STATEMENT OF ADDITIONAL INFORMATION |
This is the Statement of Additional Information for all of the funds listed below. It is divided into two parts (Part I and Part II). Part I primarily contains information that is particular to each fund, while Part II contains information that generally applies to all of the funds in the T. Rowe Price family of funds (“Price Funds”).
The date of this Statement of Additional Information (“SAI”) is March 1, 2015.
T. ROWE PRICE BALANCED FUND, INC. (RPBAX)
T. ROWE PRICE BLUE CHIP GROWTH FUND, INC. (TRBCX)
T. Rowe Price Blue Chip Growth Fund–Advisor Class (PABGX)
T. Rowe Price Blue Chip Growth Fund–R Class (RRBGX)
T. ROWE PRICE CALIFORNIA TAX-FREE INCOME TRUST
California Tax-Free Bond Fund (PRXCX)
California Tax-Free Money Fund (PCTXX)
T. ROWE PRICE CAPITAL APPRECIATION FUND (PRWCX)
T. Rowe Price Capital Appreciation Fund–Advisor Class (PACLX)
T. ROWE PRICE CAPITAL OPPORTUNITY FUND, INC. (PRCOX)
T. Rowe Price Capital Opportunity Fund–Advisor Class (PACOX)
T. Rowe Price Capital Opportunity Fund–R Class (RRCOX)
T. ROWE PRICE CORPORATE INCOME FUND, INC. (PRPIX)
T. ROWE PRICE CREDIT OPPORTUNITIES FUND (PRCPX)
T. Rowe Price Credit Opportunities Fund–Advisor Class (PAOPX)
T. ROWE PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC. (PRDMX)
T. ROWE PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC. (PRDSX)
T. ROWE PRICE DIVIDEND GROWTH FUND, INC. (PRDGX)
T. Rowe Price Dividend Growth Fund–Advisor Class (TADGX)
T. ROWE PRICE EQUITY INCOME FUND (PRFDX)
T. Rowe Price Equity Income Fund–Advisor Class (PAFDX)
T. Rowe Price Equity Income Fund–R Class (RRFDX)
T. ROWE PRICE FINANCIAL SERVICES FUND, INC. (PRISX)
T. ROWE PRICE FLOATING RATE FUND, INC. (PRFRX)
T. Rowe Price Floating Rate Fund–Advisor Class (PAFRX)
T. ROWE PRICE GLOBAL ALLOCATION FUND, INC. (RPGAX)
T. Rowe Price Global Allocation Fund–Advisor Class (PAFGX)
T. ROWE PRICE GLOBAL REAL ESTATE FUND, INC. (TRGRX)
T. Rowe Price Global Real Estate Fund–Advisor Class (PAGEX)
T. ROWE PRICE GLOBAL TECHNOLOGY FUND, INC. (PRGTX)
T. ROWE PRICE GNMA FUND (PRGMX)
T. ROWE PRICE GROWTH & INCOME FUND, INC. (PRGIX)
T. ROWE PRICE GROWTH STOCK FUND, INC. (PRGFX)
T. Rowe Price Growth Stock Fund–Advisor Class (TRSAX)
T. Rowe Price Growth Stock Fund–R Class (RRGSX)
T. ROWE PRICE HEALTH SCIENCES FUND, INC. (PRHSX)
T. ROWE PRICE HIGH YIELD FUND, INC. (PRHYX)
T. Rowe Price High Yield Fund–Advisor Class (PAHIX)
T. ROWE PRICE INDEX TRUST, INC.
T. Rowe Price Equity Index 500 Fund (PREIX)
T. Rowe Price Extended Equity Market Index Fund (PEXMX)
T. Rowe Price Total Equity Market Index Fund (POMIX)
T. ROWE PRICE INFLATION FOCUSED BOND FUND, INC.
T. ROWE PRICE INFLATION PROTECTED BOND FUND, INC. (PRIPX)
T. ROWE PRICE INSTITUTIONAL EQUITY FUNDS, INC. (“Institutional Equity Funds”)
T. Rowe Price Institutional Large-Cap Core Growth Fund (TPLGX)
T. Rowe Price Institutional Large-Cap Growth Fund (TRLGX)
T. Rowe Price Institutional Large-Cap Value Fund (TILCX)
T. Rowe Price Institutional Mid-Cap Equity Growth Fund (PMEGX)
C00-042 3/1/15
T. Rowe Price Institutional Small-Cap Stock Fund (TRSSX)
T. Rowe Price Institutional U.S. Structured Research Fund (TRISX)
T. ROWE PRICE INSTITUTIONAL INCOME FUNDS, INC.
