s investments in daily and weekly liquid assets, the fund’s weighted average maturity and weighted average life, the fund’s market-based net asset value, and the fund’s net inflows and outflows. The calendar quarter-end portfolio holdings will remain on the website for one year and the month-end money market fund portfolio holdings will remain on the website for six months. In addition, most T. Rowe Price Funds disclose their 10 largest holdings, along with the percentage of the relevant fund’s total assets that each of the 10 holdings represents, on troweprice.com on the seventh business day after each month-end. These holdings are listed in numerical order based on such percentages of the fund’s assets. Each monthly top 10 list will remain on the website for six months. A description of T. Rowe Price’s policies and procedures with respect to the disclosure of portfolio information is available in the Statement of Additional Information.
INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS | 3 | |
The following policies and procedures generally apply to Investor Class, I Class, Advisor Class, and R Class accounts in the T. Rowe Price Funds. The front cover and Section 1 of this prospectus indicate which share classes are available for the fund.
This section of the prospectus explains the basics of investing with T. Rowe Price and describes some of the different share classes that may be available. Certain share classes can be held directly with T. Rowe Price, while other share classes must typically be held through a financial intermediary, such as a bank, broker, retirement plan recordkeeper, or investment adviser.
Each class of a fund’s shares represents an interest in the same fund with the same investment program and investment policies. However, each class is designed for a different type of investor and has a different cost structure primarily due to shareholder services or distribution arrangements that may apply only to that class. For example, certain classes may make payments to financial intermediaries for various administrative services they provide (commonly referred to as administrative fee payments, or AFP) and/or make payments to certain financial intermediaries for distribution of the fund’s shares (commonly referred to as 12b-1 fee payments). Determining the most appropriate share class depends on many factors, including how much you plan to invest, whether you are investing directly in the fund or through a financial intermediary, and whether you are investing on behalf of a person or an organization.
This section generally describes the differences between Investor Class, I Class, Advisor Class, and R Class shares. This section does not describe the policies that apply to accounts in T. Rowe Price institutional funds and certain other types of funds. Policies for these other funds are described in their respective prospectuses, and all available share classes for the T. Rowe Price Funds are described more fully in the funds’ Statement of Additional Information. While many T. Rowe Price Funds are offered in more than one share class, not all funds are offered in the share classes described in this section.
Investor Class
A T. Rowe Price Fund that does not include the term “institutional” or indicate a specific share class as part of its name is considered to be the Investor Class of that fund. The Investor Class is available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly from T. Rowe Price or through a retirement plan or financial intermediary. The Investor Class does not impose sales charges and does not make
INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS | 43 |
any 12b-1 fee payments to financial intermediaries but may make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets. In addition, you may also incur brokerage commissions and other charges when buying or selling Investor Class shares through a financial intermediary. For investors holding the Investor Class through the T. Rowe Price® ActivePlus Portfolios program, the terms and conditions of the program will be applicable.
I Class
The I Class may be purchased directly from T. Rowe Price or through a financial intermediary. The I Class does not impose sales charges and does not make any administrative fee payments or 12b-1 fee payments to financial intermediaries. However, you may incur brokerage commissions and other charges when buying or selling I Class shares through a financial intermediary.
The I Class requires a $1 million initial investment minimum, although the minimum generally is waived for retirement plans, financial intermediaries, certain institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority, and certain other accounts. For investors eligible for the I Class through the T. Rowe Price ActivePlus Portfolios program, the terms and conditions of the program will be applicable. Accounts that are not eligible for the I Class may be converted to the Investor Class following notice to the financial intermediary or investor.
Advisor Class
The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and financial advisors. The Advisor Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.25% of the class’ average daily net assets and may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets.
The Advisor Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of Advisor Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the Advisor Class may be converted to the Investor Class following notice to the financial intermediary or investor.
R Class
The R Class is designed to be sold through financial intermediaries for employer-sponsored defined contribution retirement plans and certain other retirement accounts. The R Class must be purchased through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). The R Class does not impose sales charges but may make 12b-1 fee payments at an annual rate of up to 0.50% of the class’ average daily net assets and
T. ROWE PRICE | 44 |
may also separately make administrative fee payments at an annual rate of up to 0.15% of the class’ average daily net assets.
The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment. Purchases of R Class shares for which the required agreement with T. Rowe Price has not been executed or that are not made through an eligible financial intermediary are subject to rejection or cancellation without prior notice to the financial intermediary or investor, and accounts that are no longer eligible for the R Class may be converted to the Investor Class or Advisor Class following notice to the financial intermediary or investor.
Administrative Fee Payments (Investor Class, Advisor Class, and R Class)
Certain financial intermediaries perform recordkeeping and administrative services for their clients that would otherwise be performed by the funds’ transfer agent. T. Rowe Price Funds (other than I Class shares) may make administrative fee payments to retirement plan recordkeepers, broker-dealers, and other financial intermediaries (at an annual rate of up to 0.15% of the fund’s average daily net assets) for transfer agency, recordkeeping, and other administrative services that they provide on behalf of the funds. These administrative services may include maintaining account records for each customer; transmitting purchase and redemption orders; delivering shareholder confirmations, statements, and tax forms; and providing support to respond to customers’ questions regarding their accounts. Except for funds that have an all-inclusive management fee, these separate administrative fee payments are reflected in the “Other expenses” line that appears in a fund’s fee table in Section 1.
12b-1 Fee Payments (Advisor Class and R Class)
Mutual funds are permitted to adopt a 12b-1 plan to pay certain expenses associated with the distribution of the fund’s shares out of the fund’s assets. Each fund offering Advisor and/or R Class shares has adopted a 12b-1 plan under which those classes may make payments (for the Advisor Class, at an annual rate of up to 0.25% of the class’ average daily net assets, and for the R Class, at an annual rate of up to 0.50% of the class’ average daily net assets) to various financial intermediaries, such as brokers, banks, insurance companies, investment advisers, and retirement plan recordkeepers for distribution and/or shareholder servicing of the Advisor and R Class shares. The 12b-1 plans provide for the class to pay such fees to the fund’s distributor and for the distributor to then pay such fees to the financial intermediaries that provide services for the class and/or make the class available to investors.
For the Advisor Class, distribution payments may include payments to financial intermediaries for making the Advisor Class shares available to their customers (for example, providing the fund with “shelf space” or inclusion on a “preferred list” or “supermarket” platform). For the R Class, distribution payments may include payments to financial intermediaries for making the R Class shares available as investment options to retirement plans and retirement plan
INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS | 45 |
participants, assisting plan sponsors in conducting searches for investment options, and providing ongoing monitoring of investment options.
Shareholder servicing payments under the plans may include payments to financial intermediaries for providing shareholder support services to existing shareholders of the Advisor and R Class. These payments may be more or less than the costs incurred by the financial intermediaries. Because the fees are paid from the Advisor Class or R Class net assets on an ongoing basis, they will increase the cost of your investment over time. In addition, payments of 12b-1 fees may influence your financial advisor’s recommendation of the fund or of any particular share class of the fund. Payments of 12b-1 fees are reflected in the “Distribution and service (12b-1) fees” line that appears in a fund’s fee table in Section 1.
Additional Compensation to Financial Intermediaries
In addition to the AFP payments made by certain funds and the 12b-1 payments made by each Advisor and R Class, T. Rowe Price or the fund’s distributor will, at their own expense, provide compensation to certain financial intermediaries that have sold shares of or provide shareholder or other services to the T. Rowe Price Funds, commonly referred to as revenue sharing. These payments may be in the form of asset-based, transaction-based, or flat payments. These payments are used to compensate third parties for distribution and shareholder servicing activities, including sub-accounting, sub-transfer agency, or other services. Some of these payments may include expense reimbursements and meeting and marketing support payments (out of T. Rowe Price’s or the fund’s distributor’s own resources and not as an expense of the funds) to financial intermediaries, such as broker-dealers, registered investment advisers, banks, insurance companies, and retirement plan recordkeepers, in connection with the sale, distribution, marketing, and/or servicing of the T. Rowe Price Funds. The Statement of Additional Information provides more information about these payment arrangements.
The receipt of, or the prospect of receiving, these payments and expense reimbursements from T. Rowe Price or the fund’s distributor may influence intermediaries, plan sponsors, and other third parties to offer or recommend T. Rowe Price Funds over other investment options for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation). In addition, financial intermediaries that receive these payments and/or expense reimbursements may elevate the prominence of the T. Rowe Price Funds by, for example, placing the T. Rowe Price Funds on a list of preferred or recommended funds and/or provide preferential or enhanced opportunities to promote the T. Rowe Price Funds in various ways. Since these additional payments are not paid by a fund directly, these arrangements do not increase fund expenses and will not change the price that an investor pays for shares of the T. Rowe Price Funds or the amount that is invested in a T. Rowe Price Fund on behalf of an investor. You may ask your financial intermediary for more information about any payments they receive from T. Rowe Price or the fund’s distributor.
T. ROWE PRICE | 46 |
Comparison of Fees
The following table summarizes the distribution and shareholder servicing fee arrangements applicable to each class.
Class | 12b-1 Fee Payments | Administrative Fee Payments |
Investor Class | None | Up to 0.15% per year |
I Class | None | None |
Advisor Class | Up to 0.25% per year | Up to 0.15% per year |
R Class | Up to 0.50% per year | Up to 0.15% per year |
Investor Class
In an effort to help offset the disproportionately high costs incurred by the funds in connection with servicing lower-balance accounts that are held directly with the T. Rowe Price Funds’ transfer agent, an annual $20 account service fee (paid to T. Rowe Price Services, Inc., or one of its affiliates) is charged to certain Investor Class accounts with a balance below $10,000. The determination of whether a fund account is subject to the account service fee is based on account balances and services selected for accounts as of the last business day of August of each calendar year. The fee may be charged to an account with a balance below $10,000 for any reason, including market fluctuation and recent redemptions. The fee, which is automatically deducted from an account by redeeming fund shares, is typically charged to accounts in early September each calendar year. Such redemption may result in a taxable gain or loss to you.
The account service fee generally does not apply to fund accounts that are held through a financial intermediary, participant accounts in employer-sponsored retirement plans for which T. Rowe Price Retirement Plan Services provides recordkeeping services, accounts held through the T. Rowe Price ActivePlus Portfolios program, or money market funds that are used as a T. Rowe Price Brokerage sweep account. Regardless of a particular fund account’s balance 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 (paper copies of fund documents are available, free of charge, upon request, to any shareholder regardless of whether the shareholder has elected electronic delivery);
· Any accounts of a shareholder with at least $50,000 in total assets with T. Rowe Price (for this purpose, total assets include investments through T. Rowe Price Brokerage and investments in T. Rowe Price Funds, except for those held through a retirement plan for which T. Rowe Price Retirement Plan Services provides recordkeeping services); or
· Any accounts of a shareholder who is a T. Rowe Price Select Client Services—visit troweprice.com or call 1-800-225-3222 for more information.
INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS | 47 |
T. Rowe Price reserves the right to authorize additional waivers for other types of accounts or to modify the conditions for assessment of the account service fee. Fund shares held in a T. Rowe Price IRA, Education Savings Account, or small business retirement plan account (including certain 403(b) plan accounts) are subject to the account service fee and may be subject to additional administrative fees when distributing all fund shares from such accounts.
Investor and I Class shares may be purchased directly from T. Rowe Price or through various financial intermediaries. Advisor and R Class shares must be purchased through a financial intermediary (except for certain retirement plans held directly at T. Rowe Price). If you are opening an account through an employer-sponsored retirement plan or other financial intermediary, you should contact the retirement plan or financial intermediary for information regarding its policies on opening an account, including the policies relating to purchasing, exchanging, and redeeming shares, and the applicable initial and subsequent investment minimums.
Tax Identification Number
Investors must provide T. Rowe Price with a valid Social Security number or taxpayer identification number on a signed new account form or Form W-9, and financial intermediaries must provide T. Rowe Price with their certified taxpayer identification number. Otherwise, federal law requires the funds to withhold a percentage of dividends, capital gain distributions, and redemptions and may subject you or the financial intermediary to an Internal Revenue Service fine. If this information is not received within 60 days of the account being established, the account may be redeemed at the fund’s then-current net asset value.
Important Information Required to Open a New Account
Pursuant to federal law, all financial institutions must obtain, verify, and record information that identifies each person or entity that opens an account. This information is needed not only for the account owner and any other person who opens the account, but also for any person who has authority to act on behalf of the account.
When you open an account, you will be asked for the name, U.S. street address (post office boxes are not acceptable), date of birth, and Social Security number or taxpayer identification number for each account owner and person(s) opening an account on behalf of others, such as custodians, agents, trustees, or other authorized signers. When opening an entity account, you will be asked to identify and provide personal information for: (i) any individual who, either directly or indirectly, owns 25% or more of the equity interest of the entity and (ii) a single individual who controls, manages, or directs the entity. Corporate and other institutional accounts require documents showing the existence of the entity (such as articles of incorporation or partnership agreements) to open an account. Certain other fiduciary accounts (such as trusts or power of attorney arrangements) require documentation, which may include an original or certified copy of the trust agreement or power of attorney, to open an account.
T. ROWE PRICE | 48 |
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” later in this section.)
Institutional investors and financial intermediaries should call Financial Institution Services at 1-800-638-8790 for more information on these requirements, as well as to be assigned an account number and instructions for opening an account. Other investors should call Investor Services at 1-800-638-5660 for more information about these requirements.
The funds are generally available only to investors residing in the United States. In addition, nongovernment money market funds that operate as “retail money market funds” pursuant to Rule 2a-7 under the Investment Company Act of 1940 are required to limit their beneficial owners to natural persons. An investor in a retail money market fund is required to demonstrate eligibility (for example, by providing a valid Social Security number) before an account can be opened.
How and When Shares Are Priced
The trade date for your transaction request depends on the day and time that T. Rowe Price receives your request and will normally be executed using the next share price calculated after your order is received in correct form by T. Rowe Price or its agent (or by your financial intermediary if it has the authority to accept transaction orders on behalf of the fund). The share price, also called the net asset value, for each share class of a fund is calculated as of the close of trading on the New York Stock Exchange (“NYSE”), which is normally 4 p.m. ET, on each day that the NYSE is open for business. Net asset values are not calculated for the funds on days when the NYSE is scheduled to be closed for trading (for example, weekends and certain U.S. national holidays). If the NYSE is unexpectedly closed due to weather or other extenuating circumstances on a day it would typically be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the funds reserve the right to treat such day as a business day and accept purchase and redemption orders and calculate their share price as of the normally scheduled close of regular trading on the NYSE for that day.
To calculate the net asset value, a fund’s assets are valued and totaled, liabilities are subtracted, and each class’ proportionate share of the balance, called net assets, is divided by the number of shares outstanding of that class. Market values are used to price portfolio holdings for which market quotations are readily available. Market values generally reflect the prices at which securities actually trade or represent prices that have been adjusted based on evaluations and information provided by the fund’s pricing services. Investments in other mutual funds are valued at the closing net asset value per share of the mutual fund on the day of valuation. If a market value for a portfolio holding is not available or normal valuation procedures are deemed to be inappropriate, the fund will make a good faith effort to assign a fair value to the
INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS | 49 |
holding by taking into account various factors and methodologies that have been approved by the fund’s Board. This value may differ from the value the fund receives upon sale of the securities.
Amortized cost is used to price securities held by money market funds and certain short-term debt securities held by other funds. The retail and government money market funds, which seek to maintain a stable net asset value of $1.00, use the amortized cost method of valuation to calculate their net asset value. Amortized cost allows the money market funds to value a holding at the fund’s acquisition cost with adjustments for any premiums or discounts and then round the net asset value per share to the nearest whole cent. The amortized cost method of valuation enables the money market funds to maintain a $1.00 net asset value, but it may also result in periods during which the stated value of a security held by the funds differs from the market-based price the funds would receive if they sold that holding. The current market-based net asset value per share for each business day in the preceding six months is available for the retail and government money market funds through troweprice.com. These market-based net asset values are for informational purposes only and are not used to price transactions.
The funds use various pricing services to provide closing market prices, as well as information used to adjust those prices and to value most fixed income securities. A fund cannot predict how often it will use closing prices or how often it will adjust those prices. As a means of evaluating its fair value process, the fund routinely compares closing market prices, the next day’s opening prices in the same markets, and adjusted prices.
Non-U.S. equity securities are valued on the basis of their most recent closing market prices at 4 p.m. ET, except under the following circumstances. Most foreign markets close before 4 p.m. ET. For example, the most recent closing prices for securities traded in certain Asian markets may be as much as 15 hours old at 4 p.m. ET. If a fund determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund’s securities, the fund will adjust the previous closing prices to reflect what it believes to be the fair value of the securities as of 4 p.m. ET. In deciding whether to make these adjustments, the fund reviews a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities.
A fund may also fair value certain securities or a group of securities in other situations—for example, when a particular foreign market is closed but the fund is open. For a fund that has investments in securities that are primarily listed on foreign exchanges that trade on weekends or other days when the fund does not price its shares, the fund’s net asset value may change on days when shareholders will not be able to purchase or redeem the fund’s shares. If an event occurs that affects the value of a security after the close of the market, such as a default of a commercial paper issuer or a significant move in short-term interest rates, a fund may make a price adjustment depending on the nature and significance of the event. The funds also evaluate a variety of factors when assigning fair values to private placements and other restricted securities. Other mutual funds may adjust the prices of their securities by different
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amounts or assign different fair values than the fair value that the fund assigns to the same security.
The various ways you can purchase, sell, and exchange shares are explained throughout this section. These procedures differ based on whether you hold your account directly with T. Rowe Price or through an employer-sponsored retirement plan or financial intermediary.
The following policies apply to accounts that are held directly with T. Rowe Price and not through a financial intermediary.
Options for Opening Your Account
If you own other T. Rowe Price Funds, you should consider registering any new account identically to your existing accounts so you can exchange shares among them easily (the name(s) of the account owner(s) and the account type must be identical).
For joint accounts or other types of accounts owned or controlled by more than one party, either owner/party has complete authority to act on behalf of all and give instructions concerning the account without notice to the other party. T. Rowe Price may, in its sole discretion, require written authorization from all owners/parties to act on the account for certain transactions (for example, to transfer ownership). There are multiple ways to establish a new account directly with T. Rowe Price.
Online You can open a new Investor Class account online. (I Class accounts currently must be opened either by telephone or in writing.) Go to troweprice.com/newaccount to choose the type of account you wish to open.
You can exchange shares online from an existing account in one fund to open a new account in another fund. The new account will have the same registration as the account from which you are exchanging, and any services (other than systematic purchase and systematic distribution arrangements) that you have preauthorized will carry over from the existing account to the new account.
To open an account online for the first time or with a different account registration, you must be a U.S. citizen residing in the U.S. or a resident alien and not subject to Internal Revenue Service backup withholding. Additionally, you must provide consent to receive certain documents electronically. You will have the option of providing your bank account information, which will enable you to make electronic funds transfers to and from your bank account. To set up this banking service online, additional steps will be taken to verify your identity.
By Mail If you are sending a check, please make your check payable to T. Rowe Price Funds (otherwise it may be returned) and send the check, together with the applicable new account form, to the appropriate address. (Please refer to the appropriate address under “Contacting
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T. Rowe Price” later in this section to avoid a delay in opening your new account.) T. Rowe Price does not accept third-party checks for initial purchases; however, third-party checks are typically accepted for additional purchases to an existing account. In addition, T. Rowe Price does not accept purchases by cash, traveler’s checks, money orders, or credit card checks. For exchanges from an identically registered account, be sure to specify the fund(s) and account number(s) that you are exchanging out of and the fund(s) you wish to exchange into.
By Telephone Direct investors can call Shareholder Services at 1-800-225-5132 (institutional investors should call 1-800-638-8790) to exchange from an existing fund account to open a new identically registered account in another fund. You may also be eligible to open a new account by telephone and provide your bank account information in order to make an initial purchase. To set up the account and banking service by telephone, additional steps will be taken to verify your identity and the authenticity of your bank account. Although the account may be opened and the purchase made, services may not be established and an Internal Revenue Service penalty withholding may occur until we receive the necessary signed form to certify your Social Security number or taxpayer identification number.
How Your Trade Date Is Determined
If you invest directly with T. Rowe Price and your request to purchase, sell, or exchange shares is received by T. Rowe Price or its agent in correct form by the close of the NYSE (normally 4 p.m. ET), your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value. Systematic transactions that are scheduled to occur on a date the NYSE is closed will normally be processed the next business day (except for certain retirement plan payroll deduction orders generated by T. Rowe Price where the orders are processed the day before the day the NYSE is closed).
Note: There may be times when you are unable to contact us by telephone or access your account online due to extreme market activity, the unavailability of the T. Rowe Price website, or other circumstances. Should this occur, your order must still be placed and received in correct form by T. Rowe Price prior to the time the NYSE closes to be priced at that business day’s net asset value. The time at which transactions and shares are priced and the time until which orders are accepted may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE and still accept transactions and calculate their net asset value as of 4 p.m. ET.
Transaction Confirmations
T. Rowe Price sends immediate confirmations for most of your fund transactions. However, certain transactions, such as systematic purchases and systematic redemptions, dividend reinvestments, checkwriting redemptions from money market funds, and transactions in money market funds used as a Brokerage sweep account, do not receive an immediate transaction confirmation but are reported on your account statement. Please review transaction confirmations and account statements as soon as you receive them, and promptly report any discrepancies to Shareholder Services.
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Telephone and Online Account Transactions
You may access your accounts and conduct transactions involving Investor Class accounts using the telephone or the T. Rowe Price website at troweprice.com. You can only conduct transactions involving the I Class over the telephone or in writing.
Preventing Unauthorized Transactions
The T. Rowe Price Funds and their agents use reasonably designed procedures to verify that telephone, electronic, and other instructions are genuine. These procedures include, among other things, recording telephone calls; requiring personalized security codes or other information online and certain identifying information for telephone calls; requiring Medallion signature guarantees for certain transactions and account changes; and promptly sending confirmations of transactions and address changes. For transactions conducted online, we recommend the use of a secure Internet browser.
T. Rowe Price Account Protection Program Shareholders who invest in the T. Rowe Price Funds directly are eligible for the Account Protection Program. The Account Protection Program restores eligible losses due to unauthorized or fraudulent activity, provided that you follow all security best practices when you access and maintain your account(s). T. Rowe Price reserves the right to modify or withdraw the Account Protection Program at any time. The Account Protection Program security best practices and additional information may be accessed online at https://www.troweprice.com/personal-investing/help/policies-and-security/account-protection-program.html.
If our verification procedures are followed, and the losses are not eligible to be restored under the Account Protection Program, the funds and their agents are not liable for any losses that may occur from acting on unauthorized instructions.
If you suspect any unauthorized account activity, notice errors or discrepancies in your T. Rowe Price account, or are not receiving your T. Rowe Price account statements, please contact T. Rowe Price immediately. Telephone conversations are recorded.
Trusted Contacts Investors who hold shares of a T. Rowe Price Fund directly or through a T. Rowe Price Brokerage account have the option to add one or more trusted contacts to their brokerage and mutual fund accounts. Trusted contacts are intended to be a resource to help protect client assets. Any individuals designated as a trusted contact will be authorized to serve as a primary contact if T. Rowe Price has questions or concerns related to potentially fraudulent account activity, suspected financial exploitation, or to confirm your contact information if we are unable to reach you (but are not authorized to act on your account). For more information or to add trusted contacts to your account, visit troweprice.com or call 1-800-225-5132.
If you are age 65 or older, or if you are age 18 or older and we have reason to believe you have a mental or physical impairment that renders you unable to protect your own interest, we may place a temporary hold on the disbursement of redemption proceeds from your account in an effort to protect you if we reasonably believe that you have been or will be the victim of actual or attempted financial exploitation. You will receive notice of this temporary delay, and it will
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be for no more than 15 business days while we conduct an internal review of the suspected financial exploitation (including contacting your trusted contact if one is on file). We may delay an additional 10 business days if T. Rowe Price reasonably believes that actual or attempted financial exploitation has occurred or will occur. At the expiration of the hold time, if we have not confirmed that exploitation has occurred, the proceeds will be released to you.
Purchasing Shares
Shares may be purchased in a variety of ways.
By Check Please make your check payable to the T. Rowe Price Funds. Include a new account form if establishing a new account, and include either a fund investment slip or a letter indicating the fund and your account number if adding to an existing account. Your transaction will receive the share price for the business day that the request is received by T. Rowe Price or its agent prior to the close of the NYSE (not the day the request is received at the post office box).
By Electronic Transfer Shares may be purchased using the Automated Clearing House system if you have established the service on your account, which allows T. Rowe Price to request payment for your shares directly from your bank account or other financial institution account. You may also arrange for a wire to be sent to T. Rowe Price (wire transfer instructions can be found at troweprice.com/wireinstructions or by calling Shareholder Services). T. Rowe Price must receive the wire by the close of the NYSE to receive that day’s share price. There is no assurance that you will receive the share price for the same day you initiated the wire from your financial institution.
By Exchange You may purchase shares of a fund using the proceeds from the redemption of shares from another fund. The redemption and purchase will receive the same trade date, and if you are establishing a new account, it will have the same registration as the account from which you are exchanging. The purchase must still generally meet the applicable minimum investment requirement.
Systematic Purchases (Automatic Asset Builder) You can instruct T. Rowe Price to automatically transfer money from your account at your bank or other financial institution at least once per month, or you can instruct your employer to send all or a portion of your paycheck to the fund or funds that you designate. Each systematic purchase must be at least $100 per fund account to be eligible for the Automatic Asset Builder service. To automatically transfer money to your account from a bank account or through payroll deductions, complete the appropriate section of the new account form when opening a new account or complete an Account Services Form to add the service to an existing account. Prior to establishing payroll deductions, you must set up the service with T. Rowe Price so that the appropriate instructions can be provided to your employer.
Initial Investment Minimums
Investor Class accounts, other than the Retirement Income 2020 Fund and Summit Funds, require a $2,500 minimum initial investment ($1,000 minimum initial investment for IRAs; certain small business retirement accounts; and custodial accounts for minors, known as
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Uniform Gifts to Minors Act or Uniform Transfer to Minors Act accounts). The Retirement Income 2020 Fund and Summit Funds require a $25,000 minimum initial investment. I Class accounts require a $1 million minimum initial investment, although the minimum generally is waived for certain types of accounts. If you request the I Class of a particular fund when you open a new account but the investment amount does not meet the applicable minimum, the purchase will be automatically invested in the Investor Class of the same fund.
Additional Investment Minimums
Investor Class accounts, other than Summit Funds, require a $100 minimum for additional purchases, including those made through Automatic Asset Builder. Summit Funds require a $100 minimum for additional purchases through Automatic Asset Builder and a $1,000 minimum for all other additional purchases. I Class accounts require a $100 minimum for additional purchases through Automatic Asset Builder but do not require a minimum amount for other additional purchases.
Exchanging and Redeeming Shares
Exchanges You can move money from one account to an existing, identically registered account or open a new identically registered account. For taxable accounts, an exchange from one fund to another will be reported to the Internal Revenue Service as a sale for tax purposes. (Institutional investors are restricted from exchanging into a fund that operates as a retail money market fund.) You can set up systematic exchanges so that money is automatically moved from one fund account to another on a regular basis.
Receiving Redemption Proceeds Redemption proceeds can be mailed to your account address by check or sent electronically to your bank account by Automated Clearing House transfer or bank wire. You can set up systematic redemptions and have the proceeds automatically sent via check or Automated Clearing House on a regular basis. If your request is received in correct form by T. Rowe Price or its agent on a business day prior to the close of the NYSE, proceeds are usually sent on the next business day. However, if you request a redemption from a money market fund on a business day prior to noon ET and request to have proceeds sent via bank wire, proceeds are normally sent later that same day.
Proceeds sent by Automated Clearing House transfer are usually credited to your account the second business day after the sale, and there are typically no fees associated with such payments. Proceeds sent by bank wire are usually credited to your account the next business day after the sale (except for wire redemptions from money market funds received prior to noon ET). A $5 fee will be charged for an outgoing wire of less than $5,000, in addition to any fees your financial institution may charge for an incoming wire.
If for some reason your request to exchange or redeem shares cannot be processed because it is not received in correct form, we will attempt to contact you.
If you request to redeem a specific dollar amount and the market value of your account is less than the amount of your request and we are unable to contact you, your redemption will not be processed and you must submit a new redemption request in correct form.
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If you change your address on an account, proceeds may not be mailed to the new address for 15 calendar days after the address change, unless we receive a letter of instruction with a Medallion signature guarantee.
Please note that large purchase and redemption requests initiated through the Automated Clearing House may be rejected, and in such instances, the transaction must be placed by calling Shareholder Services.
Checkwriting You may write an unlimited number of free checks on any money market fund and certain bond funds, with a minimum of $500 per check. Keep in mind, however, that a check results in a sale of fund shares; a check written on a bond fund will create a taxable event that must be reported by T. Rowe Price to the Internal Revenue Service as a redemption.
Converting to Another Share Class
You may convert from one share class of a fund to another share class of the same fund. Although the conversion has no effect on the dollar value of your investment in the fund, the number of shares owned after the conversion may be greater or less than the number of shares owned before the conversion, depending on the net asset values of the two share classes. A conversion between share classes of the same fund is a nontaxable event. The new account will have the same registration as the account from which you are converting.
T. Rowe Price may conduct periodic reviews of account balances. If your account balance in a fund exceeds the minimum amount required for the I Class, T. Rowe Price may, but is not required to, automatically convert your Investor Class shares to I Class shares with advance notice. However, if T. Rowe Price has investment discretion, T. Rowe Price may convert your shares without advance notice.
Maintaining Your Account Balance
Investor Class Due to the relatively high cost to a fund of maintaining small accounts, we ask that you maintain an account balance of at least $1,000 ($10,000 for Summit Funds). If, for any reason, your balance is below this amount for three months or longer, we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance.
I Class To keep operating expenses lower, we ask that you maintain an account balance of at least $1 million. If your investment falls below $1 million (even if due to market depreciation), we have the right to redeem your account at the then-current net asset value after giving you 60 days to increase your balance or convert your account to a different share class in the same fund (if available) with a higher expense ratio with advance notice. However, if T. Rowe Price has investment discretion, T. Rowe Price may convert your shares without advance notice.
The redemption of your account could result in a taxable gain or loss.
Investors holding the fund through the T. Rowe Price ActivePlus Portfolios program will be subject to the minimum account balance requirements of the program, which may differ from the minimum account balance requirements listed above.
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The following policies apply to accounts that are held through a financial intermediary.
Accounts in Investor Class and I Class shares are not required to be held through a financial intermediary, but accounts in Advisor Class and R Class shares must be held through an eligible financial intermediary (except for certain retirement plans held directly with T. Rowe Price). It is important that you contact your retirement plan or financial intermediary to determine the policies, procedures, and transaction deadlines that apply to your account. The financial intermediary may charge a fee, such as transaction fees or brokerage commissions, for its services.
Opening an Account
The financial intermediary must provide T. Rowe Price with its certified taxpayer identification number. Financial intermediaries should call Financial Institution Services for an account number and wire transfer instructions. In order to obtain an account number, the financial intermediary must supply the name, taxpayer identification number, and business street address for the account. (Please refer to “Contacting T. Rowe Price” later in this section for the appropriate telephone number and mailing address.) Financial intermediaries must also enter into a separate agreement with the fund or its agent.
How the Trade Date Is Determined
If you invest through a financial intermediary and your transaction request is received by T. Rowe Price or its agent in correct form by the close of the NYSE, your transaction will be priced at that business day’s net asset value. If your request is received by T. Rowe Price or its agent in correct form after the close of the NYSE, your transaction will be priced at the next business day’s net asset value unless the fund has an agreement with your financial intermediary for orders to be priced at the net asset value next computed after receipt by the financial intermediary.
The funds have authorized certain financial intermediaries or their designees to accept orders to buy or sell fund shares on their behalf. When authorized financial intermediaries receive an order in correct form, the order is considered as being placed with the fund and shares will be bought or sold at the net asset value next calculated after the order is received by the authorized financial intermediary. The financial intermediary must transmit the order to T. Rowe Price and pay for such shares in accordance with the agreement with T. Rowe Price or the order may be canceled and the financial intermediary could be held liable for the losses. If the fund does not have such an agreement in place with your financial intermediary, T. Rowe Price or its agent must receive the request in correct form from your financial intermediary by the close of the NYSE in order for your transaction to be priced at that business day’s net asset value.
Note: The time at which transactions and shares are priced and the time until which orders are accepted by the fund or a financial intermediary may be changed in case of an emergency or if the NYSE closes at a time other than 4 p.m. ET. The funds reserve the right to not treat an unscheduled intraday disruption or closure in NYSE trading as a closure of the NYSE and still
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accept transactions and calculate their net asset value as of 4 p.m. ET. Should this occur, your order must still be placed and received in correct form by T. Rowe Price (or by the financial intermediary in accordance with its agreement with T. Rowe Price) prior to the time the NYSE closes to be priced at that business day’s net asset value.
Purchasing Shares
All initial and subsequent investments by financial intermediaries should be made by bank wire or electronic payment. There is no assurance that the share price for the purchase will be the same day the wire was initiated. Purchases by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services.
Investment Minimums
You should check with your financial intermediary to determine what minimum applies to your initial and additional investments.
The Retirement Income 2020 Fund and Summit Funds require a $25,000 minimum initial investment, and other funds generally require a $2,500 minimum initial investment, although the minimum is generally waived or modified for any retirement plans and financial intermediaries establishing accounts in the Investor Class, Advisor Class, or R Class. I Class accounts require a $1 million minimum initial investment, although the minimum generally is waived for certain types of accounts.
Investments through a financial intermediary generally do not require a minimum amount for additional purchases.
Redeeming Shares
Unless otherwise indicated, redemption proceeds will be sent via bank wire to the financial intermediary’s designated bank. Redemptions by financial intermediaries are typically initiated through the National Securities Clearing Corporation or by calling Financial Institution Services. Normally, the fund transmits proceeds to financial intermediaries for redemption orders received in correct form on either the next business day or second business day after receipt of the order, depending on the arrangement with the financial intermediary. Proceeds for redemption orders received prior to noon ET for a money market fund may be sent via wire the same business day. You must contact your financial intermediary about procedures for receiving your redemption proceeds.
Please note that certain purchase and redemption requests initiated through the National Securities Clearing Corporation may be rejected, and in such instances, the transaction must be placed by contacting Financial Institution Services.
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The following policies and requirements apply generally to accounts in the T. Rowe Price Funds, regardless of whether the account is held directly or indirectly with T. Rowe Price.
The funds generally do not accept orders that request a particular day or price for a transaction or any other special conditions. However, when authorized by the fund, certain institutions, financial intermediaries, or retirement plans purchasing fund shares directly with T. Rowe Price may place a purchase order unaccompanied by payment. Payment for these shares must be received by the time designated by the fund (not to exceed the period established for settlement under applicable regulations). If payment is not received by this time, the order may be canceled. The institution, financial intermediary, or retirement plan is responsible for any costs or losses incurred by the fund or T. Rowe Price if payment is delayed or not received.
U.S. Dollars All purchases must be paid for in U.S. dollars; checks must be drawn on U.S. banks. In addition, we request that you give us at least three business days’ notice for any purchase of $5 million or more.
Nonpayment If a check or Automated Clearing House transfer does not clear or payment for an order is not received in a timely manner, your purchase may be canceled. You (or the financial intermediary) may be responsible for any losses or expenses incurred by the fund or its transfer agent, and the fund can redeem shares in your account or another identically registered T. Rowe Price account as reimbursement. The funds and their agents have the right to reject or cancel any purchase, exchange, or redemption due to nonpayment.
Retail Money Market Funds The retail money market funds have implemented policies and procedures designed to limit purchases to accounts beneficially owned by a natural person. Purchases of a retail money market fund may be rejected from an investor who has not demonstrated sufficient eligibility to purchase shares of the fund or from a financial intermediary that has not demonstrated adequate procedures to limit investments to natural persons. In addition, purchases may be prohibited or subject to certain conditions during periods where a liquidity fee or redemption gate is in effect.
Liquidity Fees and Redemption Gates—Retail Money Market Funds
A money market fund that operates as a retail money market fund pursuant to Rule 2a-7 under the Investment Company Act of 1940 has the ability to impose liquidity fees of up to 2% of the value of the shares redeemed if the fund’s weekly liquid assets fall below certain thresholds, as specified in Rule 2a-7. A retail money market fund also has the ability to impose a redemption gate, which enables the fund to temporarily suspend redemptions for up to 10 days within a 90-day period if the fund’s weekly liquid assets fall below a certain threshold, as specified in Rule 2a-7. A money market fund’s Board has ultimate discretion to determine whether or not a liquidity fee or redemption gate would be in the best interests of the fund’s shareholders and should be imposed.
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A money market fund that operates as a government money market fund pursuant to Rule 2a-7 is not required to impose a liquidity fee or redemption gate upon the sale of your shares. The Boards of the T. Rowe Price money market funds that operate as government money market funds have determined that the funds do not intend to impose liquidity fees and redemption gates. However, the Board of a T. Rowe Price government money market fund reserves the right to impose liquidity fees and redemption gates in the future, at which point shareholders would be provided with at least 60 days’ notice prior to such a change.
If a liquidity fee is in place, all exchanges out of the fund will be subject to the liquidity fee, and if a redemption gate is in place, all exchanges out of the fund will be suspended. When a liquidity fee or redemption gate is in place, the fund may elect to not permit the purchase of shares or to subject the purchase of shares to certain conditions, which may include affirmation of the purchaser’s knowledge that a liquidity fee or a redemption gate is in effect.
Omnibus Accounts If your shares are held through a financial intermediary, T. Rowe Price may rely on the financial intermediary to assess any applicable liquidity fees or impose redemption gates on underlying shareholder accounts. In certain situations, T. Rowe Price enters into agreements with financial intermediaries maintaining omnibus accounts that require the financial intermediary to assess liquidity fees or redemption gates. There are no assurances that T. Rowe Price will be successful in ensuring that all financial intermediaries will properly assess the fees.
Please refer to Sections 1 and 2 of the retail money market fund prospectuses for more information regarding liquidity fees and redemption gates.
Large Redemptions
Large redemptions (for example, $250,000 or more) can adversely affect a portfolio manager’s ability to implement a fund’s investment strategy by causing the premature sale of securities that would otherwise be held longer. Therefore, the fund reserves the right (without prior notice) to redeem in kind. In general, any redemptions in-kind will represent a pro-rata distribution of a fund’s securities, subject to certain limited exceptions. The redeeming shareholder will be responsible for disposing of the securities, and the shareholder will be subject to the risks that the value of the securities could decline prior to their sale, the securities could be difficult to sell, and brokerage fees could be incurred. If you continue to hold the securities, you may be subject to any ownership restriction imposed by the issuers. For example, real estate investment trusts (“REITs”) often impose ownership restriction on their equity securities. In addition, we request that you give us at least three business days’ notice for any redemption of $5 million or more.
Delays in Sending Redemption Proceeds
The T. Rowe Price Funds typically expect that redemption requests will be paid out to redeeming shareholders by the business day following the receipt of a redemption request that is in correct form, regardless of the method the fund uses to make such payment (for example, check, wire, or Automated Clearing House transfer). Checks are typically mailed on the business day after the redemption, proceeds sent by wire are typically credited to your financial
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institution the business day after the redemption, and proceeds sent by Automated Clearing House are typically credited to your financial institution on the second business day after the redemption. However, under certain circumstances, and when deemed to be in a fund’s best interests, proceeds may not be sent for up to seven calendar days after receipt of a valid redemption order (for example, during periods of deteriorating or stressed market conditions or during extraordinary or emergency circumstances).
In addition, if shares are sold that were just purchased and paid for by check or Automated Clearing House transfer, the fund will process your redemption but will generally delay sending the proceeds for up to seven calendar days to allow the check or Automated Clearing House transfer to clear. If, during the clearing period, we receive a check drawn against your newly purchased shares, it will be returned and marked “uncollected.” (The seven-day hold does not apply to purchases paid for by bank wire or automatic purchases through payroll deduction.)
The Board of a retail money market fund may temporarily suspend redemptions from the fund for up to 10 business days during any 90-day period (i.e., a “redemption gate”) and elect to temporarily suspend redemptions for up to 10 business days in a 90-day period if the fund’s weekly liquid assets fall below 30% of its total assets and the fund’s Board determines that imposing a redemption gate is in the fund’s best interests. In addition, under certain limited circumstances, the Board of a money market fund may elect to permanently suspend redemptions in order to facilitate an orderly liquidation of the fund (subject to any additional liquidation requirements).
Involuntary Redemptions and Share Class Conversions
Since nongovernment money market funds that operate as retail money market funds are required to limit their beneficial owners to natural persons, shares held directly by an investor or through a financial intermediary in these funds that are not eligible to invest in a retail money market fund are subject to involuntary redemption at any time without prior notice.
Shares held by any investors or financial intermediaries that are no longer eligible to invest in the I Class or who fail to meet or maintain their account(s) at the investment minimum are subject to involuntary redemption or conversion to the Investor Class of the same fund (which may have a higher expense ratio). Investments in Advisor Class shares that are no longer held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class of the same fund following notice to the financial intermediary or shareholder. Investments in R Class shares that are no longer held on behalf of an employer-sponsored defined contribution retirement plan or other eligible R Class account or that are not held through an eligible financial intermediary may be automatically converted by T. Rowe Price to the Investor Class or Advisor Class of the same fund following notice to the financial intermediary or shareholder.
Excessive and Short-Term Trading Policy
Excessive transactions and short-term trading can be harmful to fund shareholders in various ways, such as disrupting a fund’s portfolio management strategies, increasing a fund’s trading
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and other costs, and negatively affecting its performance. Short-term traders in funds that invest in foreign securities may seek to take advantage of developments overseas that could lead to an anticipated difference between the price of the funds’ shares and price movements in foreign markets. While there is no assurance that T. Rowe Price can prevent all excessive and short-term trading, the Boards of the T. Rowe Price Funds have adopted the following trading limits that are designed to deter such activity and protect the funds’ shareholders. The funds may revise their trading limits and procedures at any time as the Boards deem necessary or appropriate to better detect short-term trading that may adversely affect the funds, to comply with applicable regulatory requirements, or to impose additional or alternative restrictions.
Subject to certain exceptions, each T. Rowe Price Fund restricts a shareholder’s purchases (including through exchanges) into a fund account for a period of 30 calendar days after the shareholder has redeemed or exchanged out of that same fund account (the “30-Day Purchase Block”). The calendar day after the date of redemption is considered Day 1 for purposes of computing the period before another purchase may be made.
General Exceptions As of the date of this prospectus, the following types of transactions generally are not subject to the funds’ excessive and short-term trading policy:
· Shares purchased or redeemed in money market funds and ultra-short-term bond funds;
· Shares purchased or redeemed through a systematic purchase or withdrawal plan;
· Checkwriting redemptions from bond funds and money market funds;
· Shares purchased through the reinvestment of dividends or capital gain distributions;
· Shares redeemed automatically by a fund to pay fund fees or shareholder account fees;
· Transfers and changes of account registration within the same fund;
· Shares purchased by asset transfer or direct rollover;
· Shares purchased or redeemed through IRA conversions and recharacterizations;
· Shares redeemed to return an excess contribution from a retirement account;
· Transactions in Section 529 college savings plans;
· Certain transactions in defined benefit and nonqualified plans, subject to prior approval by T. Rowe Price;
· Shares converted from one share class to another share class in the same fund;
· Shares of T. Rowe Price Funds that are purchased by another T. Rowe Price Fund, including shares purchased by T. Rowe Price fund-of-funds products, and shares purchased by discretionary accounts managed by T. Rowe Price or one of its affiliates (please note that shareholders of the investing T. Rowe Price Fund are still subject to the policy);
· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund as approved by T. Rowe Price; and
· Transactions having a value of $5,000 or less (retirement plans, including those for which T. Rowe Price serves as recordkeeper, and other financial intermediaries may apply the excessive and short-term trading policy to transactions of any amount).
Transactions in certain rebalancing, asset allocation, wrap programs, and other advisory programs (including the T. Rowe Price ActivePlus Portfolios program), as well as non-T. Rowe
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Price fund-of-funds products, may also be exempt from the 30-Day Purchase Block, subject to prior written approval by T. Rowe Price.
In addition to restricting transactions in accordance with the 30-Day Purchase Block, T. Rowe Price may, in its discretion, reject (or instruct a financial intermediary to reject) any purchase or exchange into a fund from a person (which includes individuals and entities) whose trading activity could disrupt the management of the fund or dilute the value of the fund’s shares, including trading by persons acting collectively (for example, following the advice of a newsletter). Such persons may be barred, without prior notice, from further purchases of T. Rowe Price Funds for a period longer than 30 calendar days, or permanently.
Financial Intermediary and Retirement Plan Accounts If you invest in T. Rowe Price Funds through a financial intermediary, including a retirement plan, you should review the financial intermediary’s or retirement plan’s materials carefully or consult with the financial intermediary or plan sponsor directly to determine the trading policy that will apply to your trades in the T. Rowe Price Funds as well as any other rules or conditions on transactions that may apply. If T. Rowe Price is unable to identify a transaction placed through a financial intermediary as exempt from the excessive trading policy, the 30-Day Purchase Block may apply.
Financial intermediaries, including retirement plans, may maintain their underlying accounts directly with the fund, although they often establish an omnibus account (one account with the fund that represents multiple underlying shareholder accounts) on behalf of their customers. When financial intermediaries establish omnibus accounts in the T. Rowe Price Funds, T. Rowe Price is not able to monitor the trading activity of the underlying shareholders. However, T. Rowe Price monitors aggregate trading activity at the financial intermediary (omnibus account) level in an attempt to identify activity that indicates potential excessive or short-term trading. If it detects such trading activity, T. Rowe Price may contact the financial intermediary to request personal identifying information and transaction histories for some or all underlying shareholders (including plan participants, if applicable) pursuant to a written agreement that T. Rowe Price has entered into with each financial intermediary. Any nonpublic personal information provided to the fund (for example, a shareholder’s taxpayer identification number or transaction records) is subject to the fund’s privacy policy. If T. Rowe Price believes that excessive or short-term trading has occurred and there is no exception for such trades under the funds’ Excessive and Short-Term Trading Policy previously described, it will instruct the financial intermediary to impose restrictions to discourage such practices and take appropriate action with respect to the underlying shareholder, including restricting purchases for 30 calendar days or longer. Each financial intermediary has agreed to execute such instructions pursuant to a written agreement. There is no assurance that T. Rowe Price will be able to properly enforce its excessive trading policies for omnibus accounts. Because T. Rowe Price generally relies on financial intermediaries to provide information and impose restrictions for omnibus accounts, its ability to monitor and deter excessive trading will be dependent upon the intermediaries’ timely performance of their responsibilities.
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For shares that are held in a retirement plan, generally the 30-Day Purchase Block applies only to shares redeemed by a participant-directed exchange to another fund. However, the 30-Day Purchase Block may apply to transactions other than exchanges depending on how shares of the plan are held at T. Rowe Price or the excessive trading policy applied by your plan’s recordkeeper.
T. Rowe Price may allow a financial intermediary, including a retirement plan, to maintain restrictions on trading in the T. Rowe Price Funds that differ from the 30-Day Purchase Block. An alternative excessive trading policy would be acceptable to T. Rowe Price if it believes that the policy would provide sufficient protection to the T. Rowe Price Funds and their shareholders that is consistent with the excessive trading policy adopted by the funds’ Boards.
There is no guarantee that T. Rowe Price will be able to identify or prevent all excessive or short-term trades or trading practices.
Unclaimed Accounts and Uncashed Checks
If your account has no activity for a certain period of time and/or mail sent to you from T. Rowe Price (or your financial intermediary) is returned by the post office, T. Rowe Price (or your financial intermediary) may be required to transfer your account and any assets related to uncashed checks to the appropriate state under its abandoned property laws. To avoid such action, it is important to keep your account address up to date and periodically communicate with T. Rowe Price by contacting us or logging in to your account at least once every two years.
Delivery of Shareholder Documents
If two or more accounts own the same fund, share the same address, and T. Rowe Price reasonably believes that the two accounts are part of the same household or institution, we may economize on fund expenses by mailing only one shareholder report and prospectus for the fund. If you need additional copies or do not want your mailings to be “householded,” please call Shareholder Services.
T. Rowe Price can deliver account statements, transaction confirmations, prospectuses, tax forms, and shareholder reports electronically. If you are a registered user of troweprice.com, you can consent to the electronic delivery of these documents by logging in and changing your mailing preferences. You can revoke your consent at any time through troweprice.com, and we will begin to send paper copies of these documents within a reasonable time after receiving your revocation.
Signature Guarantees
A Medallion signature guarantee is designed to protect you and the T. Rowe Price Funds from fraud by verifying your signature.
A shareholder or financial intermediary may need to obtain a Medallion signature guarantee in certain situations, such as:
· Requests to wire redemption proceeds when bank account information is not already authorized and on file for an account;
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· Remitting redemption proceeds to any person, address, or bank account not on file;
· Establishing certain services after an account is opened; or
· Changing the account registration or broker-dealer of record for an account.
Financial intermediaries should contact T. Rowe Price Financial Institution Services for specific requirements.
The signature guarantee must be obtained from a financial institution that is a participant in a Medallion signature guarantee program. You can obtain a Medallion signature guarantee from certain banks, savings institutions, broker-dealers, and other guarantors acceptable to T. Rowe Price. When obtaining a Medallion signature guarantee, please discuss with the guarantor the dollar amount of your proposed transaction. It is important that the level of coverage provided by the guarantor’s stamp covers the dollar amount of the transaction or it may be rejected. We cannot accept guarantees from notaries public or organizations that do not provide reimbursement in the case of fraud.
Fund Operations and Shareholder Services
T. Rowe Price and The Bank of New York Mellon, subject to the oversight of T. Rowe Price, each provide certain accounting services to the T. Rowe Price Funds. T. Rowe Price Services, Inc., acts as the transfer agent and dividend disbursing agent and provides shareholder and administrative services to the funds. T. Rowe Price Retirement Plan Services, Inc., provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. These companies receive compensation from the funds for their services. The funds may also pay financial intermediaries for performing shareholder and administrative services for underlying shareholders in omnibus accounts. In addition, certain funds serve as an underlying fund in which some fund-of-funds products, the T. Rowe Price Spectrum and Retirement Funds, invest. Subject to approval by each applicable fund’s Board, each underlying fund bears its proportionate share of the direct operating expenses of the T. Rowe Price Spectrum and Retirement Funds. All of the fees previously discussed are included in a fund’s financial statements and, except for funds that have an all-inclusive management fee, are also reflected in the “Other expenses” line that appears in a fund’s fee table in Section 1.
Accounts Held Directly With T. Rowe Price
Investors who want to open an account directly with T. Rowe Price or who already have an account held directly with T. Rowe Price (and not through a financial intermediary) should refer to the following information.
Online You can open an account and place most transactions online at troweprice.com.
Telephone If you have questions relating to the opening of a new account (including Traditional, Roth, and Rollover IRAs and most nonretirement accounts) with T. Rowe Price,
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please call Investor Services at 1-800-638-5660. To place a transaction, report unauthorized activity on your account or a discrepancy on your transaction confirmation, elect out of the “householding” of prospectuses and shareholder reports, or ask a question about an existing account, please call Shareholder Services at 1-800-225-5132. If you find our phones busy during unusually volatile markets, please consider placing your order online.