T. Rowe Price Institutional Core Plus Fund (TICPX)
T. Rowe Price Institutional Core Plus Fund–F Class (PFCPX)
T. Rowe Price Institutional Credit Opportunities Fund (TRXPX)
T. Rowe Price Institutional Floating Rate Fund (RPIFX)
T. Rowe Price Institutional Floating Rate Fund–F Class (PFFRX)
T. Rowe Price Institutional Global Multi-Sector Bond Fund (RPGMX)
T. Rowe Price Institutional High Yield Fund (TRHYX)
T. Rowe Price Institutional Long Duration Credit Fund (RPLCX)
T. ROWE PRICE INSTITUTIONAL INTERNATIONAL FUNDS, INC.
T. Rowe Price Institutional Africa & Middle East Fund (TRIAX)
T. Rowe Price Institutional Emerging Markets Bond Fund (TREBX)
T. Rowe Price Institutional Emerging Markets Equity Fund (IEMFX)
T. Rowe Price Institutional Frontier Markets Equity Fund (PRFFX)
T. Rowe Price Institutional Global Focused Growth Equity Fund (TRGSX)
T. Rowe Price Institutional Global Growth Equity Fund (RPIGX)
T. Rowe Price Institutional Global Value Equity Fund (PRIGX)
T. Rowe Price Institutional International Bond Fund (RPIIX)
T. Rowe Price Institutional International Concentrated Equity Fund (formerly T. Rowe Price Institutional Concentrated International Equity) (RPICX)
T. Rowe Price Institutional International Core Equity Fund (TRCEX)
T. Rowe Price Institutional International Growth Equity Fund (PRFEX)
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND, INC. (PRIHX)
T. Rowe Price Intermediate Tax-Free High Yield Fund–Advisor Class (PRAHX)
T. ROWE PRICE INTERNATIONAL FUNDS, INC.
T. Rowe Price Africa & Middle East Fund (TRAMX)
T. Rowe Price Asia Opportunities Fund (TRAOX)
T. Rowe Price Asia Opportunities Fund–Advisor Class (PAAOX)
T. Rowe Price Emerging Europe Fund (TREMX)
T. Rowe Price Emerging Markets Bond Fund (PREMX)
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 Local Currency Bond Fund (PRELX)
T. Rowe Price Emerging Markets Local Currency Bond Fund–Advisor Class (PAELX)
T. Rowe Price Emerging Markets Stock Fund (PRMSX)
T. Rowe Price European Stock Fund (PRESX)
T. Rowe Price Global Growth Stock Fund (RPGEX)
T. Rowe Price Global Growth Stock Fund–Advisor Class (PAGLX)
T. Rowe Price Global High Income Bond Fund (RPIHX)
T. Rowe Price Global High Income Bond Fund–Advisor Class (PAIHX)
T. Rowe Price Global Industrials Fund (RPGIX)
T. Rowe Price Global Stock Fund (PRGSX)
T. Rowe Price Global Stock Fund–Advisor Class (PAGSX)
T. Rowe Price Global Unconstrained Bond Fund (RPIEX)
T. Rowe Price Global Unconstrained Bond Fund–Advisor Class (PAIEX)
T. Rowe Price International Bond Fund (RPIBX)
T. Rowe Price International Bond Fund–Advisor Class (PAIBX)
T. Rowe Price International Concentrated Equity Fund (PRCNX)
T. Rowe Price International Concentrated Equity Fund–Advisor Class (PRNCX)
T. Rowe Price International Discovery Fund (PRIDX)
T. Rowe Price International Growth & Income Fund (TRIGX)
T. Rowe Price International Growth & Income Fund–Advisor Class (PAIGX)
T. Rowe Price International Growth & Income Fund–R Class (RRIGX)
T. Rowe Price International Stock Fund (PRITX)
T. Rowe Price International Stock Fund–Advisor Class (PAITX)
T. Rowe Price International Stock Fund–R Class (RRITX)
T. Rowe Price Japan Fund (PRJPX)
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T. Rowe Price Latin America Fund (PRLAX)
T. Rowe Price New Asia Fund (PRASX)
T. Rowe Price Overseas Stock Fund (TROSX)
T. ROWE PRICE INTERNATIONAL INDEX FUND, INC.
T. Rowe Price International Equity Index Fund (PIEQX)
T. ROWE PRICE MEDIA & TELECOMMUNICATIONS FUND, INC. (PRMTX)
T. ROWE PRICE MID-CAP GROWTH FUND, INC. (RPMGX)
T. Rowe Price Mid-Cap Growth Fund–Advisor Class (PAMCX)
T. Rowe Price Mid-Cap Growth Fund–R Class (RRMGX)
T. ROWE PRICE MID-CAP VALUE FUND, INC. (TRMCX)
T. Rowe Price Mid-Cap Value Fund–Advisor Class (TAMVX)
T. Rowe Price Mid-Cap Value Fund–R Class (RRMVX)
T. ROWE PRICE MULTI-SECTOR ACCOUNT PORTFOLIOS, INC. (“Multi-Sector Account Portfolios”)
T. Rowe Price Emerging Markets Corporate Multi-Sector Account Portfolio (formerly T. Rowe Price Emerging Markets Bond Multi-Sector Account Portfolio)
T. Rowe Price Emerging Markets Local Multi-Sector Account Portfolio
T. Rowe Price Floating Rate Multi-Sector Account Portfolio
T. Rowe Price High Yield Multi-Sector Account Portfolio
T. Rowe Price Investment-Grade Corporate Multi-Sector Account Portfolio
T. Rowe Price Mortgage-Backed Securities Multi-Sector Account Portfolio
T. ROWE PRICE NEW AMERICA GROWTH FUND (PRWAX)
T. Rowe Price New America Growth Fund–Advisor Class (PAWAX)
T. ROWE PRICE NEW ERA FUND, INC. (PRNEX)
T. ROWE PRICE NEW HORIZONS FUND, INC. (PRNHX)
T. ROWE PRICE NEW INCOME FUND, INC. (PRCIX)
T. Rowe Price New Income Fund–Advisor Class (PANIX)
T. Rowe Price New Income Fund–R Class (RRNIX)
T. ROWE PRICE PERSONAL STRATEGY FUNDS, INC. (“Personal Strategy Funds”)
T. Rowe Price Personal Strategy Balanced Fund (TRPBX)
T. Rowe Price Personal Strategy Growth Fund (TRSGX)
T. Rowe Price Personal Strategy Income Fund (PRSIX)
T. ROWE PRICE PRIME RESERVE FUND, INC. (PRRXX)
T. ROWE PRICE REAL ASSETS FUND, INC. (PRAFX)
T. ROWE PRICE REAL ESTATE FUND, INC. (TRREX)
T. Rowe Price Real Estate Fund–Advisor Class (PAREX)
T. ROWE PRICE RESERVE INVESTMENT FUNDS, INC. (“TRP Reserve Funds”)
T. Rowe Price Government Reserve Investment Fund
(“TRP Government Reserve
Investment Fund”)
T. Rowe Price Reserve Investment Fund (“TRP Reserve Investment Fund”)
T. Rowe Price Short-Term Government Reserve Fund
T. Rowe Price Short-Term Reserve Fund
T. ROWE PRICE RETIREMENT FUNDS, INC. (“Retirement Funds”)
T. Rowe Price Retirement 2005 Fund (TRRFX)
T. Rowe Price Retirement 2005 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)
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T. Rowe Price Retirement 2030 Fund (TRRCX)
T. Rowe Price Retirement 2030 Fund–Advisor Class (PARCX)
T. Rowe Price Retirement 2030 Fund–R Class (RRTCX)
T. Rowe Price Retirement 2035 Fund (TRRJX)
T. Rowe Price Retirement 2035 Fund–Advisor Class (PARKX)
T. Rowe Price Retirement 2035 Fund–R Class (RRTPX)
T. Rowe Price Retirement 2040 Fund (TRRDX)
T. Rowe Price Retirement 2040 Fund–Advisor Class (PARDX)
T. Rowe Price Retirement 2040 Fund–R Class (RRTDX)
T. Rowe Price Retirement 2045 Fund (TRRKX)
T. Rowe Price Retirement 2045 Fund–Advisor Class (PARLX)
T. Rowe Price Retirement 2045 Fund–R Class (RRTRX)
T. Rowe Price Retirement 2050 Fund (TRRMX)
T. Rowe Price Retirement 2050 Fund–Advisor Class (PARFX)
T. Rowe Price Retirement 2050 Fund–R Class (RRTFX)
T. Rowe Price Retirement 2055 Fund (TRRNX)
T. Rowe Price Retirement 2055 Fund–Advisor Class (PAROX)