To access information on fund performance, prices,
account balances, and your latest transactions 24 hours a day, please call T. Rowe Price Tele*Access® at
1-800-638-2587. (Please note that
transactions cannot be placed through Tele*Access®.)
If you are an institutional investor opening an account directly with T. Rowe Price or have questions or want to place a transaction on an existing account, please call Financial Institution Services at 1-800-638-8790.
For
inquiries regarding funds owned in a small business retirement plan, which include SEP-IRA, SAR-SEP,
SIMPLE IRA, individual 401(k), profit sharing, money purchase pension, and certain 403(b) plan accounts,
please call T. Rowe Price Retirement Client Services at
1-800-492-7670 or consult your plan administrator.
Requests for redemptions from these types of retirement accounts may be required to be in writing.
Funds held through other employer-sponsored retirement plans should call the appropriate telephone number that appears on your retirement plan account statement.
If you hold shares of a T. Rowe Price Fund through a T. Rowe Price Brokerage account and want to place a transaction, please call 1-800-225-7720.
For inquiries or to place a transaction, the hearing-impaired should call the applicable number found under “Contacting T. Rowe Price” with a relay operator or visit the T. Rowe Price website at troweprice.com. Inquires may also be directed to info@troweprice.com.
By Mail Please be sure to use the correct address to avoid a delay in opening your account or processing your transaction. These addresses are subject to change at any time, so you may want to consider checking troweprice.com/contactus or calling the appropriate telephone number to ensure that you use the correct mailing address.
Investors (other than institutions and small business retirement plans) opening a new account or making additional purchases by check should use the following addresses:
via U.S. mail T.
Rowe Price Account Services | via private carriers/overnight services T. Rowe
Price Account Services |
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Investors (other than institutions and small business retirement plans) requesting an exchange or redemption should use the following addresses:
via U.S. mail T. Rowe Price Account Services | via private carriers/overnight services T. Rowe Price Account Services |
Investors in a small business retirement plan opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:
via U.S. mail T.
Rowe Price Retirement Client Services | via private carriers/overnight services T. Rowe
Price |
Institutional investors opening a new account, making a purchase by check, or placing an exchange or redemption should use the following addresses:
via U.S. mail T.
Rowe Price Financial Institution Services | via private carriers/overnight services T. Rowe
Price Financial Institution Services |
Note: Your transaction will receive the share price for the business day that the request is received by T. Rowe Price or its agent prior to the close of the NYSE (normally 4 p.m. ET), which could differ from the day that the request is received at the post office box.
Accounts Held Through Financial Intermediaries
If you hold shares of a fund through a financial intermediary, you must contact your financial intermediary to determine the requirements for opening a new account and placing transactions. Financial intermediaries should refer to the following information.
Telephone To open a new account, place transactions, or ask any question about an account, please call Financial Institution Services at 1-800-638-8790.
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By Mail Financial intermediaries should send new account agreements and other documentation to the following addresses:
via U.S. mail T. Rowe
Price Financial Institution Services | via private carriers/overnight services T. Rowe
Price Financial Institution Services |
Each fund intends to qualify to be treated each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. In order to qualify, a fund must satisfy certain income, diversification, and distribution requirements. A regulated investment company is not subject to U.S. federal income tax at the portfolio level on income and gains from investments that are distributed to shareholders. However, if a fund were to fail to qualify as a regulated investment company and was ineligible to or otherwise did not cure such failure, the result would be fund-level taxation and, consequently, a reduction in income available for distribution to the fund’s shareholders.
To the extent possible, all net investment income and realized capital gains are distributed to shareholders.
Dividends and Other Distributions
Except for the Retirement Income 2020 Fund, dividend and capital gain distributions are reinvested in additional fund shares in your account unless you select another option. For the Retirement Income 2020 Fund, subject to certain exceptions, regularly scheduled monthly dividends may generally not be reinvested. Reinvesting distributions results in compounding, which allows you to receive dividends and capital gain distributions on an increasing number of shares.
Distributions not reinvested may be paid by check or transmitted to your bank account via Automated Clearing House or may be automatically invested into another fund account. For the Retirement Income 2020 Fund, regularly scheduled monthly dividends are generally not paid by check. If the U.S. Postal Service cannot deliver your check or if your check remains uncashed for six months, the fund reserves the right to reinvest your distribution check in your account at the net asset value on the day of the reinvestment and to reinvest all subsequent distributions in additional shares of the fund. Interest will not accrue on amounts represented by uncashed distributions or redemption checks.
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The following table provides details on dividend payments:
Dividend Payment Schedule | |
Fund | Dividends |
Money market funds | · Shares purchased via wire that are received by T. Rowe Price by noon ET begin to earn dividends on that day. Shares purchased via a wire received after noon ET and through other methods normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month. |
Bond funds | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month. |
These stock funds only: · Balanced · Dividend Growth · Equity Income · Equity Index 500 · Global Real Estate · Growth & Income · Personal Strategy Balanced · Personal Strategy Income · Real Estate | · Dividends, if any, are declared and paid quarterly, in March, June, September, and December. · Must be a shareholder on the dividend record date. |
Other stock funds | · Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date. |
Retirement Income 2020 | · Dividends are declared and normally paid in the middle of each month. |
Retirement Balanced, Retirement
I Balanced—I Class, and | · Shares normally begin to earn dividends on the business day after payment is received by T. Rowe Price. · Dividends are declared daily and paid on the first business day of each month. |
All other Retirement, Retirement I, Spectrum, and Target Funds | · Dividends, if any, are declared and paid annually, generally in December. · Must be a shareholder on the dividend record date. |
For funds that declare dividends daily, shares earn dividends through the date of a redemption (for redemptions from money market funds where the request is received prior to noon ET and proceeds are sent via wire, shares only earn dividends through the calendar day prior to the date of redemption). Shares redeemed on a Friday or prior to a holiday will continue to earn dividends until the next business day. Generally, if you redeem all of your shares at any time during the month, you will also receive all dividends earned through the date of redemption in the same check. When you redeem only a portion of your shares, all dividends accrued on those shares will be reinvested, or paid in cash, on the next dividend payment date. The funds
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do not pay dividends in fractional cents. Any dividend amount earned for a particular day on all shares held that is one-half of one cent or greater (for example, $0.016) will be rounded up to the next whole cent ($0.02), and any amount that is less than one-half of one cent (for example, $0.014) will be rounded down to the nearest whole cent ($0.01). Please note that if the dividend payable on all shares held is less than one-half of one cent for a particular day, no dividend will be earned for that day.
If you purchase and redeem your shares through a financial intermediary, consult your financial intermediary to determine when your shares begin and stop accruing dividends as the information previously described may vary.
Capital Gain Payments
A capital gain or loss is the difference between the purchase and sale price of a security. If a fund has net capital gains for the year (after subtracting any capital losses), they are usually declared and paid in December to shareholders of record on a specified date that month. If a second distribution is necessary, it is generally paid the following year. A fund may have to make additional capital gain distributions, if necessary, to comply with the applicable tax law. Capital gains are not expected from government or retail money market funds since they are managed to maintain a stable share price. However, if a money market fund unexpectedly has net capital gains for the year (after subtracting any capital losses), the capital gain may be declared and paid in December to shareholders of record.
Tax Information
In most cases, you will be provided information for your tax filing needs no later than mid-February.
If you invest in the fund through a tax-deferred account, such as an IRA or employer-sponsored retirement plan, you will not be subject to tax on dividends and distributions from the fund or the sale of fund shares if those amounts remain in the tax-deferred account. You may receive a Form 1099-R or other Internal Revenue Service forms, as applicable, if any portion of the account is distributed to you.
If you invest in the fund through a taxable account, you generally will be subject to tax when:
· You sell fund shares, including an exchange from one fund to another.
· The fund makes dividend or capital gain distributions.
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Additional information about the taxation of dividends for certain T. Rowe Price Funds is listed below:
Tax-Free and Municipal Funds |
· Regular monthly dividends (including those from the state-specific tax-free funds) are expected to be exempt from federal income taxes. |
· Exemption is not guaranteed since the fund has the right under certain conditions to invest in nonexempt securities. |
· Tax-exempt dividends paid to Social Security recipients may increase the portion of benefits that is subject to tax. |
· For state-specific funds, the monthly dividends you receive are expected to be exempt from state and local income tax of that particular state. For other funds, a small portion of your income dividend may be exempt from state and local income taxes. |
· If a fund invests in certain “private activity” bonds that are not exempt from the alternative minimum tax, shareholders who are subject to the alternative minimum tax must include income generated by those bonds in their alternative minimum tax calculation. The portion of a fund’s income dividend that should be included in your alternative minimum tax calculation, if any, will be reported to you by mid-February on Form 1099-DIV. |
For individual shareholders, a portion of ordinary dividends representing “qualified dividend income” received by the fund may be subject to tax at the lower rates applicable to long-term capital gains rather than ordinary income. You may report it as “qualified dividend income” in computing your taxes, provided you have held the fund shares on which the dividend was paid for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date. Ordinary dividends that do not qualify for this lower rate are generally taxable at the investor’s marginal income tax rate. This includes the portion of ordinary dividends derived from interest, short-term capital gains, income and gains from derivatives, distributions from nonqualified foreign corporations, distributions from real estate investment trusts, and dividends received by the fund from stocks that were on loan. Little, if any, of the ordinary dividends paid by the bond funds or money market funds is expected to qualify for this lower rate.
For corporate shareholders, a portion of ordinary dividends may be eligible for the deduction for dividends received by corporations to the extent the fund’s income consists of dividends paid by U.S. corporations. Little, if any, of the ordinary dividends paid by the international stock funds, bond funds, or money market funds is expected to qualify for this deduction.
A 3.8% net investment income tax is imposed on net investment income, including interest, dividends, and capital gains of U.S. individuals with income exceeding $200,000 (or $250,000 if married filing jointly) and of estates and trusts.
If you hold your fund through a financial intermediary, the financial intermediary is responsible for providing you with any necessary tax forms. You should contact your financial intermediary for the tax information that will be sent to you and reported to the Internal Revenue Service.
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Taxes on Fund Redemptions
When you sell shares in any fund, you may realize a gain or loss. An exchange from one fund to another fund in a taxable account is also a sale for tax purposes. As long as a money market fund maintains a stable share price of $1.00, a redemption or exchange to another fund will not result in a gain or loss for tax purposes. However, an exchange from one fund into a money market fund may result in a gain or loss on the fund from which shares were redeemed.
All or a portion of the loss realized from a sale or exchange of your fund shares may be disallowed under the “wash sale” rule if you purchase substantially identical shares within a 61-day period beginning 30 days before and ending 30 days after the date on which the shares are sold or exchanged. Shares of the same fund you acquire through dividend reinvestment are shares purchased for the purpose of the wash sale rule and may trigger a disallowance of the loss for shares sold or exchanged within the 61-day period of the dividend reinvestment. Any loss disallowed under the wash sale rule is added to the cost basis of the purchased shares.
T. Rowe Price (or your financial intermediary) will make available to you Form 1099-B, if applicable, no later than mid-February, providing certain information for each sale you made in the fund during the prior year. Unless otherwise indicated on your Form 1099-B, this information will also be reported to the Internal Revenue Service. For mutual fund shares acquired prior to 2012 in most accounts established or opened by exchange in 1984 or later, our Form 1099-B will provide you with the gain or loss on the shares you sold during the year based on the average cost single category method. This information on average cost and gain or loss from sale is not reported to the Internal Revenue Service. For these mutual fund shares acquired prior to 2012, you may calculate the cost basis using other methods acceptable to the Internal Revenue Service, such as specific identification.
For mutual fund shares acquired after 2011, federal income tax regulations require us to report the cost basis information on Form 1099-B using a cost basis method selected by the shareholder in compliance with such regulations or, in the absence of such selected method, our default method if you acquire your shares directly from T. Rowe Price. Our default method is average cost. For any fund shares acquired through a financial intermediary after 2011, you should check with your financial intermediary regarding the applicable cost basis method. You should note that the cost basis information reported to you may not always be the same as what you should report on your tax return because the rules applicable to the determination of cost basis on Form 1099-B may be different from the rules applicable to the determination of cost basis for reporting on your tax return. Therefore, you should save your transaction records to make sure the information reported on your tax return is accurate. T. Rowe Price and financial intermediaries are not required to issue a Form 1099-B to report sales of money market fund shares.
To help you maintain accurate records, T. Rowe Price will make available to you a confirmation promptly following each transaction you make (except for systematic purchases and systematic redemptions) and a year-end statement detailing all of your transactions in each fund account during the year. If you hold your fund through a financial intermediary, the
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financial intermediary is responsible for providing you with transaction confirmations and statements.
Taxes on Fund Distributions
T. Rowe Price (or your financial intermediary) will make available to you, as applicable, generally no later than mid-February, a Form 1099-DIV, or other Internal Revenue Service forms, as required, indicating the tax status of any income dividends, dividends exempt from federal income taxes, and capital gain distributions made to you. This information will be reported to the Internal Revenue Service. Taxable distributions are generally taxable to you in the year in which they are paid. A dividend declared in October, November, or December and paid in the following January is generally treated as taxable to you as if you received the distribution in December. Dividends from tax-free funds are generally expected to be tax-exempt for federal income tax purposes. Your bond fund and money market fund dividends for each calendar year will include dividends accrued up to the first business day of the next calendar year. Ordinary dividends and capital gain dividends may also be subject to state and local taxes. You will be sent any additional information you need to determine your taxes on fund distributions, such as the portion of your dividends, if any, that may be exempt from state and local income taxes.
Taxable distributions are subject to tax whether reinvested in additional shares or received in cash.
The tax treatment of a capital gain distribution is determined by how long the fund held the portfolio securities, not how long you held the shares in the fund. Short-term (one year or less) capital gain distributions are taxable at the same rate as ordinary income, and gains on securities held for more than one year are taxed at the lower rates applicable to long-term capital gains. If you realized a loss on the sale or exchange of fund shares that you held for six months or less, your short-term capital loss must be reclassified as a long-term capital loss to the extent of any long-term capital gain distributions received during the period you held the shares. For funds investing in foreign instruments, distributions resulting from the sale of certain foreign currencies, currency contracts, and the foreign currency portion of gains on debt instruments are taxed as ordinary income. Net foreign currency losses may cause monthly or quarterly dividends to be reclassified as returns of capital.
A fund’s distributions that have exceeded the fund’s earnings and profits for the relevant tax year may be treated as a return of capital to its shareholders. A return of capital distribution is generally nontaxable but reduces the shareholder’s cost basis in the fund, and any return of capital in excess of the cost basis will result in a capital gain.
The tax status of certain distributions may be recharacterized on year-end tax forms, such as your Form 1099-DIV. Distributions made by a fund may later be recharacterized for federal income tax purposes—for example, from taxable ordinary income dividends to returns of capital. A recharacterization of distributions may occur for a number of reasons, including the recharacterization of income received from underlying investments, such as REITs, and distributions that exceed taxable income due to losses from foreign currency transactions or
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other investment transactions. Certain funds, including international bond funds and funds that invest significantly in REITs, are more likely to recharacterize a portion of their distributions as a result of their investments. The Retirement Income 2020 Fund is also more likely to have some or all of its distributions recharacterized as returns of capital because of the predetermined monthly distribution amount.
If the fund qualifies and elects to pass through nonrefundable foreign income taxes paid to foreign governments during the year, your portion of such taxes will be reported to you as taxable income. However, you may be able to claim an offsetting credit or deduction on your tax return for those amounts. There can be no assurance that a fund will meet the requirements to pass through foreign income taxes paid.
If you are subject to backup withholding, we will have to withhold a 24% backup withholding tax on distributions and, in some cases, redemption payments. You may be subject to backup withholding if we are notified by the Internal Revenue Service to withhold, you have failed one or more tax certification requirements, or our records indicate that your tax identification number is missing or incorrect. Backup withholding is not an additional tax and is generally available to credit against your federal income tax liability with any excess refunded to you by the Internal Revenue Service.
The following table provides additional details on distributions for certain funds:
Taxes on Fund Distributions |
Tax-Free and Municipal Funds |
· Gains realized on the sale of market discount bonds with maturities beyond one year may be treated as ordinary income and cannot be offset by other capital losses. · Payments received or gains realized on certain derivative transactions may result in taxable ordinary income or capital gains. · To the extent the fund makes such investments, the likelihood of a taxable distribution will be increased. |
Limited Duration Inflation Focused Bond and Inflation Protected Bond Funds |
· Inflation adjustments on Treasury inflation protected securities that exceed deflation adjustments for the year will be distributed as a short-term capital gain, resulting in ordinary income. · In computing the distribution amount, the funds cannot reduce inflation adjustments by short- or long-term capital losses from the sales of securities. · Net deflation adjustments for a year may result in all or a portion of dividends paid earlier in the year being treated as a return of capital. |
Retirement, Retirement I, Spectrum, and Target Funds |
· Distributions by the underlying funds and changes in asset allocations may result in taxable distributions of ordinary income or capital gains. |
Tax Consequences of Liquidity Fees
It is currently anticipated that shareholders of retail money market funds that impose a liquidity fee may generally treat the liquidity fee as offsetting the shareholder’s amount realized on the redemption (thereby decreasing the shareholder’s gain, or increasing the shareholder’s
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loss, on the redeemed amount). A fund that imposes a liquidity fee anticipates using 100% of the fee to help repair a market-based net asset value per share that was below $1.00.
Because the retail money market funds use amortized cost to maintain a stable share price of $1.00, in the event that a liquidity fee is imposed, a fund may need to distribute to its remaining shareholders sufficient value to prevent the fund from breaking the buck on the upside (i.e., by rounding up to $1.01 in pricing its shares) if the imposition of a liquidity fee causes the fund’s market-based net asset value to reach $1.0050. To the extent that a fund has sufficient earnings and profits to support the distribution, the additional dividends would be taxable as ordinary income to shareholders and would be eligible for deduction by the fund. Any distribution in excess of the fund’s earnings and profits would be treated as a return of capital, which would reduce your cost basis in the fund shares.
Tax Consequences of Hedging
Entering into certain transactions involving options, futures, swaps, and forward currency exchange contracts may result in the application of the mark-to-market and straddle provisions of the Internal Revenue Code. These provisions could result in a fund being required to distribute gains on such transactions even though it did not close the contracts during the year or receive cash to pay such distributions. The fund may not be able to reduce its distributions for losses on such transactions to the extent of unrealized gains in offsetting positions.
Tax Effect of Buying Shares Before an Income Dividend or Capital Gain Distribution
If you buy shares shortly before or on the record date—the date that establishes you as the person to receive the upcoming distribution—you may receive a portion of the money you just invested in the form of a taxable distribution. Therefore, you may wish to find out a fund’s record date before investing. In addition, a fund’s share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when the fund has a negative return.
T. Rowe Price Funds and their agents, in their sole discretion, reserve the following rights: (1) to waive or lower investment minimums; (2) to accept initial purchases by telephone; (3) to refuse any purchase or exchange order; (4) to cancel or rescind any purchase or exchange order placed through a financial intermediary no later than the business day after the order is received by the financial intermediary (including, but not limited to, orders deemed to result in excessive trading, market timing, or 5% ownership); (5) to cease offering fund shares at any time to all or certain groups of investors; (6) to freeze any account and suspend account services when notice has been received of a dispute regarding the ownership of the account, or a legal claim against an account, upon initial notification to T. Rowe Price of a shareholder’s death until T. Rowe Price receives required documentation in correct form, or if there is reason
INFORMATION ABOUT ACCOUNTS IN T. ROWE PRICE FUNDS | 75 |
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 market funds, to suspend redemptions to facilitate an orderly liquidation.
The fund’s Statement of Additional Information, which contains a more detailed description of the fund’s operations, investment restrictions, policies and practices, has been filed with the SEC. The Statement of Additional Information is incorporated by reference into this prospectus, which means that it is legally part of this prospectus even if you do not request a copy. Further information about the fund’s investments, including a review of market conditions and the manager’s recent investment strategies and their impact on performance during the past fiscal year, is available in the annual and semiannual shareholder reports. These documents and updated performance information are available through troweprice.com. For inquiries about the fund and to obtain free copies of any of these documents, call 1-800-638-5660. If you invest in the fund through a financial intermediary, you should contact your financial intermediary for copies of these documents.
Fund reports and other fund information are available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov. Copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.
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T. Rowe Price Associates, Inc. |
1940 Act File No. 811-2396 | F43-040 10/1/19 |
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STATEMENT OF ADDITIONAL INFORMATION |
This is the Statement of Additional Information (“SAI”) for all of the funds listed below. It is divided into two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains information that generally applies to all of the mutual funds sponsored and managed by T. Rowe Price Associates, Inc. (“Price Funds”).
The date of this Statement of Additional Information is October 1, 2019.
T. ROWE PRICE BALANCED FUND, INC. | |
T. Rowe Price Balanced Fund | RPBAX |
T. Rowe Price Balanced Fund—I Class | RBAIX |
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. | |
T. Rowe Price Blue Chip Growth Fund | TRBCX |
T. Rowe Price Blue Chip Growth Fund—Advisor Class | PABGX |
T. Rowe Price Blue Chip Growth Fund—I Class | TBCIX |
T. Rowe Price Blue Chip Growth Fund—R Class | RRBGX |
T. ROWE PRICE CAPITAL APPRECIATION FUND, INC. | |
T. Rowe Price Capital Appreciation Fund | PRWCX |
T. Rowe Price Capital Appreciation Fund—Advisor Class | PACLX |
T. Rowe Price Capital Appreciation Fund—I Class | TRAIX |
T. ROWE PRICE COMMUNICATIONS & TECHNOLOGY FUND, INC. | |
T. Rowe Price Communications & Technology Fund | PRMTX |
T. Rowe Price Communications & Technology Fund—I Class | TTMIX |
T. ROWE PRICE CORPORATE INCOME FUND, INC. | |
T. Rowe Price Corporate Income Fund | PRPIX |
T. Rowe Price Corporate Income Fund—I Class | TICCX |
T. ROWE PRICE CREDIT OPPORTUNITIES FUND, INC. | |
T. Rowe Price Credit Opportunities Fund | PRCPX |
T. Rowe Price Credit Opportunities Fund—Advisor Class | PAOPX |
T. Rowe Price Credit Opportunities Fund—I Class | TCRRX |
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC. | |
T. Rowe Price Diversified Mid-Cap Growth Fund | PRDMX |
T. Rowe Price Diversified Mid-Cap Growth Fund—I Class | RPTTX |
T. ROWE PRICE DIVIDEND GROWTH FUND, INC. | |
T. Rowe Price Dividend Growth Fund | PRDGX |
T. Rowe Price Dividend Growth Fund—Advisor Class | TADGX |
T. Rowe Price Dividend Growth Fund—I Class | PDGIX |
C00-042 10/1/19
T. ROWE PRICE EQUITY INCOME FUND, INC. | |
T. Rowe Price Equity Income Fund | PRFDX |
T. Rowe Price Equity Income Fund—Advisor Class | PAFDX |
T. Rowe Price Equity Income Fund—I Class | REIPX |
T. Rowe Price Equity Income Fund—R Class | RRFDX |
T. ROWE PRICE FINANCIAL SERVICES FUND, INC. | |
T. Rowe Price Financial Services Fund | PRISX |
T. Rowe Price Financial Services Fund—I Class | TFIFX |
T. ROWE PRICE FLOATING RATE FUND, INC. | |
T. Rowe Price Floating Rate Fund | PRFRX |
T. Rowe Price Floating Rate Fund—Advisor Class | PAFRX |
T. Rowe Price Floating Rate Fund—I Class | TFAIX |
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC. | |
T. Rowe Price Global Allocation Fund | RPGAX |
T. Rowe Price Global Allocation Fund—Advisor Class | PAFGX |
T. Rowe Price Global Allocation Fund—I Class | TGAFX |
T. ROWE PRICE GLOBAL MULTI-SECTOR BOND FUND, INC. | |
T. Rowe Price Global Multi-Sector Bond Fund | PRSNX |
T. Rowe Price Global Multi-Sector Bond Fund—Advisor Class | PRSAX |
T. Rowe Price Global Multi-Sector Bond Fund—I Class | PGMSX |
T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC. | |
T. Rowe Price Global Real Estate Fund | TRGRX |
T. Rowe Price Global Real Estate Fund—Advisor Class | PAGEX |
T. Rowe Price Global Real Estate Fund—I Class | TIRGX |
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC. | |
T. Rowe Price Global Technology Fund | PRGTX |
T. Rowe Price Global Technology Fund—I Class | PGTIX |
T. ROWE PRICE GNMA FUND, INC. | |
T. Rowe Price GNMA Fund | PRGMX |
T. Rowe Price GNMA Fund—I Class | PRXAX |
T. ROWE PRICE GOVERNMENT MONEY FUND, INC. | |
T. Rowe Price Government Money Fund | PRRXX |
T. Rowe Price Government Money Fund—I Class | TTGXX |
T. ROWE PRICE GROWTH & INCOME FUND, INC. | |
T. Rowe Price Growth & Income Fund | PRGIX |
T. Rowe Price Growth & Income Fund—I Class | TGTIX |
T. ROWE PRICE GROWTH STOCK FUND, INC. | |
T. Rowe Price Growth Stock Fund | PRGFX |
T. Rowe Price Growth Stock Fund—Advisor Class | TRSAX |
T. Rowe Price Growth Stock Fund—I Class | PRUFX |
T. Rowe Price Growth Stock Fund—R Class | RRGSX |
T. ROWE PRICE HEALTH SCIENCES FUND, INC. | |
T. Rowe Price Health Sciences Fund | PRHSX |
T. Rowe Price Health Sciences Fund—I Class | THISX |
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T. ROWE PRICE HIGH YIELD FUND, INC. | |
T. Rowe Price High Yield Fund | PRHYX |
T. Rowe Price High Yield Fund—Advisor Class | PAHIX |
T. Rowe Price High Yield Fund—I Class | PRHIX |
T. Rowe Price U.S. High Yield Fund | TUHYX |
T. Rowe Price U.S. High Yield Fund—Advisor Class | TUHAX |
T. Rowe Price U.S. High Yield Fund—I Class | TUHIX |
T. ROWE PRICE INDEX TRUST, INC. |
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T. Rowe Price Equity Index 500 Fund | PREIX |
T. Rowe Price Equity Index 500 Fund—I Class | PRUIX |
T. Rowe Price Extended Equity Market Index Fund | PEXMX |
T. Rowe Price Mid-Cap Index Fund | N/A |
T. Rowe Price Mid-Cap Index Fund—I Class | N/A |
T. Rowe Price Small-Cap Index Fund | N/A |
T. Rowe Price Small-Cap Index Fund—I Class | N/A |
T. Rowe Price Total Equity Market Index Fund | POMIX |
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. | |
T. Rowe Price Inflation Protected Bond Fund | PRIPX |
T. Rowe Price Inflation Protected Bond Fund—I Class | TIIPX |
T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. (“INSTITUTIONAL EQUITY FUNDS”) |
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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. |
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T. Rowe Price Institutional Cash Reserves Fund | ICFXX |
T. Rowe Price Institutional Core Plus Fund | TICPX |
T. Rowe Price Institutional Floating Rate Fund | RPIFX |
T. Rowe Price Institutional Floating Rate Fund—F Class | PFFRX |
T. Rowe Price Institutional High Yield Fund | TRHYX |
T. Rowe Price Institutional Long Duration Credit Fund | RPLCX |
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC. |
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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 Core Equity Fund | TRCEX |
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T. Rowe Price Institutional International Disciplined Equity Fund (formerly T. Rowe Price Institutional International Concentrated Equity Fund) | RPICX |
T. Rowe Price Institutional International Growth Equity Fund | PRFEX |
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC. | |
T. Rowe Price Intermediate Tax-Free High Yield Fund | PRIHX |
T. Rowe Price Intermediate Tax-Free High Yield Fund—Advisor Class | PRAHX |
T. Rowe Price Intermediate Tax-Free High Yield Fund—I Class | TFHAX |
T. ROWE PRICE INTERNATIONAL FUNDS, INC. |
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T. Rowe Price Africa & Middle East Fund | TRAMX |
T. Rowe Price Africa & Middle East Fund—I Class | PRAMX |
T. Rowe Price Asia Opportunities Fund | TRAOX |
T. Rowe Price Asia Opportunities Fund—Advisor Class | PAAOX |
T. Rowe Price Asia Opportunities Fund—I Class | TRASX |
T. Rowe Price Dynamic Credit Fund | RPIDX |
T. Rowe Price Dynamic Credit Fund—I Class | RPELX |
T. Rowe Price Dynamic Global Bond Fund | RPIEX |
T. Rowe Price Dynamic Global Bond Fund—Advisor Class | PAIEX |
T. Rowe Price Dynamic Global Bond Fund—I Class | RPEIX |
T. Rowe Price Emerging Europe Fund | TREMX |
T. Rowe Price Emerging Europe Fund—I Class | TTEEX |
T. Rowe Price Emerging Markets Bond Fund | PREMX |
T. Rowe Price Emerging Markets Bond Fund—Advisor Class | PAIKX |
T. Rowe Price Emerging Markets Bond Fund—I Class | PRXIX |
T. Rowe Price Emerging Markets Corporate Bond Fund | TRECX |
T. Rowe Price Emerging Markets Corporate Bond Fund—Advisor Class | PACEX |
T. Rowe Price Emerging Markets Corporate Bond Fund—I Class | TECIX |
T. Rowe Price Emerging Markets Discovery Stock Fund (formerly T. Rowe Price Emerging Markets Value Stock Fund) | PRIJX |
T. Rowe Price Emerging Markets Discovery Stock Fund—Advisor Class (formerly T. Rowe Price Emerging Markets Value Stock Fund—Advisor Class) | PAIJX |
T. Rowe Price Emerging Markets Discovery Stock Fund—I Class (formerly T. Rowe Price Emerging Markets Value Stock Fund—I Class) | REVIX |
T. Rowe Price Emerging Markets Local Currency Bond Fund | PRELX |
T. Rowe Price Emerging Markets Local Currency Bond Fund—Advisor Class | PAELX |
T. Rowe Price Emerging Markets Local Currency Bond Fund—I Class | TEIMX |
T. Rowe Price Emerging Markets Stock Fund | PRMSX |
T. Rowe Price Emerging Markets Stock Fund—I Class | PRZIX |
T. Rowe Price European Stock Fund | PRESX |
T. Rowe Price European Stock Fund—I Class | TEUIX |
T. Rowe Price Global Consumer Fund | PGLOX |
T. Rowe Price Global Growth Stock Fund | RPGEX |
T. Rowe Price Global Growth Stock Fund—Advisor Class | PAGLX |
T. Rowe Price Global Growth Stock Fund—I Class | RGGIX |
T. Rowe Price Global High Income Bond Fund | RPIHX |
T. Rowe Price Global High Income Bond Fund—Advisor Class | PAIHX |
T. Rowe Price Global High Income Bond Fund—I Class | RPOIX |
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T. Rowe Price Global Industrials Fund | RPGIX |
T. Rowe Price Global Industrials Fund—I Class | TRGAX |
T. Rowe Price Global Stock Fund | PRGSX |
T. Rowe Price Global Stock Fund—Advisor Class | PAGSX |
T. Rowe Price Global Stock Fund—I Class | TRGLX |
T. Rowe Price International Bond Fund | RPIBX |
T. Rowe Price International Bond Fund—Advisor Class | PAIBX |
T. Rowe Price International Bond Fund—I Class | RPISX |
T. Rowe Price International Bond Fund (USD Hedged) | TNIBX |
T. Rowe Price International Bond Fund (USD Hedged)—Advisor Class | TTABX |
T. Rowe Price International Bond Fund (USD Hedged)—I Class | TNBMX |
T. Rowe Price International Disciplined Equity Fund (formerly T. Rowe Price International Concentrated Equity Fund) | PRCNX |
T. Rowe Price International Disciplined Equity Fund—Advisor Class (formerly T. Rowe Price International Concentrated Equity Fund—Advisor Class) | PRNCX |
T. Rowe Price International Disciplined Equity Fund—I Class (formerly T. Rowe Price International Concentrated Equity Fund—I Class) | RICIX |
T. Rowe Price International Discovery Fund | PRIDX |
T. Rowe Price International Discovery Fund—I Class | TIDDX |
T. Rowe Price International Stock Fund | PRITX |
T. Rowe Price International Stock Fund—Advisor Class | PAITX |
T. Rowe Price International Stock Fund—I Class | PRIUX |
T. Rowe Price International Stock Fund—R Class | RRITX |
T. Rowe Price International Value Equity Fund | TRIGX |
T. Rowe Price International Value Equity Fund—Advisor Class | PAIGX |
T. Rowe Price International Value Equity Fund—I Class | TRTIX |
T. Rowe Price International Value Equity Fund—R Class | RRIGX |
T. Rowe Price Japan Fund | PRJPX |
T. Rowe Price Japan Fund—I Class | RJAIX |
T. Rowe Price Latin America Fund | PRLAX |
T. Rowe Price Latin America Fund—I Class | RLAIX |
T. Rowe Price New Asia Fund | PRASX |
T. Rowe Price New Asia Fund —I Class | PNSIX |
T. Rowe Price Overseas Stock Fund | TROSX |
T. Rowe Price Overseas Stock Fund—Advisor Class | PAEIX |
T. Rowe Price Overseas Stock Fund—I Class | TROIX |
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC. |
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T. Rowe Price International Equity Index Fund | PIEQX |
T. ROWE PRICE LIMITED DURATION INFLATION FOCUSED BOND FUND, INC. | |
T. Rowe Price Limited Duration Inflation Focused Bond Fund | TRBFX |
T. Rowe Price Limited Duration Inflation Focused Bond Fund—I Class | TRLDX |
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T. ROWE PRICE MID-CAP GROWTH FUND, INC. | |
T. Rowe Price Mid-Cap Growth Fund | RPMGX |
T. Rowe Price Mid-Cap Growth Fund—Advisor Class | PAMCX |
T. Rowe Price Mid-Cap Growth Fund—I Class | RPTIX |
T. Rowe Price Mid-Cap Growth Fund—R Class | RRMGX |
T. ROWE PRICE MID-CAP VALUE FUND, INC. | |
T. Rowe Price Mid-Cap Value Fund | TRMCX |
T. Rowe Price Mid-Cap Value Fund—Advisor Class | TAMVX |
T. Rowe Price Mid-Cap Value Fund—I Class | TRMIX |
T. Rowe Price Mid-Cap Value Fund—R Class | RRMVX |
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (“MULTI-SECTOR ACCOUNT PORTFOLIOS”) |
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T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio | N/A |
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio | N/A |
T. Rowe Price Floating Rate Multi-Sector Account Portfolio | N/A |
T. Rowe Price High Yield Multi-Sector Account Portfolio | N/A |
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio | N/A |
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio | N/A |
T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC. | |
T. Rowe Price Multi-Strategy Total Return Fund | TMSRX |
T. Rowe Price Multi-Strategy Total Return Fund—Advisor Class | TMSAX |
T. Rowe Price Multi-Strategy Total Return Fund—I Class | TMSSX |
T. ROWE PRICE NEW AMERICA GROWTH FUND, INC. | |
T. Rowe Price New America Growth Fund | PRWAX |
T. Rowe Price New America Growth Fund—Advisor Class | PAWAX |
T. Rowe Price New America Growth Fund—I Class | PNAIX |
T. ROWE PRICE NEW ERA FUND, INC. | |
T. Rowe Price New Era Fund | PRNEX |
T. Rowe Price New Era Fund—I Class | TRNEX |
T. ROWE PRICE NEW HORIZONS FUND, INC. | |
T. Rowe Price New Horizons Fund | PRNHX |
T. Rowe Price New Horizons Fund—I Class | PRJIX |
T. ROWE PRICE NEW INCOME FUND, INC. | |
T. Rowe Price New Income Fund | PRCIX |
T. Rowe Price New Income Fund—Advisor Class | PANIX |
T. Rowe Price New Income Fund—I Class | PRXEX |
T. Rowe Price New Income Fund—R Class | RRNIX |
T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. (“PERSONAL STRATEGY FUNDS”) |
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T. Rowe Price Personal Strategy Balanced Fund | TRPBX |
T. Rowe Price Personal Strategy Balanced Fund—I Class | TPPAX |
T. Rowe Price Personal Strategy Growth Fund | TRSGX |
T. Rowe Price Personal Strategy Growth Fund—I Class | TGIPX |
T. Rowe Price Personal Strategy Income Fund | PRSIX |
T. Rowe Price Personal Strategy Income Fund—I Class | PPIPX |
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T. ROWE PRICE QUANTITATIVE MANAGEMENT FUNDS, INC. |
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T. Rowe Price QM Global Equity Fund | TQGEX |
T. Rowe Price QM Global Equity Fund—Advisor Class | TQGAX |
T. Rowe Price QM Global Equity Fund—I Class | TQGIX |
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund | TQSMX |
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class | TQSAX |
T. Rowe Price QM U.S. Small & Mid-Cap Core Equity Fund—I Class | TQSIX |
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund | PRDSX |
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—Advisor Class | TQAAX |
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund—I Class | TQAIX |
T. Rowe Price QM U.S. Value Equity Fund | TQMVX |
T. Rowe Price QM U.S. Value Equity Fund—Advisor Class | TQVAX |
T. Rowe Price QM U.S. Value Equity Fund—I Class | TQVIX |
T. ROWE PRICE REAL ASSETS FUND, INC. | |
T. Rowe Price Real Assets Fund | PRAFX |
T. Rowe Price Real Assets Fund—I Class | PRIKX |
T. ROWE PRICE REAL ESTATE FUND, INC. | |
T. Rowe Price Real Estate Fund | TRREX |
T. Rowe Price Real Estate Fund—Advisor Class | PAREX |
T. Rowe Price Real Estate Fund—I Class | TIRRX |
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (“TRP RESERVE FUNDS”) |
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T. Rowe Price Government Reserve Fund | N/A |
T. Rowe Price Short-Term Fund | N/A |
T. Rowe Price Short-Term Government Fund | N/A |
T. Rowe Price Treasury Reserve Fund | N/A |
T. ROWE PRICE RETIREMENT FUNDS, INC. (“RETIREMENT FUNDS”) |
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T. Rowe Price Retirement 2005 Fund | TRRFX |
T. Rowe Price Retirement 2005 Fund—Advisor Class | PARGX |
T. Rowe Price Retirement 2005 Fund—R Class | RRTLX |
T. Rowe Price Retirement 2010 Fund | TRRAX |
T. Rowe Price Retirement 2010 Fund—Advisor Class | PARAX |
T. Rowe Price Retirement 2010 Fund—R Class | RRTAX |
T. Rowe Price Retirement 2015 Fund | TRRGX |
T. Rowe Price Retirement 2015 Fund—Advisor Class | PARHX |
T. Rowe Price Retirement 2015 Fund—R Class | RRTMX |
T. Rowe Price Retirement 2020 Fund | TRRBX |
T. Rowe Price Retirement 2020 Fund—Advisor Class | PARBX |
T. Rowe Price Retirement 2020 Fund—R Class | RRTBX |
T. Rowe Price Retirement 2025 Fund | TRRHX |
T. Rowe Price Retirement 2025 Fund—Advisor Class | PARJX |
T. Rowe Price Retirement 2025 Fund—R Class | RRTNX |
T. Rowe Price Retirement 2030 Fund | TRRCX |
T. Rowe Price Retirement 2030 Fund—Advisor Class | PARCX |
T. Rowe Price Retirement 2030 Fund—R Class | RRTCX |
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T. Rowe Price Retirement 2035 Fund | TRRJX |
T. Rowe Price Retirement 2035 Fund—Advisor Class | PARKX |
T. Rowe Price Retirement 2035 Fund—R Class | RRTPX |
T. Rowe Price Retirement 2040 Fund | TRRDX |
T. Rowe Price Retirement 2040 Fund—Advisor Class | PARDX |
T. Rowe Price Retirement 2040 Fund—R Class | RRTDX |
T. Rowe Price Retirement 2045 Fund | TRRKX |
T. Rowe Price Retirement 2045 Fund—Advisor Class | PARLX |
T. Rowe Price Retirement 2045 Fund—R Class | RRTRX |
T. Rowe Price Retirement 2050 Fund | TRRMX |
T. Rowe Price Retirement 2050 Fund—Advisor Class | PARFX |
T. Rowe Price Retirement 2050 Fund—R Class | RRTFX |
T. Rowe Price Retirement 2055 Fund | TRRNX |
T. Rowe Price Retirement 2055 Fund—Advisor Class | PAROX |
T. Rowe Price Retirement 2055 Fund—R Class | RRTVX |
T. Rowe Price Retirement 2060 Fund | TRRLX |
T. Rowe Price Retirement 2060 Fund—Advisor Class | TRRYX |
T. Rowe Price Retirement 2060 Fund—R Class | TRRZX |
T. Rowe Price Retirement Balanced Fund | TRRIX |
T. Rowe Price Retirement Balanced Fund—Advisor Class | PARIX |
T. Rowe Price Retirement Balanced Fund—R Class | RRTIX |
T. Rowe Price Retirement I 2005 Fund—I Class | TRPFX |
T. Rowe Price Retirement I 2010 Fund—I Class | TRPAX |
T. Rowe Price Retirement I 2015 Fund—I Class | TRFGX |
T. Rowe Price Retirement I 2020 Fund—I Class | TRBRX |
T. Rowe Price Retirement I 2025 Fund—I Class | TRPHX |
T. Rowe Price Retirement I 2030 Fund—I Class | TRPCX |
T. Rowe Price Retirement I 2035 Fund—I Class | TRPJX |
T. Rowe Price Retirement I 2040 Fund—I Class | TRPDX |
T. Rowe Price Retirement I 2045 Fund—I Class | TRPKX |
T. Rowe Price Retirement I 2050 Fund—I Class | TRPMX |
T. Rowe Price Retirement I 2055 Fund—I Class | TRPNX |
T. Rowe Price Retirement I 2060 Fund—I Class | TRPLX |
T. Rowe Price Retirement Balanced I Fund—I Class | TRPTX |
T. Rowe Price Retirement Income 2020 Fund | TRLAX |
T. Rowe Price Target 2005 Fund | TRARX |
T. Rowe Price Target 2005 Fund—Advisor Class | PANRX |
T. Rowe Price Target 2005 Fund—I Class | TFRRX |
T. Rowe Price Target 2010 Fund | TRROX |
T. Rowe Price Target 2010 Fund—Advisor Class | PAERX |
T. Rowe Price Target 2010 Fund—I Class | TORFX |
T. Rowe Price Target 2015 Fund | TRRTX |
T. Rowe Price Target 2015 Fund—Advisor Class | PAHRX |
T. Rowe Price Target 2015 Fund—I Class | TTRTX |
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T. Rowe Price Target 2020 Fund | TRRUX |
T. Rowe Price Target 2020 Fund—Advisor Class | PAIRX |
T. Rowe Price Target 2020 Fund—I Class | TTURX |
T. Rowe Price Target 2025 Fund | TRRVX |
T. Rowe Price Target 2025 Fund—Advisor Class | PAJRX |
T. Rowe Price Target 2025 Fund—I Class | TRVVX |
T. Rowe Price Target 2030 Fund | TRRWX |
T. Rowe Price Target 2030 Fund—Advisor Class | PAKRX |
T. Rowe Price Target 2030 Fund—I Class | TWRRX |
T. Rowe Price Target 2035 Fund | RPGRX |
T. Rowe Price Target 2035 Fund—Advisor Class | PATVX |
T. Rowe Price Target 2035 Fund—I Class | TPGPX |
T. Rowe Price Target 2040 Fund | TRHRX |
T. Rowe Price Target 2040 Fund—Advisor Class | PAHHX |
T. Rowe Price Target 2040 Fund—I Class | TRXRX |
T. Rowe Price Target 2045 Fund | RPTFX |
T. Rowe Price Target 2045 Fund—Advisor Class | PAFFX |
T. Rowe Price Target 2045 Fund—I Class | TRFWX |
T. Rowe Price Target 2050 Fund | TRFOX |
T. Rowe Price Target 2050 Fund—Advisor Class | PAOFX |
T. Rowe Price Target 2050 Fund—I Class | TOORX |
T. Rowe Price Target 2055 Fund | TRFFX |
T. Rowe Price Target 2055 Fund—Advisor Class | PAFTX |
T. Rowe Price Target 2055 Fund—I Class | TRPPX |
T. Rowe Price Target 2060 Fund | TRTFX |
T. Rowe Price Target 2060 Fund—Advisor Class | TRTGX |
T. Rowe Price Target 2060 Fund—I Class | TTOIX |
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC. | |
T. Rowe Price Science & Technology Fund | PRSCX |
T. Rowe Price Science & Technology Fund—Advisor Class | PASTX |
T. Rowe Price Science & Technology Fund—I Class | TSNIX |
T. ROWE PRICE SHORT-TERM BOND FUND, INC. | |
T. Rowe Price Short-Term Bond Fund | PRWBX |
T. Rowe Price Short-Term Bond Fund—Advisor Class | PASHX |
T. Rowe Price Short-Term Bond Fund—I Class | TBSIX |
T. Rowe Price Ultra Short-Term Bond Fund | TRBUX |
T. Rowe Price Ultra Short-Term Bond Fund—I Class | TRSTX |
T. ROWE PRICE SMALL-CAP STOCK FUND, INC. | |
T. Rowe Price Small-Cap Stock Fund | OTCFX |
T. Rowe Price Small-Cap Stock Fund—Advisor Class | PASSX |
T. Rowe Price Small-Cap Stock Fund—I Class | OTIIX |
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T. ROWE PRICE SMALL-CAP VALUE FUND, INC. | |
T. Rowe Price Small-Cap Value Fund | PRSVX |
T. Rowe Price Small-Cap Value Fund—Advisor Class | PASVX |
T. Rowe Price Small-Cap Value Fund—I Class | PRVIX |
T. ROWE PRICE SPECTRUM FUND, INC. (“SPECTRUM FUNDS”) |
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Spectrum Growth Fund | PRSGX |
Spectrum Income Fund | RPSIX |
Spectrum International Fund | PSILX |
T. ROWE PRICE STATE TAX-FREE FUNDS, INC. |
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T. Rowe Price California Tax-Free Bond Fund | PRXCX |
T. Rowe Price California Tax-Free Bond Fund—I Class | TCFEX |
T. Rowe Price California Tax-Free Money Fund | PCTXX |
T. Rowe Price California Tax-Free Money Fund—I Class | TCBXX |
T. Rowe Price Georgia Tax-Free Bond Fund | GTFBX |
T. Rowe Price Georgia Tax-Free Bond Fund—I Class | TBGAX |
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | PRMDX |
T. Rowe Price Maryland Short-Term Tax-Free Bond Fund—I Class | TRMUX |
T. Rowe Price Maryland Tax-Free Bond Fund | MDXBX |
T. Rowe Price Maryland Tax-Free Bond Fund—I Class | TFBIX |
T. Rowe Price Maryland Tax-Free Money Fund | TMDXX |
T. Rowe Price Maryland Tax-Free Money Fund—I Class | TWNXX |
T. Rowe Price New Jersey Tax-Free Bond Fund | NJTFX |
T. Rowe Price New Jersey Tax-Free Bond Fund—I Class | TRJIX |
T. Rowe Price New York Tax-Free Bond Fund | PRNYX |
T. Rowe Price New York Tax-Free Bond Fund—I Class | TRYIX |
T. Rowe Price New York Tax-Free Money Fund | NYTXX |
T. Rowe Price New York Tax-Free Money Fund—I Class | TRNXX |
T. Rowe Price Virginia Tax-Free Bond Fund | PRVAX |
T. Rowe Price Virginia Tax-Free Bond Fund—I Class | TFBVX |
T. ROWE PRICE SUMMIT FUNDS, INC. (“SUMMIT INCOME FUNDS”) |
|
T. Rowe Price Cash Reserves Fund | TSCXX |
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (“SUMMIT MUNICIPAL FUNDS”) |
|
T. Rowe Price Summit Municipal Income Fund | PRINX |
T. Rowe Price Summit Municipal Income Fund—Advisor Class | PAIMX |
T. Rowe Price Summit Municipal Income Fund—I Class | PRIMX |
T. Rowe Price Summit Municipal Intermediate Fund | PRSMX |
T. Rowe Price Summit Municipal Intermediate Fund—Advisor Class | PAIFX |
T. Rowe Price Summit Municipal Intermediate Fund—I Class | PRTMX |
T. Rowe Price Summit Municipal Money Market Fund | TRSXX |
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (“TAX-EFFICIENT FUNDS”) |
|
T. Rowe Price Tax-Efficient Equity Fund | PREFX |
T. Rowe Price Tax-Efficient Equity Fund—I Class | TEEFX |
10
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC. | |
T. Rowe Price Tax-Exempt Money Fund | PTEXX |
T. Rowe Price Tax-Exempt Money Fund—I Class | TERXX |
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC. | |
T. Rowe Price Tax-Free High Yield Fund | PRFHX |
T. Rowe Price Tax-Free High Yield Fund—Advisor Class | PATFX |
T. Rowe Price Tax-Free High Yield Fund—I Class | PTYIX |
T. ROWE PRICE TAX-FREE INCOME FUND, INC. | |
T. Rowe Price Tax-Free Income Fund | PRTAX |
T. Rowe Price Tax-Free Income Fund—Advisor Class | PATAX |
T. Rowe Price Tax-Free Income Fund—I Class | TFILX |
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC. | |
T. Rowe Price Tax-Free Short-Intermediate Fund | PRFSX |
T. Rowe Price Tax-Free Short-Intermediate Fund—Advisor Class | PATIX |
T. Rowe Price Tax-Free Short-Intermediate Fund—I Class | TTSIX |
T. ROWE PRICE TOTAL RETURN FUND, INC. | |
T. Rowe Price Total Return Fund | PTTFX |
T. Rowe Price Total Return Fund—Advisor Class | PTATX |
T. Rowe Price Total Return Fund—I Class | PTKIX |
T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC. | |
T. Rowe Price U.S. Bond Enhanced Index Fund | PBDIX |
T. ROWE PRICE U.S. EQUITY RESEARCH FUND, INC. (FORMERLY T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC.) | |
T. Rowe Price U.S. Equity Research Fund (formerly T. Rowe Price Capital Opportunity Fund) | PRCOX |
T. Rowe Price U.S. Equity Research Fund—Advisor Class (formerly T. Rowe Price Capital Opportunity Fund—Advisor Class) | PACOX |
T. Rowe Price U.S. Equity Research Fund—I Class (formerly T. Rowe Price Capital Opportunity Fund—I Class) | PCCOX |
T. Rowe Price U.S. Equity Research Fund—R Class (formerly T. Rowe Price Capital Opportunity Fund—R Class) | RRCOX |
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC. | |
T. Rowe Price U.S. Large-Cap Core Fund | TRULX |
T. Rowe Price U.S. Large-Cap Core Fund—Advisor Class | PAULX |
T. Rowe Price U.S. Large-Cap Core Fund—I Class | RCLIX |
T. ROWE PRICE U.S. TREASURY FUNDS, INC. (“U.S. TREASURY FUNDS”) |
|
U.S. Treasury Intermediate Fund | PRTIX |
U.S. Treasury Intermediate Fund—I Class | PRKIX |
U.S. Treasury Long-Term Fund | PRULX |
U.S. Treasury Long-Term Fund—I Class | PRUUX |
U.S. Treasury Money Fund | PRTXX |
U.S. Treasury Money Fund—I Class | TRGXX |
T. ROWE PRICE VALUE FUND, INC. | |
T. Rowe Price Value Fund | TRVLX |
T. Rowe Price Value Fund—Advisor Class | PAVLX |
T. Rowe Price Value Fund—I Class | TRPIX |
11
Mailing Address:
T. Rowe Price Investment Services, Inc.
100
East Pratt Street
Baltimore, Maryland 21202
1-800-638-5660
This SAI is not a prospectus but should be read in conjunction with the appropriate current fund prospectus, which may be obtained from T. Rowe Price Investment Services, Inc. (“Investment Services”).
Each fund’s financial statements for its most recent fiscal period and the Report of Independent Registered Public Accounting Firm are included in each fund’s annual or semiannual report and incorporated by reference into this SAI. Dynamic Credit Fund, Dynamic Credit Fund—I Class, Short-Term Government Fund, Summit Municipal Income Fund—I Class, and Summit Municipal Intermediate Fund—I Class have not been in operation long enough to have complete financial statements.
If you would like a prospectus or an annual or semiannual shareholder report for a fund, please visit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.
12
PART I – TABLE OF CONTENTS
Page
Page
References to the following are as indicated:
Fitch Ratings, Inc. (“Fitch”)
Internal Revenue Code of 1986, as amended (“Code”)
Internal Revenue Service (“IRS”)
Investment Company Act of 1940, as amended (“1940 Act”)
Moody’s Investors Service, Inc. (“Moody’s”)
Securities Act of 1933, as amended (“1933 Act”)
Securities and Exchange Commission (“SEC”)
Securities Exchange Act of 1934, as amended (“1934 Act”)
S&P Global Ratings (“S&P”)
T. Rowe Price Associates, Inc. (“T. Rowe Price” or “Price Associates”)
T. Rowe Price Hong Kong Limited (“Price Hong Kong”)
T. Rowe Price Japan, Inc. (“Price Japan”)
T. Rowe Price International Ltd (“T. Rowe Price International” or “Price International Ltd”)
T. Rowe Price Singapore Private Ltd. (“Price Singapore”)
While many Price Funds are offered in more than one share class, not all funds are offered in the share classes described below. The front cover of each Price Fund’s prospectus indicates which share classes are available for the fund.
Investor Class
The Investor Class is available to individual investors, institutions, and a wide variety of other types of investors. The Investor Class may be purchased directly through T. Rowe Price or through a financial intermediary. A Price Fund (other than an institutional fund) that does not indicate a specific share class after its name is considered to be the Investor Class of that fund.
I Class
The I Class generally requires a $1 million initial investment minimum, although the minimum generally is waived for financial intermediaries, retirement plans, and certain institutional client accounts for which T. Rowe Price or its affiliate has discretionary investment authority. I Class shares are generally designed to be sold to retirement plans, financial intermediaries, and other institutional investors, as well as individuals meeting the investment minimum or other specific criteria. The I Class may be purchased directly through T. Rowe Price or through a financial intermediary.
Advisor Class
The Advisor Class is designed to be sold through various financial intermediaries, such as broker-dealers, banks, insurance companies, retirement plan recordkeepers, and financial advisors. The Advisor Class must be purchased through an eligible intermediary (except for certain retirement plans held directly with T. Rowe Price). The Advisor Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.
R Class
The R Class is designed to be sold only through various third-party intermediaries that offer employer-sponsored defined contribution retirement plans and certain other accounts, including brokers, dealers, banks, insurance companies, retirement plan recordkeepers, and others. The R Class must be purchased through an eligible intermediary (except for
13
certain retirement plans held directly with T. Rowe Price). The R Class requires an agreement between the financial intermediary and T. Rowe Price to be executed prior to investment.
Institutional Funds
Most of the T. Rowe Price institutional funds are available only in a single share class (referred to as the “Institutional Class”). The Institutional Class (other than their F Class shares) generally requires a $1,000,000 initial investment minimum, although the minimum may be waived for retirement plans, financial intermediaries maintaining omnibus accounts, and certain other accounts. The Institutional Class is designed for institutional investors, which typically include, but are not limited to: corporations, endowments and foundations, charitable trusts, investment companies and other pooled vehicles, defined benefit and defined contribution retirement plans, broker-dealers, registered investment advisers, banks and bank trust programs, and Section 529 college savings plans. Institutional funds may be purchased directly through T. Rowe Price or through a financial intermediary.
F Class
The F Class is a separate share class of certain institutional funds and is designed to be sold only through financial advisors and certain third-party intermediaries, including brokers, banks, insurance companies, retirement plan recordkeepers, and other financial intermediaries that provide various distribution and administrative services. F Class shares are not intended to be offered by intermediaries through a mutual fund “supermarket” platform. The F Class cannot be purchased directly through T. Rowe Price and must be purchased through an intermediary.
Mid-Cap Index Fund, Multi-Sector Account Portfolios, Small-Cap Index Fund, and TRP Reserve Funds
These funds are not available for direct purchase by members of the public. Shares of these funds may only be purchased by or on behalf of mutual funds, Section 529 college savings plans, or certain institutional client accounts for which T. Rowe Price or one of its affiliates has discretionary investment authority.
PART I
Below is a table showing the prospectus and shareholder report dates for each fund. Each prospectus and shareholder report includes information on all share classes available for a fund. The table also lists each fund’s category, which should be used to identify groups of funds that are referenced throughout this SAI. The prospectus date shown for each fund reflects the date that the prospectus will be annually updated once the fund has been in operation at its fiscal year-end.
Fund | Fund Category | Fiscal | Annual Report | Semiannual | Prospectus |
Africa & Middle East Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Balanced Fund | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
California Tax-Free Bond Fund | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
California Tax-Free Money Fund | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Capital Appreciation Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Cash Reserves Fund | Taxable Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Communications & Technology Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Corporate Income Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Diversified Mid-Cap Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dynamic Credit Fund | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Dynamic Global Bond Fund | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Europe Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Bond Fund | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond Fund | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
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Fund | Fund Category | Fiscal | Annual Report | Semiannual | Prospectus |
Emerging Markets Discovery Stock Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Local Currency Bond Fund | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Stock Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Equity Income Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Index 500 Fund | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
European Stock Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Extended Equity Market Index Fund | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Financial Services Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Floating Rate Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Georgia Tax-Free Bond Fund | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Global Allocation Fund | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Consumer Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Growth Stock Fund | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global High Income Bond Fund | Taxable Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global Industrials Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Multi-Sector Bond Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Global Real Estate Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Stock Fund | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Technology Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
GNMA Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Government Money Fund | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Government Reserve Fund | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Growth & Income Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Health Sciences Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
High Yield Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Inflation Protected Bond Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Africa & Middle East Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Cash Reserves Fund | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Core Plus Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Emerging Markets Bond Fund | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Emerging Markets Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Floating Rate Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Frontier Markets Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Focused Growth Equity Fund | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Growth Equity Fund | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Value Equity Fund | Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional High Yield Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional International Core Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Disciplined Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Growth Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
15
Fund | Fund Category | Fiscal | Annual Report | Semiannual | Prospectus |
Institutional Large-Cap Core Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Value Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Long Duration Credit Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Mid-Cap Equity Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Small-Cap Stock Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional U.S. Structured Research Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Intermediate Tax-Free High Yield Fund | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
International Bond Fund | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Bond Fund (USD Hedged) | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Disciplined Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Discovery Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Equity Index Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Value Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Investment-Grade Corporate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Japan Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Latin America Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Limited Duration Inflation Focused Bond Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Maryland Short-Term Tax-Free Bond Fund | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Bond Fund | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Money Fund | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Mid-Cap Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Index Fund | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Multi-Strategy Total Return Fund | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
New America Growth Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Asia Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
New Era Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Horizons Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Income Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Jersey Tax-Free Bond Fund | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Bond Fund | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Money Fund | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Overseas Stock Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Personal Strategy Balanced Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Growth Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Income Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
QM Global Equity Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small & Mid-Cap Core Equity Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Small-Cap Growth Equity Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
QM U.S. Value Equity Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Assets Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Retirement 2005 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
16
Fund | Fund Category | Fiscal | Annual Report | Semiannual | Prospectus |
Retirement 2010 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Income 2020 Fund | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Science & Technology Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Short-Term Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Bond Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Government Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Small-Cap Index Fund | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Growth Fund | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Income Fund | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum International Fund | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Summit Municipal Income Fund | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Intermediate Fund | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Money Market Fund | Tax-Free Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Target 2005 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2010 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2015 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2020 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2025 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2030 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2035 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2040 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2045 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2050 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2055 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target 2060 Fund | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Tax-Efficient Equity Fund | Equity | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Exempt Money Fund | Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free High Yield Fund | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Income Fund | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-Intermediate Fund | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Total Equity Market Index Fund | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Total Return Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Treasury Reserve Fund | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Bond Enhanced Index Fund | Index Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
U.S. Equity Research Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. High Yield Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Large-Cap Core Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Treasury Intermediate Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Long-Term Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Money Fund | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Ultra Short-Term Bond Fund | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Value Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Virginia Tax-Free Bond Fund | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
17
The officers and directors of the Price Funds are listed on the following pages. Unless otherwise noted, the address of each officer and director is 100 East Pratt Street, Baltimore, Maryland 21202.
Each fund is overseen by a Board of Directors (“Board”) that meets regularly to review a wide variety of matters affecting or potentially affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Boards elect the funds’ officers and are responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland, and other applicable laws. At least 75% of each Board’s members are independent of the Boards of T. Rowe Price and its affiliates. The directors who are also employees or officers of T. Rowe Price are considered to be inside or interested directors because of their relationships with T. Rowe Price and its affiliates. Each inside director and officer (except as indicated in the tables setting forth the directors’ and officers’ principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards held five regularly scheduled formal meetings during calendar year 2018. Although the Boards have direct responsibility over various matters (such as approval of advisory contracts and review of fund performance), each Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Boards. The Boards believe that a committee structure is an effective means to permit directors to focus on particular operations or issues affecting the funds, including risk oversight. Each Board currently has three standing committees, a Joint Nominating and Governance Committee, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs.
Robert J. Gerrard, Jr., an independent director, began serving as the Chairman of the Board of each Price Fund on July 25, 2018. The Chairman presides at all shareholder meetings, meetings of the Boards, and all executive sessions of the independent directors. He also reviews and provides guidance on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. Prior to July 25, 2018, Edward C. Bernard, who was an inside director, served as the Chairman of the Board of each fund, and the independent directors had designated a Lead Independent Director (who functioned as a liaison between the Chairman and the other independent directors). Until Mr. Gerrard was appointed Chairman, John G. Schreiber had served as interim Lead Independent Director of each Board. Each fund’s Board has determined that its leadership and committee structure is appropriate because the Board believes that it sets the proper tone for the relationship between the fund, on the one hand, and T. Rowe Price or its affiliates and the fund’s other principal service providers, on the other, and facilitates the exercise of the Board’s independent judgment in evaluating and managing the relationships. In addition, the structure efficiently allocates responsibility among committees and the full Board. The same independent directors currently serve on the Boards of all of the Price Funds. This approach is designed to provide effective governance by exposing the independent directors to a wider range of business issues and market trends, allowing the directors to better share their knowledge, background, and experience and permitting the Boards to operate more efficiently, particularly with respect to matters common to all Price Funds.
The Joint Nominating and Governance Committee, which was previously named the Committee of Independent Directors, consists of all of the independent directors of the funds, and is responsible for, among other things, seeking, reviewing, and selecting candidates to fill independent director vacancies on each fund’s Board; periodically evaluating the compensation payable to the independent directors; and performing certain functions with respect to the governance of the funds. The Chairman of the Board of the Price Funds serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for independent directors. Nominees, like current directors, will be considered based on the ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the funds’ management and counsel and the various service providers to the funds; and to exercise reasonable business judgment in the performance of their duties as directors. Nominees will be considered in light of their individual experience, qualifications, attributes, or skills. Nominees will also be considered based on their independence from T. Rowe Price and other principal service providers. Other than executive sessions in connection with Board meetings, the Committee of Independent Directors (which was renamed the Joint Nominating and Governance Committee on July 25, 2018) formally met one time in 2018.
The Joint Audit Committee consists of only independent directors. The current members of the committee are Teresa Bryce Bazemore, Ronald J. Daniels, Robert J. Gerrard, Jr., and John G. Schreiber. Ms. Bazemore serves as chairman of the committee and is considered an “audit committee financial expert,” as defined by the SEC. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds three regular meetings during each fiscal year. Two of the
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meetings include the attendance of the independent registered public accounting firm of the Price Funds as the Joint Audit Committee reviews: (1) the services provided; (2) the findings of the most recent audits; (3) management’s response to the findings of the most recent audits; (4) the scope of the audits to be performed; (5) the accountants’ fees; (6) the qualifications, independence, and performance of the independent registered public accounting firm; and (7) any accounting questions relating to particular areas of the Price Funds’ operations, accounting service provider performance, or the operations of parties dealing with the Price Funds, as circumstances indicate. A third meeting is devoted primarily to a review of the risk management program of the funds’ investment adviser. The Joint Audit Committee met five times in 2018.
The Executive Committee, which consists of each fund’s interested directors, has been authorized by the Boards to exercise all powers of the Boards of the funds in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Executive Committee must be approved in advance by one independent director and reviewed after the fact by the full Board. The Executive Committee for each fund does not hold regularly scheduled meetings. The Executive Committee was not called upon to take any action on behalf of any funds during 2018.
From time to time, the independent directors may create a special committee (“Special Committee”) comprised of independent directors, whose purpose is to review certain limited topics that require in-depth consideration outside of the Boards’ regular review. The Bank of New York Mellon (“BNY Mellon”) Special Committee was established in 2014 to review matters relating to the transition of fund accounting services from T. Rowe Price to BNY Mellon and the Fund Accounting Agreement between the Price Funds and BNY Mellon. The members of the BNY Mellon Special Committee are Robert J. Gerrard, Paul F. McBride (chair) and Cecilia E. Rouse. The BNY Mellon Special Committee met once during 2017.
Like other mutual funds, the Price Funds are subject to various risks, including investment, compliance, operational, and valuation risks, among others. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. The Board, directly or through its committees, interacts with and reviews reports from, among others, the investment adviser or its affiliates, the funds’ Chief Compliance Officer, the funds’ independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks faced by the funds and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from the Chief Risk Officer and members of the adviser’s Risk Management Oversight Committee on the significant risks inherent to the adviser’s business, including aggregate investment risks, reputational risk, business continuity risk, technology and cyber-security risk, and operational risk. The actual day-to-day risk management functions with respect to the funds are subsumed within the responsibilities of the investment adviser, its affiliates that serve as investment subadvisers to the funds, and other service providers (depending on the nature of the risk) that carry out the funds’ investment management and business affairs. Although the risk management policies of T. Rowe Price and its affiliates, and the funds’ other service providers, are reasonably designed to be effective, those policies and their implementation vary among service providers over time, and there is no guarantee that they will always be effective. An investment in a Price Fund may be negatively impacted because of the operational risks arising from factors such as processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel, and errors caused by third party service providers or trading counterparties. Although the funds attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect a fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. A fund and its shareholders could be negatively impacted as a result. Processes and controls developed may not eliminate or mitigate the occurrence or effects of all risks, and some risks may be simply beyond any control of the funds, T. Rowe Price and its affiliates, or other service providers.
Each director’s experience, qualifications, attributes, or skills, on an individual basis and in combination with those of the other directors, have led to the conclusion that each director should serve on the Boards of the Price Funds. Attributes common to all directors include the ability to review critically, evaluate, question, and discuss information provided to them; to interact effectively with the funds’ management and counsel and the various service providers to the funds; and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the actual service and commitment of the directors during their tenure on the funds’ Boards is taken into consideration in concluding that each should continue to serve. A director’s ability to perform his or her duties effectively may have been attained through his or her educational background or professional training; business, consulting, public service, or academic positions; experience
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from service as a director of the Price Funds, public companies, nonprofit entities, or other organizations; or other experiences. Each director brings a diverse perspective to the Boards.
At a special joint shareholder meeting held on July 25, 2018 (the “Shareholder Meeting”), shareholders of all Price Funds elected four directors to each fund’s Board, two inside directors and two independent directors. Shareholders elected (1) Teresa Bryce Bazemore and Ronald J. Daniels, each of whom had been serving as an independent director on the Boards of all of the Price Funds, to continue serving on the Boards of all of the Price Funds; (2) Edward A. Wiese, who had been serving as an inside director for all of the domestic fixed income Price Funds, to continue serving on the Boards of the domestic fixed income funds; (3) Robert W. Sharps, who had been serving as an inside director for all of the equity and international fixed income Price Funds, to continue to serving on the Boards of the equity and international fixed income funds; and (4) David Oestreicher to begin serving as an inside director on the Boards of all of the Price Funds. The remaining directors were not nominated for election at the Shareholder Meeting as they were previously elected by each fund’s shareholders at a shareholder meeting held on October 22, 2013. It was agreed at the Shareholder Meeting that all of the remaining directors, other than Edward C. Bernard, would continue serving on the Boards. At the conclusion of a meeting of the Boards that immediately followed the Shareholder Meeting, Mr. Bernard resigned from his role as director and Chairman of the Boards and the Board appointed Robert J. Gerrard, Jr., independent director, as Chairman of the Board of all Price Funds for a 5 year term.
Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each current director, as well as former directors who served on the Board during 2018, that led to the conclusion that he or she should serve as a director.
Edward C. Bernard (served as Chairman of the Boards until July 25, 2018) served as an inside director and Chairman of the Board of all the Price Funds from 2006 until July 25, 2018. Mr. Bernard resigned from his role as a director and Chairman of the Boards of all the Price Funds on July 25, 2018, and he retired from T. Rowe Price on December 31, 2018. He also served as a director and nonexecutive vice-chairman of the board of T. Rowe Price Group, Inc. until April 2019. Mr. Bernard has more than 30 years of experience in the investment management industry, all of which have been with T. Rowe Price. In addition to his responsibilities with T. Rowe Price and the Price Funds, Mr. Bernard served until 2018 on the Board of Governors of the Investment Company Institute (“ICI”), the national trade association for the mutual fund industry, and he served as its chairman (from 2009 to 2011) and vice chairman (from 2011 through 2013).
Teresa Bryce Bazemore has more than 25 years of experience as a senior executive in the mortgage banking field, including building both mortgage insurance and services businesses. From July 2008 through April 2017, Ms. Bazemore served as the President of Radian Guaranty where she oversaw the strategic planning, business development, and operations of the mortgage insurance business line. Prior to Radian Guaranty, she was Senior Vice President, General Counsel, and Secretary for Nexstar Financial Corporation, and General Counsel of the mortgage banking line of business at Bank of America. Ms. Bazemore currently serves on the Board of Directors of the Federal Home Loan Bank of Pittsburgh and of Chimera Investment Corporation and on the Advisory Board of the University of Virginia Center for Politics. She has been an independent director of the Price Funds since January 2018 and became the chairman of the Joint Audit Committee in August 2019.
Ronald J. Daniels is the 14th president of Johns Hopkins University, a position he has held since 2009. In that role, he serves as the chair of the Executive Committee of Johns Hopkins Medicine and is a professor in the Department of Political Science. Previously, he was provost and professor of law at the University of Pennsylvania and dean and James M. Tory Professor of Law at the University of Toronto. He has been an independent director of the Price Funds since January 2018 and he became a member of the Joint Audit Committee in August 2019.
Bruce W. Duncan has substantial experience in the field of commercial real estate. He currently serves as chairman of the Board of First Industrial Realty Trust, and he served as president until September 2016 and chief executive officer until December 2016. In November 2018, Mr. Duncan became a senior advisor to KKR. In May 2016, Mr. Duncan became a member of the board of Boston Properties, and he is currently a member of the nominating and governance committee and the compensation committee of Boston Properties. In September 2016, Mr. Duncan became a member of the board of Marriott International, Inc. and is currently a member of the audit committee of Marriott International, Inc. He has been an independent director of the Price Funds since October 2013; in September 2014, he became a member of the Joint Audit Committee; and served as chairman of the Joint Audit Committee from July 2017 to August 2019.
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Robert J. Gerrard, Jr. was appointed as Chairman of the Boards of all Price Funds effective July 25, 2018. He has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and served as the Chairman of the Joint Audit Committee from September 2014 to July 2017. He became Chairman of the Price Funds in July 2018 and became a member of the Joint Audit Committee in August 2019. He has substantial legal and business experience in the industries relating to communications and interactive data services. He has served on the board and compensation committee for Syniverse Holdings and served as general counsel to Scripps Networks.
Paul F. McBride has served in various management and senior leadership roles with the Black & Decker Corporation and General Electric Company. He led businesses in the materials, industrial, and consumer durable segments, and has significant global experience. He serves on the advisory board of Vizzia Technologies as well as Gilman School and Bridges Baltimore. He has been an independent director of the Price Funds since October 2013 and served as a member of the Joint Audit Committee from September 2014 to August 2019.
David Oestreicher was elected as an inside director of all Price Funds on July 25, 2018. He is the chief legal counsel for T. Rowe Price and a member of the firm’s management committee. David serves as a member of the ICI Mutual Insurance Company Board of Governors, a member of its executive committee and chairman of its risk management committee. He also serves as a director on the board of the Investment Adviser Association and previously served as the chairman of its legal and regulatory committee. In addition, he previously served as the chairman of the international committee of the ICI. Before joining T. Rowe Price in 1997, Mr. Oestreicher was special counsel in the Division of Market Regulation with the SEC.
Cecilia E. Rouse has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013) and served as a member of the Joint Audit Committee from September 2014 to August 2019. Dr. Rouse has extensive experience in the fields of higher education and economic research. She has served in a variety of roles at Princeton University, including as a dean, professor, and leader of economic research. She has also served on the boards of: MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor; the National Bureau of Economic Research, a private, non-profit, non-partisan organization dedicated to conducting economic research and to disseminating research findings among academics, public policy makers, and business professionals; the Council on Foreign Relations, a United States nonprofit think tank specializing in U.S. foreign policy and international affairs; and The Pennington School, an independent co-educational school. She is, or has been, a member of numerous entities, including the American Economic Association, National Academy of Education, and the Association of Public Policy and Management Policy Council.
John G. Schreiber has been an independent director of the Price Funds for more than 20 years and served as a member of the Joint Audit Committee until September 2015. He has significant experience investing in real estate transactions and brings substantial financial services and investment management experience to the Boards. He is the president of Centaur Capital Partners, Inc. and a retired partner and co-founder of Blackstone Real Estate Advisors. He previously served as chairman and chief executive officer of JMB Urban Development Co. and executive vice president of JMB Realty Corporation. Mr. Schreiber currently serves on the boards of JMB Realty Corporation, Brixmor Property Group, Hilton Worldwide, and is a trustee of Loyola University of Chicago. He is a past board member of Urban Shopping Centers, Inc., Host Hotels & Resorts, Inc., The Rouse Company, General Growth Properties, AMLI Residential Properties Trust, Blackstone Mortgage Trust, Invitation Homes, and Hudson Pacific Properties.
Robert W. Sharps has been an inside director of the domestic equity and international Price Funds since April 2017 and was appointed as an inside director of all other Price Funds effective January 1, 2019. Mr. Sharps served as the co-head of Global Equities at T. Rowe Price until February 2018, at which point he became the Head of Investments. He has served as the Group Chief Investment Officer for T. Rowe Price since April 2017. He is also a member of the T. Rowe Price Management Committee, Management Compensation Committee, International Steering Committee, Equity Steering Committee, Asset Allocation Committee, Product Strategy Committee, and Fixed Income Steering Committee, and he serves as the chair of the Investment Management Steering Committee. Prior to joining T. Rowe Price in 1997, Mr. Sharps was a senior consultant at KPMG Peat Marwick. In addition to his various offices held with T. Rowe Price and its affiliates, Mr. Sharps is a Chartered Financial Analyst.
Mark R. Tercek (served as an independent director until February 15, 2019) served as an independent director of the Price Funds from 2009, and as a member of the Joint Audit Committee from July 2017, until his resignation from the Board and the Joint Audit Committee on February 15, 2019. Mark Tercek is CEO (2008 to present) of The Nature Conservancy (TNC), the global conservation organization known for its intense focus on collaboration and getting things
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done for the benefit of people and nature. He is the author of the Washington Post and Publisher’s Weekly bestselling book Nature’s Fortune: How Business and Society Thrive by Investing in Nature. Mark was Partner and Managing Director for Goldman Sachs (1984 to 2008), where he spent 24 years and launched the firm’s Environmental Markets Group. Inspired by the opportunity to help businesses, governments and environmental organizations work together in new, innovative ways, Mark left Goldman Sachs in 2008 to head up The Nature Conservancy. Mark served on the New York State 2100 Commission, which was created in the wake of Superstorm Sandy to advise Governor Andrew Cuomo and the state on how to make infrastructure more resilient to future storms. Mark is a member of several boards and councils, including the President’s Advisory Council for Resources for the Future, the Nicholas Institute for Environmental Policy Solutions, Harvard Business School's Social Enterprise Initiative, the China Council for International Cooperation on Environment and Development (CCICED), the Rockefeller Foundation Economic Council on Planetary Health, Acumen, the Science for Nature and People Partnership (SNAPP), and NatureVest. He also serves on the Williams College Board of Trustees. Mark earned an M.B.A. from Harvard in 1984 and a B.A. from Williams College in 1979.
Edward A. Wiese (served as an inside director of the domestic fixed income Price Funds until December 31, 2018) served as an inside director of the domestic fixed income Price Funds from 2015 until his resignation from the Board effective December 31, 2018. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He previously served as the director of fixed income for T. Rowe Price and as the chairman of the T. Rowe Price Fixed Income Steering Committee until December 2018, and served as a portfolio manager for various short-term bond and low-duration domestic bond strategies until December 2016. Mr. Wiese expects to retire from T. Rowe Price in 2019.
In addition, the following tables provide biographical information for the directors, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years.
Independent Directors(a)
Name, Year
of Birth, and Number | Principal Occupation(s) | Directorships
of Public |
Teresa Bryce Bazemore 1959 188 portfolios | President, Radian Guaranty (2008 to 2017); Chief Executive Officer, Bazemore Consulting LLC (2018 to present) | Chimera Investment Corporation (2017 to present); Federal Home Loan Bank of Pittsburgh (2017 to present) |
Ronald J. Daniels 1959 188 portfolios | President, The Johns Hopkins University(b) and Professor, Political Science Department, The Johns Hopkins University (2009 to present) | Lyndhurst Holdings (2015 to present) |
Bruce W. Duncan 1951 188 portfolios | Chief Executive Officer and Director (January 2009 to December 2016), Chairman of the Board (January 2016 to present), and President (January 2009 to September 2016), First Industrial Realty Trust, owner and operator of industrial properties; Chairman of the Board (2005 to September 2016) and Director (1999 to September 2016), Starwood Hotels & Resorts, a hotel and leisure company; Member, Investment Company Institute Board of Governors (2017 to present); Member, Independent Directors Council Governing Board (2017 to present); Senior Advisor, KKR (November 2018 to present) | First Industrial Realty Trust (January 2016 to present); Starwood Hotels & Resorts (1999 to September 2016); Boston Properties (May 2016 to present); Marriott International, Inc. (September 2016 to present) |
Robert J. Gerrard, Jr. 1952 188 portfolios | Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to January 2016) Chairman of the Board, all funds (since July 2018) | None |
Paul F. McBride 1956 188 portfolios | Advisory Board Member, Vizzia Technologies (2015 to present); Board Member, Dunbar Armored (2012 to 2018) | None |
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships of Public |
Cecilia E. Rouse, Ph.D. 1963 188 portfolios | Dean, Woodrow Wilson School (2012 to present); Professor and Researcher, Princeton University (1992 to present); Director, MDRC, a nonprofit education and social policy research organization (2011 to present); Member of National Academy of Education (2010 to present); Research Associate of Labor Studies Program at the National Bureau of Economic Research (2011 to 2015); Board Member of the National Bureau of Economic Research (2011 to present); Chair of Committee on the Status of Minority Groups in the Economic Profession of the American Economic Association (2012 to 2018); Vice President (2015 to 2016), Board Member, American Economic Association (2018 to present) | None |
John G. Schreiber 1946 188 portfolios | Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Cofounder, Partner, and Cochairman of the Investment Committee, Blackstone Real Estate Advisors, L.P. (1992 to 2015); Director, Blackstone Mortgage Trust, a real estate finance company (2012 to 2016); Director and Chairman of the Board, Brixmor Property Group, Inc. (2013 to present); Director, Hilton Worldwide (2007 to present); Director, Hudson Pacific Properties (2014 to 2016); Director, Invitation Homes (2014 to 2017); Director, JMB Realty Corporation (1980 to present) | Blackstone Mortgage Trust (2012 to 2016); Hilton Worldwide (2007 to present); Brixmor Property Group, Inc. (2013 to present); Hudson Pacific Properties (2014 to 2016) |
Mark R. Tercek(c) 1957 0 portfolios | President and Chief Executive Officer, The Nature Conservancy (2008 to present) | None |
(a) All information about the independent directors was current as of February 19, 2019, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.
(b) William J. Stromberg, President and Chief Executive Officer of T. Rowe Price Group, Inc. (the parent company of the Price Funds’ investment adviser), has served on the Board of Trustees of Johns Hopkins University since 2014 and is a member of the Johns Hopkins University Board’s Compensation Committee.
(c) Effective February 15, 2019, Mr. Tercek resigned from his role as independent director of the Price Funds.
Inside Directors(a)
The following persons are considered inside directors of the funds because they also serve as employees of T. Rowe Price or its affiliates. No more than two inside directors serve as directors of any fund.
The Boards invite nominations from the funds’ investment adviser for persons to serve as inside directors, and the Board reviews and approves these nominations. Each of the current inside directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. Edward C. Bernard, who retired from T. Rowe Price on December 31, 2018, had served as a director of all Price Funds and had been chairman of the Board for all Price Funds since 2006. On July 25, 2018, Mr. Bernard resigned from his role as a director of all Price Funds upon the election of David Oestreicher to ensure that each Board has only two interested directors. He also resigned from his role as Chairman of the Boards of all Price Funds and was replaced by Robert J. Gerrard, Jr., an independent director. Robert W. Sharps has served as inside director of the domestic fixed income Price Funds since January 1, 2019, and all other Price Funds since April 1, 2017. For each fund, the two inside directors serve as members of the fund’s Executive Committee. In addition, specific experience with respect to the inside directors’ occupations and directorships of public companies and other investment companies are set forth in the following table.
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships of |
David Oestreicher 1967 188 portfolios | Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Vice President and Secretary, T. Rowe Price, Price Hong Kong, and T. Rowe Price International; Vice President, Price Japan and Price Singapore Principal Executive Officer and Executive Vice President, all funds | None |
Robert W. Sharps, CFA, CPA* 1971 188 portfolios | Vice President and Director, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Trust Company President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, Multi-Strategy Total Return Fund, New America Growth Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds | None |
* Mr. Sharps replaced Edward A. Wiese as director of the domestic fixed income Price Funds effective January 1, 2019.
(a) All information about the inside directors was current as of December 31, 2018, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this SAI.
Funds-of-Funds Arrangements
The Board is responsible for overseeing the business and affairs of the T. Rowe Price Funds-of-Funds, which consist of the following: Spectrum Growth Fund, Spectrum Income Fund, and Spectrum International Fund (collectively, the “Spectrum Funds”); Retirement 2005 Fund, Retirement 2010 Fund, Retirement 2015 Fund, Retirement 2020 Fund, Retirement 2025 Fund, Retirement 2030 Fund, Retirement 2035 Fund, Retirement 2040 Fund, Retirement 2045 Fund, Retirement 2050 Fund, Retirement 2055 Fund, Retirement 2060 Fund, and Retirement Balanced Fund, and their respective share classes (collectively, the “RDFs”); Retirement I 2005 Fund, Retirement I 2010 Fund, Retirement I 2015 Fund, Retirement I 2020 Fund, Retirement I 2025 Fund, Retirement I 2030 Fund, Retirement I 2035 Fund, Retirement I 2040 Fund, Retirement I 2045 Fund, Retirement I 2050 Fund, Retirement I 2055 Fund, Retirement I 2060 Fund, and Retirement Balanced I Fund (collectively the, “Retirement I Funds”); Retirement Income 2020 Fund; and Target 2005 Fund, Target 2010 Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050 Fund, Target 2055 Fund, and Target 2060 Fund, and their respective share classes (collectively, the “TRFs”). The Spectrum Funds, RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually as a “Fund-of-Funds,” and where the policies that apply to the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs are identical, the RDFs, Retirement I Funds, Retirement Income 2020 Fund, and TRFs may be referred to collectively as “Target Date Funds.”
In generally exercising their responsibilities, the Boards, among other things, will refer to the policies, conditions, and guidelines included in an Exemptive Application (and accompanying Notice and Order) originally granted by the SEC in connection with the creation and operation of the Spectrum Funds. The RDFs rely on this same Exemptive Application and Order because the order was designed to cover any Fund-of-Funds arrangements that operate in a similar manner to the Spectrum Funds. The Retirement I Funds, Retirement Income 2020 Fund, and TRFs do not rely on this Exemptive Order since they bear their own operating expenses and do not operate in a similar manner to the other Funds-of-Funds.
In connection with the Exemptive Order, the various Price Funds in which the Funds-of-Funds invest (collectively, the “underlying Price Funds”) have entered into Special Servicing Agreements with T. Rowe Price and each respective Spectrum Fund and/or RDF in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Spectrum Fund and/or RDF invests will bear its proportionate share of the expenses of that Fund-of-Funds if, and to the extent that, the underlying Price Fund’s savings from the operation of the Spectrum Fund or RDF exceeds these expenses. Pursuant to the Exemptive Order and Special Servicing Agreement, T. Rowe Price has agreed to bear any expenses of the Spectrum Fund or RDF that exceed the estimated savings to the underlying Price Funds. As a result, these Funds-of-Funds do not pay an investment management fee and will effectively pay no operating expenses at the Fund-of-Fund level, although shareholders of these Funds-of-Funds will still indirectly bear their proportionate share
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of the expenses of each underlying Price Fund in which the Funds-of-Funds invest. The Retirement I Funds, Retirement Income 2020 Fund, and TRFs also do not pay an investment management fee and will indirectly bear their proportionate share of the expenses of each underlying Price Fund in which they invest. However, the Retirement I Funds, Retirement Income 2020 Fund, and TRFs pay their own operating expenses at the Fund-of-Fund level.
A majority of the directors of the Funds-of-Funds are independent of T. Rowe Price and its affiliates. However, the directors and officers of the Funds-of-Funds and certain directors and officers of T. Rowe Price and its affiliates also serve in similar positions with most of the underlying Price Funds. Thus, if the interests of the Funds-of-Funds and the underlying Price Funds were ever to become divergent, it is possible that a conflict of interest could arise and affect how this latter group of persons fulfill their fiduciary duties to the Funds-of-Funds and the underlying Price Funds. The directors of the Funds-of-Funds believe they have structured the Funds-of-Funds to avoid these concerns. However, a situation could conceivably occur where proper action for the Funds-of-Funds could be adverse to the interests of an underlying Price Fund, or the reverse could occur. If such a possibility arises, the directors and officers of the affected funds and the directors and officers of T. Rowe Price will carefully analyze the situation and take all steps they believe reasonable to minimize and, where possible, eliminate the potential conflict.
Term of Office and Length of Time Served
The directors serve until retirement, resignation, or election of a successor. The following table shows the year from which each director has served on each fund’s Board (or that of the corporation of which the fund is a part).
Corporation | Number of Portfolios | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | ||
Balanced Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Blue Chip Growth Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Capital Appreciation Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Communications & Technology Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Corporate Income Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1995 | 2009 |
Credit Opportunities Fund | 1 | 2018 | 2018 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
Diversified Mid-Cap Growth Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2003 | 2009 |
Dividend Growth Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Equity Income Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Financial Services Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Floating Rate Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2011 | 2011 |
Global Allocation Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 |
Global Multi-Sector Bond Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2008 | 2009 |
Global Real Estate Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2008 | 2009 |
Global Technology Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
GNMA Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Government Money Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Growth & Income Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Growth Stock Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Health Sciences Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
High Yield Fund | 2 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Index Trust | 5 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Inflation Protected Bond Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2002 | 2009 |
Institutional Equity Funds | 6 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
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Corporation | Number of Portfolios | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | ||
Institutional Income Funds | 5 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2002 | 2009 |
Institutional International Funds | 10 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Intermediate Tax-Free High Yield Fund | 1 | 2018 | 2018 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
International Funds | 26 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
International Index Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Limited Duration Inflation Focused Bond Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2006 | 2009 |
Mid-Cap Growth Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Mid-Cap Value Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Multi-Sector Account Portfolios | 6 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2012 | 2012 |
Multi-Strategy Total Return Fund | 1 | 2018 | 2018 | 2017 | 2017 | 2017 | 2017 | 2017 | 2017 |
New America Growth Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
New Era Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
New Horizons Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
New Income Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Personal Strategy Funds | 3 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Quantitative Management Funds | 4 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Real Assets Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2010 | 2010 |
Real Estate Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
TRP Reserve Funds | 4 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1997 | 2009 |
Retirement Funds | 39 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2002 | 2009 |
Science & Technology Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Short-Term Bond Fund | 2 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Small-Cap Stock Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Small-Cap Value Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Spectrum Fund | 3 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
State Tax-Free Funds | 10 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Summit Income Funds | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1993 | 2009 |
Summit Municipal Funds | 3 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1993 | 2009 |
Tax-Efficient Funds | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
Tax-Exempt Money Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Tax-Free High Yield Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Tax-Free Income Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Tax-Free Short-Intermediate Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Total Return Fund | 1 | 2018 | 2018 | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 |
U.S. Bond Enhanced Index Fund | 1 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 2000 | 2009 |
U.S. Equity Research Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
U.S. Large-Cap Core Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2009 | 2009 |
26
Corporation | Number of Portfolios | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | ||
U.S. Treasury Funds | 3 | 2018 | 2018 | 2013 | 2013 | 2013 | 2013 | 1992 | 2009 |
Value Fund | 1 | 2018 | 2018 | 2013 | 2012 | 2013 | 2012 | 2001 | 2009 |
* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.
Corporation | Number of Portfolios | Inside Directors | ||||||
Oestreicher | Sharps | |||||||
Balanced Fund | 1 | 2018 | 2017 | |||||
Blue Chip Growth Fund | 1 | 2018 | 2017 | |||||
Capital Appreciation Fund | 1 | 2018 | 2017 | |||||
Communications & Technology Fund | 1 | 2018 | 2017 | |||||
Corporate Income Fund | 1 | 2018 | 2019 | |||||
Credit Opportunities Fund | 1 | 2018 | 2019 | |||||
Diversified Mid-Cap Growth Fund | 1 | 2018 | 2017 | |||||
Dividend Growth Fund | 1 | 2018 | 2017 | |||||
Equity Income Fund | 1 | 2018 | 2017 | |||||
Financial Services Fund | 1 | 2018 | 2017 | |||||
Floating Rate Fund | 1 | 2018 | 2019 | |||||
Global Allocation Fund | 1 | 2018 | 2017 | |||||
Global Multi-Sector Bond Fund | 1 | 2018 | 2019 | |||||
Global Real Estate Fund | 1 | 2018 | 2017 | |||||
Global Technology Fund | 1 | 2018 | 2017 | |||||
GNMA Fund | 1 | 2018 | 2019 | |||||
Government Money Fund | 1 | 2018 | 2019 | |||||
Growth & Income Fund | 1 | 2018 | 2017 | |||||
Growth Stock Fund | 1 | 2018 | 2017 | |||||
Health Sciences Fund | 1 | 2018 | 2017 | |||||
High Yield Fund | 2 | 2018 | 2019 | |||||
Index Trust | 5 | 2018 | 2017 | |||||
Inflation Protected Bond Fund | 1 | 2018 | 2019 | |||||
Institutional Equity Funds | 6 | 2018 | 2017 | |||||
Institutional Income Funds | 5 | 2018 | 2019 | |||||
Institutional International Funds | 10 | 2018 | 2017 | |||||
Intermediate Tax-Free High Yield Fund | 1 | 2018 | 2019 | |||||
International Funds | 26 | 2018 | 2017 | |||||
International Index Fund | 1 | 2018 | 2017 | |||||
Limited Duration Inflation Focused Bond Fund | 1 | 2018 | 2019 | |||||
Mid-Cap Growth Fund | 1 | 2018 | 2017 | |||||
Mid-Cap Value Fund | 1 | 2018 | 2017 | |||||
27
Corporation | Number of Portfolios | Inside Directors | ||||||
Oestreicher | Sharps | |||||||
Multi-Sector Account Portfolios | 6 | 2018 | 2019 | |||||
Multi-Strategy Total Return Fund | 1 | 2018 | 2017 | |||||
New America Growth Fund | 1 | 2018 | 2017 | |||||
New Era Fund | 1 | 2018 | 2017 | |||||
New Horizons Fund | 1 | 2018 | 2017 | |||||
New Income Fund | 1 | 2018 | 2019 | |||||
Personal Strategy Funds | 3 | 2018 | 2017 | |||||
Quantitative Management Funds | 4 | 2018 | 2017 | |||||
Real Assets Fund | 1 | 2018 | 2017 | |||||
Real Estate Fund | 1 | 2018 | 2017 | |||||
TRP Reserve Funds | 4 | 2018 | 2019 | |||||
Retirement Funds | 39 | 2018 | 2017 | |||||
Science & Technology Fund | 1 | 2018 | 2017 | |||||
Short-Term Bond Fund | 2 | 2018 | 2019 | |||||
Small-Cap Stock Fund | 1 | 2018 | 2017 | |||||
Small-Cap Value Fund | 1 | 2018 | 2017 | |||||
Spectrum Fund | 3 | 2018 | 2017 | |||||
State Tax-Free Funds | 10 | 2018 | 2019 | |||||
Summit Income Funds | 1 | 2018 | 2019 | |||||
Summit Municipal Funds | 3 | 2018 | 2019 | |||||
Tax-Efficient Funds | 1 | 2018 | 2017 | |||||
Tax-Exempt Money Fund | 1 | 2018 | 2019 | |||||
Tax-Free High Yield Fund | 1 | 2018 | 2019 | |||||
Tax-Free Income Fund | 1 | 2018 | 2019 | |||||
Tax-Free Short-Intermediate Fund | 1 | 2018 | 2019 | |||||
Total Return Fund | 1 | 2018 | 2019 | |||||
U.S. Bond Enhanced Index Fund | 1 | 2018 | 2019 | |||||
U.S. Equity Research Fund | 1 | 2018 | 2017 | |||||
U.S. Large-Cap Core Fund | 1 | 2018 | 2017 | |||||
U.S. Treasury Funds | 3 | 2018 | 2019 | |||||
Value Fund | 1 | 2018 | 2017 | |||||
28
Below is a table that sets forth certain information, as of August 31, 2019, concerning each person deemed to be an officer of the Price Funds.
Officers
Fund | Name | Position Held |
All funds | David Oestreicher | Director, Principal Executive Officer, and Executive Vice President |
Catherine D. Mathews | Principal Financial Officer, Vice President, and Treasurer | |
John R. Gilner | Chief Compliance Officer | |
Darrell N. Braman | Vice President and Secretary | |
Gary J. Greb | Vice President | |
Paul J. Krug | Vice President | |
John W. Ratzesberger | Vice President | |
Megan Warren | Vice President | |
Alan S. Dupski | Assistant Treasurer | |
Shannon Hofher Rauser | Assistant Secretary | |
Below is a table that sets forth certain information, organized by fund, concerning each person deemed to be an officer of each fund. Information is provided as of August 31, 2019.
Fund | Name | Position Held | ||
Balanced Fund | Charles M. Shriver | President | ||
|
|
| Kimberly E. DeDominicis | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Robert M. Larkins | Vice President |
|
|
| Wyatt A. Lee | Vice President |
|
|
| Raymond A. Mills | Vice President |
|
|
| Sebastien Page | Vice President |
|
|
| Larry J. Puglia | Vice President |
|
|
| Guido F. Stubenrauch | Vice President |
|
|
| Toby M. Thompson | Vice President |
|
|
| Mark J. Vaselkiv | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
29
Fund | Name | Position Held | ||
Blue Chip Growth Fund | Larry J. Puglia | President | ||
|
|
| Jason R. Adams | Vice President |
|
|
| Ziad Bakri | Vice President |
|
|
| Peter J. Bates | Vice President |
|
|
| Eric L. DeVilbiss | Vice President |
|
|
| Greg Dunham | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Thomas J. Huber | Vice President |
|
|
| George A. Marzano | Vice President |
|
|
| Vivek Rajeswaran | Vice President |
|
|
| David L. Rowlett | Vice President |
|
|
| Robert W. Sharps | Vice President |
|
|
| Taymour R. Tamaddon | Vice President |
|
|
| Alan Tu | Vice President |
|
|
| Justin P. White | Vice President |
|
|
| Rouven J. Wool-Lewis | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Capital Appreciation Fund | David R. Giroux | President | ||
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Jon M. Friar | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Nina P. Jones | Vice President |
|
|
| Vidya Kadiyam | Vice President |
|
|
| Paul M. Massaro | Vice President |
|
|
| Sudhir Nanda | Vice President |
|
|
| Adam Poussard | Vice President |
|
|
| Jeffrey Rottinghaus | Vice President |
|
|
| Farris G. Shuggi | Vice President |
|
|
| Gabriel Solomon | Vice President |
|
|
| Taymour R. Tamaddon | Vice President |
|
|
| Tamara P. Wiggs | Vice President |
|
|
| John M. Williams | Vice President |
|
|
| Ashley R. Woodruff | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
30
Fund | Name | Position Held | ||
Communications & Technology Fund | Paul D. Greene II | President | ||
|
|
| Paul Y. Cho | Vice President |
|
|
| Greg Dunham | Vice President |
|
|
| David J. Eiswert | Vice President |
|
|
| Joseph B. Fath | Vice President |
|
|
| Jacqueline L. Liu | Vice President |
|
|
| Jennifer Martin | Vice President |
|
|
| Daniel Martino | Vice President |
|
|
| Philip A. Nestico | Vice President |
|
|
| James Stillwagon | Vice President |
|
|
| Verena E. Wachnitz | Vice President |
|
|
| Justin P. White | Vice President |
|
|
| Christopher S. Whitehouse | Vice President |
|
|
| Ernest C. Yeung | Vice President |
|
|
| Wenli Zheng | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Corporate Income Fund | Steve Boothe | Co-President | ||
|
|
| Lauren T. Wagandt | Co-President |
|
|
| Michael P. Daley | Vice President |
|
|
| Michael J. Grogan | Vice President |
|
|
| Michael Lambe | Vice President |
|
|
| Matthew Lawton | Vice President |
|
|
| Samy B. Muaddi | Vice President |
|
|
| Alexander S. Obaza | Vice President |
|
|
| Miso Park | Vice President |
|
|
| Theodore E. Robson | Vice President |
|
|
| Elliot J. Shue | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Scott D. Solomon | Vice President |
|
|
| Robert D. Thomas | Vice President |
|
|
| Wesley Ross Trowbridge | Vice President |
|
|
| Bineesha Wickremarachchi | Vice President |
|
|
| J. Howard Woodward | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Credit Opportunities Fund | Rodney M. Rayburn | President | ||
|
|
| Jason A. Bauer | Vice President |
|
|
| Carson R. Dickson | Vice President |
|
|
| Daniel Fox | Vice President |
|
|
| Michael T. Hyland | Vice President |
|
|
| Brian A. Rubin | Vice President |
|
|
| Reena Tilva | Vice President |
|
|
| Michael J. Trivino | Vice President |
|
|
| David A. Yatzeck | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
31
Fund | Name | Position Held | ||
Diversified Mid-Cap Growth Fund | Donald J. Peters | President | ||
|
|
| Donald J. Easley | Executive Vice President |
|
|
| Jason R. Adams | Vice President |
|
|
| Kennard W. Allen | Vice President |
|
|
| Brian W.H. Berghuis | Vice President |
|
|
| Anne Daub | Vice President |
|
|
| Eric L. DeVilbiss | Vice President |
|
|
| Matt Mahon | Vice President |
|
|
| Sudhir Nanda | Vice President |
|
|
| Christian M. O’Neill | Vice President |
|
|
| John F. Wakeman | Vice President |
|
|
| Ashley R. Woodruff | Vice President |
|
|
| Rouven J. Wool-Lewis | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Dividend Growth Fund | Thomas J. Huber | President | ||
|
|
| Jason R. Adams | Vice President |
|
|
| Peter J. Bates | Vice President |
|
|
| Andrew S. Davis | Vice President |
|
|
| Jon M. Friar | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Jeffrey Rottinghaus | Vice President |
|
|
| Weijie Si | Vice President |
|
|
| Gabriel Solomon | Vice President |
|
|
| John M. Williams | Vice President |
|
|
| Jon D. Wood | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Equity Income Fund | John D. Linehan | President | ||
|
|
| Jason R. Adams | Vice President |
|
|
| Vinit Agrawal | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Jon R. Hussey | Vice President |
|
|
| Shinwoo Kim | Vice President |
|
|
| Matt Mahon | Vice President |
|
|
| Daniel Martino | Vice President |
|
|
| George A. Marzano | Vice President |
|
|
| Heather K. McPherson | Vice President |
|
|
| Melanie A. Rizzo | Vice President |
|
|
| Farris G. Shuggi | Vice President |
|
|
| Matthew J. Snowling | Vice President |
|
|
| Preeta Ragavan | Vice President |
|
|
| James Stillwagon | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
32
Fund | Name | Position Held | ||
Financial Services Fund | Gabriel Solomon | President | ||
|
|
| Jon B. Casper | Vice President |
|
|
| Vincent M. DeAugustino | Vice President |
|
|
| Christopher T. Fortune | Vice President |
|
|
| Jon M. Friar | Vice President |
|
|
| Nina P. Jones | Vice President |
|
|
| Takanori Kobayashi | Vice President |
|
|
| Gregory Locraft | Vice President |
|
|
| Joseph R. Mlinac | Vice President |
|
|
| Matthew J. Snowling | Vice President |
|
|
| Mitchell J.K. Todd | Vice President |
|
|
| Susan G. Troll | Vice President |
|
|
| Zenon Voyiatzis | Vice President |
|
|
| Tamara P. Wiggs | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Floating Rate Fund | Paul M. Massaro | President | ||
|
|
| Jason A. Bauer | Vice President |
|
|
| Brian E. Burns | Vice President |
|
|
| Michael F. Connelly | Vice President |
|
|
| Stephen M. Finamore | Vice President |
|
|
| Justin T. Gerbereux | Vice President |
|
|
| David R. Giroux | Vice President |
|
|
| Michael J. McGonigle | Vice President |
|
|
| Brian A. Rubin | Vice President |
|
|
| Michael J. Trivino | Vice President |
|
|
| Mark J. Vaselkiv | Vice President |
|
|
| Rebecca Willey | Assistant Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Global Allocation Fund | Charles M. Shriver | President | ||
|
|
| Stephen L. Bartolini | Vice President |
|
|
| Robert L. Harlow | Vice President |
|
|
| Stefan Hubrich | Vice President |
|
|
| Robert M. Larkins | Vice President |
|
|
| Sean P. McWilliams | Vice President |
|
|
| Robert A. Panariello | Vice President |
|
|
| Toby M. Thompson | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
33
Fund | Name | Position Held | ||
Global Multi-Sector Bond Fund | Kenneth A. Orchard | President | ||
|
|
| Steve Boothe | Vice President |
|
|
| Christopher P. Brown, Jr. | Vice President |
|
|
| Michael J. Conelius | Vice President |
|
|
| Michael F. Connelly | Vice President |
|
|
| Michael Della Vedova | Vice President |
|
|
| Quentin S. Fitzsimmons | Vice President |
|
|
| Arif Husain | Vice President |
|
|
| Keir R. Joyce | Vice President |
|
|
| Andrew J. Keirle | Vice President |
|
|
| Samy B. Muaddi | Vice President |
|
|
| Saurabh Sud | Vice President |
|
|
| Ju Yen Tan | Vice President |
|
|
| Susan G. Troll | Vice President |
|
|
| J. Howard Woodward | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Global Real Estate Fund | Nina P. Jones | President | ||
|
|
| Harishankar Balkrishna | Vice President |
|
|
| Richard N. Clattenburg | Vice President |
|
|
| Jai Kapadia | Vice President |
|
|
| Takanori Kobayashi | Vice President |
|
|
| Robert J. Marcotte | Vice President |
|
|
| Raymond A. Mills | Vice President |
|
|
| Philip A. Nestico | Vice President |
|
|
| Dante Pearson | Vice President |
|
|
| Preeta Ragavan | Vice President |
|
|
| Pavel Vedrov | Vice President |
|
|
| Marta Yago | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Global Technology Fund | Alan Tu | President | ||
|
|
| Kennard W. Allen | Vice President |
|
|
| Christopher W. Carlson | Vice President |
|
|
| Greg Dunham | Vice President |
|
|
| David J. Eiswert | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Jacqueline L. Liu | Vice President |
|
|
| Jennifer Martin | Vice President |
|
|
| Heather K. McPherson | Vice President |
|
|
| Tobias F. Mueller | Vice President |
|
|
| Dominic Rizzo | Vice President |
|
|
| Emily C. Scudder | Vice President |
|
|
| Joshua K. Spencer | Vice President |
|
|
| Anthony B. Wang | Vice President |
|
|
| Thomas H. Watson | Vice President |
|
|
| Alison Mei Ling Yip | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
34
Fund | Name | Position Held | ||
GNMA Fund | Keir R. Joyce | President | ||
|
|
| Joseph Anastasio | Vice President |
|
|
| Anil K. Andhavarapu | Vice President |
|
|
| Brian J. Brennan | Vice President |
|
|
| Christopher P. Brown, Jr. | Vice President |
|
|
| Ramon R. de Castro | Vice President |
|
|
| Steven M. Kohlenstein | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Reilly Kevin McCarthy | Assistant Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Government Money Fund | Joseph K. Lynagh | President | ||
|
|
| Colin T. Bando | Vice President |
|
|
| M. Helena Condez | Vice President |
|
|
| Stephanie A. Gentile | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Cheryl A. Mickel | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Growth & Income Fund | Jeffrey Rottinghaus | President | ||
|
|
| Peter J. Bates | Vice President |
|
|
| Andrew S. Davis | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Joseph B. Fath | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Heather K. McPherson | Vice President |
|
|
| Jason Nogueira | Vice President |
|
|
| David L. Rowlett | Vice President |
|
|
| Gabriel Solomon | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
35
Fund | Name | Position Held | ||
Growth Stock Fund | Joseph B. Fath | President | ||
|
|
| Andrew S. Davis | Vice President |
|
|
| Eric L. DeVilbiss | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Greg Dunham | Vice President |
|
|
| David J. Eiswert | Vice President |
|
|
| Jon M. Friar | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Daniel Martino | Vice President |
|
|
| David L. Rowlett | Vice President |
|
|
| Robert W. Sharps | Vice President |
|
|
| Taymour R. Tamaddon | Vice President |
|
|
| Justin P. White | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Health Sciences Fund | Ziad Bakri | President | ||
|
|
| Anne Daub | Vice President |
|
|
| Melissa C. Gallagher | Vice President |
|
|
| John Hall | Vice President |
|
|
| Jeffrey Holford | Vice President |
|
|
| Rachel D. Jonas | Vice President |
|
|
| Adam Poussard | Vice President |
|
|
| Taymour R. Tamaddon | Vice President |
|
|
| Jon D. Wood | Vice President |
|
|
| Rouven J. Wool-Lewis | Vice President |
|
|
| Nina Xu | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
36
Fund | Name | Position Held | ||
High Yield Fund | Andrew C. McCormick | President | ||
|
| High Yield Fund (a) | Kevin P. Loome | Executive Vice President |
|
| U.S. High Yield Fund (b) | Rodney M. Rayburn | Executive Vice President |
|
|
| Mark J. Vaselkiv | Executive Vice President |
|
|
| Jason A. Bauer | Vice President |
|
|
| Michael F. Connelly | Vice President |
|
|
| Michael Della Vedova | Vice President |
|
|
| Charles Devereux | Vice President |
|
|
| Carson R. Dickson | Vice President |
|
|
| Devon Everhart | Vice President |
|
|
| Matthew Fanandakis | Vice President |
|
|
| Stephen M. Finamore | Vice President |
|
|
| Daniel Fox | Vice President |
|
|
| Justin T. Gerbereux | Vice President |
|
|
| Gregg Gola | Vice President |
|
|
| Michael T. Hyland | Vice President |
|
|
| Paul M. Massaro | Vice President |
|
|
| Brian A. Rubin | Vice President |
|
|
| Reena Tilva | Vice President |
|
|
| Michael J. Trivino | Vice President |
|
|
| Douglas Zinser | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Index Trust | Ken D. Uematsu | President | ||
|
| Equity Index 500 Fund | E. Frederick Bair | Vice President |
|
| Extended Equity Market Index Fund | Neil Smith | Vice President |
|
| Mid-Cap Index Fund | Craig A. Thiese | Vice President |
|
| Small-Cap Index Fund | Michael T. Wehn | Vice President |
|
| Total Equity Market Index Fund |
|
|
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Inflation Protected Bond Fund | Stephen L. Bartolini | President | ||
|
|
| Brian J. Brennan | Vice President |
|
|
| Geoffrey M. Hardin | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Michael F. Reinartz | Vice President |
|
|
| Michael K. Sewell | Vice President |
|
|
| Christopher J. Temple | Vice President |
|
|
| Susan G. Troll | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
37
Fund | Name | Position Held | ||
Institutional Equity Funds | Robert W. Sharps | President | ||
|
| Institutional Large-Cap Core Growth Fund | Francisco M. Alonso | Executive Vice President |
|
| Institutional Large-Cap Growth Fund | Brian W.H. Berghuis | Executive Vice President |
|
| Institutional Large-Cap Value Fund | Mark S. Finn | Executive Vice President |
|
| Institutional Mid-Cap Equity Growth Fund | Ann M. Holcomb | Executive Vice President |
|
| Institutional Small-Cap Stock Fund | John D. Linehan | Executive Vice President |
|
| Institutional U.S. Structured Research Fund | Heather K. McPherson | Executive Vice President |
|
|
| Joshua Nelson | Executive Vice President |
|
|
| Jason B. Polun | Executive Vice President |
|
|
| Larry J. Puglia | Executive Vice President |
|
|
| Taymour R. Tamaddon | Executive Vice President |
|
|
| Thomas H. Watson | Executive Vice President |
|
|
| Curt J. Organt | Vice President |
|
|
| J. David Wagner | Vice President |
|
|
| John F. Wakeman | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Institutional Income Funds | Mark J. Vaselkiv | President | ||
|
| Institutional Cash Reserves Fund | Brian J. Brennan | Executive Vice President |
|
| Institutional Core Plus Fund | Robert M. Larkins | Executive Vice President |
|
| Institutional Floating Rate Fund | Joseph K. Lynagh | Executive Vice President |
|
| Institutional High Yield Fund | Paul M. Massaro | Executive Vice President |
|
| Institutional Long Duration Credit Fund | Rodney M. Rayburn | Executive Vice President |
|
|
| Colin T. Bando | Vice President |
|
|
| Stephen L. Bartolini | Vice President |
|
|
| Jason A. Bauer | Vice President |
|
|
| Steve Boothe | Vice President |
|
|
| Christopher P. Brown, Jr. | Vice President |
|
|
| Brian E. Burns | Vice President |
|
|
| M. Helena Condez | Vice President |
|
|
| Michael J. Conelius | Vice President |
|
|
| Michael F. Connelly | Vice President |
|
|
| Michael P. Daley | Vice President |
|
|
| Stephen M. Finamore | Vice President |
|
|
| Stephanie A. Gentile | Vice President |
|
|
| Justin T. Gerbereux | Vice President |
|
|
| David R. Giroux | Vice President |
|
|
| Michael J. Grogan | Vice President |
|
|
| Keir R. Joyce | Vice President |
|
|
| Michael Lambe | Vice President |
|
|
| Matthew Lawton | Vice President |
|
|
| Yongheon Lee | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Michael J. McGonigle | Vice President |
|
|
| Cheryl A. Mickel | Vice President |
|
|
| Samy B. Muaddi | Vice President |
|
|
| Alexander S. Obaza | Vice President |
38
Fund | Name | Position Held | ||
|
|
| Miso Park | Vice President |
|
|
| Theodore E. Robson | Vice President |
|
|
| Brian A. Rubin | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| Ju Yen Tan | Vice President |
|
|
| Christopher J. Temple | Vice President |
|
|
| Michael J. Trivino | Vice President |
|
|
| Susan G. Troll | Vice President |
|
|
| Lauren T. Wagandt | Vice President |
|
|
| Bineesha Wickremarachchi | Vice President |
|
|
| J. Howard Woodward | Vice President |
|
|
| Rebecca Willey | Assistant Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Institutional International Funds | Christopher D. Alderson | President | ||
|
| Institutional Africa & Middle East Fund | Oliver D.M. Bell | Executive Vice President |
|
| Institutional Emerging Markets Bond Fund | R. Scott Berg | Executive Vice President |
|
| Institutional Emerging Markets Equity Fund | Richard N. Clattenburg | Executive Vice President |
|
| Institutional Frontier Markets Equity Fund | Michael J. Conelius | Executive Vice President |
|
| Institutional Global Focused Growth Equity Fund | David J. Eiswert | Executive Vice President |
|
| Institutional Global Growth Equity Fund | Sebastien Mallet | Executive Vice President |
|
| Institutional Global Value Equity Fund | Raymond A. Mills | Executive Vice President |
|
| Institutional International Core Equity Fund | Joshua Nelson | Executive Vice President |
|
| Institutional International Disciplined Equity Fund | Jason Nogueira | Executive Vice President |
|
| Institutional International Growth Equity Fund | Gonzalo Pangaro | Executive Vice President |
|
|
| Federico Santilli | Executive Vice President |
|
|
| Ulle Adamson | Vice President |
|
|
| Roy H. Adkins | Vice President |
|
|
| Kennard W. Allen | Vice President |
|
|
| Paulina Amieva | Vice President |
|
|
| Malik S. Asif | Vice President |
|
|
| Ziad Bakri | Vice President |
|
|
| Harishankar Balkrishna | Vice President |
|
|
| Sheena L. Barbosa | Vice President |
|
|
| Peter J. Bates | Vice President |
|
|
| Steve Boothe | Vice President |
|
|
| Peter I. Botoucharov | Vice President |
|
|
| Tala Boulos | Vice President |
|
|
| Carolyn Hoi Che Chu | Vice President |
|
|
| Archibald Ciganer | Vice President |
|
|
| Richard de los Reyes | Vice President |
|
|
| Iona Dent | Vice President |
|
|
| Maria Elena Drew | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Bridget A. Ebner | Vice President |
39
Fund | Name | Position Held | ||
|
|
| Mark S. Finn | Vice President |
|
|
| Aaron Gifford | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Benjamin Griffiths | Vice President |
|
|
| Richard L. Hall | Vice President |
|
|
| Amanda B. Hall | Vice President |
|
|
| Nabil Hanano | Vice President |
|
|
| Jeffrey Holford | Vice President |
|
|
| Stefan Hubrich | Vice President |
|
|
| Arif Husain | Vice President |
|
|
| Randal S. Jenneke | Vice President |
|
|
| Nina P. Jones | Vice President |
|
|
| Yoichiro Kai | Vice President |
|
|
| Jai Kapadia | Vice President |
|
|
| Andrew J. Keirle | Vice President |
|
|
| Christopher J. Kushlis | Vice President |
|
|
| Mark J. Lawrence | Vice President |
|
|
| Johannes Loefstrand | Vice President |
|
|
| Anh Lu | Vice President |
|
|
| Jennifer Martin | Vice President |
|
|
| Daniel Martino | Vice President |
|
|
| Eric C. Moffett | Vice President |
|
|
| Tobias F. Mueller | Vice President |
|
|
| Sudhir Nanda | Vice President |
|
|
| Kenneth A. Orchard | Vice President |
|
|
| Oluwaseun A. Oyegunle | Vice President |
|
|
| Sebastian Schrott | Vice President |
|
|
| Robert W. Sharps | Vice President |
|
|
| Bin Shen | Vice President |
|
|
| John C.A. Sherman | Vice President |
|
|
| Gabriel Solomon | Vice President |
|
|
| Scott D. Solomon | Vice President |
|
|
| Joshua K. Spencer | Vice President |
|
|
| Taymour R. Tamaddon | Vice President |
|
|
| Dean Tenerelli | Vice President |
|
|
| Eric L. Veiel | Vice President |
|
|
| Rupinder Vig | Vice President |
|
|
| Zenon Voyiatzis | Vice President |
|
|
| Verena E. Wachnitz | Vice President |
|
|
| Dai Wang | Vice President |
|
|
| Christopher S. Whitehouse | Vice President |
|
|
| Marta Yago | Vice President |
|
|
| Ernest C. Yeung | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
40
Fund | Name | Position Held | ||
Intermediate Tax-Free High Yield Fund | James M. Murphy | President | ||
|
|
| R. Lee Arnold, Jr. | Executive Vice President |
|
|
| Colin T. Bando | Vice President |
|
|
| Daniel Chihorek | Vice President |
|
|
| Sarah J. Engle | Vice President |
|
|
| Dylan Jones | Vice President |
|
|
| Marcy M. Lash | Vice President |
|
|
| Konstantine B. Mallas | Vice President |
|
|
| Hugh D. McGuirk | Vice President |
|
|
| Linda A. Murphy | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
International Funds | Christopher D. Alderson | President | ||
|
| Africa & Middle East Fund | Ulle Adamson | Executive Vice President |
|
| Asia Opportunities Fund | Peter J. Bates | Executive Vice President |
|
| Dynamic Credit Fund | Oliver D.M. Bell | Executive Vice President |
|
| Dynamic Global Bond Fund | R. Scott Berg | Executive Vice President |
|
| Emerging Europe Fund | Archibald Ciganer | Executive Vice President |
|
| Emerging Markets Bond Fund | Richard N. Clattenburg | Executive Vice President |
|
| Emerging Markets Corporate Bond Fund | Michael J. Conelius | Executive Vice President |
|
| Emerging Markets Discovery Stock Fund | Michael Della Vedova | Executive Vice President |
|
| Emerging Markets Local Currency Bond Fund | David J. Eiswert | Executive Vice President |
|
| Emerging Markets Stock Fund | Arif Husain | Executive Vice President |
|
| European Stock Fund | Andrew J. Keirle | Executive Vice President |
|
| Global Consumer Fund | Anh Lu | Executive Vice President |
|
| Global Growth Stock Fund | Raymond A. Mills | Executive Vice President |
|
| Global High Income Bond Fund | Eric C. Moffett | Executive Vice President |
|
| Global Industrials Fund | Samy B. Muaddi | Executive Vice President |
|
| Global Stock Fund | Joshua Nelson | Executive Vice President |
|
| International Bond Fund | Jason Nogueira | Executive Vice President |
|
| International Bond Fund (USD Hedged) | Kenneth A. Orchard | Executive Vice President |
|
| International Disciplined Equity Fund | Gonzalo Pangaro | Executive Vice President |
|
| International Discovery Fund | Federico Santilli | Executive Vice President |
|
| International Stock Fund | Saurabh Sud | Executive Vice President |
|
| International Value Equity Fund | Dean Tenerelli | Executive Vice President |
|
| Japan Fund | Justin Thomson | Executive Vice President |
|
| Latin America Fund | Mark J. Vaselkiv | Executive Vice President |
|
| New Asia Fund | Verena E. Wachnitz | Executive Vice President |
|
| Overseas Stock Fund | Ernest C. Yeung | Executive Vice President |
|
|
| Mariel Abreu | Vice President |
|
|
| Jason R. Adams | Vice President |
|
|
| Roy H. Adkins | Vice President |
|
|
| Syed H. Ali | Vice President |
|
|
| Kennard W. Allen | Vice President |
|
|
| Paulina Amieva | Vice President |
|
|
| Malik S. Asif | Vice President |
|
|
| Ziad Bakri | Vice President |
41
Fund | Name | Position Held | ||
|
|
| Harishankar Balkrishna | Vice President |
|
|
| Sheena L. Barbosa | Vice President |
|
|
| Jason A. Bauer | Vice President |
|
|
| Luis M. Baylac | Vice President |
|
|
| Timothy F. Bei | Vice President |
|
|
| Steve Boothe | Vice President |
|
|
| Peter I. Botoucharov | Vice President |
|
|
| Tala Boulos | Vice President |
|
|
| Christopher P. Brown, Jr. | Vice President |
|
|
| Sheldon Chan | Vice President |
|
|
| Andrew Chang | Vice President |
|
|
| William Chen | Vice President |
|
|
| Carolyn Hoi Che Chu | Vice President |
|
|
| Michael F. Connelly | Vice President |
|
|
| Andrew S. Davis | Vice President |
|
|
| Richard de los Reyes | Vice President |
|
|
| Iona Dent | Vice President |
|
|
| Maria Elena Drew | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Bridget A. Ebner | Vice President |
|
|
| Dawei Feng | Vice President |
|
|
| Ryan W Ferro | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Quentin S. Fitzsimmons | Vice President |
|
|
| Melissa C. Gallagher | Vice President |
|
|
| Justin T. Gerbereux | Vice President |
|
|
| Aaron Gifford | Vice President |
|
|
| Vishnu V. Gopal | Vice President |
|
|
| Joel Grant | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Benjamin Griffiths | Vice President |
|
|
| Gianluca Guicciardi | Vice President |
|
|
| Richard L. Hall | Vice President |
|
|
| Nabil Hanano | Vice President |
|
|
| Daniel B. Hirsch | Vice President |
|
|
| Jeffrey Holford | Vice President |
|
|
| Stefan Hubrich | Vice President |
|
|
| Hiromasa Ikeda | Vice President |
|
|
| Tetsuji Inoue | Vice President |
|
|
| Michael D. Jacobs | Vice President |
|
|
| Randal S. Jenneke | Vice President |
|
|
| Prashant G. Jeyaganesh | Vice President |
|
|
| Nina P. Jones | Vice President |
|
|
| Yoichiro Kai | Vice President |
|
|
| Jacob H. Kann | Vice President |
|
|
| Jai Kapadia | Vice President |
42
Fund | Name | Position Held | ||
|
|
| Takanori Kobayashi | Vice President |
|
|
| Christopher J. Kushlis | Vice President |
|
|
| Shengrong Lau | Vice President |
|
|
| Mark J. Lawrence | Vice President |
|
|
| Jacqueline L. Liu | Vice President |
|
|
| Johannes Loefstrand | Vice President |
|
|
| Oxana Lyalina | Vice President |
|
|
| Sebastien Mallet | Vice President |
|
|
| Jennifer Martin | Vice President |
|
|
| Ryan Martyn | Vice President |
|
|
| Jihong Min | Vice President |
|
|
| Ivan Morozov | Vice President |
|
|
| Tobias F. Mueller | Vice President |
|
|
| Philip A. Nestico | Vice President |
|
|
| Michael Niedzielski | Vice President |
|
|
| Sridhar Nishtala | Vice President |
|
|
| Curt J. Organt | Vice President |
|
|
| Paul T. O’Sullivan | Vice President |
|
|
| Oluwaseun A. Oyegunle | Vice President |
|
|
| Vivek Rajeswaran | Vice President |
|
|
| Todd Reese | Vice President |
|
|
| Melanie A. Rizzo | Vice President |
|
|
| David L. Rowlett | Vice President |
|
|
| Nikolaj Schmidt | Vice President |
|
|
| Sebastian Schrott | Vice President |
|
|
| Robert W. Sharps | Vice President |
|
|
| Bin Shen | Vice President |
|
|
| John C.A. Sherman | Vice President |
|
|
| Gabriel Solomon | Vice President |
|
|
| Scott D. Solomon | Vice President |
|
|
| Joshua K. Spencer | Vice President |
|
|
| David Stanley | Vice President |
|
|
| Taymour R. Tamaddon | Vice President |
|
|
| Ju Yen Tan | Vice President |
|
|
| Sin Dee Tan | Vice President |
|
|
| Siby Thomas | Vice President |
|
|
| Rupinder Vig | Vice President |
|
|
| Willem Visser | Vice President |
|
|
| Kes Visuvalingam | Vice President |
|
|
| Chris Vost | Vice President |
|
|
| Zenon Voyiatzis | Vice President |
|
|
| David J. Wallack | Vice President |
|
|
| Dai Wang | Vice President |
|
|
| Hiroshi Watanabe | Vice President |
|
|
| Clive M. Williams | Vice President |
|
|
| J. Howard Woodward | Vice President |
43
Fund | Name | Position Held | ||
|
|
| Marta Yago | Vice President |
|
|
| Benjamin T. Yeagle | Vice President |
|
|
| Alison Mei Ling Yip | Vice President |
|
|
| Eric Yuan | Vice President |
|
|
| Wenli Zheng | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
International Index Fund | Neil Smith | President | ||
|
| International Equity Index Fund | E. Frederick Bair | Vice President |
|
|
| Craig A. Thiese | Vice President |
|
|
| Michael T. Wehn | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Limited Duration Inflation Focused Bond Fund | Stephen L. Bartolini | President | ||
|
|
| Brian J. Brennan | Vice President |
|
|
| Jerome A. Clark | Vice President |
|
|
| Geoffrey M. Hardin | Vice President |
|
|
| Wyatt A. Lee | Vice President |
|
|
| Michael F. Reinartz | Vice President |
|
|
| Michael K. Sewell | Vice President |
|
|
| Christopher J. Temple | Vice President |
|
|
| Susan G. Troll | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Mid-Cap Growth Fund | Brian W.H. Berghuis | President | ||
|
|
| John F. Wakeman | Executive Vice President |
|
|
| Kennard W. Allen | Vice President |
|
|
| Ziad Bakri | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Donald J. Easley | Vice President |
|
|
| Joseph B. Fath | Vice President |
|
|
| Robert J. Marcotte | Vice President |
|
|
| Jason Nogueira | Vice President |
|
|
| Vivek Rajeswaran | Vice President |
|
|
| Joshua K. Spencer | Vice President |
|
|
| Justin P. White | Vice President |
|
|
| Ashley R. Woodruff | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
44
Fund | Name | Position Held | ||
Mid-Cap Value Fund | David J. Wallack | President | ||
|
|
| Heather K. McPherson | Executive Vice President |
|
|
| Christopher W. Carlson | Vice President |
|
|
| Richard de los Reyes | Vice President |
|
|
| Vincent M. DeAugustino | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Nina P. Jones | Vice President |
|
|
| Melanie A. Rizzo | Vice President |
|
|
| Gabriel Solomon | Vice President |
|
|
| J. David Wagner | Vice President |
|
|
| Justin P. White | Vice President |
|
|
| John M. Williams | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Multi-Sector Account Portfolios | Andrew C. McCormick | President | ||
|
| Emerging Markets Corporate Multi-Sector Account Portfolio | Steve Boothe | Executive Vice President |
|
| Emerging Markets Local Multi-Sector Account Portfolio | Keir R. Joyce | Executive Vice President |
|
| Floating Rate Multi-Sector Account Portfolio | Andrew J. Keirle | Executive Vice President |
|
| High Yield Multi-Sector Account Portfolio | Paul M. Massaro | Executive Vice President |
|
| Investment-Grade Corporate Multi-Sector Account Portfolio | Samy B. Muaddi | Executive Vice President |
|
| Mortgage-Backed Securities Multi-Sector Account Portfolio | Mark J. Vaselkiv | Executive Vice President |
|
|
| Mariel Abreu | Vice President |
|
|
| Roy H. Adkins | Vice President |
|
|
| Joseph Anastasio | Vice President |
|
|
| Anil K. Andhavarapu | Vice President |
|
|
| Stephen L. Bartolini | Vice President |
|
|
| Jason A. Bauer | Vice President |
|
|
| Peter I. Botoucharov | Vice President |
|
|
| Tala Boulos | Vice President |
|
|
| Brian J. Brennan | Vice President |
|
|
| Christopher P. Brown, Jr. | Vice President |
|
|
| Brian E. Burns | Vice President |
|
|
| Sheldon Chan | Vice President |
|
|
| Carolyn Hoi Che Chu | Vice President |
|
|
| Michael J. Conelius | Vice President |
|
|
| Michael F. Connelly | Vice President |
|
|
| Michael P. Daley | Vice President |
|
|
| Ramon R. de Castro | Vice President |
|
|
| Stephen M. Finamore | Vice President |
|
|
| Justin T. Gerbereux | Vice President |
|
|
| Aaron Gifford | Vice President |
|
|
| David R. Giroux | Vice President |
|
|
| Michael J. Grogan | Vice President |
|
|
| Richard L. Hall | Vice President |
|
|
| Arif Husain | Vice President |
|
|
| Keir R. Joyce | Vice President |
45
Fund | Name | Position Held | ||
|
|
| Steven M. Kohlenstein | Vice President |
|
|
| Christopher J. Kushlis | Vice President |
|
|
| Michael Lambe | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Michael J. McGonigle | Vice President |
|
|
| Ivan Morozov | Vice President |
|
|
| Alexander S. Obaza | Vice President |
|
|
| Kenneth A. Orchard | Vice President |
|
|
| Miso Park | Vice President |
|
|
| Theodore E. Robson | Vice President |
|
|
| Brian A. Rubin | Vice President |
|
|
| Michael K. Sewell | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| David Stanley | Vice President |
|
|
| Ju Yen Tan | Vice President |
|
|
| Siby Thomas | Vice President |
|
|
| Robert D. Thomas | Vice President |
|
|
| Michael J. Trivino | Vice President |
|
|
| Wesley Ross Trowbridge | Vice President |
|
|
| Willem Visser | Vice President |
|
|
| Lauren T. Wagandt | Vice President |
|
|
| Bineesha Wickremarachchi | Vice President |
|
|
| J. Howard Woodward | Vice President |
|
|
| Rebecca Willey | Assistant Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Multi-Strategy Total Return Fund | Richard de los Reyes | Co-President | ||
|
|
| Stefan Hubrich | Co-President |
|
|
| David R. Giroux | Vice President |
|
|
| Arif Husain | Vice President |
|
|
| John D. Linehan | Vice President |
|
|
| Sebastien Page | Vice President |
|
|
| Robert W. Sharps | Vice President |
|
|
| Justin Thomson | Vice President |
|
|
| Mark J. Vaselkiv | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
46
Fund | Name | Position Held | ||
New America Growth Fund | Justin P. White | President | ||
|
|
| Jason R. Adams | Vice President |
|
|
| Ziad Bakri | Vice President |
|
|
| Brian W.H. Berghuis | Vice President |
|
|
| Eric L. DeVilbiss | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| David L. Rowlett | Vice President |
|
|
| Taymour R. Tamaddon | Vice President |
|
|
| Craig A. Thiese | Vice President |
|
|
| Thomas H. Watson | Vice President |
|
|
| Ashley R. Woodruff | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
New Era Fund | Shawn T. Driscoll | President | ||
|
|
| Richard de los Reyes | Vice President |
|
|
| Donald J. Easley | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Jon R. Hussey | Vice President |
|
|
| Shinwoo Kim | Vice President |
|
|
| Matt Mahon | Vice President |
|
|
| Ryan Martyn | Vice President |
|
|
| Heather K. McPherson | Vice President |
|
|
| Christian M. O’Neill | Vice President |
|
|
| John C. Qian | Vice President |
|
|
| Vivek Rajeswaran | Vice President |
|
|
| Thomas A. Shelmerdine | Vice President |
|
|
| Craig A. Thiese | Vice President |
|
|
| David J. Wallack | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
New Horizons Fund | Joshua K. Spencer | President | ||
|
|
| Francisco M. Alonso | Vice President |
|
|
| Ziad Bakri | Vice President |
|
|
| Brian W.H. Berghuis | Vice President |
|
|
| Christopher W. Carlson | Vice President |
|
|
| Eric L. DeVilbiss | Vice President |
|
|
| Greg Dunham | Vice President |
|
|
| Jon M. Friar | Vice President |
|
|
| Curt J. Organt | Vice President |
|
|
| Alexander P. Roik | Vice President |
|
|
| Justin Thomson | Vice President |
|
|
| Alan Tu | Vice President |
|
|
| J. David Wagner | Vice President |
|
|
| Ashley R. Woodruff | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
47
Fund | Name | Position Held | ||
New Income Fund | Stephen L. Bartolini | President | ||
|
|
| Steve Boothe | Vice President |
|
|
| Brian J. Brennan | Vice President |
|
|
| Christopher P. Brown, Jr. | Vice President |
|
|
| Geoffrey M. Hardin | Vice President |
|
|
| Robert M. Larkins | Vice President |
|
|
| Matthew Lawton | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Susan G. Troll | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Personal Strategy Funds | Charles M. Shriver | President | ||
|
| Personal Strategy Balanced Fund | Christopher D. Alderson | Vice President |
|
| Personal Strategy Growth Fund | Francisco M. Alonso | Vice President |
|
| Personal Strategy Income Fund | E. Frederick Bair | Vice President |
|
|
| Jerome A. Clark | Vice President |
|
|
| Kimberly E. DeDominicis | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| David R. Giroux | Vice President |
|
|
| Arif Husain | Vice President |
|
|
| Wyatt A. Lee | Vice President |
|
|
| Raymond A. Mills | Vice President |
|
|
| Sebastien Page | Vice President |
|
|
| Robert A. Panariello | Vice President |
|
|
| Larry J. Puglia | Vice President |
|
|
| Robert W. Sharps | Vice President |
|
|
| Guido F. Stubenrauch | Vice President |
|
|
| Toby M. Thompson | Vice President |
|
|
| Justin Thomson | Vice President |
|
|
| Mark J. Vaselkiv | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Quantitative Management Funds | Sudhir Nanda | President | ||
|
| QM Global Equity Fund | Prashant G. Jeyaganesh | Executive Vice President |
|
| QM U.S. Small & Mid-Cap Core Equity Fund | Farris G. Shuggi | Executive Vice President |
|
| QM U.S. Small-Cap Growth Equity Fund | George Gao | Vice President |
|
| QM U.S. Value Equity Fund | Vidya Kadiyam | Vice President |
|
|
| Navneesh Malhan | Vice President |
|
|
| Rinald Murataj | Vice President |
|
|
| Jordan S. Pryor | Vice President |
|
|
| Erik M. von Heijne | Vice President |
|
|
| Anthony Zhu | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
48
Fund | Name | Position Held | ||
Real Assets Fund | Richard Coghlan | Co-President | ||
|
|
| Christopher Faulkner-MacDonagh | Co-President |
|
|
| E. Frederick Bair | Vice President |
|
|
| Stephen L. Bartolini | Vice President |
|
|
| Richard de los Reyes | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Matthew A. Howell | Vice President |
|
|
| Nina P. Jones | Vice President |
|
|
| Sebastien Page | Vice President |
|
|
| Robert A. Panariello | Vice President |
|
|
| Daniel O. Shackelford | Vice President |
|
|
| Charles M. Shriver | Vice President |
|
|
| J. Zachary Wood | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Real Estate Fund | Nina P. Jones | President | ||
|
|
| Thomas J. Huber | Vice President |
|
|
| Philip A. Nestico | Vice President |
|
|
| Dante Pearson | Vice President |
|
|
| Jane K. Rivers | Vice President |
|
|
| Theodore E. Robson | Vice President |
|
|
| Weijie Si | Vice President |
|
|
| Brian Solomon | Vice President |
|
|
| Preeta Ragavan | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
TRP Reserve Investment Funds | Joseph K. Lynagh | President | ||
|
| Government Reserve Fund | Colin T. Bando | Vice President |
|
| Short-Term Fund | M. Helena Condez | Vice President |
|
| Short-Term Government Fund | Stephanie A. Gentile | Vice President |
|
| Treasury Reserve Fund | Alan D. Levenson | Vice President |
|
|
| Cheryl A. Mickel | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
49
Fund | Name | Position Held | ||
Retirement Funds | Jerome A. Clark | Co-President | ||
|
| Retirement 2005 Fund | Wyatt A. Lee | Co-President |
|
| Retirement 2010 Fund | Christopher D. Alderson | Vice President |
|
| Retirement 2015 Fund | Francisco M. Alonso | Vice President |
|
| Retirement 2020 Fund | Kimberly E. DeDominicis | Vice President |
|
| Retirement 2025 Fund | Mark S. Finn | Vice President |
|
| Retirement 2030 Fund | David R. Giroux | Vice President |
|
| Retirement 2035 Fund | Arif Husain | Vice President |
|
| Retirement 2040 Fund | Sebastien Page | Vice President |
|
| Retirement 2045 Fund | Robert A. Panariello | Vice President |
|
| Retirement 2050 Fund | Robert W. Sharps | Vice President |
|
| Retirement 2055 Fund | Charles M. Shriver | Vice President |
|
| Retirement 2060 Fund | Guido F. Stubenrauch | Vice President |
|
| Retirement Balanced Fund | Justin Thomson | Vice President |
|
| Retirement I 2005 Fund—I Class | James A. Tzitzouris Jr. | Vice President |
|
| Retirement I 2010 Fund—I Class | Mark J. Vaselkiv | Vice President |
|
| Retirement I 2015 Fund—I Class |
|
|
|
| Retirement I 2020 Fund—I Class |
|
|
|
| Retirement I 2025 Fund—I Class |
|
|
|
| Retirement I 2030 Fund—I Class |
|
|
|
| Retirement I 2035 Fund—I Class |
|
|
|
| Retirement I 2040 Fund—I Class |
|
|
|
| Retirement I 2045 Fund—I Class |
|
|
|
| Retirement I 2050 Fund—I Class |
|
|
|
| Retirement I 2055 Fund—I Class |
|
|
|
| Retirement I 2060 Fund—I Class |
|
|
|
| Retirement Balanced I Fund—I Class |
|
|
Retirement Income 2020 Fund | ||||
|
| Target 2005 Fund |
|
|
|
| Target 2010 Fund |
|
|
|
| Target 2015 Fund |
|
|
|
| Target 2020 Fund |
|
|
|
| Target 2025 Fund |
|
|
|
| Target 2030 Fund |
|
|
|
| Target 2035 Fund |
|
|
|
| Target 2040 Fund |
|
|
|
| Target 2045 Fund |
|
|
|
| Target 2050 Fund |
|
|
|
| Target 2055 Fund |
|
|
|
| Target 2060 Fund |
|
|
|
|
| (For remaining officers, refer to the “All funds” table) |
|
50
Fund | Name | Position Held | ||
Science & Technology Fund | Kennard W. Allen | President | ||
|
|
| Brian W.H. Berghuis | Vice President |
|
|
| Greg Dunham | Vice President |
|
|
| David J. Eiswert | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Jacqueline L. Liu | Vice President |
|
|
| Tobias F. Mueller | Vice President |
|
|
| Dominic Rizzo | Vice President |
|
|
| Emily C. Scudder | Vice President |
|
|
| Joshua K. Spencer | Vice President |
|
|
| Alan Tu | Vice President |
|
|
| Anthony B. Wang | Vice President |
|
|
| Thomas H. Watson | Vice President |
|
|
| Alison Mei Ling Yip | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Short-Term Bond Fund | Cheryl A. Mickel | President | ||
|
| Ultra Short-Term Bond Fund | Joseph K. Lynagh | Executive Vice President |
|
|
| Michael F. Reinartz | Executive Vice President |
|
|
| Stephen L. Bartolini | Vice President |
|
|
| Jason T. Collins | Vice President |
|
|
| M. Helena Condez | Vice President |
|
|
| Michael P. Daley | Vice President |
|
|
| Levent Demirekler | Vice President |
|
|
| Stephanie A. Gentile | Vice President |
|
|
| Charles B. Hill | Vice President |
|
|
| Keir R. Joyce | Vice President |
|
|
| Steven M. Kohlenstein | Vice President |
|
|
| Alexander S. Obaza | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Tyrone Smith | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Small-Cap Stock Fund | Francisco M. Alonso | President | ||
|
|
| Andrew S. Davis | Vice President |
|
|
| Christopher T. Fortune | Vice President |
|
|
| John Hall | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Robert J. Marcotte | Vice President |
|
|
| Curt J. Organt | Vice President |
|
|
| Charles G. Pepin | Vice President |
|
|
| Robert T. Quinn, Jr. | Vice President |
|
|
| Alexander P. Roik | Vice President |
|
|
| Joshua K. Spencer | Vice President |
|
|
| J. David Wagner | Vice President |
|
|
| Rouven J. Wool-Lewis | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
51
Fund | Name | Position Held | ||
Small-Cap Value Fund | J. David Wagner | President | ||
|
|
| Francisco M. Alonso | Vice President |
|
|
| Christopher T. Fortune | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Jon R. Hussey | Vice President |
|
|
| Curt J. Organt | Vice President |
|
|
| Robert T. Quinn, Jr. | Vice President |
|
|
| Vivek Rajeswaran | Vice President |
|
|
| Alexander P. Roik | Vice President |
|
|
| Farris G. Shuggi | Vice President |
|
|
| Preeta Ragavan | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Spectrum Funds | Charles M. Shriver | President | ||
|
| Spectrum Growth Fund | Christopher D. Alderson | Vice President |
|
| Spectrum Income Fund | Francisco M. Alonso | Vice President |
|
| Spectrum International Fund | Stephen L. Bartolini | Vice President |
|
|
| Kimberly E. DeDominicis | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| David R. Giroux | Vice President |
|
|
| Arif Husain | Vice President |
|
|
| Wyatt A. Lee | Vice President |
|
|
| Sebastien Page | Vice President |
|
|
| Robert A. Panariello | Vice President |
|
|
| Robert W. Sharps | Vice President |
|
|
| Guido F. Stubenrauch | Vice President |
|
|
| Toby M. Thompson | Vice President |
|
|
| Justin Thomson | Vice President |
|
|
| Mark J. Vaselkiv | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
52
Fund | Name | Position Held | ||
State Tax-Free Funds | Hugh D. McGuirk | President | ||
|
| California Tax-Free Bond Fund | Charles B. Hill | Executive Vice President |
|
| California Tax-Free Money Fund | Joseph K. Lynagh | Executive Vice President |
|
| Georgia Tax-Free Bond Fund | Konstantine B. Mallas | Executive Vice President |
|
| Maryland Short-Term Tax-Free Bond Fund | Austin Applegate | Vice President |
|
| Maryland Tax-Free Bond Fund | Colin T. Bando | Vice President |
|
| Maryland Tax-Free Money Fund | Daniel Chihorek | Vice President |
|
| New Jersey Tax-Free Bond Fund | M. Helena Condez | Vice President |
|
| New York Tax-Free Bond Fund | Sarah J. Engle | Vice President |
|
| New York Tax-Free Money Fund | Alisa Fiumara-Yoch | Vice President |
|
| Virginia Tax-Free Bond Fund | Stephanie A. Gentile | Vice President |
|
|
| Dylan Jones | Vice President |
|
|
| Marcy M. Lash | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| James T. Lynch | Vice President |
|
|
| Linda A. Murphy | Vice President |
|
|
| James M. Murphy | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| Timothy G. Taylor | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Summit Income Funds | Joseph K. Lynagh | President | ||
|
| Cash Reserves Fund | Colin T. Bando | Vice President |
|
|
| M. Helena Condez | Vice President |
|
|
| Stephanie A. Gentile | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Cheryl A. Mickel | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
53
Fund | Name | Position Held | ||
Summit Municipal Funds | Hugh D. McGuirk | President | ||
|
| Summit Municipal Income Fund | Charles B. Hill | Executive Vice President |
|
| Summit Municipal Intermediate Fund | Joseph K. Lynagh | Executive Vice President |
|
| Summit Municipal Money Market Fund | Konstantine B. Mallas | Executive Vice President |
|
|
| Austin Applegate | Vice President |
|
|
| R. Lee Arnold, Jr. | Vice President |
|
|
| Colin T. Bando | Vice President |
|
|
| Daniel Chihorek | Vice President |
|
|
| M. Helena Condez | Vice President |
|
|
| Sarah J. Engle | Vice President |
|
|
| Stephanie A. Gentile | Vice President |
|
|
| Dylan Jones | Vice President |
|
|
| Marcy M. Lash | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| James T. Lynch | Vice President |
|
|
| Cheryl A. Mickel | Vice President |
|
|
| Linda A. Murphy | Vice President |
|
|
| James M. Murphy | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| Robert D. Thomas | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Tax-Efficient Funds | Donald J. Peters | President | ||
|
| Tax-Efficient Equity Fund | Kennard W. Allen | Vice President |
|
|
| Ziad Bakri | Vice President |
|
|
| Andrew S. Davis | Vice President |
|
|
| Greg Dunham | Vice President |
|
|
| Donald J. Easley | Vice President |
|
|
| Weijie Si | Vice President |
|
|
| Matthew J. Snowling | Vice President |
|
|
| Alan Tu | Vice President |
|
|
| Mark R. Weigman | Vice President |
|
|
| Nina Xu | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Tax-Exempt Money Fund | Joseph K. Lynagh | President | ||
|
|
| Colin T. Bando | Vice President |
|
|
| M. Helena Condez | Vice President |
|
|
| Stephanie A. Gentile | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
54
Fund | Name | Position Held | ||
Tax-Free High Yield Fund | James M. Murphy | President | ||
|
|
| R. Lee Arnold, Jr. | Executive Vice President |
|
|
| Colin T. Bando | Vice President |
|
|
| Daniel Chihorek | Vice President |
|
|
| Sarah J. Engle | Vice President |
|
|
| Charles B. Hill | Vice President |
|
|
| Marcy M. Lash | Vice President |
|
|
| Konstantine B. Mallas | Vice President |
|
|
| Hugh D. McGuirk | Vice President |
|
|
| Linda A. Murphy | Vice President |
|
|
| Timothy G. Taylor | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Tax-Free Income Fund | Konstantine B. Mallas | President | ||
|
|
| R. Lee Arnold, Jr. | Vice President |
|
|
| Sarah J. Engle | Vice President |
|
|
| Charles B. Hill | Vice President |
|
|
| Marcy M. Lash | Vice President |
|
|
| James T. Lynch | Vice President |
|
|
| Hugh D. McGuirk | Vice President |
|
|
| James M. Murphy | Vice President |
|
|
| Timothy G. Taylor | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Tax-Free Short-Intermediate Fund | Charles B. Hill | President | ||
|
|
| Austin Applegate | Vice President |
|
|
| Alisa Fiumara-Yoch | Vice President |
|
|
| Dylan Jones | Vice President |
|
|
| Marcy M. Lash | Vice President |
|
|
| Joseph K. Lynagh | Vice President |
|
|
| James T. Lynch | Vice President |
|
|
| Hugh D. McGuirk | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Total Return Fund | Christopher P. Brown, Jr. | President | ||
|
|
| Stephen L. Bartolini | Vice President |
|
|
| Jason A. Bauer | Vice President |
|
|
| Brian J. Brennan | Vice President |
|
|
| Oliver Gjoneski | Vice President |
|
|
| Robert M. Larkins | Vice President |
|
|
| Yongheon Lee | Vice President |
|
|
| Kenneth A. Orchard | Vice President |
|
|
| Saurabh Sud | Vice President |
|
|
| Christopher J. Temple | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
55
Fund | Name | Position Held | ||
U.S. Bond Enhanced Index Fund | Robert M. Larkins | President | ||
|
|
| Stephen L. Bartolini | Vice President |
|
|
| Brian J. Brennan | Vice President |
|
|
| Christopher P. Brown, Jr. | Vice President |
|
|
| Amit S. Deshpande | Vice President |
|
|
| Yongheon Lee | Vice President |
|
|
| Lauren T. Wagandt | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
U.S. Equity Research Fund | Ann M. Holcomb | Co-President | ||
|
|
| Joshua Nelson | Co-President |
|
|
| Jason B. Polun | Co-President |
|
|
| Thomas H. Watson | Co-President |
|
|
| Kennard W. Allen | Vice President |
|
|
| Peter J. Bates | Vice President |
|
|
| Christopher W. Carlson | Vice President |
|
|
| Ira W. Carnahan | Vice President |
|
|
| Donald J. Easley | Vice President |
|
|
| Joseph B. Fath | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Jon M. Friar | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Jason Nogueira | Vice President |
|
|
| Jeffrey Rottinghaus | Vice President |
|
|
| Matthew J. Snowling | Vice President |
|
|
| John F. Wakeman | Vice President |
|
|
| Justin P. White | Vice President |
|
|
| Rouven J. Wool-Lewis | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
U.S. Large-Cap Core Fund | Jeffrey Rottinghaus | President | ||
|
|
| Peter J. Bates | Vice President |
|
|
| Andrew S. Davis | Vice President |
|
|
| Shawn T. Driscoll | Vice President |
|
|
| Joseph B. Fath | Vice President |
|
|
| Mark S. Finn | Vice President |
|
|
| Paul D. Greene II | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Heather K. McPherson | Vice President |
|
|
| Jason Nogueira | Vice President |
|
|
| David L. Rowlett | Vice President |
|
|
| Gabriel Solomon | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
56
Fund | Name | Position Held | ||
U.S. Treasury Funds | Brian J. Brennan | President | ||
|
| U.S. Treasury Intermediate Fund | Joseph K. Lynagh | Executive Vice President |
|
| U.S. Treasury Long-Term Fund | Colin T. Bando | Vice President |
|
| U.S. Treasury Money Fund | Stephen L. Bartolini | Vice President |
|
|
| M. Helena Condez | Vice President |
|
|
| Stephanie A. Gentile | Vice President |
|
|
| Geoffrey M. Hardin | Vice President |
|
|
| Keir R. Joyce | Vice President |
|
|
| Alan D. Levenson | Vice President |
|
|
| Cheryl A. Mickel | Vice President |
|
|
| Michael K. Sewell | Vice President |
|
|
| Chen Shao | Vice President |
|
|
| Jeanny Silva | Vice President |
|
|
| Douglas D. Spratley | Vice President |
|
|
| Christopher J. Temple | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
Value Fund | Mark S. Finn | President | ||
|
|
| Peter J. Bates | Vice President |
|
|
| Jason A. Bauer | Vice President |
|
|
| Andrew S. Davis | Vice President |
|
|
| Vincent M. DeAugustino | Vice President |
|
|
| Joel Grant | Vice President |
|
|
| Ryan S. Hedrick | Vice President |
|
|
| Jon R. Hussey | Vice President |
|
|
| John D. Linehan | Vice President |
|
|
| Daniel Martino | Vice President |
|
|
| Heather K. McPherson | Vice President |
|
|
| Christian M. O’Neill | Vice President |
|
|
| Weijie Si | Vice President |
|
|
| Tamara P. Wiggs | Vice President |
|
|
| Jon D. Wood | Vice President |
|
|
| (For remaining officers, refer to the “All funds” table) |
|
(a) Certain officers of the corporation do not serve as officers with respect to the fund; the High Yield Fund’s officers are Andrew C. McCormick, Jason A. Bauer, Michael F. Connelly, Michael Della Vedova, Carson R. Dickson, Stephen M. Finamore, Daniel Fox, Justin T. Gerbereux, Michael T. Hyland, Paul M. Massaro, Rodney M. Rayburn, Brian A. Rubin, Reena Tilva, Michael J. Trivino, and Mark J. Vaselkiv.
(b) Certain officers of the corporation do not serve as officers with respect to the fund; the U.S. High Yield Fund’s officers are Andrew C. McCormick, Charles Devereux, Devon Everhart, Matthew Fanandakis, Gregg Gola, Kevin P. Loome, and Douglas Zinser.
Below is a table that sets forth certain information, as of August 31, 2019, regarding each person deemed to be an officer of the Price Funds.
Officers
Name, Year of Birth, and
Principal Occupation(s) | Position(s) Held With Fund(s) | |
Mariel Abreu, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds and Multi-Sector Account Portfolios |
57
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Jason R. Adams, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Equity Income Fund, International Funds, and New America Growth Fund | |
Ulle Adamson, CFA, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds | |
Roy H. Adkins, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios | |
Vinit Agrawal, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund | |
Christopher D. Alderson, 1962 Director and Vice President, T. Rowe Price International; Vice President, Price Hong Kong, Price Singapore, and T. Rowe Price Group, Inc. | President, Institutional International Funds and International Funds; Vice President, 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 | |
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Science & Technology Fund; Vice President, Diversified Mid-Cap Growth Fund, Global Technology Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, Tax-Efficient Funds, and U.S. Equity Research Fund | |
Francisco M. Alonso, 1978 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, New Horizons Fund, Personal Strategy Funds, Retirement Funds, Small-Cap Value Fund, and Spectrum Funds | |
Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds | |
Joseph Anastasio, 1986 Vice President, T. Rowe Price; formerly Vice President, RC Capital Markets (to 2018); Vice President, Nomura Securities International (to 2017) | Vice President, GNMA Fund and Multi-Sector Account Portfolios | |
Anil K. Andhavarapu, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund and Multi-Sector Account Portfolios | |
Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund | |
R. Lee Arnold, Jr., CFA, CPA, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, Summit Municipal Funds, and Tax-Free Income Fund | |
Malik S. Asif, 1981 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
E. Frederick Bair, CFA, CPA, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Index Trust, International Index Fund, Personal Strategy Funds, and Real Assets Fund | |
Ziad Bakri, M.D., CFA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds | |
Harishankar Balkrishna, 1983 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds | |
Colin T. Bando, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Government Money Fund, Institutional Income Funds, Intermediate Tax-Free High Yield Fund, Reserve Investment Funds, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, and U.S. Treasury Funds | |
Sheena L. Barbosa, 1983 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
58
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Stephen L. Bartolini, CFA, 1977 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, and New Income Fund; Vice President, Global Allocation Fund, Institutional Income Funds, Multi-Sector Account Portfolios, Real Assets Fund, Short-Term Bond Fund, Spectrum Funds, Total Return Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds | |
Peter J. Bates, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, U.S. Equity Research Fund, U.S. Large-Cap Core Fund, and Value Fund | |
Jason A. Bauer, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, Multi-Sector Account Portfolios, Total Return Fund, and Value Fund | |
Luis M. Baylac, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds | |
Timothy F. Bei, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Oliver D.M. Bell, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds | |
R. Scott Berg, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company. | Executive Vice President, Institutional International Funds and International Funds | |
Brian W.H. Berghuis, CFA, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund | |
Steve Boothe, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Co-President, Corporate Income Fund; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Institutional International Funds, International Funds, and New Income Fund | |
Peter I. Botoucharov, 1965 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios | |
Tala Boulos, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios | |
Darrell N. Braman, 1963 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Retirement Plan Services, Inc., and T. Rowe Price Services, Inc. | Vice President and Secretary, all funds | |
Brian J. Brennan, CFA, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company | President, U.S. Treasury Funds; Executive Vice President, Institutional Income Funds; Vice President, GNMA Fund, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, New Income Fund, Total Return Fund, and U.S. Bond Enhanced Index Fund | |
Christopher P. Brown, Jr., CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Total Return Fund; Vice President, Global Multi-Sector Bond Fund, GNMA Fund, Institutional Income Funds, International Funds, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund | |
Brian E. Burns, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios | |
Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, Mid-Cap Value Fund, New Horizons Fund, and U.S. Equity Research Fund | |
Jon B. Casper, 1989 Vice President, T. Rowe Price; formerly student, The Wharton School, University of Pennsylvania (to 2016) | Vice President, Financial Services Fund |
59
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Sheldon Chan, 1981 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds and Multi-Sector Account Portfolios | |
Andrew Chang, 1983 Vice President, T. Rowe Price Group, Inc. | Vice President, International Funds | |
William Chen, 1979 Vice President, Price Hong Kong; formerly Greater China TMT and Automation Analyst, J.P. Morgan Asset Mgmt (to 2018) | Vice President, International Funds | |
Paul Y. Cho, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Communications & Technology Fund | |
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios | |
Archibald Ciganer, CFA, 1976 Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds | |
Daniel Chihorek, 1984 Vice President, T. Rowe Price; formerly Vice President, Municipal Research Analyst, GW&K Investment Management (to 2018) | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund | |
Jerome A. Clark, CFA, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company | Co-President, Retirement Funds; Vice President, Limited Duration Inflation Focused Bond Fund and Personal Strategy Funds | |
Richard N. Clattenburg, CFA, 1979 Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Real Estate Fund | |
Richard A. Coghlan, PhD., 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Co-President, Real Assets Fund | |
Jason T. Collins, CFA 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Short-Term Bond Fund | |
M. Helena Condez, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds | |
Michael J. Conelius, CFA, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, and Multi-Sector Account Portfolios | |
Michael F. Connelly, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Floating Rate Fund, Global Multi-Sector Bond Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios | |
Michael P. Daley, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund | |
Anne Daub, 1973 Vice President, T. Rowe Price; formerly Senior Analyst, Soros Fund Management LLC (to 2018); Senior Analyst, Citadel LLC (to 2017); Senior Analyst, Visium Asset Management LP (2016) | Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund | |
Andrew S. Davis, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Dividend Growth Fund, Growth & Income Fund, Growth Stock Fund, International Funds, Small-Cap Stock Fund, Tax-Efficient Funds, U.S. Large-Cap Core Fund, and Value Fund | |
Vincent M. DeAugustino, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Mid-Cap Value Fund, and Value Fund | |
Ramon R. de Castro, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund and Multi-Sector Account Portfolios | |
Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | 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 | Co-President, Multi-Strategy Total Return Fund; Vice President, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, and Real Assets Fund | |
Michael Della Vedova, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund, and High Yield Fund (serves only with respect to the High Yield Fund) |
60
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Levent Demirekler, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Short-Term Bond Fund | |
Iona Dent, CFA, 1991 Employee, T. Rowe Price; formerly Associate, Equity Research, Deutsche Bank (to 2018) | Vice President, Institutional International Funds and International Funds | |
Amit S. Deshpande, CFA, FRM, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head of Investment Risk, Charles Schwab Investment Management (to 2017) | Vice President, U.S. Bond Enhanced Index Fund | |
Charles Devereux, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head Analyst, Henderson Global Investors (to 2017) | Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund) | |
Eric L. DeVilbiss, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Growth Stock Fund, New America Growth Fund, and New Horizons Fund | |
Carson R. Dickson, CFA, CPA, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund and High Yield Fund (serves only with respect to the High Yield Fund) | |
Maria Elena Drew, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Executive Director, Goldman Sachs Asset Management (to 2017) | Vice President, Institutional International Funds and International Funds | |
Shawn T. Driscoll, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, New Era Fund; Vice President, Capital Appreciation Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, Real Assets Fund, and U.S. Large-Cap Core Fund | |
Greg Dunham, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group | Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds | |
Alan S. Dupski, CPA, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Assistant Treasurer, all funds | |
Donald J. Easley, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Diversified Mid-Cap Growth Fund; Vice President, Mid-Cap Growth Fund, New Era Fund, Tax-Efficient Funds, and U.S. Equity Research Fund | |
Bridget A. Ebner, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds | |
David J. Eiswert, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Institutional International Funds and International Funds; Vice President, Communications & Technology Fund, Global Technology Fund, Growth Stock Fund, and Science & Technology Fund | |
Sarah J. Engle, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund | |
Devon Everhart, CFA, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Research Analyst, Henderson Global Investors (to 2017) | Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund) | |
Matthew Fanandakis, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Fixed Income Research Analyst, Henderson Global Investors (to 2017) | Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund) | |
Joseph B. Fath, CPA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Growth Stock Fund; Vice President, Communications & Technology Fund, Growth & Income Fund, Mid-Cap Growth Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund | |
Christopher Faulkner-MacDonagh, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Co-President, Real Assets Fund |
61
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Dawei Feng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Head of China consumer in Equity Research, Credit Lyonnais Asia-Pacific (to 2018) | Vice President, International Funds | |
Ryan W. Ferro, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Stephen M. Finamore, CFA, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios | |
Mark S. Finn, CFA, CPA, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Equity Income Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Personal Strategy Funds, Retirement Funds, Spectrum Funds, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund | |
Quentin S. Fitzsimmons, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Portfolio Manager, Royal Bank of Scotland Group (to 2015) | Vice President, Global Multi-Sector Bond Fund and International Funds | |
Alisa Fiumara-Yoch, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, State Tax-Free Funds and Tax-Free Short-Intermediate Fund | |
Christopher T. Fortune, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Small-Cap Stock Fund, and Small-Cap Value Fund | |
Daniel Fox, CFA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund and High Yield Fund | |
Jon M. Friar, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Dividend Growth Fund, Financial Services Fund, Growth Stock Fund, New Horizons Fund, and U.S. Equity Research Fund | |
Melissa C. Gallagher, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Health Sciences Fund and International Funds | |
George Gao, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Quantitative Management Funds | |
Stephanie A. Gentile, CFA, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds | |
Justin T. Gerbereux, CFA, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios | |
Aaron Gifford, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Strategist, Morgan & Stanley & Co. LLC (to 2017) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios | |
John R. Gilner, 1961 Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc. | Chief Compliance Officer, all funds | |
David R. Giroux, CFA, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Capital Appreciation Fund; Vice President, Floating Rate Fund, Institutional Income Funds, Multi-Sector Account Portfolios, Multi-Strategy Total Return Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds | |
Oliver Gjoneski, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Total Return Fund | |
Gregg Gola, CFA, 1965 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Trader and Analyst, Henderson Global Investors (to 2017) | Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund) | |
Vishnu V. Gopal, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Joel Grant, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds and Value Fund |
62
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Gary J. Greb, 1961 Vice President, T. Rowe Price, T. Rowe Price International, and T. Rowe Trust Company | Vice President, all funds | |
Paul D. Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Communications & Technology Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Global Technology Fund, Growth & Income Fund, Growth Stock Fund, Institutional International Funds, International Funds, Science & Technology Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund | |
Benjamin Griffiths, CFA, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
Michael J. Grogan, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios | |
Gianluca Guicciardi, 1983 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds | |
Amanda B. Hall, CFA, 1985 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds | |
John Hall, 1977 Vice President, T. Rowe Price | Vice President, Health Sciences Fund and Small-Cap Stock Fund | |
Richard L. Hall, 1979 Vice President, T. Rowe Price and T. Rowe Price Group Inc. | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios | |
Nabil Hanano, CFA, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, New Income Fund, and U.S. Treasury Funds | |
Robert L. Harlow, CAIA, CFA, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Allocation Fund | |
Ryan S. Hedrick, CFA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group Inc. | Vice President, Blue Chip Growth Fund, Dividend Growth Fund, Equity Income Fund, Growth & Income Fund, Mid-Cap Value Fund, New Era Fund, Small-Cap Stock Fund, Small-Cap Value Fund, U.S. Equity Research Fund, U.S. Large-Cap Core Fund, and Value Fund | |
Charles B. Hill, CFA, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund | |
Daniel B. Hirsch, CFA, 1985 Vice President, T. Rowe Price | Vice President, International Funds | |
Ann M. Holcomb, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds | |
Jeffrey Holford, Ph.D., ACA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director, Jeffries Financial Group (to 2018) | Vice President, Health Sciences Fund, Institutional International Funds, and International Funds | |
Matthew A. Howell, IMC, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Real Assets Fund | |
Thomas J. Huber, CFA, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Dividend Growth Fund; Vice President, Blue Chip Growth Fund and Real Estate Fund | |
Stefan Hubrich, Ph.D., CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Co-President, Multi-Strategy Total Return Fund; Vice President, Global Allocation Fund, Institutional International Funds, and International Funds |
63
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Arif Husain, CFA, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund, Institutional International Funds, Multi-Sector Account Portfolios, Multi-Strategy Total Return Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds | |
Jon R. Hussey, CFA, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly student, University of Chicago Booth School of Business (to 2016) | Vice President, Equity Income Fund, New Era Fund, Small-Cap Value Fund, and Value Fund | |
Michael T. Hyland, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund and High Yield Fund | |
Hiromasa Ikeda, 1971 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Tetsuji Inoue, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds | |
Michael D. Jacobs, 1971 Vice President, Price Japan, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, International Funds | |
Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds | |
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds; Vice President, International Funds | |
Rachel D. Jonas, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Analyst, Sands Capital Management (to 2016) | Vice President, Health Sciences Fund | |
Dylan Jones, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund | |
Nina P. Jones, CPA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Global Real Estate Fund and Real Estate Fund; Vice President, Capital Appreciation Fund, Financial Services Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, and Real Assets Fund | |
Keir R. Joyce, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, GNMA Fund; Executive Vice President and Vice President, Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, Short-Term Bond Fund, and U.S. Treasury Funds | |
Vidya Kadiyam, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund and Quantitative Management Funds | |
Yoichiro Kai, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
Jacob H. Kann, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Jai Kapadia, 1982 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds | |
Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Global Multi-Sector Bond Fund and Institutional International Funds | |
Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund and New Era Fund | |
Takanori Kobayashi, 1981 Vice President, Price Japan, T. Rowe Price Group, Inc., and T. Rowe Price International; formerly Research Analyst, Allianz Global Investors (to 2017) | Vice President, Financial Services Fund, Global Real Estate Fund, and International Funds | |
Steven M. Kohlenstein, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Short-Term Bond Fund | |
Paul J. Krug, CPA, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, all funds |
64
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Christopher J. Kushlis, CFA, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios | |
Michael Lambe, CFA, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios | |
Robert M. Larkins, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, U.S. Bond Enhanced Index Fund; Executive Vice President, Institutional Income Funds; Vice President, Balanced Fund, Global Allocation Fund, New Income Fund, and Total Return Fund | |
Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund | |
Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Mark J. Lawrence, 1970 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
Matthew Lawton, CFA, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and New Income Fund | |
Wyatt A. Lee, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Co-President, Retirement Funds; Vice President, Balanced Fund, Limited Duration Inflation Focused Bond Fund, Personal Strategy Funds, and Spectrum Funds | |
Yongheon Lee, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional Income Funds, Total Return Fund, and U.S. Bond Enhanced Index Fund | |
Alan D. Levenson, Ph.D., 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Government Money Fund, Inflation Protected Bond Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, TRP Reserve Funds, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds | |
John D. Linehan, CFA, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Equity Income Fund; Executive Vice President, Institutional Equity Funds; Vice President, Multi-Strategy Total Return Fund and Value Fund | |
Jacqueline L. Liu, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Communications & Technology Fund, Global Technology Fund, International Funds, and Science & Technology Fund | |
Gregory Locraft, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund | |
Johannes Loefstrand, 1988 Vice President, T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
Kevin P. Loome, CFA, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Head of U.S. Credit, Henderson Global Investors (to 2017) | Executive Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund) | |
Anh Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds | |
Oxana Lyalina, 1987 Vice President, T. Rowe Price International | Vice President, International Funds | |
Joseph K. Lynagh, CFA, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Government Money Fund, TRP Reserve Funds, Summit Income Funds, and Tax-Exempt Money Fund; Executive Vice President, Institutional Income Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Municipal Funds, and U.S. Treasury Funds; Vice President, Tax-Free Short-Intermediate Fund | |
James T. Lynch, CFA, 1983 Vice President, T. Rowe Price | Vice President, State Tax-Free Funds, Summit Municipal Funds, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund | |
Matt Mahon, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. formerly student, The Wharton School, University of Pennsylvania (to 2016) | Vice President, Diversified Mid-Cap Growth Fund, Equity Income Fund, and New Era Fund | |
Navneesh. Malhan, CFA, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Quantitative Management Funds |
65
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Konstantine B. Mallas, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Tax-Free Income Fund; Executive Vice President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund | |
Sebastien Mallet, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds; Vice President, International Funds | |
Robert J. Marcotte, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, Mid-Cap Growth Fund, and Small-Cap Stock Fund | |
Jennifer Martin, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Communications & Technology Fund, Global Technology Fund, Institutional International Funds, and International Funds | |
Daniel Martino, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Communications & Technology Fund, Equity Income Fund, Growth Stock Fund, Institutional International Funds, and Value Fund | |
Ryan Martyn, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds and New Era Fund | |
George A. Marzano, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund and Equity Income Fund | |
Paul M. Massaro, CFA, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Floating Rate Fund; Executive Vice President, Institutional Income Funds and Multi-Sector Account Portfolios; Vice President, Capital Appreciation Fund and High Yield Fund (serves only with respect to the High Yield Fund) | |
Catherine D. Mathews, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Principal Financial Officer, Vice President, and Treasurer, all funds | |
Reilly Kevin McCarthy, 1991 Assistant Vice President, T. Rowe Price | Assistant Vice President, GNMA Fund | |
Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, High Yield Fund and Multi-Sector Account Portfolios | |
Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios | |
Hugh D. McGuirk, CFA, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, State Tax-Free Funds and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund | |
Heather K. McPherson, CPA, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Institutional Equity Funds and Mid-Cap Value Fund; Vice President, Equity Income Fund, Global Technology Fund, Growth & Income Fund, New Era Fund, U.S. Large-Cap Core Fund, and Value Fund | |
Sean P. McWilliams, 1988 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Allocation Fund | |
Cheryl A. Mickel, CFA, 1967 Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Short-Term Bond Fund; Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Summit Income Funds, Summit Municipal Funds, and U.S. Treasury Funds | |
Raymond A. Mills, Ph.D., CFA, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company | Executive Vice President, Institutional International Funds and International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Personal Strategy Funds | |
Jihong Min, 1979 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Joseph R. Mlinac, CFA, 1983 Vice President, T. Rowe Price | Vice President, Financial Services Fund | |
Eric C. Moffett, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds | |
Ivan Morozov, CFA, 1987 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds and Multi-Sector Account Portfolios |
66
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Samy B. Muaddi, CFA, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, and Institutional Income Funds | |
Tobias F. Mueller, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Technology Fund, Institutional International Funds, International Funds, and Science & Technology Fund | |
Rinald Murataj, Ph.D., 1989 Employee, T. Rowe Price; formerly student and Alpha Researcher, Cornell University (to 2018) | Vice President, Quantitative Management Funds | |
James M. Murphy, CFA, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free Income Fund | |
Linda A. Murphy, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Funds, Summit Municipal Funds, and Tax-Free High Yield Fund | |
Sudhir Nanda, Ph.D., CFA, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Quantitative Management Funds; Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, and Institutional International Funds | |
Joshua Nelson, 1977 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company | Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds, Institutional International Funds, and International Funds | |
Philip A. Nestico, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Communications & Technology Fund, Global Real Estate Fund, International Funds, and Real Estate Fund | |
Michael Niedzielski, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds | |
Sridhar Nishtala, 1975 Director and Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Jason Nogueira, CFA, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Institutional International Funds and International Funds; Vice President, Growth & Income Fund, Mid-Cap Growth Fund, U.S. Equity Research Fund, and U.S. Large-Cap Core Fund | |
Alexander S. Obaza, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund | |
Christian M. O’Neill, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Diversified Mid-Cap Growth Fund, New Era Fund, and Value Fund | |
Kenneth A. Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | President, Global Multi-Sector Bond Fund; Executive Vice President, International Funds; Vice President, Institutional International Funds, Multi-Sector Account Portfolios, and Total Return Fund | |
Curt J. Organt, CFA, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional Equity Funds, International Funds, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund | |
Paul T. O’Sullivan, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds | |
Oluwaseun A. Oyegunle, CFA, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
Sebastien Page, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund, Multi-Strategy Total Return Fund, Personal Strategy Funds, Real Assets Fund, Retirement Funds, and Spectrum Funds | |
Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Allocation Fund, Personal Strategy Funds, Real Assets Fund, and Retirement Funds | |
Gonzalo Pangaro, CFA, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds | |
Miso Park, CFA, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
67
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Dante Pearson, 1990 Vice President, T. Rowe Price; formerly Equity Analyst Intern, MFS (to 2016) | Vice President, Global Real Estate Fund and Real Estate Fund | |
Charles G. Pepin, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Small-Cap Stock Fund | |
Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds | |
Jason B. Polun, CFA, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds | |
Adam Poussard, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund and Health Sciences Fund | |
Jordan S. Pryor, 1991 Vice President, T. Rowe Price | Vice President, Quantitative Management Funds | |
Larry J. Puglia, CFA, CPA, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund and Personal Strategy Funds | |
John C. Qian, 1989 Vice President, T. Rowe Price; formerly summer intern, T. Rowe Price (to 2016) | Vice President, New Era Fund | |
Robert T. Quinn, Jr., 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Small-Cap Stock Fund and Small-Cap Value Fund | |
Preeta Ragavan, CFA, 1987 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund, Global Real Estate Fund, Real Estate Fund, and Small-Cap Value Fund | |
Vivek Rajeswaran, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, International Funds, Mid-Cap Growth Fund, New Era Fund, and Small-Cap Value Fund | |
John W. Ratzesberger, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, all funds | |
Shannon Hofher Rauser, 1987 Assistant Vice President, T. Rowe Price | Assistant Secretary, all funds | |
Rodney M. Rayburn, CFA, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Credit Opportunities Fund; Executive Vice President, High Yield Fund (serves only with respect to the High Yield Fund) and Institutional Income Funds | |
Todd Reese, 1990 Employee, T. Rowe Price; formerly Investment Analyst, Trian Fund Management (to 2016) | Vice President, International Funds | |
Michael F. Reinartz, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Executive Vice President, Short-Term Bond Fund; Vice President, Inflation Protected Bond Fund and Limited Duration Inflation Focused Bond Fund | |
Jane K. Rivers, CFA, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Real Estate Fund | |
Melanie A. Rizzo, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund, International Funds, and Mid-Cap Value Fund | |
Theodore E. Robson, CFA, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Real Estate Fund | |
Alexander P. Roik, CFA, 1991 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund | |
Jeffrey Rottinghaus, CPA, 1970 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Growth & Income Fund and U.S. Large-Cap Core Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, and U.S. Equity Research Fund | |
David L. Rowlett, CFA, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Growth & Income Fund, Growth Stock Fund, International Funds, New America Growth Fund, and U.S. Large-Cap Core Fund | |
Brian A. Rubin, CPA, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios |
68
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Federico Santilli, CFA, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds | |
Nikolaj Schmidt, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds | |
Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds | |
Emily C. Scudder, CFA, CPA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund and Science & Technology Fund | |
Michael K. Sewell, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Protected Bond Fund, Limited Duration Inflation Focused Bond Fund, Multi-Sector Account Portfolios, and U.S. Treasury Funds | |
Daniel O. Shackelford, CFA, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Real Assets Fund | |
Chen Shao, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds | |
Thomas A. Shelmerdine, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, New Era Fund | |
Bin Shen, CFA, 1987 Employee, T. Rowe Price | Vice President, Institutional International Funds and International Funds | |
John C.A. Sherman, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds | |
Charles M. Shriver, CFA, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company | President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds; Vice President, Real Assets Fund and Retirement Funds | |
Elliot J. Shue, CFA, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund | |
Farris G. Shuggi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Quantitative Management Funds; Vice President, Capital Appreciation Fund, Equity Income Fund, and Small-Cap Value Fund | |
Weijie Si, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Dividend Growth Fund, Real Estate Fund, Tax-Efficient Funds, and Value Fund | |
Jeanny Silva, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Government Money Fund, Institutional Income Funds, Multi-Sector Account Portfolios, TRP Reserve Funds, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds | |
Neil Smith, 1972 Vice President, Price Hong Kong, Price Japan, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International | President, International Index Fund; Vice President, Index Trust | |
Tyrone Smith, 1977 Vice President, T. Rowe Price; formerly Fixed Income Credit Trader, Aberdeen Asset Management Inc. (to 2018) | Vice President, Short-Term Bond Fund | |
Matthew J. Snowling, CFA, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund, Financial Services Fund, Tax-Efficient Funds, and U.S. Equity Research Fund | |
Brian Solomon, CFA, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Real Estate Fund | |
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Financial Services Fund; Vice President, Capital Appreciation Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, and U.S. Large-Cap Core Fund | |
Scott D. Solomon, CFA, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional International Funds, and International Funds |
69
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Joshua K. Spencer, CFA, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, New Horizons Fund; Vice President, Global Technology Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, Science & Technology Fund, and Small-Cap Stock Fund | |
Douglas D. Spratley, CFA, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Government Money Fund, Institutional Income Funds, TRP Reserve Funds, Short-Term Bond Fund, State Tax-Free Funds, Summit Income Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds | |
David Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds and Multi-Sector Account Portfolios | |
James Stillwagon, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Partner, Cat Rock Capital (to 2016) | Vice President, Communications & Technology Fund and Equity Income Fund | |
Guido F. Stubenrauch, CFA, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds | |
Saurabh Sud, CFA, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President at PIMCO (to 2018) | Executive Vice President, International Funds; Vice President, Global Multi-Sector Bond Fund and Total Return Fund | |
Taymour R. Tamaddon, CFA, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Growth Stock Fund, Health Sciences Fund, Institutional International Funds, International Funds, and New America Growth Fund | |
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios | |
Sin Dee Tan, CFA, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds | |
Timothy G. Taylor, CFA, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, State Tax-Free Funds, Tax-Free High Yield Fund, and Tax-Free Income Fund | |
Christopher J. Temple, CFA, 1978 Vice President, T. Rowe Price | Vice President, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, Total Return Fund, and U.S. Treasury Funds | |
Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds | |
Craig A. Thiese, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, Index Trust, International Index Fund, New America Growth Fund, and New Era Fund | |
Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Corporate Income Fund, Multi-Sector Account Portfolios, and Summit Municipal Funds | |
Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds and Multi-Sector Account Portfolios | |
Toby M. Thompson, CAIA, CFA, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Balanced Fund, Global Allocation Fund, 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, Multi-Strategy Total Return Fund, New Horizons Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds | |
Reena Tilva, CFA, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President, Non-Investment Grade Credit Group, Neuberger Berman (to 2017) | Vice President, Credit Opportunities Fund and High Yield Fund | |
Mitchell J.K. Todd, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund |
70
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Michael J. Trivino, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund (serves only with respect to the High Yield Fund), Institutional Income Funds, and Multi-Sector Account Portfolios | |
Susan G. Troll, CPA, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Global Multi-Sector Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, Limited Duration Inflation Focused Bond Fund, and New Income Fund | |
Wesley Ross Trowbridge, 1987 Vice President, T. Rowe Price; formerly student, The University of Chicago Booth School of Business (to 2017) | Vice President, Corporate Income Fund and Multi-Sector Account Portfolios | |
Alan Tu, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Global Technology Fund; Vice President, Blue Chip Growth Fund, New Horizons Fund, Science & Technology Fund, and Tax-Efficient Funds | |
James A. Tzitzouris, Jr., Ph.D., 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Retirement Funds | |
Ken D. Uematsu, CFA, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Index Trust | |
Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Institutional Income Funds; Executive Vice President, High Yield Fund (serves only with respect to the High Yield Fund), International Funds, and Multi-Sector Account Portfolios; Vice President, Balanced Fund, Floating Rate Fund, Multi-Strategy Total Return Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds | |
Pavel Vedrov, 1990 Employee, T. Rowe Price | Vice President, Global Real Estate Fund | |
Eric L. Veiel, CFA, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Institutional International Funds | |
Rupinder Vig, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Partner, Egerton Capital (to 2016) | Vice President, Institutional International Funds and International Funds | |
Willem Visser, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Investment Analyst, NN Investment Partners (to 2017) | Vice President, International Funds and Multi-Sector Account Portfolios | |
Erik M. von Heijne, CFA, 1990 Vice President, T. Rowe Price | Vice President, Quantitative Management Funds | |
Chris Vost, 1989 Vice President, T. Rowe Price International | Vice President, International Funds | |
Zenon Voyiatzis, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund, Institutional International Funds, and International Funds | |
Verena E. Wachnitz, CFA, 1978 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Communications & Technology Fund and Institutional International Funds | |
Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Co-President, Corporate Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund | |
J. David Wagner, CFA, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Small-Cap Value Fund; Vice President, Institutional Equity Funds, Mid-Cap Value Fund, New Horizons Fund, and Small-Cap Stock Fund | |
John F. Wakeman, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund, Institutional Equity Funds, and U.S. Equity Research Fund, | |
David J. Wallack, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Mid-Cap Value Fund; Vice President, International Funds and New Era Fund |
71
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Anthony B. Wang, 1989 Vice President, T. Rowe Price; formerly student, Harvard Business School (to 2017) | Vice President, Global Technology Fund and Science & Technology Fund | |
Dai Wang, 1989 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds | |
Megan Warren, 1968 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; formerly Executive Director, JPMorgan Chase (to 2017) | Vice President, all funds | |
Hiroshi Watanabe, CFA, 1975 Director and Vice President, Price Japan; Vice President, T. Rowe Price Group, Inc. | Vice President, International Funds | |
Thomas H. Watson, 1977 Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Co-President, U.S. Equity Research Fund; Executive Vice President, Institutional Equity Funds; Vice President, Global Technology Fund, New America Growth Fund, and Science & Technology Fund | |
Michael T. Wehn, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Index Trust and International Index Fund | |
Mark R. Weigman, CFA, CIC, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Tax-Efficient Funds | |
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, New America Growth Fund; Vice President, Blue Chip Growth Fund, Communications & Technology Fund, Growth Stock Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, and U.S. Equity Research Fund | |
Christopher S. Whitehouse, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Communications & Technology Fund and Institutional International Funds | |
Bineesha Wickremarachchi, CFA, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios | |
Tamara P. Wiggs, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Financial Services Fund, and Value Fund | |
Rebecca Willey, 1987 Assistant Vice President, T. Rowe Price | Assistant Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios | |
Clive M. Williams, 1966 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, International Funds | |
John M. Williams, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Dividend Growth Fund, and Mid-Cap Value Fund | |
J. Zachary Wood, CFA, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Real Assets Fund | |
Jon D. Wood, CFA, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Dividend Growth Fund, Health Sciences Fund, and Value Fund | |
J. Howard Woodward, CFA, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Corporate Income Fund, Global Multi-Sector Bond Fund, Institutional Income Funds, International Funds, and Multi-Sector Account Portfolios | |
Ashley R. Woodruff, CFA, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, Mid-Cap Growth Fund, New America Growth Fund, and New Horizons Fund | |
Rouven J. Wool-Lewis, Ph.D., 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, Health Sciences Fund, Small-Cap Stock Fund, and U.S. Equity Research Fund | |
Nina Xu, 1987 Employee, T. Rowe Price | Vice President, Health Sciences Fund and Tax-Efficient Funds | |
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund, Institutional International Funds, and International Funds | |
David A. Yatzeck, 1981 Vice President, T. Rowe Price and T. Rowe Price Group | Vice President, Credit Opportunities Fund |
72
Name, Year
of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) | |
Benjamin T. Yeagle, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, International Funds | |
Ernest C. Yeung, CFA, 1979 Director and Vice President, Price Hong Kong; Vice President, T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Communications & Technology Fund and Institutional International Funds | |
Alison Mei Ling Yip, 1966 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, International Funds, and Science & Technology Fund | |
Eric Yuan, 1984 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly student, Columbia Business School (to 2016) | Vice President, International Funds | |
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Communications & Technology Fund and International Funds | |
Anthony Zhu, Ph.D., 1984 Vice President, T. Rowe Price; formerly student, Columbia Business School (to 2016) | Vice President, Quantitative Management Funds | |
Douglas Zinser, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Research Analyst, Henderson Global Investors (to 2017) | Vice President, High Yield Fund (serves only with respect to the U.S. High Yield Fund) |
Directors’ Compensation
Each independent director is paid $310,000 annually for his/her service on the Boards. The Chairman of the Boards, an independent director, receives an additional $150,000 annually for serving in this capacity. Prior to the Board appointing an independent director as Chairman of the Boards, the Board had designated a Lead Independent Director, who received an additional $150,000 annually for serving in this capacity. An independent director serving on the Joint Audit Committee receives an additional $30,000 annually for his/her service and the chairman of the Joint Audit Committee receives an additional $10,000 for his/her service. An independent director serving as a member of a Special Committee of the Independent Directors receives an additional $1,500 per meeting of the Special Committee. All of these fees are allocated to each fund on a pro-rata basis based on each fund’s net assets relative to the other funds.
The following table shows the total compensation that was received by the independent directors in the calendar year 2018, unless otherwise indicated. The independent directors of the funds do not receive any pension or retirement benefits from the funds or from T. Rowe Price. In addition, the officers and inside directors of the funds do not receive any compensation or benefits from the funds for their service.
Directors | Total Compensation |
Bazemore | $310,000 |
Daniels | 310,000 |
Duncan | 350,000 |
Gerrard | 385,000 |
McBride | 340,000 |
Rouse | 340,000 |
Schreiber | 397,500 |
Tercek* | 340,000 |
* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.
The following table shows the amounts paid by each fund to the independent directors based on accrued compensation in the calendar year 2018, unless otherwise indicated:
Fund | Aggregate Compensation From Fund | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Africa & Middle East Fund | $55 | $55 | $62 | $63 | $60 | $60 | $75 | $60 |
Asia Opportunities Fund | 44 | 44 | 49 | 50 | 48 | 48 | 60 | 48 |
73
Fund | Aggregate Compensation From Fund | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Balanced Fund | 1,534 | 1,534 | 1,732 | 1,781 | 1,682 | 1,682 | 2,091 | 1,682 |
Blue Chip Growth Fund | 19,755 | 19,755 | 22,304 | 23,123 | 21,666 | 21,666 | 26,782 | 21,666 |
California Tax-Free Bond Fund | 247 | 247 | 279 | 287 | 271 | 271 | 336 | 271 |
California Tax-Free Money Fund | 21 | 21 | 23 | 24 | 23 | 23 | 28 | 23 |
Capital Appreciation Fund | 11,195 | 11,195 | 12,640 | 13,046 | 12,279 | 12,279 | 15,215 | 12,279 |
Cash Reserves Fund | 899 | 899 | 1,015 | 1,052 | 986 | 986 | 1,218 | 986 |
Communications & Technology Fund | 1,940 | 1,940 | 2,191 | 2,259 | 2,128 | 2,128 | 2,641 | 2,128 |
Corporate Income Fund | 332 | 332 | 375 | 382 | 364 | 364 | 456 | 364 |
Credit Opportunities Fund | 20 | 20 | 23 | 24 | 22 | 22 | 27 | 22 |
Diversified Mid-Cap Growth Fund | 356 | 356 | 402 | 418 | 391 | 391 | 482 | 391 |
Dividend Growth Fund | 3,368 | 3,368 | 3,803 | 3,922 | 3,694 | 3,694 | 4,579 | 3,694 |
Dynamic Credit Fund(a) | — | — | — | — | — | — | — | — |
Dynamic Global Bond Fund | 1,445 | 1,445 | 1,632 | 1,709 | 1,585 | 1,585 | 1,944 | 1,585 |
Emerging Europe Fund | 66 | 66 | 74 | 75 | 72 | 72 | 91 | 72 |
Emerging Markets Bond Fund | 2,204 | 2,204 | 2,488 | 2,553 | 2,417 | 2,417 | 3,001 | 2,417 |
Emerging Markets Corporate Bond Fund | 23 | 23 | 27 | 27 | 26 | 26 | 32 | 26 |
Emerging Markets Corporate Multi-Sector Account Portfolio(b) | — | — | — | — | — | — | — | — |
Emerging Markets Local Currency Bond Fund | 19 | 19 | 21 | 22 | 21 | 21 | 26 | 21 |
Emerging Markets Discovery Stock Fund | 217 | 217 | 245 | 251 | 238 | 238 | 295 | 238 |
Emerging Markets Local Multi-Sector Account Portfolio(b) | — | — | — | — | — | — | — | — |
Emerging Markets Stock Fund | 4,138 | 4,138 | 4,672 | 4,763 | 4,539 | 4,539 | 5,670 | 4,539 |
Equity Income Fund | 8,062 | 8,062 | 9,103 | 9,342 | 8,843 | 8,843 | 11,004 | 8,843 |
Equity Index 500 Fund | 10,565 | 10,565 | 11,929 | 12,255 | 11,588 | 11,588 | 14,411 | 11,588 |
European Stock Fund | 424 | 424 | 479 | 487 | 465 | 465 | 583 | 465 |
Extended Equity Market Index Fund | 330 | 330 | 373 | 385 | 362 | 362 | 450 | 362 |
Financial Services Fund | 320 | 320 | 361 | 371 | 351 | 351 | 436 | 351 |
Floating Rate Fund | 760 | 760 | 858 | 911 | 834 | 834 | 1,013 | 834 |
Floating Rate Multi-Sector Account Portfolio(b) | — | — | — | — | — | — | — | — |
Georgia Tax-Free Bond Fund | 127 | 127 | 143 | 148 | 139 | 139 | 173 | 139 |
Global Allocation Fund | 185 | 185 | 209 | 223 | 203 | 203 | 246 | 203 |
Global Consumer Fund | 6 | 6 | 7 | 7 | 7 | 7 | 8 | 7 |
Global Growth Stock Fund | 138 | 138 | 156 | 161 | 152 | 152 | 188 | 152 |
Global High Income Bond Fund | 37 | 37 | 42 | 43 | 40 | 40 | 50 | 40 |
Global Industrials Fund | 9 | 9 | 11 | 11 | 10 | 10 | 13 | 10 |
Global Multi-Sector Bond Fund | 265 | 265 | 300 | 313 | 291 | 291 | 358 | 291 |
74
Fund | Aggregate Compensation From Fund | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Global Real Estate Fund | 60 | 60 | 67 | 68 | 65 | 65 | 82 | 65 |
Global Stock Fund | 421 | 421 | 476 | 495 | 462 | 462 | 570 | 462 |
Global Technology Fund | 2,363 | 2,363 | 2,668 | 2,700 | 2,592 | 2,592 | 3,262 | 2,592 |
GNMA Fund | 492 | 492 | 556 | 570 | 540 | 540 | 672 | 540 |
Government Money Fund | 3,000 | 3,000 | 3,387 | 3,481 | 3,290 | 3,290 | 4,084 | 3,290 |
Government Reserve Fund | 4,756 | 4,756 | 5,370 | 5,583 | 5,217 | 5,217 | 6,443 | 5,217 |
Growth & Income Fund | 716 | 716 | 808 | 833 | 785 | 785 | 974 | 785 |
Growth Stock Fund | 20,030 | 20,030 | 22,615 | 23,253 | 21,969 | 21,969 | 27,314 | 21,969 |
Health Sciences Fund | 4,630 | 4,630 | 5,227 | 5,412 | 5,078 | 5,078 | 6,280 | 5,078 |
High Yield Fund | 2,813 | 2,813 | 3,176 | 3,226 | 3,086 | 3,086 | 3,863 | 3,086 |
High Yield Multi-Sector Account Portfolio(b) | — | — | — | — | — | — | — | — |
Inflation Protected Bond Fund | 173 | 173 | 196 | 200 | 190 | 190 | 238 | 190 |
Institutional Africa & Middle East Fund | 70 | 70 | 79 | 80 | 76 | 76 | 96 | 76 |
Institutional Cash Reserves Fund | 195 | 195 | 221 | 246 | 214 | 214 | 252 | 214 |
Institutional Core Plus Fund | 148 | 148 | 167 | 172 | 162 | 162 | 201 | 162 |
Institutional Emerging Markets Bond Fund | 141 | 141 | 159 | 166 | 155 | 155 | 191 | 155 |
Institutional Emerging Markets Equity Fund | 684 | 684 | 773 | 793 | 751 | 751 | 934 | 751 |
Institutional Floating Rate Fund | 2,037 | 2,037 | 2,299 | 2,374 | 2,234 | 2,234 | 2,766 | 2,234 |
Institutional Frontier Markets Equity Fund | 23 | 23 | 26 | 26 | 26 | 26 | 32 | 26 |
Institutional Global Focused Growth Equity Fund | 19 | 19 | 21 | 22 | 20 | 20 | 25 | 20 |
Institutional Global Growth Equity Fund | 174 | 174 | 196 | 202 | 191 | 191 | 237 | 191 |
Institutional Global Value Equity Fund | 4 | 4 | 5 | 5 | 5 | 5 | 6 | 5 |
Institutional High Yield Fund | 553 | 553 | 624 | 637 | 606 | 606 | 757 | 606 |
Institutional International Core Equity Fund | 50 | 50 | 57 | 53 | 55 | 55 | 72 | 55 |
Institutional International Disciplined Equity Fund | 164 | 164 | 186 | 184 | 180 | 180 | 229 | 180 |
Institutional International Growth Equity Fund | 22 | 22 | 24 | 25 | 24 | 24 | 30 | 24 |
Institutional Large-Cap Core Growth Fund | 1,338 | 1,338 | 1,511 | 1,568 | 1,467 | 1,467 | 1,812 | 1,467 |
Institutional Large-Cap Growth Fund | 6,559 | 6,559 | 7,405 | 7,630 | 7,194 | 7,194 | 8,927 | 7,194 |
Institutional Large-Cap Value Fund | 1,404 | 1,404 | 1,586 | 1,618 | 1,540 | 1,540 | 1,923 | 1,540 |
Institutional Long Duration Credit Fund | 13 | 13 | 15 | 15 | 15 | 15 | 18 | 15 |
Institutional Mid-Cap Equity Growth Fund | 2,666 | 2,666 | 3,010 | 3,106 | 2,924 | 2,924 | 3,627 | 2,924 |
Institutional Small-Cap Stock Fund | 1,725 | 1,725 | 1,948 | 2,019 | 1,892 | 1,892 | 2,341 | 1,892 |
Institutional U.S. Structured Research Fund | 246 | 246 | 277 | 287 | 269 | 269 | 334 | 269 |
75
Fund | Aggregate Compensation From Fund | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Intermediate Tax-Free High Yield Fund | 21 | 21 | 24 | 24 | 23 | 23 | 29 | 23 |
International Bond Fund | 903 | 903 | 1,019 | 1,008 | 990 | 990 | 1,260 | 990 |
International Bond Fund (USD Hedged) | 1,597 | 1,597 | 1,803 | 1,948 | 1,752 | 1,752 | 2,105 | 1,752 |
International Disciplined Equity Fund | 41 | 41 | 46 | 48 | 45 | 45 | 55 | 45 |
International Discovery Fund | 3,257 | 3,257 | 3,677 | 3,762 | 3,572 | 3,572 | 4,458 | 3,572 |
International Equity Index Fund | 225 | 225 | 254 | 260 | 247 | 247 | 307 | 247 |
International Stock Fund | 5,629 | 5,629 | 6,356 | 6,489 | 6,174 | 6,174 | 7,711 | 6,174 |
International Value Equity Fund | 4,932 | 4,932 | 5,569 | 5,674 | 5,410 | 5,410 | 6,765 | 5,410 |
Investment-Grade Corporate Multi-Sector Account Portfolio(b) | — | — | — | — | — | — | — | — |
Japan Fund | 318 | 318 | 359 | 367 | 349 | 349 | 436 | 349 |
Latin America Fund | 232 | 232 | 262 | 264 | 254 | 254 | 319 | 254 |
Limited Duration Inflation Focused Bond Fund | 3,157 | 3,157 | 3,564 | 3,663 | 3,463 | 3,463 | 4,303 | 3,463 |
Maryland Short-Term Tax-Free Bond Fund | 67 | 67 | 76 | 78 | 74 | 74 | 92 | 74 |
Maryland Tax-Free Bond Fund | 857 | 857 | 968 | 995 | 940 | 940 | 1,168 | 940 |
Maryland Tax-Free Money Fund | 29 | 29 | 32 | 33 | 31 | 31 | 39 | 31 |
Mid-Cap Growth Fund | 11,607 | 11,607 | 13,105 | 13,505 | 12,731 | 12,731 | 15,802 | 12,731 |
Mid-Cap Index Fund | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 |
Mid-Cap Value Fund | 5,147 | 5,147 | 5,811 | 5,968 | 5,645 | 5,645 | 7,021 | 5,645 |
Mortgage-Backed Securities Multi-Sector Account Portfolio(b) | — | — | — | — | — | — | — | — |
Multi-Strategy Total Return Fund | 17 | 17 | 19 | 21 | 19 | 19 | 22 | 19 |
New America Growth Fund | 1,794 | 1,794 | 2,026 | 2,096 | 1,968 | 1,968 | 2,436 | 1,968 |
New Asia Fund | 1,127 | 1,127 | 1,272 | 1,290 | 1,236 | 1,236 | 1,550 | 1,236 |
New Era Fund | 1,451 | 1,451 | 1,638 | 1,682 | 1,591 | 1,591 | 1,979 | 1,591 |
New Horizons Fund | 9,046 | 9,046 | 10,213 | 10,593 | 9,921 | 9,921 | 12,267 | 9,921 |
New Income Fund | 11,023 | 11,023 | 12,445 | 12,708 | 12,090 | 12,090 | 15,087 | 12,090 |
New Jersey Tax-Free Bond Fund | 154 | 154 | 174 | 179 | 169 | 169 | 210 | 169 |
New York Tax-Free Bond Fund | 179 | 179 | 202 | 207 | 196 | 196 | 243 | 196 |
New York Tax-Free Money Fund | 22 | 22 | 24 | 25 | 24 | 24 | 29 | 24 |
Overseas Stock Fund | 6,076 | 6,076 | 6,860 | 7,073 | 6,664 | 6,664 | 8,267 | 6,664 |
Personal Strategy Balanced Fund | 873 | 873 | 986 | 1,009 | 958 | 958 | 1,194 | 958 |
Personal Strategy Growth Fund | 867 | 867 | 979 | 1,009 | 951 | 951 | 1,180 | 951 |
Personal Strategy Income Fund | 826 | 826 | 933 | 960 | 906 | 906 | 1,125 | 906 |
QM Global Equity Fund | 7 | 7 | 8 | 8 | 8 | 8 | 10 | 8 |
76
Fund | Aggregate Compensation From Fund | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
QM U.S. Small & Mid-Cap Core Equity Fund | 25 | 25 | 29 | 30 | 28 | 28 | 34 | 28 |
QM U.S. Small-Cap Growth Equity Fund | 2,586 | 2,586 | 2,920 | 3,046 | 2,836 | 2,836 | 3,494 | 2,836 |
QM U.S. Value Equity Fund | 8 | 8 | 9 | 9 | 9 | 9 | 11 | 9 |
Real Assets Fund | 1,183 | 1,183 | 1,335 | 1,367 | 1,297 | 1,297 | 1,617 | 1,297 |
Real Estate Fund | 2,052 | 2,052 | 2,317 | 2,362 | 2,251 | 2,251 | 2,813 | 2,251 |
Retirement 2005 Fund | 580 | 580 | 655 | 668 | 636 | 636 | 795 | 636 |
Retirement 2010 Fund | 1,758 | 1,758 | 1,984 | 2,024 | 1,928 | 1,928 | 2,408 | 1,928 |
Retirement 2015 Fund | 2,885 | 2,885 | 3,258 | 3,318 | 3,165 | 3,165 | 3,957 | 3,165 |
Retirement 2020 Fund | 8,273 | 8,273 | 9,340 | 9,517 | 9,073 | 9,073 | 11,344 | 9,073 |
Retirement 2025 Fund | 7,324 | 7,324 | 8,269 | 8,450 | 8,033 | 8,033 | 10,024 | 8,033 |
Retirement 2030 Fund | 9,302 | 9,302 | 10,503 | 10,726 | 10,203 | 10,203 | 12,738 | 10,203 |
Retirement 2035 Fund | 5,653 | 5,653 | 6,383 | 6,523 | 6,200 | 6,200 | 7,738 | 6,200 |
Retirement 2040 Fund | 6,573 | 6,573 | 7,422 | 7,578 | 7,209 | 7,209 | 9,003 | 7,209 |
Retirement 2045 Fund | 3,620 | 3,620 | 4,087 | 4,180 | 3,970 | 3,970 | 4,952 | 3,970 |
Retirement 2050 Fund | 2,983 | 2,983 | 3,368 | 3,449 | 3,272 | 3,272 | 4,078 | 3,272 |
Retirement 2055 Fund | 1,370 | 1,370 | 1,547 | 1,590 | 1,503 | 1,503 | 1,868 | 1,503 |
Retirement 2060 Fund | 186 | 186 | 210 | 220 | 204 | 204 | 250 | 204 |
Retirement Balanced Fund | 923 | 923 | 1,043 | 1,065 | 1,013 | 1,013 | 1,264 | 1,013 |
Retirement I 2005 Fund—I Class | 90 | 90 | 102 | 106 | 99 | 99 | 121 | 99 |
Retirement I 2010 Fund—I Class | 69 | 69 | 78 | 82 | 76 | 76 | 93 | 76 |
Retirement I 2015 Fund—I Class | 195 | 195 | 220 | 229 | 214 | 214 | 263 | 214 |
Retirement I 2020 Fund—I Class | 390 | 390 | 440 | 459 | 427 | 427 | 526 | 427 |
Retirement I 2025 Fund—I Class | 1,351 | 1,351 | 1,525 | 1,592 | 1,481 | 1,481 | 1,822 | 1,481 |
Retirement I 2030 Fund—I Class | 1,248 | 1,248 | 1,410 | 1,479 | 1,369 | 1,369 | 1,678 | 1,369 |
Retirement I 2035 Fund—I Class | 1,647 | 1,647 | 1,859 | 1,945 | 1,806 | 1,806 | 2,218 | 1,806 |
Retirement I 2040 Fund—I Class | 1,038 | 1,038 | 1,172 | 1,229 | 1,139 | 1,139 | 1,397 | 1,139 |
Retirement I 2045 Fund—I Class | 1,275 | 1,275 | 1,439 | 1,504 | 1,398 | 1,398 | 1,718 | 1,398 |
Retirement I 2050 Fund—I Class | 721 | 721 | 814 | 856 | 791 | 791 | 969 | 791 |
Retirement I 2055 Fund—I Class | 709 | 709 | 800 | 839 | 777 | 777 | 953 | 777 |
Retirement I 2060 Fund—I Class | 280 | 280 | 317 | 335 | 308 | 308 | 375 | 308 |
Retirement Balanced I Fund—I Class | 53 | 53 | 60 | 64 | 58 | 58 | 70 | 58 |
Retirement Income 2020 Fund | 10 | 10 | 11 | 12 | 11 | 11 | 14 | 11 |
Science & Technology Fund | 2,174 | 2,174 | 2,454 | 2,520 | 2,384 | 2,384 | 2,969 | 2,384 |
Short-Term Fund | 1,957 | 1,957 | 2,210 | 2,287 | 2,147 | 2,147 | 2,655 | 2,147 |
Short-Term Bond Fund | 2,053 | 2,053 | 2,318 | 2,308 | 2,251 | 2,251 | 2,874 | 2,251 |
77
Fund | Aggregate Compensation From Fund | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Short-Term Government Fund | — | — | — | — | — | — | — | — |
Small-Cap Index Fund | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 |
Small-Cap Stock Fund | 3,693 | 3,693 | 4,170 | 4,303 | 4,051 | 4,051 | 5,027 | 4,051 |
Small-Cap Value Fund | 3,870 | 3,870 | 4,369 | 4,502 | 4,244 | 4,244 | 5,274 | 4,244 |
Spectrum Growth Fund | 1,429 | 1,429 | 1,613 | 1,654 | 1,567 | 1,567 | 1,951 | 1,567 |
Spectrum Income Fund | 2,502 | 2,502 | 2,825 | 2,901 | 2,744 | 2,744 | 3,412 | 2,744 |
Spectrum International Fund | 595 | 595 | 672 | 688 | 653 | 653 | 813 | 653 |
Summit Municipal Income Fund | 621 | 621 | 701 | 732 | 681 | 681 | 838 | 681 |
Summit Municipal Intermediate Fund | 2,128 | 2,128 | 2,402 | 2,466 | 2,334 | 2,334 | 2,902 | 2,334 |
Summit Municipal Money Market Fund | 47 | 47 | 53 | 55 | 51 | 51 | 64 | 51 |
Target 2005 Fund | 13 | 13 | 15 | 16 | 15 | 15 | 18 | 15 |
Target 2010 Fund | 25 | 25 | 28 | 29 | 27 | 27 | 34 | 27 |
Target 2015 Fund | 74 | 74 | 83 | 86 | 81 | 81 | 100 | 81 |
Target 2020 Fund | 107 | 107 | 121 | 125 | 118 | 118 | 145 | 118 |
Target 2025 Fund | 99 | 99 | 111 | 116 | 108 | 108 | 133 | 108 |
Target 2030 Fund | 99 | 99 | 112 | 117 | 109 | 109 | 134 | 109 |
Target 2035 Fund | 63 | 63 | 72 | 75 | 69 | 69 | 86 | 69 |
Target 2040 Fund | 56 | 56 | 63 | 66 | 61 | 61 | 75 | 61 |
Target 2045 Fund | 41 | 41 | 46 | 49 | 45 | 45 | 55 | 45 |
Target 2050 Fund | 30 | 30 | 34 | 36 | 33 | 33 | 41 | 33 |
Target 2055 Fund | 17 | 17 | 19 | 20 | 18 | 18 | 23 | 18 |
Target 2060 Fund | 6 | 6 | 6 | 7 | 6 | 6 | 8 | 6 |
Tax-Efficient Equity Fund | 125 | 125 | 141 | 148 | 137 | 137 | 169 | 137 |
Tax-Exempt Money Fund | 133 | 133 | 150 | 155 | 146 | 146 | 180 | 146 |
Tax-Free High Yield Fund | 2,030 | 2,030 | 2,292 | 2,355 | 2,227 | 2,227 | 2,770 | 2,227 |
Tax-Free Income Fund | 956 | 956 | 1,080 | 1,107 | 1,049 | 1,049 | 1,306 | 1,049 |
Tax-Free Short-Intermediate Fund | 744 | 744 | 840 | 862 | 816 | 816 | 1,015 | 816 |
Total Equity Market Index Fund | 669 | 669 | 755 | 779 | 733 | 733 | 909 | 733 |
Total Return Fund | 15 | 15 | 16 | 17 | 16 | 16 | 20 | 16 |
Treasury Reserve Fund | 1,492 | 1,492 | 1,684 | 1,719 | 1,636 | 1,636 | 2,043 | 1,636 |
U.S. Bond Enhanced Index Fund | 339 | 339 | 383 | 404 | 372 | 372 | 453 | 372 |
U.S. Equity Research Fund | 257 | 257 | 290 | 303 | 282 | 282 | 347 | 282 |
U.S. High Yield Fund | 51 | 51 | 58 | 61 | 56 | 56 | 69 | 56 |
U.S. Large-Cap Core Fund | 209 | 209 | 235 | 243 | 229 | 229 | 283 | 229 |
U.S. Treasury Intermediate Fund | 166 | 166 | 188 | 193 | 182 | 182 | 226 | 182 |
U.S. Treasury Long-Term Fund | 1,893 | 1,893 | 2,137 | 2,251 | 2,076 | 2,076 | 2,539 | 2,076 |
U.S. Treasury Money Fund | 2,409 | 2,409 | 2,720 | 2,803 | 2,643 | 2,643 | 3,282 | 2,643 |
Ultra Short-Term Bond Fund | 260 | 260 | 294 | 315 | 286 | 286 | 344 | 286 |
78
Fund | Aggregate Compensation From Fund | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Value Fund | 9,527 | 9,527 | 10,756 | 11,031 | 10,449 | 10,449 | 13,008 | 10,449 |
Virginia Tax-Free Bond Fund | 466 | 466 | 526 | 541 | 511 | 511 | 634 | 511 |
* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.
(a) Prior to commencement of operations.
(b) Directors’ fees were paid by T. Rowe Price on behalf of the fund.
Directors’ Holdings in the Price Funds
The following tables set forth the Price Fund holdings of the current independent and inside directors, as of December 31, 2018, unless otherwise indicated.
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Africa & Middle East Fund | None | None | None | None | None | None | None | None |
Africa & Middle East Fund—I Class | None | None | None | None | None | None | None | None |
Asia Opportunities Fund | None | None | None | None | None | None | None | None |
Asia Opportunities Fund—Advisor Class | None | None | None | None | None | None | None | None |
Asia Opportunities Fund—I Class | None | None | None | None | None | None | None | None |
Balanced Fund | None | None | None | None | None | None | None | None |
Balanced Fund—I Class | None | None | None | None | None | None | None | None |
Blue Chip Growth Fund | Over $100,000 | None | None | $10,001–$50,000 | None | None | Over $100,000 | None |
Blue Chip Growth Fund—Advisor Class | None | None | None | None | None | None | None | None |
Blue Chip Growth Fund—I Class | None | None | None | None | None | None | None | None |
Blue Chip Growth Fund—R Class | None | None | None | None | None | None | None | None |
California Tax-Free Bond Fund | None | None | None | None | None | None | None | None |
California Tax-Free Bond Fund—I Class | None | None | None | None | None | None | None | None |
California Tax-Free Money Fund | None | None | None | None | None | None | None | None |
California Tax-Free Money Fund—I Class | None | None | None | None | None | None | None | None |
Capital Appreciation Fund | None | None | None | Over $100,000 | Over $100,000 | None | None | None |
Capital Appreciation Fund—Advisor Class | None | None | None | None | None | None | None | None |
Capital Appreciation Fund—I Class | None | None | None | None | None | None | None | None |
Cash Reserves Fund | None | None | None | None | None | None | $1-$10,000 | Over $100,000 |
Communications & Technology Fund | None | None | None | Over $100,000 | None | None | None | None |
Communications & Technology Fund—I Class | None | None | None | None | None | None | None | None |
Corporate Income Fund | None | None | None | None | None | None | None | None |
Corporate Income Fund—I Class | None | None | None | None | None | None | None | None |
Credit Opportunities Fund | None | None | None | None | None | None | None | None |
Credit Opportunities Fund—Advisor Class | None | None | None | None | None | None | None | None |
Credit Opportunities Fund—I Class | None | None | None | None | None | None | None | None |
Diversified Mid-Cap Growth Fund | None | None | None | $10,001-$50,000 | None | None | None | None |
79
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Diversified Mid-Cap Growth Fund—I Class | None | None | None | None | None | None | None | None |
Dividend Growth Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
Dividend Growth Fund—Advisor Class | None | None | None | None | None | None | None | None |
Dividend Growth Fund—I Class | None | None | None | None | None | None | None | None |
Dynamic Global Bond Fund | None | None | None | None | None | None | None | None |
Dynamic Global Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
Dynamic Global Bond Fund—I Class | None | None | None | None | None | None | None | None |
Emerging Europe Fund | None | None | None | None | None | None | None | None |
Emerging Europe Fund—I Class | None | None | None | None | None | None | None | None |
Emerging Markets Bond Fund | None | None | None | None | None | None | None | None |
Emerging Markets Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
Emerging Markets Bond Fund—I Class | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond Fund | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond Fund—I Class | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Emerging Markets Discovery Stock Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
Emerging Markets Discovery Stock Fund—Advisor Class | None | None | None | None | None | None | None | None |
Emerging Markets Discovery Stock Fund—I Class | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond Fund | Over $100,000 | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond Fund—I Class | None | None | None | None | None | None | None | None |
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Emerging Markets Stock Fund | None | None | None | $10,001–$50,000 | None | None | Over $100,000 | Over $100,000 |
Emerging Markets Stock Fund—I Class | None | None | None | None | None | None | Over $100,000 | None |
Equity Income Fund | None | None | None | None | None | None | None | None |
Equity Income Fund—Advisor Class | None | None | None | None | None | None | None | None |
Equity Income Fund—I Class | None | None | None | None | None | None | None | None |
Equity Income Fund—R Class | None | None | None | None | None | None | None | None |
Equity Index 500 Fund | None | None | None | None | None | None | None | None |
Equity Index 500 Fund—I Class | None | None | None | None | None | None | None | None |
European Stock Fund | None | None | Over $100,000 | None | None | None | None | None |
European Stock Fund—I Class | None | None | None | None | None | None | None | None |
Extended Equity Market Index Fund | None | None | None | $1-$10,000 | None | None | None | None |
80
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Financial Services Fund | None | None | None | $50,001–$100,000 | None | None | None | None |
Financial Services Fund—I Class | None | None | None | None | None | None | None | None |
Floating Rate Fund | None | None | None | None | None | None | None | None |
Floating Rate Fund—Advisor Class | None | None | None | None | None | None | None | None |
Floating Rate Fund—I Class | None | None | None | None | None | None | None | None |
Floating Rate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Georgia Tax-Free Bond Fund | None | None | None | None | None | None | None | None |
Georgia Tax-Free Bond Fund—I Class | None | None | None | None | None | None | None | None |
Global Allocation Fund | None | None | None | None | None | None | None | None |
Global Allocation Fund—Advisor Class | None | None | None | None | None | None | None | None |
Global Allocation Fund—I Class | None | None | None | None | None | None | None | None |
Global Consumer Fund | None | None | None | None | None | None | None | None |
Global Growth Stock Fund | None | None | None | None | None | None | None | None |
Global Growth Stock Fund—Advisor Class | None | None | None | None | None | None | None | None |
Global Growth Stock Fund—I Class | None | None | None | None | None | None | None | None |
Global High Income Bond Fund | None | None | None | None | None | None | None | None |
Global High Income Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
Global High Income Bond Fund—I Class | None | None | None | None | None | None | None | None |
Global Industrials Fund | None | None | None | None | None | None | None | None |
Global Industrials Fund—I Class | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond Fund | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
Global Multi-Sector Bond Fund—I Class | None | None | None | None | None | None | None | None |
Global Real Estate Fund | None | None | None | None | None | None | None | None |
Global Real Estate Fund—Advisor Class | None | None | None | None | None | None | None | None |
Global Real Estate Fund—I Class | None | None | None | None | None | None | None | None |
Global Stock Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
Global Stock Fund—Advisor Class | None | None | None | None | None | None | None | None |
Global Stock Fund—I Class | None | None | None | None | None | None | None | None |
Global Technology Fund | None | None | None | Over $100,000 | None | None | None | None |
Global Technology Fund—I Class | None | None | None | None | None | None | None | None |
GNMA Fund | None | None | None | None | None | None | Over $100,000 | None |
GNMA Fund—I Class | None | None | None | None | None | None | None | None |
Government Money Fund | None | None | None | None | None | None | $10,001–$50,000 | None |
Government Money Fund—I Class | None | None | None | None | None | None | None | None |
Government Reserve Fund | None | None | None | None | None | None | None | None |
Growth & Income Fund | None | None | None | $1-$10,000 | None | None | None | None |
Growth & Income Fund—I Class | None | None | None | None | None | None | Over $100,000 | None |
81
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Growth Stock Fund | None | None | None | Over $100,000 | None | None | None | None |
Growth Stock Fund—Advisor Class | None | None | None | None | None | None | None | None |
Growth Stock Fund—I Class | None | None | None | None | None | None | None | None |
Growth Stock Fund—R Class | None | None | None | None | None | None | None | None |
Health Sciences Fund | None | None | None | $50,001–$100,000 | Over $100,000 | None | None | None |
Health Sciences Fund—I Class | None | None | None | None | None | None | None | None |
High Yield Fund | None | None | None | None | None | None | Over $100,000 | None |
High Yield Fund—Advisor Class | None | None | None | None | None | None | None | None |
High Yield Fund—I Class | None | None | None | None | None | None | None | None |
High Yield Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Inflation Protected Bond Fund | None | None | None | None | None | None | None | None |
Inflation Protected Bond Fund—I Class | None | None | None | None | None | None | None | None |
Institutional Africa & Middle East Fund | None | None | None | None | None | None | None | None |
Institutional Cash Reserves Fund | None | None | None | None | None | None | None | None |
Institutional Core Plus Fund | None | None | None | None | None | None | None | None |
Institutional Emerging Markets Bond Fund | None | None | None | None | None | None | None | None |
Institutional Emerging Markets Equity Fund | None | None | None | None | None | None | None | None |
Institutional Floating Rate Fund | None | None | None | None | None | None | None | None |
Institutional Floating Rate Fund—F Class | None | None | None | None | None | None | None | None |
Institutional Frontiers Markets Equity Fund | None | None | None | None | None | None | None | None |
Institutional Global Focused Growth Equity Fund | None | None | None | None | None | None | None | None |
Institutional Global Growth Equity Fund | None | None | None | None | None | None | None | None |
Institutional Global Value Equity Fund | None | None | None | None | None | None | None | None |
Institutional High Yield Fund | None | None | None | None | None | None | None | None |
Institutional International Core Equity Fund | None | None | None | None | None | None | None | None |
Institutional International Disciplined Equity Fund | None | None | None | None | None | None | None | None |
Institutional International Growth Equity Fund | None | None | None | None | None | None | None | None |
Institutional Large-Cap Core Growth Fund | None | None | None | None | None | None | None | None |
Institutional Large-Cap Growth Fund | None | None | None | None | None | None | None | None |
Institutional Large-Cap Value Fund | None | None | None | None | None | None | None | None |
Institutional Long Duration Credit Fund | None | None | None | None | None | None | None | None |
Institutional Mid-Cap Equity Growth Fund | None | None | None | None | None | None | None | None |
Institutional Small-Cap Stock Fund | None | None | None | None | None | None | None | None |
Institutional U.S. Structured Research Fund | None | None | None | None | None | None | None | None |
82
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Intermediate Tax-Free High Yield Fund | None | None | None | None | None | None | None | None |
Intermediate Tax-Free High Yield Fund—Advisor Class | None | None | None | None | None | None | None | None |
Intermediate Tax-Free High Yield Fund—I Class | None | None | None | None | None | None | None | None |
International Bond Fund | None | None | None | None | None | None | None | None |
International Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
International Bond Fund—I Class | None | None | None | None | None | None | None | None |
International Bond Fund (USD Hedged) | None | None | None | None | None | None | None | None |
International Bond Fund (USD Hedged)—Advisor Class | None | None | None | None | None | None | None | None |
International Bond Fund (USD Hedged)—I Class | None | None | None | None | None | None | None | None |
International Disciplined Equity Fund | None | None | None | None | None | None | None | None |
International Disciplined Equity Fund—Advisor Class | None | None | None | None | None | None | None | None |
International Disciplined Equity Fund—I Class | None | None | None | None | None | None | None | None |
International Discovery Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
International Discovery Fund—I Class | None | None | None | None | None | None | None | None |
International Equity Index Fund | None | None | None | None | None | None | None | None |
International Stock Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
International Stock Fund—Advisor Class | None | None | None | None | None | None | None | None |
International Stock Fund—I Class | None | None | None | None | None | None | None | None |
International Stock Fund—R Class | None | None | None | None | None | None | None | None |
International Value Equity Fund | None | None | None | None | None | None | None | None |
International Value Equity Fund—Advisor Class | None | None | None | None | None | None | None | None |
International Value Equity Fund—I Class | None | None | None | None | None | None | None | None |
International Value Equity Fund—R Class | None | None | None | None | None | None | None | None |
Investment Grade Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Japan Fund | None | None | None | None | None | None | Over $100,000 | None |
Japan Fund—I Class | None | None | None | None | None | None | None | None |
Latin America Fund | None | None | None | None | None | None | Over $100,000 | None |
Latin America Fund—I Class | None | None | None | None | None | None | None | None |
Limited Duration Inflation Focused Bond Fund | None | None | None | None | None | None | None | None |
Limited Duration Inflation Focused Bond Fund—I Class | None | None | None | None | None | None | None | None |
Maryland Short-Term Tax-Free Bond Fund | None | None | None | None | None | None | None | None |
Maryland Short-Term Tax-Free Bond Fund—I Class | None | None | None | None | None | None | None | None |
Maryland Tax-Free Bond Fund | None | None | None | None | None | None | None | None |
83
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Maryland Tax-Free Bond Fund—I Class | None | None | None | None | None | None | None | None |
Maryland Tax-Free Money Fund | None | None | None | None | None | None | None | None |
Maryland Tax-Free Money Fund—I Class | None | None | None | None | None | None | None | None |
Mid-Cap Growth Fund | None | None | None | $1-10,000 | None | None | None | None |
Mid-Cap Growth Fund—Advisor Class | None | None | None | Over $100,000 | None | None | None | None |
Mid-Cap Growth Fund—I Class | None | None | None | None | None | None | None | None |
Mid-Cap Growth Fund—R Class | None | None | None | None | None | None | None | None |
Mid-Cap Index Fund | None | None | None | None | None | None | None | None |
Mid-Cap Index Fund—I Class | None | None | None | None | None | None | None | None |
Mid-Cap Value Fund | None | None | None | $1-10,000 | None | None | None | None |
Mid-Cap Value Fund—Advisor Class | None | None | None | None | None | None | None | None |
Mid-Cap Value Fund—I Class | None | None | None | None | None | None | None | None |
Mid-Cap Value Fund—R Class | None | None | None | None | None | None | None | None |
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None |
Multi-Strategy Total Return Fund | None | None | None | None | None | None | None | None |
Multi-Strategy Total Return Fund—Advisor Class | None | None | None | None | None | None | None | None |
Multi-Strategy Total Return Fund—I Class | None | None | None | None | None | None | None | None |
New America Growth Fund | None | None | None | $50,001–$100,000 | Over $100,000 | None | None | None |
New America Growth Fund—Advisor Class | None | None | None | None | None | None | None | None |
New America Growth Fund—I Class | None | None | None | None | None | None | None | None |
New Asia Fund | None | None | None | None | None | None | None | None |
New Asia Fund—I Class | None | None | None | None | None | None | None | None |
New Era Fund | None | None | None | None | None | None | $50,001-$100,000 | None |
New Era Fund—I Class | None | None | None | None | None | None | None | None |
New Horizons Fund | None | None | None | Over $100,000 | None | None | None | None |
New Horizons Fund—I Class | None | None | None | None | None | None | None | None |
New Income Fund | None | None | None | None | None | None | Over $100,000 | None |
New Income Fund—Advisor Class | None | None | None | None | None | None | None | None |
New Income Fund—I Class | None | None | None | None | None | None | None | None |
New Income Fund—R Class | None | None | None | None | None | None | None | None |
New Jersey Tax-Free Bond Fund | None | None | None | None | None | None | None | None |
New Jersey Tax-Free Bond Fund—I Class | None | None | None | None | None | None | None | None |
New York Tax-Free Bond Fund | None | None | None | None | None | None | None | None |
New York Tax-Free Bond Fund—I Class | None | None | None | None | None | None | None | None |
New York Tax-Free Money Fund | None | None | None | None | None | None | None | None |
New York Tax-Free Money Fund—I Class | None | None | None | None | None | None | None | None |
Overseas Stock Fund | None | None | None | $50,001-$100,000 | None | None | None | None |
Overseas Stock Fund—Advisor Class | None | None | None | None | None | None | None | None |
Overseas Stock Fund—I Class | None | None | None | None | None | None | None | None |
84
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Personal Strategy Balanced Fund | None | None | None | $10,001–$50,000 | None | $50,001-$100,000 | None | None |
Personal Strategy Balanced Fund—I Class | None | None | None | None | None | None | None | None |
Personal Strategy Growth Fund | None | None | None | $50,001–$100,000 | None | None | None | None |
Personal Strategy Growth Fund—I Class | None | None | None | None | None | None | None | None |
Personal Strategy Income Fund | None | None | None | None | None | None | None | None |
Personal Strategy Income Fund—I Class | None | None | None | None | None | None | None | None |
QM Global Equity Fund | None | None | None | None | None | None | None | None |
QM Global Equity Fund—Advisor Class | None | None | None | None | None | None | None | None |
QM Global Equity Fund—I Class | None | None | None | None | None | None | None | None |
QM U.S. Small & Mid-Cap Core Equity Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class | None | None | None | None | None | None | None | None |
QM U.S. Small & Mid-Cap Core Equity Fund—I Class | None | None | None | None | None | None | None | None |
QM U.S. Small-Cap Growth Equity Fund | None | None | None | $10,001-$50,000 | None | None | None | None |
QM U.S. Small-Cap Growth Equity Fund—Advisor Class | None | None | None | None | None | None | None | None |
QM U.S. Small-Cap Growth Equity Fund—I Class | None | None | None | None | None | None | None | None |
QM U.S. Value Equity Fund | None | None | None | None | None | None | None | None |
QM U.S. Value Equity Fund—Advisor Class | None | None | None | None | None | None | None | None |
QM U.S. Value Equity Fund—I Class | None | None | None | None | None | None | None | None |
Real Assets Fund | None | None | None | $1-$10,000 | None | None | None | None |
Real Assets Fund—I Class | None | None | None | None | None | None | None | None |
Real Estate Fund | None | None | None | None | Over $100,000 | None | None | None |
Real Estate Fund—Advisor Class | None | None | None | None | None | None | None | None |
Real Estate Fund—I Class | None | None | None | None | None | None | None | None |
Retirement 2005 Fund | None | None | None | None | None | None | None | None |
Retirement 2005 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2005 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2010 Fund | None | None | None | None | None | None | None | None |
Retirement 2010 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2010 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2015 Fund | None | None | None | None | None | None | None | None |
Retirement 2015 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2015 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2020 Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
Retirement 2020 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2020 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2025 Fund | None | None | None | $50,001–$100,000 | None | None | None | None |
85
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Retirement 2025 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2025 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2030 Fund | None | None | None | $10,001–$50,000 | None | Over $100,000 | None | None |
Retirement 2030 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2030 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2035 Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
Retirement 2035 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2035 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2040 Fund | None | None | None | $1-$10,000 | None | None | None | None |
Retirement 2040 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2040 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2045 Fund | None | None | None | None | None | None | None | None |
Retirement 2045 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2045 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2050 Fund | None | None | None | $10,001-$50,000 | None | None | None | None |
Retirement 2050 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2050 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2055 Fund | None | None | None | None | None | None | None | None |
Retirement 2055 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2055 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement 2060 Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
Retirement 2060 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement 2060 Fund—R Class | None | None | None | None | None | None | None | None |
Retirement Balanced Fund | None | None | None | None | None | None | None | None |
Retirement Balanced Fund—Advisor Class | None | None | None | None | None | None | None | None |
Retirement Balanced Fund—R Class | None | None | None | None | None | None | None | None |
Retirement I 2005 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2010 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2015 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2020 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2025 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2030 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2035 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2040 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2045 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2050 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2055 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement I 2060 Fund—I Class | None | None | None | None | None | None | None | None |
Retirement Balanced I Fund—I Class | None | None | None | None | None | None | None | None |
Retirement Income 2020 Fund | None | None | None | None | None | None | None | None |
Science & Technology Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
86
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Science & Technology Fund—Advisor Class | None | None | None | None | None | None | None | None |
Science & Technology Fund—I Class | None | None | None | None | None | None | None | None |
Short-Term Fund | None | None | None | None | None | None | None | None |
Short-Term Bond Fund | None | None | None | None | None | None | Over $100,000 | None |
Short-Term Bond Fund—Advisor Class | None | None | None | None | None | None | None | None |
Short-Term Bond Fund—I Class | None | None | None | None | None | None | None | None |
Short-Term Government Fund | None | None | None | None | None | None | None | None |
Small-Cap Index Fund | None | None | None | None | None | None | None | None |
Small-Cap Index Fund—I Class | None | None | None | None | None | None | None | None |
Small-Cap Stock Fund | None | None | None | $50,001–$100,000 | None | None | None | None |
Small-Cap Stock Fund—Advisor Class | None | None | None | None | None | None | None | None |
Small-Cap Stock Fund—I Class | None | None | None | None | None | None | None | None |
Small-Cap Value Fund | None | None | None | $1–$10,000 | None | None | None | None |
Small-Cap Value Fund—Advisor Class | None | None | None | None | None | None | None | None |
Small-Cap Value Fund—I Class | None | None | None | None | None | None | None | None |
Spectrum Growth Fund | None | None | None | $1-$10,000 | None | None | None | None |
Spectrum Income Fund | None | None | None | None | None | None | None | None |
Spectrum International Fund | None | None | None | None | None | None | None | None |
Summit Municipal Income Fund | None | None | None | None | None | None | Over $100,000 | None |
Summit Municipal Income Fund—Advisor Class | None | None | None | None | None | None | None | None |
Summit Municipal Intermediate Fund | None | None | None | None | None | None | Over $100,000 | None |
Summit Municipal Intermediate Fund—Advisor Class | None | None | None | None | None | None | None | None |
Summit Municipal Money Market Fund | None | None | None | None | None | None | $50,001–$100,000 | None |
Target 2005 Fund | None | None | None | None | None | None | None | None |
Target 2005 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2005 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2010 Fund | None | None | None | None | None | None | None | None |
Target 2010 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2010 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2015 Fund | None | None | None | None | None | None | None | None |
Target 2015 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2015 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2020 Fund | None | None | None | None | None | None | None | None |
Target 2020 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2020 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2025 Fund | None | None | None | None | None | None | None | None |
Target 2025 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2025 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2030 Fund | None | None | None | None | None | None | None | None |
Target 2030 Fund—Advisor Class | None | None | None | None | None | None | None | None |
87
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
Target 2030 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2035 Fund | None | None | None | None | None | None | None | None |
Target 2035 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2035 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2040 Fund | None | None | None | None | None | None | None | None |
Target 2040 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2040 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2045 Fund | None | None | None | None | None | None | None | None |
Target 2045 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2045 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2050 Fund | None | None | None | None | None | None | None | None |
Target 2050 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2050 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2055 Fund | None | None | None | None | None | None | None | None |
Target 2055 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2055 Fund—I Class | None | None | None | None | None | None | None | None |
Target 2060 Fund | None | None | None | $10,001-$50,000 | None | None | None | None |
Target 2060 Fund—Advisor Class | None | None | None | None | None | None | None | None |
Target 2060 Fund—I Class | None | None | None | None | None | None | None | None |
Tax-Efficient Equity Fund | None | None | None | None | None | None | None | None |
Tax-Efficient Equity Fund—I Class | None | None | None | None | None | None | None | None |
Tax-Exempt Money Fund | None | None | None | None | None | None | None | None |
Tax-Exempt Money Fund—I Class | None | None | None | None | None | None | None | None |
Tax-Free High Yield Fund | None | None | None | None | Over $100,000 | None | Over $100,000 | None |
Tax-Free High Yield Fund—Advisor Class | None | None | None | None | None | None | None | None |
Tax-Free High Yield Fund—I Class | None | None | None | None | None | None | None | None |
Tax-Free Income Fund | None | None | None | None | None | None | None | None |
Tax-Free Income Fund—Advisor Class | None | None | None | None | None | None | None | None |
Tax-Free Income Fund—I Class | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate Fund | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate Fund—Advisor Class | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate Fund—I Class | None | None | None | None | None | None | None | None |
Total Equity Market Index Fund | None | None | None | None | None | None | None | None |
Total Return Fund | None | None | None | None | None | None | None | None |
Total Return Fund—Advisor Class | None | None | None | None | None | None | None | None |
Total Return Fund—I Class | None | None | None | None | None | None | None | None |
Treasury Reserve Fund | None | None | None | None | None | None | None | None |
U.S. Bond Enhanced Index Fund | None | None | None | None | None | None | None | None |
U.S. Equity Research Fund | None | None | None | $50,001–$100,000 | None | None | None | None |
88
Aggregate | Independent Directors | |||||||
Bazemore | Daniels | Duncan | Gerrard | McBride | Rouse | Schreiber | Tercek* | |
Over $100,000 | None | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | |
U.S. Equity Research Fund—Advisor Class | None | None | None | None | None | None | None | None |
U.S. Equity Research Fund—I Class | None | None | None | None | None | None | None | None |
U.S. Equity Research Fund—R Class | None | None | None | None | None | None | None | None |
U.S. High Yield Fund | None | None | None | None | None | None | None | None |
U.S. High Yield Fund—Advisor Class | None | None | None | None | None | None | None | None |
U.S. High Yield Fund—I Class | None | None | None | None | None | None | None | None |
U.S. Large-Cap Core Fund | None | None | None | $10,001–$50,000 | None | None | None | None |
U.S. Large-Cap Core Fund—Advisor Class | None | None | None | None | None | None | None | None |
U.S. Large-Cap Core Fund—I Class | None | None | None | None | None | None | None | None |
U.S. Treasury Intermediate Fund | None | None | None | None | None | None | Over $100,000 | None |
U.S. Treasury Intermediate Fund—I Class | None | None | None | None | None | None | None | None |
U.S. Treasury Long-Term Fund | None | None | None | None | None | None | Over $100,000 | None |
U.S. Treasury Long-Term Fund—I Class | None | None | None | None | None | None | None | None |
U.S. Treasury Money Fund | None | None | None | None | None | None | $1–$10,000 | None |
U.S. Treasury Money Fund—I Class | None | None | None | None | None | None | None | None |
Ultra Short-Term Bond Fund | None | None | None | None | None | None | None | None |
Ultra Short-Term Bond Fund—I Class | None | None | None | None | None | None | None | None |
Value Fund | None | None | None | $50,001-$100,000 | None | None | None | None |
Value Fund—Advisor Class | None | None | None | None | None | None | None | None |
Value Fund—I Class | None | None | None | None | None | None | Over $100,000 | None |
Virginia Tax-Free Bond Fund | None | None | None | None | None | None | None | None |
Virginia Tax-Free Bond Fund—I Class | None | None | None | None | None | None | None | None |
* Effective February 15, 2019, Mr. Tercek resigned as independent director of the Price Funds.
Aggregate
Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
Africa & Middle East Fund | None | None |
Africa & Middle East Fund—I Class | None | None |
Asia Opportunities Fund | None | None |
Asia Opportunities Fund—Advisor Class | None | None |
Asia Opportunities Fund—I Class | None | None |
Balanced Fund | None | None |
Balanced Fund—I Class | None | None |
Blue Chip Growth Fund | None | None |
Blue Chip Growth Fund—Advisor Class | None | None |
Blue Chip Growth Fund—I Class | None | None |
Blue Chip Growth Fund—R Class | None | None |
California Tax-Free Bond Fund | None | None |
California Tax-Free Bond Fund—I Class | None | None |
California Tax-Free Money Fund | None | None |
89
Aggregate Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
California Tax-Free Money Fund—I Class | None | None |
Capital Appreciation Fund | None | Over $100,000 |
Capital Appreciation Fund—Advisor Class | None | None |
Capital Appreciation Fund—I Class | None | None |
Cash Reserves Fund | None | Over $100,000 |
Communications & Technology Fund | None | None |
Communications & Technology Fund—I Class | None | None |
Corporate Income Fund | None | None |
Corporate Income Fund—I Class | None | None |
Credit Opportunities Fund | None | Over $100,000 |
Credit Opportunities Fund—Advisor Class | None | None |
Credit Opportunities Fund—I Class | None | None |
Diversified Mid-Cap Growth Fund | None | None |
Diversified Mid-Cap Growth Fund—I Class | None | None |
Dividend Growth Fund | None | Over $100,000 |
Dividend Growth Fund—Advisor Class | None | None |
Dividend Growth Fund—I Class | None | None |
Emerging Europe Fund | None | None |
Emerging Europe Fund—I Class | None | None |
Emerging Markets Bond Fund | None | None |
Emerging Markets Bond Fund—Advisor Class | None | None |
Emerging Markets Bond Fund—I Class | None | None |
Emerging Markets Corporate Bond Fund | None | None |
Emerging Markets Corporate Bond Fund—Advisor Class | None | None |
Emerging Markets Corporate Bond Fund—I Class | None | None |
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None |
Emerging Markets Discovery Stock Fund | None | None |
Emerging Markets Discovery Stock Fund—Advisor Class | None | None |
Emerging Markets Discovery Stock Fund—I Class | None | None |
Emerging Markets Local Currency Bond Fund | None | None |
Emerging Markets Local Currency Bond Fund—Advisor Class | None | None |
Emerging Markets Local Currency Bond Fund—I Class | None | None |
Emerging Markets Local Multi-Sector Account Portfolio | None | None |
Emerging Markets Stock Fund | None | None |
Emerging Markets Stock Fund—I Class | None | None |
Equity Income Fund | $10,001–$50,000 | None |
Equity Income Fund—Advisor Class | None | None |
Equity Income Fund—I Class | None | None |
Equity Income Fund—R Class | None | None |
Equity Index 500 Fund | None | None |
Equity Index 500 Fund—I Class | None | None |
European Stock Fund | None | None |
European Stock Fund—I Class | None | None |
Extended Equity Market Index Fund | None | None |
Financial Services Fund | None | None |
Financial Services Fund—I Class | None | $50,001–$100,000 |
Floating Rate Fund | None | None |
Floating Rate Fund—Advisor Class | None | None |
Floating Rate Fund—I Class | None | Over $100,000 |
Floating Rate Multi-Sector Account Portfolio | None | None |
Georgia Tax-Free Bond Fund | None | None |
Georgia Tax-Free Bond Fund—I Class | None | None |
Global Allocation Fund | None | Over $100,000 |
Global Allocation Fund—Advisor Class | None | None |
Global Allocation Fund—I Class | None | None |
Global Consumer Fund | None | None |
Global Growth Stock Fund | None | None |
Global Growth Stock Fund—Advisor Class | None | None |
90
Aggregate Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
Global Growth Stock Fund—I Class | None | None |
Global High Income Bond Fund | None | None |
Global High Income Bond Fund—Advisor Class | None | None |
Global High Income Bond Fund—I Class | None | None |
Global Industrials Fund | None | None |
Global Industrials Fund—I Class | None | None |
Global Multi-Sector Bond Fund | None | None |
Global Multi-Sector Bond Fund—Advisor Class | None | None |
Global Multi-Sector Bond Fund—I Class | None | None |
Global Real Estate Fund | None | None |
Global Real Estate Fund—Advisor Class | None | None |
Global Real Estate Fund—I Class | None | $10,001–$50,000 |
Global Stock Fund | None | None |
Global Stock Fund—Advisor Class | None | None |
Global Stock Fund—I Class | None | None |
Global Technology Fund | None | None |
Global Technology Fund—I Class | None | None |
GNMA Fund | None | None |
GNMA Fund—I Class | None | None |
Government Money Fund | Over $100,000 | $1–$10,000 |
Government Money Fund—I Class | None | None |
Government Reserve Fund | None | None |
Growth & Income Fund | None | None |
Growth & Income Fund—I Class | None | None |
Growth Stock Fund | None | None |
Growth Stock Fund—Advisor Class | None | None |
Growth Stock Fund—I Class | None | None |
Growth Stock Fund—R Class | None | None |
Health Sciences Fund | None | None |
Health Sciences Fund—I Class | None | Over $100,000 |
High Yield Fund | None | Over $100,000 |
High Yield Fund—Advisor Class | None | None |
High Yield Fund—I Class | None | None |
High Yield Multi-Sector Account Portfolio | None | None |
Inflation Protected Bond Fund | None | None |
Inflation Protected Bond Fund—I Class | None | None |
Institutional Africa & Middle East Fund | None | None |
Institutional Cash Reserves Fund | None | None |
Institutional Core Plus Fund | None | None |
Institutional Emerging Markets Bond Fund | None | None |
Institutional Emerging Markets Equity Fund | None | None |
Institutional Floating Rate Fund | None | None |
Institutional Floating Rate Fund—F Class | None | None |
Institutional Frontiers Markets Equity Fund | None | None |
Institutional Global Focused Growth Equity Fund | None | Over $100,000 |
Institutional Global Growth Equity Fund | None | None |
Institutional Global Value Equity Fund | None | None |
Institutional High Yield Fund | None | None |
Institutional International Core Equity Fund | None | None |
Institutional International Disciplined Equity Fund | None | None |
Institutional International Growth Equity Fund | None | None |
Institutional Large-Cap Core Growth Fund | None | None |
Institutional Large-Cap Growth Fund | None | Over $100,000 |
Institutional Large-Cap Value Fund | None | None |
Institutional Long Duration Credit Fund | None | None |
Institutional Mid-Cap Equity Growth Fund | None | Over $100,000 |
Institutional Small-Cap Stock Fund | None | Over $100,000 |
Institutional U.S. Structured Research Fund | None | None |
91
Aggregate Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
Intermediate Tax-Free High Yield Fund | None | Over $100,000 |
Intermediate Tax-Free High Yield Fund—Advisor Class | None | None |
Intermediate Tax-Free High Yield Fund—I Class | None | None |
International Bond Fund | None | None |
International Bond Fund—Advisor Class | None | None |
International Bond Fund—I Class | None | None |
International Bond Fund (USD Hedged) | None | None |
International Bond Fund (USD Hedged)—Advisor Class | None | None |
International Bond Fund (USD Hedged)—I Class | None | None |
International Disciplined Equity Fund | None | None |
International Disciplined Equity Fund—Advisor Class | None | None |
International Disciplined Equity Fund—I Class | None | None |
International Discovery Fund | None | None |
International Discovery Fund—I Class | None | None |
International Equity Index Fund | None | None |
International Stock Fund | None | None |
International Stock Fund—Advisor Class | None | None |
International Stock Fund—I Class | None | None |
International Stock Fund—R Class | None | None |
International Value Equity Fund | None | None |
International Value Equity Fund—Advisor Class | None | None |
International Value Equity Fund—I Class | None | None |
International Value Equity Fund—R Class | None | None |
Investment Grade Multi-Sector Account Portfolio | None | None |
Japan Fund | None | None |
Japan Fund—I Class | None | None |
Latin America Fund | None | None |
Latin America Fund—I Class | None | $10,001–$50,000 |
Limited Duration Inflation Focused Bond Fund | None | None |
Limited Duration Inflation Focused Bond Fund—I Class | None | None |
Maryland Short-Term Tax-Free Bond Fund | None | Over $100,000 |
Maryland Short-Term Tax-Free Bond Fund—I Class | None | $50,001–$100,000 |
Maryland Tax-Free Bond Fund | None | Over $100,000 |
Maryland Tax-Free Bond Fund—I Class | None | None |
Maryland Tax-Free Money Fund | None | $1–$10,000 |
Maryland Tax-Free Money Fund—I Class | None | None |
Mid-Cap Growth Fund | None | None |
Mid-Cap Growth Fund—Advisor Class | None | None |
Mid-Cap Growth Fund—I Class | None | None |
Mid-Cap Growth Fund—R Class | None | None |
Mid-Cap Index Fund | None | None |
Mid-Cap Index Fund—I Class | None | None |
Mid-Cap Value Fund | None | None |
Mid-Cap Value Fund—Advisor Class | None | None |
Mid-Cap Value Fund—I Class | None | None |
Mid-Cap Value Fund—R Class | None | None |
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None |
Multi-Strategy Total Return Fund | None | None |
Multi-Strategy Total Return Fund—Advisor Class | None | None |
Multi-Strategy Total Return Fund—I Class | None | None |
New America Growth Fund | None | None |
New America Growth Fund—Advisor Class | None | None |
New America Growth Fund—I Class | None | Over $100,000 |
New Asia Fund | None | None |
New Asia Fund—I Class | None | $50,001–$100,000 |
New Era Fund | None | None |
New Era Fund—I Class | None | None |
New Horizons Fund | None | None |
92
Aggregate Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
New Horizons Fund—I Class | None | None |
New Income Fund | None | None |
New Income Fund—Advisor Class | None | None |
New Income Fund—I Class | None | None |
New Income Fund—R Class | None | None |
New Jersey Tax-Free Bond Fund | None | None |
New Jersey Tax-Free Bond Fund—I Class | None | None |
New York Tax-Free Bond Fund | None | None |
New York Tax-Free Bond Fund—I Class | None | None |
New York Tax-Free Money Fund | None | None |
New York Tax-Free Money Fund—I Class | None | None |
Overseas Stock Fund | None | None |
Overseas Stock Fund—Advisor Class | None | None |
Overseas Stock Fund—I Class | None | None |
Personal Strategy Balanced Fund | None | None |
Personal Strategy Balanced Fund—I Class | None | None |
Personal Strategy Growth Fund | None | None |
Personal Strategy Growth Fund—I Class | None | None |
Personal Strategy Income Fund | None | None |
Personal Strategy Income Fund—I Class | None | None |
QM Global Equity Fund | None | None |
QM Global Equity Fund—Advisor Class | None | None |
QM Global Equity Fund—I Class | None | None |
QM U.S. Small & Mid-Cap Core Equity Fund | None | None |
QM U.S. Small & Mid-Cap Core Equity Fund—Advisor Class | None | None |
QM U.S. Small & Mid-Cap Core Equity Fund—I Class | None | None |
QM U.S. Small-Cap Growth Equity Fund | None | None |
QM U.S. Small-Cap Growth Equity Fund—Advisor Class | None | None |
QM U.S. Small-Cap Growth Equity Fund—I Class | None | None |
QM U.S. Value Equity Fund | None | None |
QM U.S. Value Equity Fund—Advisor Class | None | None |
QM U.S. Value Equity Fund—I Class | None | None |
Real Assets Fund | None | None |
Real Assets Fund—I Class | None | None |
Real Estate Fund | None | None |
Real Estate Fund—Advisor Class | None | None |
Real Estate Fund—I Class | None | None |
Retirement 2005 Fund | None | None |
Retirement 2005 Fund—Advisor Class | None | None |
Retirement 2005 Fund—R Class | None | None |
Retirement 2010 Fund | None | None |
Retirement 2010 Fund—Advisor Class | None | None |
Retirement 2010 Fund—R Class | None | None |
Retirement 2015 Fund | None | None |
Retirement 2015 Fund—Advisor Class | None | None |
Retirement 2015 Fund—R Class | None | None |
Retirement 2020 Fund | Over $100,000 | None |
Retirement 2020 Fund—Advisor Class | None | None |
Retirement 2020 Fund—R Class | None | None |
Retirement 2025 Fund | $10,001–$50,000 | None |
Retirement 2025 Fund—Advisor Class | None | None |
Retirement 2025 Fund—R Class | None | None |
Retirement 2030 Fund | None | None |
Retirement 2030 Fund—Advisor Class | None | None |
Retirement 2030 Fund—R Class | None | None |
Retirement 2035 Fund | None | None |
Retirement 2035 Fund—Advisor Class | None | None |
Retirement 2035 Fund—R Class | None | None |
93
Aggregate
Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
Retirement 2040 Fund | None | None |
Retirement 2040 Fund—Advisor Class | None | None |
Retirement 2040 Fund—R Class | None | None |
Retirement 2045 Fund | None | None |
Retirement 2045 Fund—Advisor Class | None | None |
Retirement 2045 Fund—R Class | None | None |
Retirement 2050 Fund | None | None |
Retirement 2050 Fund—Advisor Class | None | None |
Retirement 2050 Fund—R Class | None | None |
Retirement 2055 Fund | None | None |
Retirement 2055 Fund—Advisor Class | None | None |
Retirement 2055 Fund—R Class | None | None |
Retirement 2060 Fund | None | None |
Retirement 2060 Fund—Advisor Class | None | None |
Retirement 2060 Fund—R Class | None | None |
Retirement Balanced Fund | None | None |
Retirement Balanced Fund—Advisor Class | None | None |
Retirement Balanced Fund—R Class | None | None |
Retirement I 2005 Fund—I Class | None | None |
Retirement I 2010 Fund—I Class | None | None |
Retirement I 2015 Fund—I Class | None | None |
Retirement I 2020 Fund—I Class | None | None |
Retirement I 2025 Fund—I Class | None | None |
Retirement I 2030 Fund—I Class | None | None |
Retirement I 2035 Fund—I Class | None | None |
Retirement I 2040 Fund—I Class | None | None |
Retirement I 2045 Fund—I Class | None | None |
Retirement I 2050 Fund—I Class | None | None |
Retirement I 2055 Fund—I Class | None | None |
Retirement I 2060 Fund—I Class | None | None |
Retirement Balanced I Fund—I Class | None | None |
Retirement Income 2020 Fund | None | None |
Science & Technology Fund | None | None |
Science & Technology Fund—Advisor Class | None | None |
Science & Technology Fund—I Class | None | None |
Short-Term Fund | None | None |
Short-Term Bond Fund | None | None |
Short-Term Bond Fund—Advisor Class | None | None |
Short-Term Bond Fund—I Class | None | None |
Short-Term Government Fund | None | None |
Small-Cap Index Fund | None | None |
Small-Cap Index Fund—I Class | None | None |
Small-Cap Stock Fund | None | None |
Small-Cap Stock Fund—Advisor Class | None | None |
Small-Cap Stock Fund—I Class | None | None |
Small-Cap Value Fund | None | None |
Small-Cap Value Fund—Advisor Class | None | None |
Small-Cap Value Fund—I Class | None | None |
Spectrum Growth Fund | None | Over $100,000 |
Spectrum Income Fund | None | None |
Spectrum International Fund | None | None |
Summit Municipal Income Fund | None | None |
Summit Municipal Income Fund—Advisor Class | None | None |
Summit Municipal Intermediate Fund | None | None |
Summit Municipal Intermediate Fund—Advisor Class | None | None |
Summit Municipal Money Market Fund | None | None |
Target 2005 Fund | None | None |
Target 2005 Fund—Advisor Class | None | None |
94
Aggregate Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
Target 2005 Fund—I Class | None | None |
Target 2010 Fund | None | None |
Target 2010 Fund—Advisor Class | None | None |
Target 2010 Fund—I Class | None | None |
Target 2015 Fund | None | None |
Target 2015 Fund—Advisor Class | None | None |
Target 2015 Fund—I Class | None | None |
Target 2020 Fund | None | None |
Target 2020 Fund—Advisor Class | None | None |
Target 2020 Fund—I Class | None | None |
Target 2025 Fund | None | None |
Target 2025 Fund—Advisor Class | None | None |
Target 2025 Fund—I Class | None | None |
Target 2030 Fund | None | None |
Target 2030 Fund—Advisor Class | None | None |
Target 2030 Fund—I Class | None | None |
Target 2035 Fund | None | None |
Target 2035 Fund—Advisor Class | None | None |
Target 2035 Fund—I Class | None | None |
Target 2040 Fund | None | None |
Target 2040 Fund—Advisor Class | None | None |
Target 2040 Fund—I Class | None | None |
Target 2045 Fund | None | None |
Target 2045 Fund—Advisor Class | None | None |
Target 2045 Fund—I Class | None | None |
Target 2050 Fund | None | None |
Target 2050 Fund—Advisor Class | None | None |
Target 2050 Fund—I Class | None | None |
Target 2055 Fund | None | None |
Target 2055 Fund—Advisor Class | None | None |
Target 2055 Fund—I Class | None | None |
Target 2060 Fund | None | None |
Target 2060 Fund—Advisor Class | None | None |
Target 2060 Fund—I Class | None | None |
Tax-Efficient Equity Fund | None | $50,001–$100,000 |
Tax-Efficient Equity Fund—I Class | None | None |
Tax-Exempt Money Fund | None | None |
Tax-Exempt Money Fund—I Class | None | None |
Tax-Free High Yield Fund | None | Over $100,000 |
Tax-Free High Yield Fund—Advisor Class | None | None |
Tax-Free High Yield Fund—I Class | None | None |
Tax-Free Income Fund | None | None |
Tax-Free Income Fund—Advisor Class | None | None |
Tax-Free Income Fund—I Class | None | None |
Tax-Free Short-Intermediate Fund | None | None |
Tax-Free Short-Intermediate Fund—Advisor Class | None | None |
Tax-Free Short-Intermediate Fund—I Class | None | None |
Total Equity Market Index Fund | None | None |
Total Return Fund | None | None |
Total Return Fund—Advisor Class | None | None |
Total Return Fund—I Class | None | None |
Treasury Reserve Fund | None | None |
U.S. Bond Enhanced Index Fund | None | None |
U.S. Equity Research Fund | None | None |
U.S. Equity Research Fund—Advisor Class | None | None |
U.S. Equity Research Fund—I Class | None | None |
U.S. Equity Research Fund—R Class | None | None |
U.S. High Yield Fund | None | None |
95
Aggregate Holdings, | Inside Directors | |
Oestreicher | Sharps | |
Over $100,000 | Over $100,000 | |
U.S. High Yield Fund—Advisor Class | None | None |
U.S. High Yield Fund—I Class | None | None |
U.S. Large-Cap Core Fund | None | None |
U.S. Large-Cap Core Fund—Advisor Class | None | None |
U.S. Large-Cap Core Fund—I Class | None | None |
U.S. Treasury Intermediate Fund | None | None |
U.S. Treasury Intermediate Fund—I Class | None | None |
U.S. Treasury Long-Term Fund | None | None |
U.S. Treasury Long-Term Fund—I Class | None | None |
U.S. Treasury Money Fund | $1–$10,000 | Over $100,000 |
U.S. Treasury Money Fund—I Class | None | None |
Ultra Short-Term Bond Fund | None | None |
Ultra Short-Term Bond Fund—I Class | None | Over $100,000 |
Value Fund | None | None |
Value Fund—Advisor Class | None | None |
Value Fund—I Class | None | None |
Virginia Tax-Free Bond Fund | None | None |
Virginia Tax-Free Bond Fund—I Class | None | None |
Portfolio Managers’ Holdings in the Price Funds
The following tables set forth ranges of holdings for each Price Fund’s portfolio manager. Each portfolio manager serves as chairman of the applicable fund’s Investment Advisory Committee and has day-to-day responsibility for managing the fund and executing the fund’s investment program. Portfolio managers are encouraged to invest in the funds they manage to align their interests with those of fund shareholders. Exceptions may arise when, for example, tax considerations, jurisdictional constraints or the nature of the fund make the investment inappropriate for the portfolio manager. The column titled “Range of Fund Holdings as of Fund’s Fiscal Year” shows the dollar range of shares beneficially owned (including shares held through the T. Rowe Price 401(k) plan and other T. Rowe Price retirement plans or deferred compensation plans) in the fund for which he or she serves as portfolio manager, as of the end of that fund’s most recent fiscal year. The column titled “Range of Holdings in Investment Strategy as of Fund’s Fiscal Year” shows the dollar range of shares beneficially owned (including shares or units held through the T. Rowe Price 401(k) plan and other T. Rowe Price retirement plans or deferred compensation plans) in the fund, as well as all investment portfolios that are managed by the same portfolio manager and have investment objectives, policies, and strategies that are substantially similar to those of the fund. Substantially similar portfolios may include other Price Funds, such as institutional funds, T. Rowe Price common trust funds, and non-U.S. pooled investment vehicles, such as Societe d’Investissement a Capital Variable Funds (SICAVs). The range of holdings for all investment portfolios within the investment strategy is provided as of the end of the fund’s most recent fiscal year, regardless of the fiscal years of the other investment portfolios.
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
Africa & Middle East Fund | Oliver D.M. Bell | None | None |
Asia Opportunities Fund | Eric C. Moffett | Over $1,000,000 | Over $1,000,000 |
Balanced Fund | Charles M. Shriver | $100,001-$500,000 | $100,001–$500,000 |
Blue Chip Growth Fund | Larry J. Puglia | Over $1,000,000 | Over $1,000,000 |
Capital Appreciation Fund | David R. Giroux | Over $1,000,000 | Over $1,000,000 |
Cash Reserves Fund | Joseph K. Lynagh | $1–$10,000 | $10,001–$50,000 |
Communications & Technology Fund | Paul D. Greene II | $500,001–$1,000,000 | $500,001–$1,000,000 |
Corporate Income Fund | Steve Boothe Lauren T. Wagandt | $100,001-$500,000 None | $100,001-$500,000 None |
Credit Opportunities Fund | Rodney M. Rayburn | $100,001-$500,000 | $500,001-$1,000,000 |
96
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
Diversified Mid-Cap Growth Fund | Donald J. Easley Donald J. Peters | $500,001–$1,000,000 Over $1,000,000 | $500,001–$1,000,000 Over $1,000,000 |
Dividend Growth Fund | Thomas J. Huber | Over $1,000,000 | Over $1,000,000 |
Dynamic Credit Fund | Saurabh Sud (b) | $50,001–$100,000 | $50,001–$100,000 |
Dynamic Global Bond Fund | Arif Husain | None | $100,001–$500,000 |
Emerging Europe Fund | Ulle Adamson | None | None |
Emerging Markets Bond Fund | Michael J. Conelius | $50,001–$100,000 | $500,001–$1,000,000 |
Emerging Markets Corporate Bond Fund | Samy B. Muaddi | $100,001–$500,000 | $100,001–$500,000 |
Emerging Markets Discovery Stock Fund | Ernest C. Yeung | Over $1,000,000 | Over $1,000,000 |
Emerging Markets Local Currency Bond Fund | Andrew J. Keirle | $10,001–$50,000 | $100,001–$500,000 |
Emerging Markets Stock Fund | Gonzalo Pangaro | Over $1,000,000 | Over $1,000,000 |
Equity Income Fund | John D. Linehan | Over $1,000,000 | Over $1,000,000 |
Equity Index 500 Fund | Alexa M. Gagliardi | (c) | (c) |
European Stock Fund | Dean Tenerelli | None | $500,001–$1,000,000 |
Extended Equity Market Index Fund | Alexa m. Gagliardi | (c) | (c) |
Financial Services Fund | Gabriel Solomon | $10,001–$50,000 | $10,001–$50,000 |
Floating Rate Fund | Paul M. Massaro | $100,001-$500,000 | $100,001-$500,000 |
Global Allocation Fund | Charles M. Shriver | $500,001–$1,000,000 | Over $1,000,000 |
Global Consumer Fund | Jason Nogueira | Over $1,000,000 | Over $1,000,000 |
Global Growth Stock Fund | R. Scott Berg | Over $1,000,000 | Over $1,000,000 |
Global High Income Bond Fund | Michael Della Vedova Mark J. Vaselkiv | None None | None Over $1,000,000 |
Global Industrials Fund | Peter J. Bates | $500,001–$1,000,000 | $500,001–$1,000,000 |
Global Multi-Sector Bond Fund | Kenneth A Orchard | None | $10,001-$50,000 |
Global Real Estate Fund | Nina P. Jones | $100,001–$500,000 | $100,001–$500,000 |
Global Stock Fund | David J. Eiswert | Over $1,000,000 | Over $1,000,000 |
Global Technology Fund | Alan Tu | (d) | (d) |
GNMA Fund | Keir R. Joyce | $50,001-$100,000 | $50,001-$100,000 |
Government Money Fund | Joseph K. Lynagh | $10,001-$50,000 | $50,001-$100,000 |
Growth & Income Fund | Jeffrey Rottinghaus | None | $500,001–$1,000,000 |
Growth Stock Fund | Joseph B. Fath | None | Over $1,000,000 |
Health Sciences Fund | Ziad Bakri | $100,001–$500,000 | $100,001–$500,000 |
High Yield Fund | Rodney M. Rayburn Mark J. Vaselkiv | None None | None $500,001-$1,000,000 |
Inflation Protected Bond Fund | Stephen L. Bartolini | $10,001-$50,000 | $10,001-$50,000 |
Institutional Africa & Middle East Fund | Oliver D.M. Bell | None | None |
Institutional Cash Reserves Fund | Joseph K. Lynagh | None | $50,001-$100,000 |
Institutional Core Plus Fund | Brian J. Brennan | $100,001-$500,000 | $100,001-$500,000 |
Institutional Emerging Markets Bond Fund | Michael J. Conelius | $500,001–$1,000,000 | $500,001–$1,000,000 |
Institutional Emerging Markets Equity Fund | Gonzalo Pangaro | None | Over $1,000,000 |
97
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
Institutional Floating Rate Fund | Paul M. Massaro | $100,001-$500,000 | $100,001-$500,000 |
Institutional Frontier Markets Equity Fund | Oliver D.M. Bell | None | None |
Institutional Global Focused Growth Equity Fund | David J. Eiswert | Over $1,000,000 | Over $1,000,000 |
Institutional Global Growth Equity Fund | R. Scott Berg | None | Over $1,000,000 |
Institutional Global Value Equity Fund | Sebastien Mallet | None | $100,001–$500,000 |
Institutional High Yield Fund | Rodney M. Rayburn Mark J. Vaselkiv | None $500,001-$1,000,000 | None $500,001-$1,000,000 |
Institutional International Core Equity Fund | Raymond A. Mills | None | Over $1,000,000 |
Institutional International Disciplined Equity Fund | Federico Santilli | None | $100,001–$500,000 |
Institutional International Growth Equity Fund | Richard N. Clattenburg | None | $500,001–$1,000,000 |
Institutional Large-Cap Core Growth Fund | Larry J. Puglia | None | Over $1,000,000 |
Institutional Large-Cap Growth Fund | Taymour R. Tamaddon | $500,001–$1,000,000 | $500,001–$1,000,000 |
Institutional Large-Cap Value Fund | Mark S. Finn John D. Linehan Heather K. McPherson | $500,001–$1,000,000 $500,001–$1,000,000 Over $1,000,000 | $500,001–$1,000,000 Over $1,000,000 Over $1,000,000 |
Institutional Long Duration Credit Fund | Robert M. Larkins | None | None |
Institutional Mid-Cap Equity Growth Fund | Brian W.H. Berghuis | Over $1,000,000 | Over $1,000,000 |
Institutional Small-Cap Stock Fund | Francisco M. Alonso | $500,001–$1,000,000 | $500,001–$1,000,000 |
Institutional U.S. Structured Research Fund | Ann M. Holcomb Joshua Nelson Jason B. Polun Thomas H. Watson | None (e) None None | Over $1,000,000 (e) $500,001–$1,000,000 $500,001–$1,000,000 |
Intermediate Tax-Free High Yield Fund | James M. Murphy | $50,001–$100,000 | $50,001–$100,000 |
International Bond Fund | Arif Husain Kenneth A. Orchard | None None | None $10,001–$50,000 |
International Bond Fund (USD Hedged) | Arif Husain Kenneth A. Orchard | None None | None None |
International Disciplined Equity Fund | Federico Santilli | None | $100,001–$500,000 |
International Discovery Fund | Justin Thomson | $500,001–$1,000,000 | $500,001–$1,000,000 |
International Equity Index Fund | Neil Smith | None | None |
International Stock Fund | Richard N. Clattenburg | None | $500,001–$1,000,000 |
International Value Equity Fund | Colin McQueen | (f) | (f) |
Japan Fund | Archibald Ciganer | None | None |
Latin America Fund | Verena E. Wachnitz | $100,001–$500,000 | $100,001–$500,000 |
Limited Duration Inflation Focused Bond Fund | Stephen L. Bartolini | $10,001-$50,000 | $10,001-$50,000 |
Mid-Cap Growth Fund | Brian W.H. Berghuis | Over $1,000,000 | Over $1,000,000 |
Mid-Cap Value Fund | David J. Wallack | None | Over $1,000,000 |
Multi-Strategy Total Return Fund | Richard de los Reyes Stefan Hubrich | $500,001–$1,000,000 $100,001–$500,000 | $500,001–$1,000,000 $100,001–$500,000 |
98
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
New America Growth Fund | Justin P. White | $500,001–$1,000,000 | $500,001–$1,000,000 |
New Asia Fund | Anh Lu | Over $1,000,000 | Over $1,000,000 |
New Era Fund | Shawn T. Driscoll | $100,001–$500,000 | $100,001–$500,000 |
New Horizons Fund | Joshua K. Spencer | (g) | (g) |
New Income Fund | Stephen L. Bartolini | $50,001-$100,000 | $50,001-$100,000 |
Overseas Stock Fund | Raymond A. Mills | None | Over $1,000,000 |
Personal Strategy Balanced Fund | Charles M. Shriver | $100,001-$500,000 | $100,001-$500,000 |
Personal Strategy Growth Fund | Charles M. Shriver | $100,001-$500,000 | $100,001-$500,000 |
Personal Strategy Income Fund | Charles M. Shriver | $100,001-$500,000 | $100,001-$500,000 |
QM Global Equity Fund | Sudhir Nanda | $100,001–$500,000 | $100,001–$500,000 |
QM U.S. Small & Mid-Cap Core Equity Fund | Prashant G. Jeyaganesh Sudhir Nanda | $1–$10,000 $10,001–$50,000 | $1–$10,000 $10,001–$50,000 |
QM U.S. Small-Cap Growth Equity Fund | Sudhir Nanda | $100,001–$500,000 | $100,001–$500,000 |
QM U.S. Value Equity Fund | Farris G. Shuggi | $50,001–$100,000 | $50,001–$100,000 |
Real Assets Fund | Richard A. Coghlan Christopher Faulkner-MacDonagh | None None | None None |
Real Estate Fund | Nina P. Jones | $50,001–$100,000 | $50,001–$100,000 |
Science & Technology Fund | Kennard W. Allen | Over $1,000,000 | Over $1,000,000 |
Short-Term Bond Fund | Michael F. Reinartz | None | None |
Small-Cap Stock Fund | Francisco M. Alonso | None | $500,001-$1,000,000 |
Small-Cap Value Fund | J. David Wagner | $100,001–$500,000 | Over $1,000,000 |
Spectrum Growth Fund | Charles M. Shriver | $100,001–$500,000 | $100,001–$500,000 |
Spectrum Income Fund | Charles M. Shriver | $100,001–$500,000 | $100,001–$500,000 |
Spectrum International Fund | Charles M. Shriver | $100,001–$500,000 | $100,001–$500,000 |
Summit Municipal Income Fund | Konstantine B. Mallas | $100,001–$500,000 | $500,001-$1,000,000 |
Summit Municipal Intermediate Fund | Charles B. Hill | $500,001-$1,000,000 | $500,001-$1,000,000 |
Summit Municipal Money Market Fund | Joseph K. Lynagh | None | $1–$10,000 |
Tax-Efficient Equity Fund | Donald J. Peters | Over $1,000,000 | Over $1,000,000 |
Tax-Exempt Money Fund | Joseph K. Lynagh | $1–$10,000 | $1–$10,000 |
Tax-Free High Yield Fund | James M. Murphy | $100,001–$500,000 | $100,001–$500,000 |
Tax-Free Income Fund | Konstantine B. Mallas | $500,001–$1,000,000 | $500,001–$1,000,000 |
Tax-Free Short-Intermediate Fund | Charles B. Hill | $1–$10,000 | $10,001–$50,000 |
Total Equity Market Index Fund | Alexa M. Gagliardi | (c) | (c) |
Total Return Fund | Christopher P. Brown, Jr. | $100,001-$500,000 | $100,001-$500,000 |
U.S. Bond Enhanced Index Fund | Robert M. Larkins | None | $10,001–$50,000 |
U.S. Equity Research Fund | Ann M. Holcomb Joshua Nelson Jason B. Polun Thomas H. Watson | $100,001–$500,000 (e) None None | Over $1,000,000 (e) $500,001–$1,000,000 $500,001–$1,000,000 |
U.S. High Yield Fund | Kevin P. Loome | $100,001-$500,000 | $100,001-$500,000 |
U.S. Large-Cap Core Fund | Jeffrey Rottinghaus | Over $1,000,000 | Over $1,000,000 |
U.S. Treasury Intermediate Fund | Brian J. Brennan | $10,001-$50,000 | $10,001-$50,000 |
99
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
U.S. Treasury Long-Term Fund | Brian J. Brennan | $10,001-$50,000 | $10,001-$50,000 |
U.S. Treasury Money Fund | Joseph K. Lynagh | $50,001-$100,000 | $50,001-$100,000 |
Ultra Short-Term Bond Fund | Joseph K. Lynagh | $100,001-$500,000 | $100,001-$500,000 |
Value Fund | Mark S. Finn | Over $1,000,000 | Over $1,000,000 |
(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.
(b) The fund incepted on January 10, 2019; therefore the range of holdings is as of February 28, 2019.
(c) Effective September 1, 2019, Alexa M. Gagliardi replaced Ken D. Uematsu as portfolio manager of the fund; therefore the range of holdings is not yet available.
(d) Effective March 31, 2019, Alan Tu replaced Joshua K. Spencer as portfolio manager of the fund; therefore the range of holdings is not yet available.
(e) Effective May 1, 2019, Joshua Nelson became co-portfolio manager of the fund; therefore the range of holdings is not yet available.
(f) Effective July 1, 2019, Colin McQueen replaced Sebastien Mallet as portfolio manager of the fund; therefore the range of holdings is not yet available.
(g) Effective March 31, 2019, Joshua K. Spencer replaced Henry M. Ellenbogen as portfolio manager of the fund; therefore the range of holdings is not yet available.
The following funds are generally designed to be sold to persons residing in the state referenced in the fund’s name. Since the portfolio managers reside in Maryland, they do not typically invest in funds designed to provide tax benefits for residents of other states.
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
California Tax-Free Bond Fund | Konstantine B. Mallas | None | $100,001–$500,000 |
California Tax-Free Money Fund | Joseph K. Lynagh | None | $1–$10,000 |
Georgia Tax-Free Bond Fund | Hugh D. McGuirk | None | $500,001–$1,000,000 |
Maryland Short-Term Tax-Free Bond Fund | Charles B. Hill | $1–$10,000 | $10,001–$50,000 |
Maryland Tax-Free Bond Fund | Hugh D. McGuirk | $500,001–$1,000,000 | $500,001–$1,000,000 |
Maryland Tax-Free Money Fund | Joseph K. Lynagh | $1–$10,000 | $1–$10,000 |
New Jersey Tax-Free Bond Fund | Konstantine B. Mallas | None | $100,001–$500,000 |
New York Tax-Free Bond Fund | Konstantine B. Mallas | None | $100,001–$500,000 |
New York Tax-Free Money Fund | Joseph K. Lynagh | None | $1–$10,000 |
Virginia Tax-Free Bond Fund | Hugh D. McGuirk | None | $500,001–$1,000,000 |
(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.
The following Target Date Funds are designed to provide a diversified portfolio that becomes more conservative over time based on an expected retirement year.
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as |
Retirement 2005 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2010 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2015 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2020 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
100
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as |
Retirement 2025 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2030 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2035 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) $50,001-$100,000 | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2040 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) $100,001-$500,000 | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2045 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2050 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2055 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement 2060 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement Balanced Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2005 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2010 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2015 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2020 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2025 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2030 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2035 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2040 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2045 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2050 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement I 2055 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
101
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as |
Retirement I 2060 Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement Balanced I Fund—I Class | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Retirement Income 2020 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | Over $1,000,000 (b) Over $1,000,000 |
Target 2005 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2010 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2015 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2020 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2025 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2030 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2035 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2040 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2045 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2050 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2055 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
Target 2060 Fund | Jerome A. Clark Kimberly E. DeDominicis Wyatt A. Lee | None (b) None | None (b) None |
(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.
(b) Effective October 1, 2019, Kimberly E. DeDominicis became the co-portfolio manager of the fund; therefore, the range of holdings is not yet available.
The following funds are not available for direct purchase by members of the public. Therefore, the portfolio manager is not permitted to invest directly in the fund.
Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
Emerging Markets Corporate Multi-Sector Account Portfolio | Samy B. Muaddi | None | $100,001–$500,000 |
Emerging Markets Local Multi-Sector Account Portfolio | Andrew J. Keirle | None | $100,001–$500,000 |
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Fund | Portfolio Manager | Range of Fund | Range of Holdings in Investment Strategy as of Fund’s Fiscal Yeara |
Floating Rate Multi-Sector Account Portfolio | Paul M. Massaro | None | $100,001–$500,000 |
Government Reserve Fund | Joseph K. Lynagh | None | $50,001-$100,000 |
High Yield Multi-Sector Account Portfolio | Mark J. Vaselkiv | None | $500,001–$1,000,000 |
Investment-Grade Corporate Multi-Sector Account Portfolio | Steve Boothe | None | $100,001–$500,000 |
Mid-Cap Index Fund | Alexa M. Gagliardi (b) | None | None |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Keir R. Joyce | None | None |
Short-Term Fund | Joseph K. Lynagh | None | None |
Short-Term Government Fund | Joseph K. Lynagh | (c) | None |
Small-Cap Index Fund | Alexa M. Gagliardi (b) | None | None |
Treasury Reserve Fund | Joseph K. Lynagh | None | None |
(a) See table beginning on page 14 for the fiscal year of the funds. The range of fund holdings as of the fund’s fiscal year is updated concurrently with each fund’s prospectus date as shown in the table beginning on page 14.
(b) Effective September 1, 2019, Alexa M. Gagliardi replaced Ken D. Uematsu as portfolio manager of the fund; therefore the range of holdings is not yet available.
(c) The fund has not incepted; therefore the range of fund holdings is not yet available.
Portfolio Manager Compensation
Portfolio manager compensation consists primarily of a base salary, a cash bonus, and an equity incentive that usually comes in the form of restricted stock grants. Compensation is variable and is determined based on the following factors.
Investment performance over 1-, 3-, 5-, and 10-year periods is the most important input. The weightings for these time periods are generally balanced and are applied consistently across similar strategies. T. Rowe Price (and Price Hong Kong, Price Singapore, Price Japan, and T. Rowe Price International, as appropriate) evaluates performance in absolute, relative, and risk-adjusted terms. Relative performance and risk-adjusted performance are typically determined with reference to the broad-based index (e.g., S&P 500 Index) and the Lipper average or index (e.g., Large-Cap Growth Index) set forth in the total returns table in the fund’s prospectus, although other benchmarks may be used as well. Investment results are also measured against comparably managed funds of competitive investment management firms. The selection of comparable funds is approved by the applicable investment steering committee (as described under the “Disclosure of Fund Portfolio Information” section) and is the same as the selection presented to the directors of the Price Funds in their regular review of fund performance. Performance is primarily measured on a pretax basis, although tax efficiency is considered and is especially important for the Tax-Efficient Equity Fund.
Compensation is viewed with a long-term time horizon. The more consistent a manager’s performance over time, the higher the compensation opportunity. The increase or decrease in a fund’s assets due to the purchase or sale of fund shares is not considered a material factor. In reviewing relative performance for fixed income funds, a fund’s expense ratio is usually taken into account. Contribution to T. Rowe Price’s overall investment process is an important consideration as well. Leveraging ideas and investment insights across the global investment platform; working effectively with and mentoring others; and other contributions to our clients, the firm, or our culture are important components of T. Rowe Price’s long-term success and are generally taken into consideration.
All employees of T. Rowe Price, including portfolio managers, participate in a 401(k) plan sponsored by T. Rowe Price Group. In addition, all employees are eligible to purchase T. Rowe Price common stock through an employee stock purchase plan that features a limited corporate matching contribution. Eligibility for and participation in these plans is on the same basis for all employees. Finally, all vice presidents of T. Rowe Price Group, including all portfolio managers, receive supplemental medical/hospital reimbursement benefits and are eligible to participate in a supplemental savings plan sponsored by T. Rowe Price Group.
This compensation structure is used when evaluating the performance of all portfolios (including the Price Funds) managed by the portfolio manager.
103
Assets Under Management
The following table sets forth the number and total assets of the mutual funds and accounts managed by the Price Funds’ portfolio managers as of the most recent fiscal year end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all co-portfolio managers of those funds. There are no accounts for which the advisory fee is based on the performance of the account.
Registered Investment | Other
Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Ulle Adamson | 1 | $150,412,722 | 1 | $7,467,882 | 0 | — |
Kennard W. Allen | 4 | 5,658,491,913 | 1 | 6,020,009 | 0 | — |
Francisco M. Alonso | 5 | 13,122,859,496 | 2 | 1,836,558,054 | 2 | $456,902,672 |
Ziad Bakri | 6 | 14,429,328,399 | 0 | — | 1 | 104,009,391 |
Stephen L. Bartolini | 7 | 39,611,349,568 | 5 | 12,019,165,205 | 1 | 112,231,233 |
Peter J. Bates | 1 | 19,419,419 | 0 | — | 0 | — |
Oliver D.M. Bell | 3 | 337,173,399 | 2 | 308,371,879 | 0 | — |
R. Scott Berg | 2 | 823,638,216 | 14 | 4,017,041,226 | 5 | 1,394,513,989 |
Brian W.H. Berghuis | 10 | 49,275,986,342 | 1 | 2,578,174,637 | 6 | 1,746,410,578 |
Steve Boothe | 2 | 900,651,779 | 5 | 1,967,524,401 | 1 | 2,556,383,289 |
Brian J. Brennan | 4 | 6,573,745,002 | 7 | 6,763,289,398 | 5 | 1,177,777,182 |
Christopher P. Brown, Jr. | 1 | 47,690,397 | 0 | — | 2 | 727,186,029 |
Archibald Ciganer | 1 | 756,108,317 | 6 | 934,458,339 | 1 | 390,472,323 |
Jerome A. Clark | 104 | 172,159,722,557 | 46 | 105,495,491,010 | 0 | — |
Richard N. Clattenburg | 6 | 14,362,339,671 | 2 | 4,523,421,335 | 0 | — |
Richard A. Coghlan | 1 | 2,760,613,032 | 1 | 1,279,074,292 | 0 | — |
Michael J. Conelius | 3 | 6,571,304,703 | 7 | 3,218,320,387 | 1 | 14,898 |
Kimberly E. DeDominicis(a) | — | — | — | — | — | — |
Richard de los Reyes | 1 | 67,614,452 | 0 | — | 0 | — |
Michael Della Vedova | 1 | 97,051,733 | 6 | 3,128,051,922 | 1 | 10,291,436 |
Shawn T. Driscoll | 3 | 6,355,861,049 | 4 | 1,508,051,687 | 2 | 211,003,919 |
Donald J. Easley | 5 | 2,935,206,593 | 0 | — | 3 | 80,130,387 |
David J. Eiswert | 2 | 1,200,045,204 | 16 | 3,606,084,462 | 8 | 4,521,221,893 |
Joseph B. Fath | 12 | 70,051,190,198 | 3 | 9,641,964,374 | 8 | 2,494,282,649 |
Christopher Faulkner-MacDonagh | 1 | 2,760,613,032 | 1 | 1,279,074,292 | 0 | — |
Mark S. Finn | 10 | 36,947,479,366 | 12 | 16,711,492,708 | 27 | 5,206,057,018 |
Alexa M. Gagliardi (b) | — | — | — | — | — | — |
David R. Giroux | 7 | 45,257,516,388 | 1 | 405,902,788 | 0 | — |
Paul D. Greene II | 2 | 5,220,577,932 | 0 | — | 0 | — |
Charles B. Hill | 3 | 7,594,501,992 | 2 | 260,453,149 | 6 | 1,765,950,809 |
Ann M. Holcomb | 3 | 6,259,078,442 | 6 | 3,928,359,528 | 23 | 10,903,440,915 |
Thomas J. Huber | 2 | 9,581,925,061 | 0 | — | 4 | 201,950,851 |
Stefan Hubrich | 1 | 67,614,452 | 0 | — | 0 | — |
Arif Husain | 7 | 13,871,116,163 | 21 | 10,271,547,066 | 3 | 750,789,300 |
Prashant G. Jeyaganesh | 2 | 134,586,477 | 0 | — | 0 | — |
Nina P. Jones | 2 | 4,305,162,267 | 1 | 42,386,775 | 0 | — |
Keir R. Joyce | 2 | 1,422,552,152 | 0 | — | 0 | — |
Andrew J. Keirle | 2 | 595,285,361 | 1 | 74,090,254 | 1 | 162,491,263 |
Robert M. Larkins | 2 | 1,216,571,774 | 3 | 1,541,471,479 | 12 | 2,215,277,140 |
Wyatt A. Lee | 40 | 152,977,277,271 | 39 | 104,751,832,335 | 0 | — |
104
Registered Investment | Other Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
John D. Linehan | 17 | 36,000,683,307 | 13 | 11,297,399,028 | 30 | 5,634,350,043 |
Kevin P. Loome | 3 | 537,122,903 | 3 | 157,947,145 | 0 | — |
Anh Lu | 1 | 2,493,404,411 | 4 | 1,329,668,316 | 0 | — |
Joseph K. Lynagh | 15 | 41,161,816,914 | 3 | 5,525,384,929 | 4 | 2,241,604,980 |
Konstantine B. Mallas | 6 | 6,113,933,583 | 0 | — | 6 | 79,752,549 |
Sebastien Mallet | 3 | 11,703,218,543 | 4 | 4,494,754,933 | 0 | — |
Paul M. Massaro | 3 | 5,627,381,278 | 3 | 726,052,376 | 13 | 6,504,524,217 |
Hugh D. McGuirk | 3 | 3,926,382,338 | 0 | — | 8 | 743,941,494 |
Heather K. McPherson | 6 | 10,529,690,326 | 8 | 1,900,097,002 | 23 | 4,151,314,642 |
Colin McQueen (c) | — | — | — | — | — | — |
Raymond A. Mills | 6 | 16,150,729,893 | 1 | 4,796,177,047 | 4 | 1,539,223,354 |
Eric C. Moffett | 1 | 90,372,702 | 2 | 4,980,638 | 0 | — |
Samy B. Muaddi | 2 | 76,643,344 | 5 | 342,878,323 | 0 | — |
James M. Murphy | 3 | 5,773,859,119 | 0 | — | 0 | — |
Sudhir Nanda | 5 | 8,527,555,621 | 6 | 446,921,259 | 2 | 115,171,371 |
Joshua Nelson (d) | — | — | — | — | — | — |
Jason Nogueira | 1 | 15,609,094 | 0 | — | 0 | — |
Kenneth A. Orchard | 4 | 7,050,549,094 | 2 | 378,355,833 | 1 | 238,645,231 |
Gonzalo Pangaro | 4 | 12,093,389,188 | 7 | 6,804,473,613 | 3 | 2,009,754,828 |
Donald J. Peters | 6 | 3,875,606,735 | 1 | 1,658,728 | 12 | 2,252,607,830 |
Jason B. Polun | 5 | 6,331,859,618 | 6 | 9,094,599,988 | 23 | 10,903,440,915 |
Larry J. Puglia | 9 | 65,700,226,119 | 20 | 13,108,344,936 | 17 | 5,016,031,358 |
Rodney M. Rayburn | 3 | 9,420,989,057 | 2 | 1,301,781,634 | 0 | — |
Michael F. Reinartz | 8 | 10,129,112,724 | 1 | 8,567,879,693 | 6 | 1,703,812,776 |
Jeffrey Rottinghaus | 2 | 2,216,387,214 | 7 | 2,674,934,104 | 1 | 1,940,528 |
Federico Santilli | 2 | 428,726,337 | 1 | 2,255,315 | 0 | — |
Charles M. Shriver | 26 | 42,793,637,621 | 17 | 4,677,811,119 | 6 | 1,642,334,757 |
Farris G. Shuggi | 1 | 18,713,610 | 0 | — | 0 | — |
Neil Smith | 1 | 554,530,589 | 2 | 693,050,419 | 0 | — |
Gabriel Solomon | 1 | 704,484,432 | 0 | — | 0 | — |
Joshua K. Spencer | 2 | 4,768,551,470 | 5 | 3,849,586,149 | 4 | 1,792,309,378 |
Saurabh Sud (e) | 1 | 25,188,636 | 0 | — | 0 | — |
Taymour R. Tamaddon | 7 | 22,886,807,337 | 13 | 4,018,186,935 | 46 | 11,331,756,882 |
Dean Tenerelli | 1 | 976,129,754 | 5 | 794,585,038 | 2 | 66,008,422 |
Justin Thomson | 1 | 7,733,366,538 | 2 | 854,517,158 | 5 | 412,582,635 |
Alan Tu (f) | — | — | — | — | — | — |
Ken D. Uematsu | 6 | 27,306,363,548 | 4 | 9,481,827,418 | 0 | — |
Mark J. Vaselkiv | 5 | 9,799,820,546 | 5 | 3,025,841,735 | 0 | — |
Verena E. Wachnitz | 1 | 554,441,319 | 1 | 7,495,986 | 0 | — |
Lauren T. Wagandt | 0 | 811,410,492 | 0 | — | 0 | — |
J. David Wagner | 7 | 9,584,403,865 | 1 | 1,779,874,568 | 2 | 174,679,183 |
David J. Wallack | 5 | 13,617,112,707 | 1 | 2,504,652,727 | 1 | 21,207,159 |
Thomas H. Watson | 5 | 6,331,859,618 | 6 | 9,094,599,988 | 23 | 10,903,440,915 |
105
Registered Investment | Other Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Justin P. White | 2 | 4,577,853,894 | 0 | — | 0 | — |
Ernest C. Yeung | 1 | 42,863,620 | 1 | 6,162,871 | 0 | — |
(a) The individual assumed co-portfolio management responsibilities of a mutual fund on October 1, 2019. The information on other managed accounts is not yet available.
(b) The individual assumed portfolio management responsibilities of a mutual fund on September 1, 2019. The information on other managed accounts is not yet available.
(c) The individual assumed portfolio management responsibilities of a mutual fund on July 1, 2019. The information on other managed accounts is not yet available.
(d) The individual assumed portfolio management responsibilities of a mutual fund on May 1, 2019. The information on other managed accounts is not yet available.
(e) The individual assumed portfolio management responsibilities of a mutual fund on January 10, 2019. The information on other managed accounts is as of January 31, 2019.
(f) The individual assumed portfolio management responsibilities of a mutual fund on March 31, 2019. The information on other managed accounts is not yet available.
Conflicts of Interest
Portfolio managers at T. Rowe Price and its affiliates may manage multiple accounts. These accounts may include, among others, mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, colleges and universities, and foundations), offshore funds, and common trust funds. Portfolio managers make investment decisions for each portfolio based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that portfolio. Consequently, portfolio managers may purchase (or sell) securities for one portfolio and not another portfolio. T. Rowe Price and its affiliates have adopted brokerage and trade allocation policies and procedures that they believe are reasonably designed to address any potential conflicts associated with managing multiple accounts for multiple clients. Also, as disclosed under the “Portfolio Manager Compensation” section, the portfolio managers’ compensation is determined in the same manner with respect to all portfolios managed by the portfolio manager. Please see the “Portfolio Transactions” section of this SAI for more information about our brokerage and trade allocation policies.
The Price Funds may, from time to time, own shares of Morningstar, Inc. Morningstar is a provider of investment research to individual and institutional investors, and publishes ratings on mutual funds, including the Price Funds. T. Rowe Price manages the Morningstar retirement plan and acts as subadvisor to two mutual funds offered by Morningstar. In addition, T. Rowe Price and its affiliates pay Morningstar for a variety of products and services. In addition, Morningstar may provide investment consulting and investment management services to clients of T. Rowe Price or its affiliates.
Since the Price Funds and other accounts have different investment objectives or strategies, potential conflicts of interest may arise in executing investment decisions or trades among client accounts. For example, if T. Rowe Price purchases a security for one account and sells the same security short for another account, such a trading pattern could disadvantage either the account that is long or short. It is possible that short sale activity could adversely affect the market value of long positions in one or more Price Funds and other accounts (and vice versa) and create potential trading conflicts, such as when long and short positions are being executed at the same time. To mitigate these potential conflicts of interest, T. Rowe Price has implemented policies and procedures requiring trading and investment decisions to be made in accordance with T. Rowe Price’s fiduciary duties to all accounts, including the Price Funds. Pursuant to these policies, portfolio managers are generally prohibited from managing multiple strategies where they hold the same security long in one strategy and short in another, except in certain circumstances, including where an investment oversight committee has specifically reviewed and approved the holdings or strategy. Additionally, T. Rowe Price has implemented policies and procedures that it believes are reasonably designed to ensure the fair and equitable allocation of trades, both long and short, to minimize the impact of trading activity across client accounts. T. Rowe Price monitors short sales to determine whether its procedures are working as intended and that such short sale activity is not materially impacting our trade executions and long positions for other clients.
106
As of August 31, 2019, none of the independent directors or their immediate family members owned beneficially or of record any securities of T. Rowe Price (the Price Funds’ investment adviser), Investment Services (the Price Funds’ distributor), or any person controlling, controlled by, or under common control with T. Rowe Price or Investment Services.
As of August 31, 2019, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund, except as shown in the following table.
Fund | % |
Asia Opportunities Fund | 3.0 |
Dynamic Credit Fund | 1.4 |
Emerging Markets Discovery Stock Fund | 1.6 |
Global Consumer Fund | 6.7 |
Global Industrials Fund | 5.2 |
Institutional Global Focused Growth Equity Fund | 4.5 |
Institutional Global Value Equity Fund | 3.6 |
Intermediate Tax-Free High Yield Fund | 3.8 |
Maryland Short-Term Tax-Free Bond Fund | 3.8 |
QM Global Equity Fund | 1.4 |
Tax-Efficient Equity Fund | 4.9 |
Total Return Fund | 3.8 |
As of August 31, 2019, the following shareholders of record owned more than 5% of the outstanding shares of the indicated funds and/or classes.
FUND |
| SHAREHOLDER | % | |
AFRICA & MIDDLE EAST FUND |
| NATIONAL FINANCIAL SERVICES |
| 19.96 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
| 499 WASHINGTON BLVD |
|
|
|
| JERSEY CITY NJ 07310-2010 |
|
|
|
|
|
|
|
|
| SPECTRUM INTERNATIONAL FUND |
| 6.48 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
AFRICA & MIDDLE EAST FUND—I CLASS |
| CHARLES A MORRIS |
| 32.28(a) |
|
| ELISE D MORRIS JT TEN T O D |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 65.29(b) |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
| P O BOX 89000 |
|
|
|
| BALTIMORE MD 21289-0001 |
|
|
ASIA OPPORTUNITIES FUND |
| NATIONAL FINANCIAL SERVICES |
| 16.62 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
107
FUND |
| SHAREHOLDER | % | |
ASIA OPPORTUNITIES FUND—ADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 77.68(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
| 100 EAST PRATT ST |
|
|
|
| BALTIMORE MD 21202-1009 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 10.56 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
ASIA OPPORTUNITIES FUND—I CLASS |
| CRODA INC DEF BENEFIT PL MASTER TR |
| 10.72 |
|
| C/O STATE STREET BANK AND TRUST CO |
|
|
|
| 801 PENNSYLVANIA AVE |
|
|
|
| TOWER 1 -5TH FL ATTN STEVE CHILES |
|
|
|
| KANSAS CITY MO 64105-1307 |
|
|
|
|
|
|
|
|
| ERIC C MOFFETT |
| 5.15 |
|
| MIRI C MOFFETT JT TEN |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 9.65 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
| 211 MAIN ST |
|
|
|
| SAN FRANCISCO CA 94105-1905 |
|
|
|
|
|
|
|
|
| WELLS FARGO CLEARING SERVICES LLC |
| 6.45 |
|
| SPECIAL CUSTODY ACCT FOR THE |
|
|
|
| EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|
|
| 2801 MARKET ST |
|
|
|
| SAINT LOUIS MO 63103-2523 |
|
|
|
|
|
|
|
|
| NORTHERN TR CUST FBO LWOOD INTL EQU |
| 59.10(a) |
|
| PO BOX 92956 |
|
|
|
| CHICAGO IL 60675-2956 |
|
|
BALANCED FUND |
| T ROWE PRICE TRUST CO INC |
| 23.91 |
|
| ATTN: TRPS INST CONTROL DEPT |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 7.38 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
108
FUND |
| SHAREHOLDER | % | |
BALANCED FUND—I CLASS |
| PERSHING LLC |
| 16.28 |
|
| 1 PERSHING PLZ |
|
|
|
| JERSEY CITY NJ 07399-0002 |
|
|
|
|
|
|
|
|
| UBATCO & CO FBO ACES TRUST FUND |
| 8.21 |
|
| 6811 S 27TH ST |
|
|
|
| LINCOLN NE 68512-4823 |
|
|
|
|
|
|
|
|
| VOYA INSTITUTIONAL TRUST CO |
| 12.65 |
|
| AS TRUSTEE/ CUSTODIAN FOR |
|
|
|
| CORE MARKET RETIREMENT PLANS |
|
|
|
| 30 BRAINTREE HILL OFFICE PARK |
|
|
|
| BRAINTREE MA 02184-8747 |
|
|
|
|
|
|
|
|
| UBATCO & CO |
| 8.83 |
|
| FBO COLLEGE SAVINGS GROUP |
|
|
|
| PO BOX 82535 |
|
|
|
| LINCOLN NE 68501-2535 |
|
|
|
|
|
|
|
|
| THE NORTHERN TRUST CO AS TRUSTEE |
| 9.51 |
|
| FBO KOHLS-DV |
|
|
|
| PO BOX 92994 |
|
|
|
| CHICAGO IL 60675-2994 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 5.11 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
BLUE CHIP GROWTH FUND |
| T ROWE PRICE RET PLAN SVCS TR |
| 5.41 |
|
| BLUE CHIP GROWTH FUND |
|
|
|
| ATTN ASSET RECONCILATIONS |
|
|
|
| PO BOX 17215 |
|
|
|
| BALTIMORE MD 21297-1215 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 13.94 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 7.63 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| WELLS FARGO CLEARING SERVICES LLC |
| 10.03 |
|
| SPECIAL CUSTODY ACCT FOR THE |
|
|
|
| EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|
109
FUND |
| SHAREHOLDER | % | |
BLUE CHIP GROWTH FUND—ADVISOR CLASS |
| MAC & CO |
| 9.94 |
|
| ATTN: MUTUAL FUND OPERATIONS |
|
|
|
| 500 GRANT STREET |
|
|
|
| ROOM 151-1010 |
|
|
|
| PITTSBURGH PA 15219-2502 |
|
|
|
|
|
|
|
|
| GREAT-WEST TRUST COMPANY LLC FBO |
| 6.48 |
|
| EMPLOYEE BENEFITS CLIENTS 401K |
|
|
|
| 8515 E ORCHARD RD 2T2 |
|
|
|
| GREENWOOD VLG CO 80111-5002 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 17.66 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 7.33 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
BLUE CHIP GROWTH FUND—I CLASS |
| CHARLES SCHWAB & CO INC |
| 8.33 |
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| EDWARD D JONES & CO |
| 10.75 |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
| 12555 MANCHESTER RD |
|
|
|
| SAINT LOUIS MO 63131-3729 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 23.68 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
110
FUND |
| SHAREHOLDER | % | |
BLUE CHIP GROWTH FUND—R CLASS |
| SAMMONS FINANCIAL NETWORK LLC |
| 14.43 |
|
| 4546 CORPORATE DR STE 100 |
|
|
|
| WEST DES MOINES IA 50266-5911 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST |
| 8.31 |
|
| ATTN NPIO TRADE DESK |
|
|
|
| FBO PLIC VARIOUS RETIREMENT PLANS |
|
|
|
| OMNIBUS |
|
|
|
| 711 HIGH ST |
|
|
|
| DES MOINES IA 50392-0001 |
|
|
|
|
|
|
|
|
| NATIONWIDE LIFE INSURANCE COMPANY |
| 5.55 |
|
| C/O IPO PORTFOLIO ACCOUNTING |
|
|
|
| DCVA |
|
|
|
| PO BOX 182029 |
|
|
|
| COLUMBUS OH 43218-2029 |
|
|
|
|
|
|
|
|
| STATE STREET BANK AND TRUST AS |
| 17.19 |
|
| TRUSTEE AND/OR CUSTODIAN |
|
|
|
| FBO ADP ACCESS PRODUCT |
|
|
|
| 1 LINCOLN ST |
|
|
|
| BOSTON MA 02111-2901 |
|
|
CALIFORNIA TAX-FREE BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 26.38(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 8.13 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 6.29 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
CALIFORNIA TAX-FREE BOND FUND—I CLASS |
| S KENNETH LEECH |
| 8.42 |
|
| EILEEN STUECK LEECH JT TEN |
|
|
|
|
|
|
|
|
| THERON LEE COHEN |
| 5.14 |
|
| LYNN RUPERT COHEN TRS |
|
|
|
| THE COHEN TRUST |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 9.93 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
111
FUND |
| SHAREHOLDER | % | |
CALIFORNIA TAX-FREE MONEY FUND—I CLASS |
| THOMAS ABRAHAM |
| 11.11 |
|
| SUJU ABRAHAM JT TEN |
|
|
|
|
|
|
|
|
| RICHARD N MENDOZA |
| 17.28 |
|
| VALERIE MENDOZA TRS |
|
|
|
| MENDOZA FAMILY TRUST |
|
|
|
|
|
|
|
|
| MARK A WALSH T O D |
| 58.40(a) |
|
|
|
|
|
|
| VICKY LEE T O D |
| 10.67 |
CAPITAL APPRECIATION FUND |
| NATIONAL FINANCIAL SERVICES |
| 12.22 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| LPL FINANCIAL |
| 6.70 |
|
| OMNIBUS CUSTOMER ACCOUNT |
|
|
|
| ATTN: MUTUAL FUND TRADING |
|
|
|
| 4707 EXECUTIVE DR |
|
|
|
| SAN DIEGO CA 92121-3091 |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 5.97 |
|
| OUR CUSTOMERS |
|
|
|
| PO BOX 2226 |
|
|
|
| OMAHA NE 68103-2226 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 9.60 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 5.68 |
CAPITAL APPRECIATION FUND—ADVISOR CLASS |
| UMB BANK N/A |
| 16.90 |
|
| FBO FIDUCIARY FOR TAX DEFERRED |
|
|
|
| ACCOUNTS |
|
|
|
| 1 SW SECURITY BENEFIT PL |
|
|
|
| TOPEKA KS 66636-0001 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 20.79 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 21.05 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
112
FUND |
| SHAREHOLDER | % | |
CAPITAL APPRECIATION FUND—I CLASS |
| CHARLES SCHWAB & CO INC |
| 21.75 |
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 26.87(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 11.13 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 5.46 |
COMMUNICATIONS & TECHNOLOGY FUND |
| NATIONAL FINANCIAL SERVICES |
| 6.93 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 5.66 |
COMMUNICATIONS & TECHNOLOGY FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES |
| 9.19 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| T ROWE PRICE RPS INC |
| 18.81 |
|
| OMNIBUS ACCOUNT |
|
|
|
| TRP MEDIA & TELECOMMUNICATION - I |
|
|
|
| FUND 214/X24V CUSIP:87282P100 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.10 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 17.27 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
CORPORATE INCOME FUND |
| SPECTRUM INCOME FUND |
| 41.46(d) |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
113
FUND |
| SHAREHOLDER | % | |
CORPORATE INCOME FUND—I CLASS |
| CHARLES A MORRIS |
| 6.99 |
|
| ELISE D MORRIS JT TEN T O D |
|
|
|
|
|
|
|
|
| WELLS FARGO BANK NA FBO |
| 41.07(a) |
|
| OMNIBUS CASH CASH |
|
|
|
| PO BOX 1533 |
|
|
|
| MINNEAPOLIS MN 55480-1533 |
|
|
|
|
|
|
|
|
| ROBERT W SMITH |
| 6.26 |
|
| TERESA O SMITH |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 21.33 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
CREDIT OPPORTUNITIES FUND |
| T ROWE PRICE ASSOCIATES |
| 23.13 |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 6.46 |
|
| OUR CUSTOMERS |
|
|
CREDIT OPPORTUNITIES FUND—ADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 92.92(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
CREDIT OPPORTUNITIES FUND—I CLASS |
| T ROWE PRICE ASSOCIATES |
| 84.93(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| T ROWE PRICE TRUST CO |
| 6.66 |
|
| CUST FOR THE ROLLOVER IRA OF |
|
|
|
| GARY C DUDLEY |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 8.11 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
DIVERSIFIED MID-CAP GROWTH FUND |
| NATIONAL FINANCIAL SERVICES |
| 7.82 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 6.28 |
114
FUND |
| SHAREHOLDER | % | |
DIVERSIFIED MID-CAP GROWTH FUND—I CLASS |
| PIMS/PRUDENTIAL RETIREMENT |
| 12.82 |
|
| AS NOMINEE FOR THE TTEE/CUST PL 010 |
|
|
|
| STATE OF CONNECTICUT ALTERNATE |
|
|
|
| 55 ELM STREET |
|
|
|
| HARTFORD CT 06106-1746 |
|
|
|
|
|
|
|
|
| PIMS/PRUDENTIAL RETIREMENT |
| 39.10(a) |
|
| AS NOMINEE FOR THE TTEE/CUST PL 010 |
|
|
|
| STATE OF CONNECTICUT DEFERRED |
|
|
|
|
|
|
|
|
| PIMS/PRUDENTIAL RETIREMENT |
| 9.87 |
|
| AS NOMINEE FOR THE TTEE/CUST PL 010 |
|
|
|
| STATE OF CONNECTICUT SECTION |
|
|
|
|
|
|
|
|
| VOYA INSTITUTIONAL TRUST CO |
| 10.85 |
|
| FBO ARVEST |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 9.54 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
DIVIDEND GROWTH FUND |
| NATIONAL FINANCIAL SERVICES |
| 17.35 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| MLPF&S FOR THE SOLE BENEFIT OF |
| 7.43 |
|
| ITS CUSTOMERS |
|
|
|
| 4800 DEERLAKE DR E 3RD FL |
|
|
|
| JACKSONVILLE FL 32246-6484 |
|
|
|
|
|
|
|
|
| LPL FINANCIAL |
| 8.24 |
|
| OMNIBUS CUSTOMER ACCOUNT |
|
|
|
| ATTN: MUTUAL FUND TRADING |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 7.70 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 5.59 |
115
FUND |
| SHAREHOLDER | % | |
DIVIDEND GROWTH FUND—ADVISOR CLASS |
| GREAT-WEST TRUST COMPANY LLC FBO |
| 6.22 |
|
| EMPLOYEE BENEFITS CLIENTS 401K |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 52.51(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| MATRIX TRUST COMPANY AS TTEE FBO |
| 7.44 |
|
| VISTA 401(K) RETIREMENT PLAN |
|
|
|
| PO BOX 52129 |
|
|
|
| PHOENIX AZ 85072-2129 |
|
|
DIVIDEND GROWTH FUND—I CLASS |
| EDWARD D JONES & CO |
| 31.41(a) |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 36.71(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.48 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
DYNAMIC CREDIT FUND |
| T ROWE PRICE ASSOCIATES |
| 89.05(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
DYNAMIC CREDIT FUND—I CLASS |
| RUDDERFLAG & CO |
| 95.66(a) |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN MULTI-STRAGEGY TOTAL |
|
|
|
| RETURN FUND |
|
|
116
FUND |
| SHAREHOLDER | % | |
DYNAMIC GLOBAL BOND FUND |
| RETIREMENT PORTFOLIO 2010 |
| 5.26 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2040 |
| 6.61 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2015 |
| 7.62 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 19.22 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 15.45 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 16.20 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2035 |
| 8.04 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 8.57 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
DYNAMIC GLOBAL BOND FUND—ADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 84.95(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 15.04 |
117
FUND |
| SHAREHOLDER | % | |
DYNAMIC GLOBAL BOND FUND—I CLASS |
| LADYBIRD & CO |
| 13.68 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN DYNAMIC GLOBAL BOND |
|
|
|
| I CLASS |
|
|
|
|
|
|
|
|
| LADYBUG & CO |
| 7.36 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN DYNAMIC GLOBAL BOND |
|
|
|
| I CLASS |
|
|
|
|
|
|
|
|
| RETIREMENT I 2020 FUND |
| 12.22 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 11.24 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 11.67 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2035 FUND |
| 6.34 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2040 FUND |
| 5.18 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
EMERGING EUROPE FUND |
| NATIONAL FINANCIAL SERVICES LLC |
| 6.85 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| SPECTRUM INTERNATIONAL FUND |
| 6.74 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
EMERGING EUROPE FUND—I CLASS |
| LEWIS M FRIDLAND |
| 17.84 |
|
| GARY L SALING TRS |
|
|
|
| TRUST FOR REHABILITATION & |
|
|
|
| NURTURING YOUTH & FAMILIES INC |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 76.95(b) |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
118
FUND |
| SHAREHOLDER | % | |
EMERGING MARKETS BOND FUND |
| RETIREMENT PORTFOLIO 2015 |
| 6.04 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 14.68 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 11.21 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 11.00 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 12.18 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
EMERGING MARKETS BOND FUND—ADVISOR CLASS |
| PERSHING LLC |
| 91.97(a) |
EMERGING MARKETS BOND FUND—I CLASS |
| CHARLES SCHWAB & CO INC |
| 8.15 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2015 FUND |
| 5.41 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2020 FUND |
| 16.11 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 14.09 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 13.49 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2035 FUND |
| 6.74 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
119
FUND |
| SHAREHOLDER | % | |
EMERGING MARKETS CORPORATE BOND FUND |
| T ROWE PRICE ASSOCIATES |
| 33.26(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| LPL FINANCIAL |
| 12.79 |
|
| OMNIBUS CUSTOMER ACCOUNT |
|
|
|
| ATTN: MUTUAL FUND TRADING |
|
|
EMERGING MARKETS CORPORATE BOND FUND— |
| NATIONAL FINANCIAL SERVICES |
| 79.90(a) |
ADVISOR CLASS |
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 11.78 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
EMERGING MARKETS CORPORATE BOND FUND— |
| CHARLES A MORRIS |
| 5.96 |
I CLASS |
| ELISE D MORRIS JT TEN T O D |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 81.67(a) |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
EMERGING MARKETS CORPORATE MULTI-SECTOR |
| T ROWE PRICE ASSOCIATES |
| 23.64 |
ACCOUNT PORTFOLIO |
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| BALTIMORE EQUITABLE SOCIETY |
| 6.48 |
|
| ATTN MARY HARLEE |
|
|
|
| 100 N CHARLES ST STE 640 |
|
|
|
| BALTIMORE MD 21201-3808 |
|
|
|
|
|
|
|
|
| XCEL ENERGY INC. |
| 11.74 |
|
| ATTN: GREG ZICK |
|
|
|
| 414 NICOLLET MALL |
|
|
|
| MINNEAPOLIS MN 55401-1993 |
|
|
|
|
|
|
|
|
| ILLINOIS STUDENT ASSISTANCE |
| 11.76 |
|
| COMMISSION |
|
|
|
| ATTN: ROGER ROJAS |
|
|
|
| 1755 LAKE COOK RD |
|
|
|
| DEERFIELD IL 60015-5209 |
|
|
|
|
|
|
|
|
| GENERAL DYNAMICS CORP 401K |
| 46.38(a) |
|
| PLAN MASTER TRUST CP |
|
|
|
| 2941 FAIRVIEW PARK DR STE 100 |
|
|
|
| FALLS CHURCH VA 22042-4541 |
|
|
120
FUND |
| SHAREHOLDER | % | |
EMERGING MARKETS DISCOVERY STOCK FUND |
| T ROWE PRICE ASSOCIATES |
| 8.26 |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 8.27 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 6.79 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INTERNATIONAL FUND |
| 27.21(d) |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
EMERGING MARKETS DISCOVERY STOCK FUND— |
| T ROWE PRICE ASSOCIATES |
| 75.23(c) |
ADVISOR CLASS |
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.35 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 18.09 |
EMERGING MARKETS DISCOVERY STOCK FUND— |
| NATIONAL FINANCIAL SERVICES |
| 33.49(a) |
I CLASS |
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 7.49 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 24.54 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 6.19 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| ERNEST YEUNG |
| 5.42 |
|
|
|
|
|
|
| PERSHING LLC |
| 17.75 |
EMERGING MARKETS LOCAL CURRENCY BOND FUND |
| HORIZONDECK & CO |
| 5.29 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN GLOBAL ALLOCATION FUND |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 87.10(d) |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
121
FUND |
| SHAREHOLDER | % | |
EMERGING MARKETS LOCAL CURRENCY BOND FUND— |
| T ROWE PRICE ASSOCIATES |
| 71.13(c) |
ADVISOR CLASS |
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 20.68 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
EMERGING MARKETS LOCAL CURRENCY BOND FUND— |
| NATIONAL FINANCIAL SERVICES |
| 8.12 |
I CLASS |
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 5.54 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 38.01(a) |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 37.36(a) |
EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT |
| T ROWE PRICE ASSOCIATES |
| 89.04(c) |
PORTFOLIO |
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| BALTIMORE EQUITABLE SOCIETY |
| 10.96 |
|
| ATTN MARY HARLEE |
|
|
EMERGING MARKETS STOCK FUND |
| MLPF&S FOR THE SOLE BENEFIT OF ITS |
| 12.90 |
|
| CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2040 |
| 8.20 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 6.45 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 7.03 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 9.98 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2035 |
| 6.71 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
122
FUND |
| SHAREHOLDER | % | |
EMERGING MARKETS STOCK FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES LLC |
| 30.74(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| MLPF&S FOR THE SOLE BENEFIT OF |
| 5.67 |
|
| ITS CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 6.57 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2040 FUND |
| 5.95 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
EQUITY INCOME FUND |
| T ROWE PRICE TRUST CO INC |
| 6.43 |
|
| ATTN: TRPS INST CONTROL DEPT |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 7.51 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 5.27 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
EQUITY INCOME FUND—ADVISOR CLASS |
| WTRISC CO IRA OMNIBUS ACCT |
| 6.52 |
|
| C/O ICMA RETIREMENT CORPORATION |
|
|
|
| 777 NORTH CAPITOL STREET, NE |
|
|
|
| WASHINGTON DC 20002-4239 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 56.56(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
EQUITY INCOME FUND—I CLASS |
| EDWARD D JONES & CO |
| 47.20(a) |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 16.10 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| T ROWE PRICE RPS INC |
| 7.25 |
|
| OMNIBUS ACCOUNT |
|
|
|
| TRP EQUITY INCOME - I |
|
|
|
| FUND 426/CHNA CUSIP:779547405 |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 7.23 |
|
| OUR CUSTOMERS |
|
|
123
FUND |
| SHAREHOLDER | % | |
EQUITY INCOME FUND—R CLASS |
| AMERICAN UNITED LIFE |
| 8.90 |
|
| AMERICAN UNIT TRUST |
|
|
|
| ATTN SEPARATE ACCOUNTS |
|
|
|
| PO BOX 368 |
|
|
|
| INDIANAPOLIS IN 46206-0368 |
|
|
|
|
|
|
|
|
| DCGT AS TTEE AND/OR CUST |
| 5.47 |
|
| ATTN NPIO TRADE DESK |
|
|
|
| FBO PLIC VARIOUS RETIREMENT PLANS |
|
|
|
| OMNIBUS |
|
|
|
|
|
|
|
|
| NATIONWIDE TRUST CO FSB |
| 6.99 |
|
| C/O IPO PORTFOLIO ACCTG |
|
|
|
|
|
|
|
|
| MASSACHUSETTS MUTUAL LIFE |
| 5.21 |
|
| INSURANCE CO |
|
|
|
| ATTN RS FUND OPERATIONS |
|
|
|
| 1295 STATE ST MIP M200-INVST |
|
|
|
| SPRINGFIELD MA 01111-0001 |
|
|
|
|
|
|
|
|
| HARTFORD LIFE INSURANCE CO |
| 14.47 |
|
| SEPARATE ACCOUNT |
|
|
|
| ATTN UIT OPERATIONS |
|
|
|
| PO BOX 2999 |
|
|
|
| HARTFORD CT 06104-2999 |
|
|
|
|
|
|
|
|
| AMERICAN UNITED LIFE |
| 17.23 |
|
| SEPARATE ACCOUNT II |
|
|
|
| ATTN SEPARATE ACCOUNTS |
|
|
124
FUND |
| SHAREHOLDER | % | |
EQUITY INDEX 500 FUND |
| RETIREMENT PORTFOLIO 2040 |
| 5.00 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 13.35 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 10.57 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 11.00 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2035 |
| 5.57 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
EQUITY INDEX 500 FUND—I CLASS |
| RETIREMENT I 2020 FUND |
| 16.65 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 15.04 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 15.63 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2035 FUND |
| 8.67 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2040 FUND |
| 7.80 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
125
FUND |
| SHAREHOLDER | % | |
EUROPEAN STOCK FUND |
| NATIONAL FINANCIAL SERVICES |
| 5.54 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.95 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INTERNATIONAL FUND |
| 26.24(d) |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
EUROPEAN STOCK FUND—I CLASS |
| S KENNETH LEECH |
| 26.35(a) |
|
| EILEEN STUECK LEECH JT TEN |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 14.64 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 18.02 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 22.36 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
EXTENDED EQUITY MARKET INDEX FUND |
| TD AMERITRADE INC FBO |
| 6.04 |
|
| OUR CUSTOMERS |
|
|
FINANCIAL SERVICES FUND |
| T ROWE PRICE SERVICES INC FBO |
| 6.33 |
|
| EDUCATION TRUST OF ALASKA |
|
|
|
| PORTFOLIO FUTURE TRENDS |
|
|
|
| ATTN DAWN WAGNER FIXED INCOME |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 5.23 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 6.30 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 9.05 |
126
FUND |
| SHAREHOLDER | % | |
FINANCIAL SERVICES FUND—I CLASS |
| T ROWE PRICE RPS INC |
| 41.80(b) |
|
| OMNIBUS ACCOUNT |
|
|
|
| TRP FINANCIAL SERVICES -I |
|
|
|
| FUND 247/X2TZ CUSIP:87282H108 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 7.08 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 31.61(b) |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
FLOATING RATE FUND |
| NATIONAL FINANCIAL SERVICES |
| 6.26 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 9.17 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 6.88 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 6.95 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 19.27 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
FLOATING RATE FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 59.76(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 10.59 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 15.98 |
127
FUND |
| SHAREHOLDER | % | |
FLOATING RATE FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES LLC |
| 7.04 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 6.01 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT I 2020 FUND |
| 13.20 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 11.07 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 10.77 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2035 FUND |
| 5.22 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
FLOATING RATE MULTI-SECTOR ACCOUNT PORTFOLIO |
| T ROWE PRICE ASSOCIATES |
| 37.16(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| BALTIMORE EQUITABLE SOCIETY |
| 11.45 |
|
| ATTN MARY HARLEE |
|
|
|
|
|
|
|
|
| XCEL ENERGY INC. |
| 20.83 |
|
| ATTN: GREG ZICK |
|
|
|
|
|
|
|
|
| ILLINOIS STUDENT ASSISTANCE |
| 6.67 |
|
| COMMISSION |
|
|
|
| ATTN: ROGER ROJAS |
|
|
|
|
|
|
|
|
| GENERAL DYNAMICS CORP 401K |
| 23.89 |
|
| PLAN MASTER TRUST CP |
|
|
GEORGIA TAX-FREE BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 23.30 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 13.70 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
128
FUND |
| SHAREHOLDER | % | |
GEORGIA TAX-FREE BOND FUND—I CLASS |
| SEI PRIVATE TRUST COMPANY |
| 5.61 |
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY |
| 68.71(a) |
|
| ATTN MUTUAL FUNDS |
|
|
|
| ONE FREEDOM VALLEY DRIVE |
|
|
|
| OAKS PA 19456-9989 |
|
|
GLOBAL ALLOCATION FUND |
| T ROWE PRICE ASSOCIATES |
| 31.37(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| MORGAN STANLEY SMITH BARNEY LLC |
| 7.17 |
|
| FOR THE EXCL BENEFIT OF ITS CUST |
|
|
|
| 1 NEW YORK PLZ FL 12 |
|
|
|
| NEW YORK NY 10004-1965 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 10.42 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RAYMOND JAMES |
| 9.21 |
|
| OMNIBUS FOR MUTUAL FUNDS |
|
|
|
| HOUSE ACCT FIRM |
|
|
|
| ATTN COURTNEY WALLER |
|
|
|
| 880 CARILLON PKWY |
|
|
|
| ST PETERSBURG FL 33716-1100 |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 8.27 |
GLOBAL ALLOCATION FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 11.62 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| LPL FINANCIAL |
| 12.92 |
|
| OMNIBUS CUSTOMER ACCOUNT |
|
|
|
| ATTN: MUTUAL FUND TRADING |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 8.12 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 10.40 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 48.66(a) |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
129
FUND |
| SHAREHOLDER | % | |
GLOBAL ALLOCATION FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES |
| 15.27 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 9.07 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 19.06 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 12.51 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 15.49 |
GLOBAL CONSUMER FUND |
| T ROWE PRICE ASSOCIATES |
| 43.19(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 19.71 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
GLOBAL GROWTH STOCK FUND |
| NATIONAL FINANCIAL SERVICES |
| 7.30 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.38 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
130
FUND |
| SHAREHOLDER | % | |
GLOBAL GROWTH STOCK FUND—ADVISOR CLASS |
| DIAMOND PAPER COMPANY INC TTEE FBO |
| 15.22 |
|
| C/O FASCORE LLC |
|
|
|
| DIAMOND PAPER COMPANY INC 401K |
|
|
|
| 8515 E ORCHARD RD 2T2 |
|
|
|
| GREENWOOD VILLAGE CO 80111-5002 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 14.75 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| MARK SMITH & GREGG DEVILBISS TTEE F |
| 24.78 |
|
| KENTNER SELLERS LLP PSP |
|
|
|
| C/O FASCORE LLC |
|
|
|
| 8515 E ORCHARD RD 2T2 |
|
|
|
| GREENWOOD VLG CO 80111-5002 |
|
|
|
|
|
|
|
|
| RAYMOND JAMES |
| 8.48 |
|
| OMNIBUS FOR MUTUAL FUNDS |
|
|
|
| HOUSE ACCT FIRM 92500015 |
|
|
|
| ATTN COURTNEY WALLER |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 9.46 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 21.98 |
131
FUND |
| SHAREHOLDER | % | |
GLOBAL GROWTH STOCK FUND—I CLASS |
| MAC & CO |
| 16.58 |
|
| ATTN MUTUAL FUND OPS |
|
|
|
|
|
|
|
|
| MAC & CO |
| 7.05 |
|
| ATTN MUTUAL FUND OPS |
|
|
|
|
|
|
|
|
| MAC & CO |
| 17.80 |
|
| ATTN MUTUAL FUND OPS |
|
|
|
|
|
|
|
|
| WASHINGTON SUBURBAN SANITARY |
| 9.31 |
|
| COMMISSION RETIREE OTHER POST |
|
|
|
| EMPLOYMENT BENEFIT TRUST |
|
|
|
| 14501 SWEITZER LN |
|
|
|
| LAUREL MD 20707-5901 |
|
|
|
|
|
|
|
|
| NATIONAL MERIT SCHOLARSHIP |
| 7.89 |
|
| CORPORATION |
|
|
|
| 1560 SHERMAN AVENUE STE 200 |
|
|
|
| EVANSTON IL 60201-4897 |
|
|
|
|
|
|
|
|
| TEXAS TUITION PROMISE FUND 529 |
| 28.36(a) |
|
| CTC FBO |
|
|
|
| 17605 WRIGHT STREET SUITE #3 |
|
|
|
| OMAHA NE 68130-2033 |
|
|
GLOBAL HIGH INCOME BOND FUND |
| T ROWE PRICE ASSOCIATES |
| 5.18 |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 14.30 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 7.73 |
|
| OUR CUSTOMERS |
|
|
GLOBAL HIGH INCOME BOND FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 24.07 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 28.42(a) |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 33.21(a) |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 14.30 |
132
FUND |
| SHAREHOLDER | % | |
GLOBAL HIGH INCOME BOND FUND—I CLASS |
| CHARLES SCHWAB & CO INC |
| 48.77(a) |
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY |
| 31.13(a) |
|
| C/O MELLON BANK |
|
|
|
| ATTN MUTUAL FUNDS ADMIN |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 5.41 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
GLOBAL INDUSTRIALS FUND |
| T ROWE PRICE ASSOCIATES |
| 41.83(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
GLOBAL INDUSTRIALS FUND—I CLASS |
| T ROWE PRICE ASSOCIATES |
| 19.14 |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 80.86(b) |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
GLOBAL MULTI-SECTOR BOND FUND |
| MORGAN STANLEY SMITH BARNEY LLC |
| 6.19 |
|
| FOR THE EXCL BENEFIT OF ITS CUST |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 14.58 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 6.86 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 13.54 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
GLOBAL MULTI-SECTOR BOND FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 59.15(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 10.04 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 13.18 |
133
FUND |
| SHAREHOLDER | % | |
GLOBAL MULTI-SECTOR BOND FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES |
| 19.03 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 9.29 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 38.47(a) |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
GLOBAL REAL ESTATE FUND |
| NATIONAL FINANCIAL SERVICES |
| 7.33 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 10.82 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.14 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
GLOBAL REAL ESTATE FUND—ADVISOR CLASS |
| GREAT-WEST TRUST COMPANY LLC FBO |
| 25.94(a) |
|
| EMPLOYEE BENEFITS CLIENTS 401K |
|
|
|
|
|
|
|
|
| GREAT-WEST LIFE & ANNUITY |
| 9.87 |
|
| FBO FUTURE FUNDS II |
|
|
|
| 8515 E ORCHARD RD 2T2 |
|
|
|
| GREENWOOD VLG CO 80111-5002 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 22.80 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 12.44 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
134
FUND |
| SHAREHOLDER | % | |
GLOBAL REAL ESTATE FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES LLC |
| 46.57(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 12.76 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 18.18 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| JOHN B CARTER |
| 8.80 |
|
|
|
|
|
|
| PERSHING LLC |
| 7.75 |
GLOBAL STOCK FUND |
| MORGAN STANLEY SMITH BARNEY LLC |
| 5.16 |
|
| FOR THE EXCL BENEFIT OF ITS CUST |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 19.41 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 6.50 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| WELLS FARGO CLEARING SERVICES LLC |
| 5.27 |
|
| SPECIAL CUSTODY ACCT FOR THE |
|
|
|
| EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 10.56 |
GLOBAL STOCK FUND—ADVISOR CLASS |
| UMB BANK N/A |
| 75.65(a) |
|
| FBO FIDUCIARY FOR VARIOUS |
|
|
|
| RETIREMENT PROGRAMS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 6.75 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
135
FUND |
| SHAREHOLDER | % | |
GLOBAL STOCK FUND—I CLASS |
| AFFILIATED FM INSURANCE CO. |
| 9.54 |
|
| 270 CENTRAL AVE |
|
|
|
| JOHNSTON RI 02919-4923 |
|
|
|
|
|
|
|
|
| FACTORY MUTUAL INSURANCE CO. |
| 19.08 |
|
| 270 CENTRAL AVE |
|
|
|
| JOHNSTON RI 02919-4923 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA AS CUSTODIAN |
| 7.75 |
|
| FBO E&Y PARTNERSHIP DEFINED BENEFIT |
|
|
|
| 4 CHASE METROTECH CENTER, 6TH FLR |
|
|
|
| BROOKLYN NY 11245-0003 |
|
|
|
|
|
|
|
|
| EDWARD D JONES & CO |
| 6.06 |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC |
| 7.03 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA AS CUSTODIAN |
| 5.75 |
|
| JPM AS DIRECTED TRUSTEE FOR ERNST&Y |
|
|
|
| 4 CHASE METROTECH CENTER, 6TH FLR |
|
|
|
| BROOKLYN NY 11245-0003 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA AS CUSTODIAN |
| 5.73 |
|
| JPMORGAN AS DIRECTED TRUSTEE THE ER |
|
|
|
| 4 CHASE METROTECH CENTER, 6TH FLR |
|
|
|
| BROOKLYN NY 11245-0003 |
|
|
|
|
|
|
|
|
| JPMORGAN CHASE BANK NA AS CUSTODIAN |
| 6.52 |
|
| JPMORGAN CHASE BANK, N. A. AS CUSTO |
|
|
|
| 4 CHASE METROTECH CTR |
|
|
|
| BROOKLYN NY 11245-0003 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.10 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 7.39 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
136
FUND |
| SHAREHOLDER | % | |
GLOBAL TECHNOLOGY FUND |
| NATIONAL FINANCIAL SERVICES |
| 9.04 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| MLPF&S FOR THE SOLE BENEFIT OF |
| 5.08 |
|
| ITS CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.52 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.38 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 6.00 |
GLOBAL TECHNOLOGY FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES LLC |
| 27.65(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RELIANCE TRUST COMPANY FBO |
| 5.43 |
|
| MASSMUTUAL REGISTERED PRODUCT |
|
|
|
| PO BOX 28004 |
|
|
|
| ATLANTA GA 30358-0004 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 15.85 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 9.00 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
GNMA FUND |
| SPECTRUM INCOME FUND |
| 46.36(d) |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
137
FUND |
| SHAREHOLDER | % | |
GNMA FUND—I CLASS |
| T ROWE PRICE TRUST CO |
| 5.61 |
|
| CUST FOR THE IRA OF |
|
|
|
| LARRY P SCRIGGINS |
|
|
|
|
|
|
|
|
| T ROWE PRICE TRUST CO |
| 5.04 |
|
| CUST FOR THE ROLLOVER IRA OF |
|
|
|
| STEVEN E WATERS |
|
|
|
|
|
|
|
|
| T ROWE PRICE TRUST CO |
| 9.80 |
|
| CUST FOR THE ROTH IRA OF |
|
|
|
| THOMAS GONG WONG |
|
|
|
|
|
|
|
|
| HOWARD M BOEHM |
| 17.10 |
|
| ESTHER BOEHM JT TEN |
|
|
|
|
|
|
|
|
| FAYE L ZABARSKY TR |
| 19.08 |
|
| FAYE L ZABARSKY 2017 REV TRUST |
|
|
|
|
|
|
|
|
| RICHARD ILLGEN |
| 8.34 |
|
| IRENE ROSENFELD ILLGEN JT TEN |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 12.20 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 11.30 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
GOVERNMENT MONEY FUND |
| T ROWE PRICE ASSOCIATES INC |
| 12.67 |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
GOVERNMENT RESERVE FUND |
| JNL TRP CAP APP FUND |
| 5.27 |
|
| ATTN: JOSEPH O'BOYLE |
|
|
|
|
|
|
|
|
| SEAMILE & CO |
| 26.69(d) |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN CAPITAL APPREC FUND |
|
|
GROWTH & INCOME FUND |
| T ROWE PRICE TRUST CO INC |
| 5.95 |
|
| ATTN: TRPS INST CONTROL DEPT |
|
|
138
FUND |
| SHAREHOLDER | % | |
GROWTH & INCOME FUND—I CLASS |
| T ROWE PRICE TRUST CO |
| 5.52 |
|
| CUST FOR THE IRA OF |
|
|
|
| JERRY J WEYGANDT |
|
|
|
|
|
|
|
|
| GARY M JACOBS |
| 5.88 |
|
| JANET L JACOBS JT TEN |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.36 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
GROWTH STOCK FUND |
| T ROWE PRICE TRUST CO INC |
| 6.52 |
|
| ATTN: TRPS INST CONTROL DEPT |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 7.11 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2040 |
| 7.74 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 7.66 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2035 |
| 5.81 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
GROWTH STOCK FUND—ADVISOR CLASS |
| VANTAGETRUST - UNITIZED |
| 22.69 |
|
| C/O ICMA RETIREMENT CORPORATION |
|
|
|
| 777 NORTH CAPITOL STREET NE |
|
|
|
| WASHINGTON DC 20002-4239 |
|
|
|
|
|
|
|
|
| NATIONWIDE LIFE INSURANCE COMPANY |
| 11.73 |
|
| C/O IPO PORTFOLIO ACCOUNTING |
|
|
|
| DCVA |
|
|
|
|
|
|
|
|
| NATIONWIDE LIFE INSURANCE COMPANY |
| 5.14 |
|
| C/O IPO PORTFOLIO ACCOUNTING |
|
|
|
| NACO |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 21.24 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
139
FUND |
| SHAREHOLDER | % | |
GROWTH STOCK FUND—I CLASS |
| CHARLES SCHWAB & CO INC |
| 8.88 |
|
| ATTN MUTUAL FUNDS |
|
|
|
| 101 MONTGOMERY ST |
|
|
|
| SAN FRANCISCO CA 94104-4151 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC |
| 11.35 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 5.15 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2040 FUND |
| 5.72 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
GROWTH STOCK FUND—R CLASS |
| AXA EQUITABLE FOR SA NO 65 |
| 8.96 |
|
| 500 PLAZA DR FL 7 |
|
|
|
| SECAUCUS NJ 07094-3619 |
|
|
|
|
|
|
|
|
| UMB BANK N/A |
| 6.83 |
|
| FBO FIDUCIARY FOR TAX DEFERRED |
|
|
|
| ACCOUNTS |
|
|
|
|
|
|
|
|
| UMB BANK NA SFR |
| 8.85 |
|
| FBO FIDUCIARY FOR TAX DEFERRED |
|
|
|
| ACCOUNTS GROUP |
|
|
|
| 1 SW SECURITY BENEFIT PL |
|
|
|
| TOPEKA KS 66636-0001 |
|
|
|
|
|
|
|
|
| HARTFORD LIFE INSURANCE CO |
| 8.13 |
|
| SEPARATE ACCOUNT |
|
|
|
| ATTN UIT OPERATIONS |
|
|
|
|
|
|
|
|
| STATE STREET BANK AND TRUST AS |
| 17.46 |
|
| TRUSTEE AND/OR CUSTODIAN |
|
|
|
| FBO ADP ACCESS PRODUCT |
|
|
|
|
|
|
|
|
| SUNTRUST BANK FBO |
| 6.74 |
|
| VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
|
|
|
| 8515 E ORCHARD RD 2T2 |
|
|
|
| GREENWOOD VLG CO 80111-5002 |
|
|
140
FUND |
| SHAREHOLDER | % | |
HEALTH SCIENCES FUND |
| NATIONAL FINANCIAL SERVICES |
| 8.31 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| JOHN HANCOCK LIFE |
| 5.69 |
|
| INSURANCE CO USA |
|
|
|
| ATTN: JHRPS TRADING OPS ST6 |
|
|
|
| 200 BERKELEY STREET |
|
|
|
| BOSTON MA 02116-5022 |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 5.23 |
HEALTH SCIENCES FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES |
| 16.69 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| T ROWE PRICE RPS INC |
| 8.52 |
|
| OMNIBUS ACCOUNT |
|
|
|
| TRP HEALTH SCIENCES - I |
|
|
|
| FUND 216/X24R CUSIP:87281Y102 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 10.72 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 10.48 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
HIGH YIELD FUND |
| RETIREMENT PORTFOLIO 2020 |
| 8.89 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 6.66 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 6.47 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 17.79 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
HIGH YIELD FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 91.64(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
141
FUND |
| SHAREHOLDER | % | |
HIGH YIELD FUND—I CLASS |
| EDWARD D JONES & CO |
| 49.68(a) |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT I 2020 FUND |
| 6.26 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 5.36 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 5.19 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
HIGH YIELD MULTI-SECTOR ACCOUNT PORTFOLIO |
| T ROWE PRICE ASSOCIATES |
| 70.73(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| BALTIMORE EQUITABLE SOCIETY |
| 6.58 |
|
| ATTN MARY HARLEE |
|
|
|
|
|
|
|
|
| GENERAL DYNAMICS CORP 401K |
| 19.63 |
|
| PLAN MASTER TRUST CP |
|
|
INFLATION PROTECTED BOND FUND |
| T ROWE PRICE RPS INC |
| 6.28 |
|
| OMNIBUS ACCOUNT |
|
|
|
| INFLATION PROTECTED BOND, #147 |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 6.71 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 9.88 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
142
FUND |
| SHAREHOLDER | % | |
INFLATION PROTECTED BOND FUND—I CLASS |
| CBNA AS TRUSTEE FBO |
| 7.31 |
|
| COMMUNITY BANK 401(K) PLAN |
|
|
|
| 6 RHOADS DR STE 7 |
|
|
|
| UTICA NY 13502-6317 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 9.13 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| T ROWE PRICE RPS INC |
| 10.54 |
|
| OMNIBUS ACCOUNT |
|
|
|
| TRP INFLATION PROTECTED BOND-I |
|
|
|
| FUND 439/X24U CUSIP:77958D200 |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 8.43 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| BERNARD H WEBERMAN |
| 5.79 |
|
| RACHELLE L LEVITT JT TEN |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 10.30 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 10.82 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
INSTITUTIONAL AFRICA & MIDDLE EAST FUND |
| NATIONAL FINANCIAL SERVICES LLC |
| 72.10(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| NORTHERN TRUST AS CUSTODIAN FBO |
| 25.41(a) |
|
| JOHN E FETZER INSTITUTE |
|
|
|
| PO BOX 92956 |
|
|
|
| CHICAGO IL 60675-0001 |
|
|
143
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL CASH RESERVES FUND |
| T ROWE PRICE INTERNATIONAL LTD |
| 55.78(a) |
|
| ATTN ANDREW CARTER |
|
|
|
| 60 QUEEN VICTORIA STREET |
|
|
|
| LONDON EC4N 4T2 |
|
|
|
| UNITED KINGDOM |
|
|
|
|
|
|
|
|
| T ROWE PRICE ASSOCIATES |
| 11.10 |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| T ROWE PRICE SERVICES INC |
| 5.94 |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| T ROWE PRICE RETIREMENT |
| 14.53 |
|
| PLAN SERVICES INC |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| T ROWE PRICE SUBURBAN |
| 12.52 |
|
| SECOND INC |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
| P O BOX 89000 |
|
|
|
| BALTIMORE MD 21289-5076 |
|
|
INSTITUTIONAL CORE PLUS FUND |
| BAND & CO C/O US BANK NA |
| 7.70 |
|
| 1555 N RIVERCENTER DR STE 302 |
|
|
|
| MILWAUKEE WI 53212-3958 |
|
|
|
|
|
|
|
|
| SEI PRIVATE TRUST COMPANY |
| 10.19 |
|
| C/O SUNTRUST BANK |
|
|
|
| FBO THE CHURCH FOUNDATION |
|
|
|
| ATTN; MUTUAL FUND ADMIN |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 28.23(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| JEANETTE STUMP & |
| 9.72 |
|
| JAMES CARNEY & HOWARD KLINE TRS |
|
|
|
| SPECIAL METALS CORPORATION RETIREE |
|
|
|
| BENEFIT TRUST |
|
|
144
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL EMERGING MARKETS BOND FUND |
| GREAT-WEST TRUST COMPANY LLC TTEE F |
| 5.62 |
|
| C/O MUTUAL FUND TRADING |
|
|
|
| RECORDKEEPING FOR VARIOUS BENEFIT P |
|
|
|
| 8525 E ORCHARD RD |
|
|
|
| GREENWOOD VLG CO 80111-5002 |
|
|
|
|
|
|
|
|
| HORIZONDECK & CO |
| 6.37 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN GLOBAL ALLOCATION FUND |
|
|
|
|
|
|
|
|
| LADYBIRD & CO |
| 26.71(d) |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY INCOME FD |
|
|
|
|
|
|
|
|
| LADYBUG & CO |
| 17.55 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY BALANCED FD |
|
|
|
|
|
|
|
|
| LAKESIDE & CO |
| 8.69 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY GROWTH FUND |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 9.07 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
INSTITUTIONAL EMERGING MARKETS EQUITY FUND |
| LADYBUG & CO |
| 5.98 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY BALANCED FD |
|
|
|
|
|
|
|
|
| LAKESIDE & CO |
| 9.65 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY GROWTH FUND |
|
|
|
|
|
|
|
|
| GOLDMAN SACHS & CO |
| 19.30 |
|
| EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|
|
| 85 BROAD ST |
|
|
|
| NEW YORK NY 10004-2434 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 13.84 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| WELLS FARGO BANK NA FBO |
| 20.06 |
|
| OMNIBUS ACCOUNT CASH/CASH |
|
|
145
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL FLOATING RATE FUND |
| TUNA & CO |
| 16.59 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN NEW INCOME FUND |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FOR THE |
| 6.20 |
|
| EXCLUSIVE BENEFIT OF OUR CLIENTS |
|
|
|
|
|
|
|
|
| J.P. MORGAN SECURITIES LLC |
| 7.68 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
| 4 CHASE METROTECH CTR |
|
|
|
| BROOKLYN NY 11245-0003 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC |
| 19.55 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| WELLS FARGO BANK NA FBO |
| 7.61 |
|
| OMNIBUS ACCOUNT CASH/CASH |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 10.08 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
INSTITUTIONAL FLOATING RATE FUND—F CLASS |
| NATIONAL FINANCIAL SERVICES |
| 9.95 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 13.17 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 9.39 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| SAXON & CO |
| 50.22(a) |
|
| P.O. BOX 7780-1888 |
|
|
|
| PHILADELPHIA PA 19182-0001 |
|
|
146
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL FRONTIER MARKETS EQUITY FUND |
| T ROWE PRICE ASSOCIATES |
| 51.28(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| HORIZONDECK & CO |
| 8.63 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN GLOBAL ALLOCATION FUND |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 20.86 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 10.57 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
INSTITUTIONAL GLOBAL FOCUSED GROWTH EQUITY |
| NATIONAL FINANCIAL SERVICES |
| 99.95(a) |
FUND |
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
INSTITUTIONAL GLOBAL GROWTH EQUITY FUND |
| NATIONAL FINANCIAL SERVICES |
| 73.57(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| STATE STREET BANK AND TRUST AS |
| 12.69 |
|
| TTEE FOR THE MASTER TRUST FOR |
|
|
|
| DEFINED BENEFIT PLANS |
|
|
|
| OF SYNGENTA CORPORATION |
|
|
|
| 801 PENNSYLVANIA AVE |
|
|
|
| KANSAS CITY MO 64105-1307 |
|
|
|
|
|
|
|
|
| SAXON & CO |
| 10.56 |
INSTITUTIONAL GLOBAL VALUE EQUITY FUND |
| T ROWE PRICE ASSOCIATES |
| 81.69(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 18.31 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
147
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL HIGH YIELD FUND |
| MAC & CO |
| 5.15 |
|
| ATTN MUTUAL FUND OPERATIONS |
|
|
|
|
|
|
|
|
| BREAD & CO |
| 10.29 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN BALANCED FUND |
|
|
|
|
|
|
|
|
| LADYBIRD & CO |
| 6.03 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY INCOME FD |
|
|
|
|
|
|
|
|
| TUNA & CO |
| 5.25 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN NEW INCOME FUND |
|
|
|
|
|
|
|
|
| GOLDMAN SACHS & CO |
| 11.42 |
|
| EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 15.81 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
INSTITUTIONAL INTERNATIONAL CORE EQUITY FUND |
| VOYA INSTITUTIONAL TRUST COMPANY |
| 6.09 |
|
| 1 ORANGE WAY B3N |
|
|
|
| WINDSOR CT 06095-4774 |
|
|
|
|
|
|
|
|
| CAPINCO C/O US BANK NA |
| 36.60(a) |
|
| 1555 N RIVERCENTER DR STE 302 |
|
|
|
| MILWAUKEE WI 53212-3958 |
|
|
|
|
|
|
|
|
| KEYBANK NA |
| 9.13 |
|
| CIA-INTERNATIONAL CUST PRI USD |
|
|
|
| P O BOX 94871 |
|
|
|
| CLEVELAND OH 44101-4871 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC |
| 12.52 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 23.51 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 8.21 |
148
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL INTERNATIONAL DISCIPLINED EQUITY |
| COLUMBIA TRUST PARTNERS |
| 7.25 |
FUND |
| COLUMBIA TRUST PARTNERS |
|
|
|
| PO BOX 1012 |
|
|
|
| SALEM OR 97308-1012 |
|
|
|
|
|
|
|
|
| J.P. MORGAN SECURITIES LLC |
| 5.45 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 42.43(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 9.21 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 24.05 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
INSTITUTIONAL INTERNATIONAL GROWTH EQUITY |
| BNA FOREIGN EQUITY FUND |
| 37.88(a) |
FUND |
| ATTN MR ROBERT SHEW |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 34.71(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| KEYBANK NA |
| 13.87 |
|
| LINK-BELT EE RETMT-T. ROWE PRICE PR |
|
|
|
|
|
|
|
|
| SAXON & CO |
| 7.15 |
INSTITUTIONAL LARGE-CAP CORE GROWTH FUND |
| NATIONAL FINANCIAL SVCS CORP |
| 34.83(a) |
|
| FOR EXCLUSIVE BENEFIT OF OUR |
|
|
|
| CUSTOMERS |
|
|
|
| RUSS LENNON |
|
|
|
|
|
|
|
|
| VANGUARD FIDUCIARY TRUST COMPANY |
| 9.65 |
|
| T ROWE INSTITUTIONAL CLASS |
|
|
|
| ATTN OUTSIDE FUNDS/SCOTT GELLERT |
|
|
149
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL LARGE-CAP GROWTH FUND |
| EDWARD D JONES & CO |
| 6.85 |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC |
| 21.39 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| BANK OF AMERICA NA TRUSTEE FOR |
| 17.33 |
|
| THE BANK OF AMERICA 401K PLAN |
|
|
|
| 700 LOUISIANA ST |
|
|
|
| HOUSTON TX 77002-2700 |
|
|
INSTITUTIONAL LARGE-CAP VALUE FUND |
| NATIONAL FINANCIAL SERVICES LLC |
| 43.00(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 6.75 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| TIAA, FSB CUST/TTEE FBO |
| 11.42 |
|
| RETIREMENT PLANS FOR WHICH |
|
|
|
| TIAA ACTS AS RECORDKEEPER |
|
|
|
| ATTN TRUST OPERATIONS |
|
|
|
| 211 N BROADWAY STE 1000 |
|
|
|
| SAINT LOUIS MO 63102-2748 |
|
|
INSTITUTIONAL LONG DURATION CREDIT FUND |
| T ROWE PRICE ASSOCIATES |
| 47.89(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| WELLS FARGO BANK, N.A. AS DIRECTED |
| 22.24 |
|
| TRUSTEE FBO INVESTMENT COMPANY |
|
|
|
| INSTITUTE DEFINED BENEFIT PLAN |
|
|
|
| 1401 H ST NW STE 1200 |
|
|
|
| WASHINGTON DC 20005-2110 |
|
|
|
|
|
|
|
|
| BAND & CO C/O US BANK NA |
| 28.48(a) |
INSTITUTIONAL MID-CAP EQUITY GROWTH FUND |
| THE STATE OF WISCONSIN DEF COMP BRD |
| 7.47 |
|
| C/O FASCORE LLC |
|
|
|
| FBO WISCONSIN DCP |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 34.20(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| VANGUARD FIDUCIARY TRUST COMPANY |
| 5.87 |
|
| T ROWE INSTITUTIONAL CLASS |
|
|
|
| ATTN OUTSIDE FUNDS/SCOTT GELLERT |
|
|
150
FUND |
| SHAREHOLDER | % | |
INSTITUTIONAL SMALL-CAP STOCK FUND |
| STATE OF FLORIDA PUBLIC |
| 5.18 |
|
| EMPLOYEES OPTIONAL RETIREMENT |
|
|
|
| PROGRAM-FLORIDA RETIREMENT SYSTEM |
|
|
|
| 1801 HERMITAGE BLVD STE 100 |
|
|
|
| TALLAHASSEE FL 32308-7743 |
|
|
|
|
|
|
|
|
| STATE OF MINNESOTA |
| 14.68 |
|
| FBO MINNESOTA STATE RETIREMENT SYST |
|
|
|
| 8515 E ORCHARD RD 2T2 |
|
|
|
| GREENWOOD VLG CO 80111-5002 |
|
|
|
|
|
|
|
|
| NORTHERN TRUST COMPANY TR |
| 8.92 |
|
| FBO PFIZER SAVINGS AND |
|
|
|
| INVESTMENT PLAN |
|
|
|
| PO BOX 92994 |
|
|
|
| CHICAGO IL 60675-0001 |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC |
| 32.99(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| VANGUARD FIDUCIARY TRUST COMPANY |
| 14.72 |
|
| T ROWE INSTITUTIONAL CLASS |
|
|
|
| ATTN OUTSIDE FUNDS/SCOTT GELLERT |
|
|
INSTITUTIONAL U.S. STRUCTURED RESEARCH FUND |
| GREAT-WEST TRUST COMPANY LLC TTEE F |
| 7.50 |
|
| C/O FASCORE LLC |
|
|
|
| CONTRA COSTA COUNTY DEFERRED COMP P |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 38.78(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| WELLS FARGO BANK NA FBO |
| 11.26 |
|
| PHP-T ROWE PRIC INSTL STRUCTRD RSRC |
|
|
|
|
|
|
|
|
| WELLS FARGO BANK NA FBO |
| 11.97 |
|
| UCARE MINNESOTA 13145604 |
|
|
|
|
|
|
|
|
| WELLS FARGO BANK FBO |
| 6.11 |
|
| VARIOUS RETIREMENT PLANS |
|
|
|
| 1525 WEST WT HARRIS BLVD |
|
|
|
| CHARLOTTE NC 28288-1076 |
|
|
INTERMEDIATE TAX-FREE HIGH YIELD FUND |
| T ROWE PRICE ASSOCIATES |
| 63.67(c) |
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
151
FUND |
| SHAREHOLDER | % | |
INTERMEDIATE TAX-FREE HIGH YIELD FUND—ADVISOR |
| T ROWE PRICE ASSOCIATES |
| 44.49(c) |
CLASS |
| ATTN FINANCIAL REPORTING DEPT |
|
|
|
|
|
|
|
|
| LPL FINANCIAL |
| 42.97(a) |
|
| OMNIBUS CUSTOMER ACCOUNT |
|
|
|
| ATTN: MUTUAL FUND TRADING |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 10.08 |
INTERMEDIATE TAX-FREE HIGH YIELD FUND—I CLASS |
| W ROBERT OLSEN TOD |
| 30.71(a) |
|
| 2661 LAKE BALDWIN LN |
|
|
|
| F-105 |
|
|
|
| ORLANDO FL 32814-6891 |
|
|
|
|
|
|
|
|
| JONATHAN D EISNER |
| 7.35 |
|
| EDWARD C BERNARD TRS |
|
|
|
| SCOTT R ROCKWELL 2010 TRUST |
|
|
|
|
|
|
|
|
| CHARLES BLAKE HILL |
| 31.31(a) |
|
| EUGENIA N HILL JT TEN |
|
|
|
|
|
|
|
|
| J D EISNER F R ROCKWELL TRS |
| 16.87 |
|
| JOHN R ROCKWELL MARITAL TRUST |
|
|
152
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL BOND FUND (USD HEDGED) |
| RETIREMENT PORTFOLIO 2010 |
| 5.13 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2040 |
| 6.63 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2015 |
| 7.43 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 18.95 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 15.34 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 16.13 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2035 |
| 7.99 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 9.66 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
INTERNATIONAL BOND FUND (USD HEDGED)—ADVISOR |
| T ROWE PRICE ASSOCIATES |
| 100.00(c) |
CLASS |
| ATTN FINANCIAL REPORTING DEPT |
|
|
153
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL BOND FUND (USD HEDGED)—I CLASS |
| LADYBIRD & CO |
| 8.19 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY INCOME FD |
|
|
|
|
|
|
|
|
| LADYBUG & CO |
| 6.71 |
|
| C/O T ROWE PRICE ASSOC |
|
|
|
| ATTN PERS STRATEGY BALANCED FD |
|
|
|
|
|
|
|
|
| RETIREMENT I 2020 FUND |
| 14.69 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 13.58 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 14.34 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2035 FUND |
| 7.78 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2040 FUND |
| 6.54 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
INTERNATIONAL BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 5.62 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 7.05 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INCOME FUND |
| 19.98 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
154
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL BOND FUND—ADVISOR CLASS |
| MORGAN STANLEY SMITH BARNEY LLC |
| 10.28 |
|
| FOR THE EXCL BENEFIT OF ITS CUST |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 22.12 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 23.99 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| WELLS FARGO CLEARING SERVICES LLC |
| 5.30 |
|
| SPECIAL CUSTODY ACCT FOR THE |
|
|
|
| EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 5.42 |
|
|
|
|
|
|
| VOYA INSTITUTIONAL TRUST COMPANY |
| 5.84 |
INTERNATIONAL BOND FUND—I CLASS |
| EDWARD D JONES & CO |
| 54.37(a) |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 24.65 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 8.12 |
INTERNATIONAL DISCIPLINED EQUITY FUND |
| NATIONAL FINANCIAL SERVICES |
| 16.55 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 24.22 |
|
| OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 18.25 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
INTERNATIONAL DISCIPLINED EQUITY FUND—ADVISOR |
| GREAT-WEST TRUST COMPANY LLC FBO |
| 8.89 |
CLASS |
| EMPLOYEE BENEFITS CLIENTS 401K |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 70.06(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE INC FBO |
| 13.31 |
|
| OUR CUSTOMERS |
|
|
INTERNATIONAL DISCIPLINED EQUITY FUND—I CLASS |
| NATIONAL FINANCIAL SERVICES |
| 90.00(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
155
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL DISCOVERY FUND |
| NATIONAL FINANCIAL SERVICES |
| 21.99 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 13.22 |
INTERNATIONAL DISCOVERY FUND—I CLASS |
| VANGUARD FIDUCIARY TRUST COMPANY |
| 11.83 |
|
| ATTN INVETMENT SERVICES |
|
|
|
| 401K CLIENTS |
|
|
|
| PO BOX 2600 |
|
|
|
| VALLEY FORGE PA 19482-2600 |
|
|
|
|
|
|
|
|
| EDWARD D JONES & CO |
| 23.27 |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 21.89 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 7.47 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
INTERNATIONAL EQUITY INDEX FUND |
| MARYLAND COLLEGE INVESTMENT PLAN |
| 15.17 |
|
| GLOBAL EQUITY MARKET INDEX |
|
|
|
| ATTN FUND ACCOUNTING |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 5.09 |
156
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL STOCK FUND |
| RETIREMENT PORTFOLIO 2040 |
| 9.88 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 7.82 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 8.53 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 12.04 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2035 |
| 8.11 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2045 |
| 5.93 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2050 |
| 5.02 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
INTERNATIONAL STOCK FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 34.34(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 7.99 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| WELLS FARGO CLEARING SERVICES LLC |
| 5.57 |
|
| SPECIAL CUSTODY ACCT FOR THE |
|
|
|
| EXCLUSIVE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| TD AMERITRADE TRUST COMPANY |
| 9.53 |
|
| PO BOX 17748 |
|
|
|
| DENVER CO 80217-0748 |
|
|
157
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL STOCK FUND—I CLASS |
| EDWARD D JONES & CO |
| 13.41 |
|
| FOR THE BENEFIT OF CUSTOMERS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES LLC |
| 10.42 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RETIREMENT I 2020 FUND |
| 6.67 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 8.31 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 11.64 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2035 FUND |
| 8.57 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2040 FUND |
| 10.53 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2045 FUND |
| 7.06 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2050 FUND |
| 6.54 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
158
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL STOCK FUND—R CLASS |
| DCGT AS TTEE AND/OR CUST |
| 17.28 |
|
| ATTN NPIO TRADE DESK |
|
|
|
| FBO PLIC VARIOUS RETIREMENT PLANS |
|
|
|
| OMNIBUS |
|
|
|
|
|
|
|
|
| CAPITAL BANK & TRUST COMPANY TTEE |
| 6.00 |
|
| C/O FASCORE LLC |
|
|
|
| PATTCO LLC 401K |
|
|
|
|
|
|
|
|
| AMERICAN UNITED LIFE |
| 14.79 |
|
| SEPARATE ACCOUNT II |
|
|
|
| ATTN SEPARATE ACCOUNTS |
|
|
|
|
|
|
|
|
| AXA EQUITABLE FOR SA NO 65 |
| 9.99 |
INTERNATIONAL VALUE EQUITY FUND |
| RETIREMENT PORTFOLIO 2040 |
| 12.48 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 9.84 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 10.78 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 15.22 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2035 |
| 10.25 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2045 |
| 7.52 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2050 |
| 6.38 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM GROWTH FUND |
| 5.01 |
|
| T. ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
159
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL VALUE EQUITY FUND—ADVISOR CLASS |
| AMERICAN UNITED LIFE |
| 5.19 |
|
| AMERICAN UNIT INVESTMENT TRUST |
|
|
|
| ATTN SEPARATE ACCOUNTS |
|
|
|
|
|
|
|
|
| GREAT-WEST TRUST COMPANY LLC FBO |
| 5.32 |
|
| EMPLOYEE BENEFITS CLIENTS 401K |
|
|
|
|
|
|
|
|
| VRSCO |
| 13.46 |
|
| FBO AIGFSB CUST TTEE FBO |
|
|
|
| MT SINAI 403B |
|
|
|
| 2929 ALLEN PKWY STE A6-20 |
|
|
|
| HOUSTON TX 77019-7117 |
|
|
|
|
|
|
|
|
| TIAA, FSB CUST/TTEE FBO |
| 7.45 |
|
| RETIREMENT PLANS FOR WHICH |
|
|
|
| TIAA ACTS AS RECORDKEEPER |
|
|
|
| ATTN TRUST OPERATIONS |
|
|
|
|
|
|
|
|
| AMERICAN UNITED LIFE |
| 5.25 |
|
| SEPARATE ACCOUNT II |
|
|
|
| ATTN SEPARATE ACCOUNTS |
|
|
|
|
|
|
|
|
| STATE STREET BANK AND TRUST AS |
| 37.20(a) |
|
| TRUSTEE AND/OR CUSTODIAN |
|
|
|
| FBO ADP ACCESS PRODUCT |
|
|
160
FUND |
| SHAREHOLDER | % | |
INTERNATIONAL VALUE EQUITY FUND—I CLASS |
| RETIREMENT I 2020 FUND |
| 8.70 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 10.73 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 15.22 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2035 FUND |
| 11.19 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2040 FUND |
| 13.72 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2045 FUND |
| 9.18 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2050 FUND |
| 8.49 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
INTERNATIONAL VALUE EQUITY FUND—R CLASS |
| DCGT AS TTEE AND/OR CUST |
| 9.83 |
|
| ATTN NPIO TRADE DESK |
|
|
|
| FBO PLIC VARIOUS RETIREMENT PLANS |
|
|
|
| OMNIBUS |
|
|
|
|
|
|
|
|
| AMERICAN UNITED LIFE |
| 6.16 |
|
| SEPARATE ACCOUNT II |
|
|
|
| ATTN SEPARATE ACCOUNTS |
|
|
|
|
|
|
|
|
| STATE STREET BANK AND TRUST AS |
| 33.65(a) |
|
| TRUSTEE AND/OR CUSTODIAN |
|
|
|
| FBO ADP ACCESS PRODUCT |
|
|
|
|
|
|
|
|
| SAMMONS FINANCIAL NETWORK LLC |
| 33.01(a) |
161
FUND |
| SHAREHOLDER | % | |
INVESTMENT-GRADE CORPORATE MULTI-SECTOR |
| ALLEN & COMPANY |
| 9.35 |
ACCOUNT PORTFOLIO |
| 711 5TH AVE FL 9 |
|
|
|
| NEW YORK NY 10022-3168 |
|
|
|
|
|
|
|
|
| BALTIMORE EQUITABLE SOCIETY |
| 8.66 |
|
| ATTN MARY HARLEE |
|
|
|
|
|
|
|
|
| ILLINOIS STUDENT ASSISTANCE |
| 18.07 |
|
| COMMISSION |
|
|
|
| ATTN: ROGER ROJAS |
|
|
|
|
|
|
|
|
| GENERAL DYNAMICS CORP 401K |
| 63.92(a) |
|
| PLAN MASTER TRUST CP |
|
|
JAPAN FUND |
| MORGAN STANLEY SMITH BARNEY LLC |
| 49.57(a) |
|
| FOR THE EXCL BENEFIT OF ITS CUST |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERVICES |
| 6.63 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 6.77 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| SPECTRUM INTERNATIONAL FUND |
| 10.76 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN: FUND ACCOUNTING DEPT |
|
|
JAPAN FUND—I CLASS |
| S KENNETH LEECH |
| 18.16 |
|
| EILEEN STUECK LEECH JT TEN |
|
|
|
|
|
|
|
|
| J.P. MORGAN SECURITIES LLC |
| 27.50(a) |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| RCAB COLLECTIVE INVESTMENT |
| 17.82 |
|
| PARTNERSHIP |
|
|
|
| 66 BROOKS DRIVE |
|
|
|
| BRAINTREE MA 02184-3839 |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 11.14 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 6.18 |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
162
FUND |
| SHAREHOLDER | % | |
LATIN AMERICA FUND |
| NATIONAL FINANCIAL SERVICES |
| 9.68 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 6.21 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
LATIN AMERICA FUND—I CLASS |
| ROBERT D AWALT |
| 8.38 |
|
| KATHERINE J AWALT JT TEN |
|
|
|
|
|
|
|
|
| TRUSTEES OF T ROWE PRICE |
| 75.06(b) |
|
| U.S. RETIREMENT PROGRAM |
|
|
|
| ATTN FINANCIAL REPORTING DEPT |
|
|
LIMITED DURATION INFLATION FOCUSED BOND FUND |
| T ROWE PRICE SERVICES INC FBO |
| 7.06 |
|
| EDUCATION TRUST OF ALASKA |
|
|
|
| PORTFOLIO COLLEGE |
|
|
|
| ATTN DAWN WAGNER FIXED INCOME |
|
|
|
|
|
|
|
|
| MARYLAND COLLEGE INVESTMENT PLAN |
| 5.50 |
|
| PORTFOLIO FOR COLLEGE |
|
|
|
| T ROWE PRICE FUND ACCOUNTING |
|
|
|
|
|
|
|
|
| RETIREMENT INCOME PORTFOLIO |
| 8.84 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2010 |
| 9.21 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2015 |
| 11.92 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2020 |
| 21.67 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2025 |
| 11.12 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATT FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT PORTFOLIO 2030 |
| 6.60 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
163
FUND |
| SHAREHOLDER | % | |
LIMITED DURATION INFLATION FOCUSED BOND FUND— |
| RETIREMENT BALANCED I FUND |
| 6.35 |
I CLASS |
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2010 FUND |
| 7.78 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2015 FUND |
| 12.33 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2020 FUND |
| 27.57(a) |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2025 FUND |
| 16.08 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
|
|
|
|
|
|
| RETIREMENT I 2030 FUND |
| 9.58 |
|
| T ROWE PRICE ASSOCIATES |
|
|
|
| ATTN FUND ACCOUNTING DEPT |
|
|
MARYLAND SHORT-TERM TAX-FREE BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 6.88 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 10.66 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| PERSHING LLC |
| 7.39 |
MARYLAND SHORT-TERM TAX-FREE BOND FUND— |
| GARY S TIMME |
| 6.59 |
I CLASS |
| MILDRED A TIMME TEN ENT |
|
|
|
|
|
|
|
|
| BANK OF NEW YORK MELLON N.A. |
| 7.79 |
|
| PO BOX 534005 |
|
|
|
| PITTSBURGH PA 15253-4005 |
|
|
|
|
|
|
|
|
| WILLIAM F TIMME |
| 11.68 |
|
| THERESA M TIMME JT TEN |
|
|
|
|
|
|
|
|
| BARBARA T TICE T O D |
| 9.94 |
164
FUND |
| SHAREHOLDER | % | |
MARYLAND TAX-FREE BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 10.09 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.82 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
|
|
|
|
|
|
| SAXON & CO |
| 5.00 |
MARYLAND TAX-FREE BOND FUND—I CLASS |
| CHARLES SCHWAB & CO INC |
| 8.34 |
|
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
|
|
|
| ATTN MUTUAL FUNDS |
|
|
MARYLAND TAX-FREE MONEY FUND |
| ARNOLD SAGNER AGENT POA |
| 6.56 |
|
| MONICA SAGNER TR |
|
|
|
| MONICA SAGNER REVOCABLE TRUST |
|
|
MARYLAND TAX-FREE MONEY FUND—I CLASS |
| ARTHUR B CECIL III TR |
| 8.69 |
|
| ARTHUR B CECIL III REVOCABLE TRUST |
|
|
|
|
|
|
|
|
| MARY JOHN MILLER |
| 8.69 |
|
| JAMES D MILLER JT TEN |
|
|
|
|
|
|
|
|
| J M MILANO TR JOSEPH M MILANO |
| 5.36 |
|
| REV TRUST |
|
|
|
| K T MILANO TR KIRSTEN T MILANO |
|
|
|
| REV TRUST |
|
|
|
|
|
|
|
|
| LALITHA DORAI AGENT |
| 5.01 |
|
| TRP/POA |
|
|
|
| ZEENA DORAI |
|
|
|
|
|
|
|
|
| DAVID M LEE |
| 5.14 |
|
|
|
|
|
|
| KEITH A. LEE |
| 51.05(a) |
MID-CAP GROWTH FUND |
| T ROWE PRICE TRUST CO |
| 12.58 |
|
| ATTN: ASSET RECONCILIATIONS |
|
|
|
|
|
|
|
|
| NATIONAL FINANCIAL SERV CORP |
| 12.86 |
|
| FOR THE EXCLUSIVE BENEFIT |
|
|
|
| OF OUR CUSTOMERS |
|
|
|
|
|
|
|
|
| CHARLES SCHWAB & CO INC |
| 5.03 |
|
| REINVEST ACCOUNT |
|
|
|
| ATTN MUTUAL FUND DEPT |
|
|
165