T. Rowe Price Retirement 2055 Fund–R Class RRTVX)
T. Rowe Price Retirement 2060 Fund (TRRLX)
T. Rowe Price Retirement 2060 Fund–Advisor Class (TRRYX)
T. Rowe Price Retirement 2060 Fund–R Class (TRRZX)
T. Rowe Price Retirement Balanced Fund (formerly T. Rowe Retirement Income Fund) (TRRIX)
T. Rowe Price Retirement Balanced Fund–Advisor Class (formerly T. Rowe Retirement Income Fund–Advisor Class) (PARIX)
T. Rowe Price Retirement Balanced Fund–R Class (formerly T. Rowe Retirement Income Fund– R Class) (RRTIX)
T. Rowe Price Target Retirement 2005 Fund (TRARX)
T. Rowe Price Target Retirement 2005 Fund–Advisor Class (PANRX)
T. Rowe Price Target Retirement 2010 Fund (TRROX)
T. Rowe Price Target Retirement 2010 Fund–Advisor Class (PAERX)
T. Rowe Price Target Retirement 2015 Fund (TRRTX)
T. Rowe Price Target Retirement 2015 Fund–Advisor Class (PAHRX)
T. Rowe Price Target Retirement 2020 Fund (TRRUX)
T. Rowe Price Target Retirement 2020 Fund–Advisor Class (PAIRX)
T. Rowe Price Target Retirement 2025 Fund (TRRVX)
T. Rowe Price Target Retirement 2025 Fund–Advisor Class (PAJRX)
T. Rowe Price Target Retirement 2030 Fund (TRRWX)
T. Rowe Price Target Retirement 2030 Fund–Advisor Class (PAKRX)
T. Rowe Price Target Retirement 2035 Fund (RPGRX)
T. Rowe Price Target Retirement 2035 Fund–Advisor Class (PATVX)
T. Rowe Price Target Retirement 2040 Fund (TRHRX)
T. Rowe Price Target Retirement 2040 Fund–Advisor Class (PAHHX)
T. Rowe Price Target Retirement 2045 Fund (RPTFX)
T. Rowe Price Target Retirement 2045 Fund–Advisor Class (PAFFX)
T. Rowe Price Target Retirement 2050 Fund (TRFOX)
T. Rowe Price Target Retirement 2050 Fund–Advisor Class (PAOFX)
T. Rowe Price Target Retirement 2055 Fund (TRFFX)
T. Rowe Price Target Retirement 2055 Fund–Advisor Class (PAFTX)
T. Rowe Price Target Retirement 2060 Fund (TRTFX)
T. Rowe Price Target Retirement 2060 Fund–Advisor Class (TRTGX)
T. ROWE PRICE SCIENCE & TECHNOLOGY FUND, INC. (PRSCX)
T. Rowe Price Science & Technology Fund–Advisor Class (PASTX)
T. ROWE PRICE SHORT-TERM BOND FUND, INC. (PRWBX)
T. Rowe Price Short-Term Bond Fund–Advisor Class (PASHX)
T. Rowe Price Ultra Short-Term Bond Fund (TRBUX)
T. ROWE PRICE SMALL-CAP STOCK FUND, INC. (OTCFX)
T. Rowe Price Small-Cap Stock Fund–Advisor Class (PASSX)
T. ROWE PRICE SMALL-CAP VALUE FUND, INC. (PRSVX)
T. Rowe Price Small-Cap Value Fund–Advisor Class (PASVX)
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T. ROWE PRICE SPECTRUM FUND, INC. (“Spectrum Funds”)
Spectrum Growth Fund (PRSGX)
Spectrum Income Fund (RPSIX)
Spectrum International Fund (PSILX)
T. ROWE PRICE STATE TAX-FREE INCOME TRUST
Georgia Tax-Free Bond Fund (GTFBX)
Maryland Short-Term Tax-Free Bond Fund (PRMDX)
Maryland Tax-Free Bond Fund (MDXBX)
Maryland Tax-Free Money Fund (TMDXX)
New Jersey Tax-Free Bond Fund (NJTFX)
New York Tax-Free Bond Fund (PRNYX)
New York Tax-Free Money Fund (NYTXX)
Virginia Tax-Free Bond Fund (PRVAX)
T. ROWE PRICE STRATEGIC INCOME FUND, INC. (PRSNX)
T. Rowe Price Strategic Income Fund–Advisor Class (PRSAX)
T. ROWE PRICE SUMMIT FUNDS, INC. (“Summit Income Funds”)
T. Rowe Price Summit Cash Reserves Fund (TSCXX)
T. ROWE PRICE SUMMIT MUNICIPAL FUNDS, INC. (“Summit Municipal Funds”)
T. Rowe Price Summit Municipal Money Market Fund (TRSXX)
T. Rowe Price Summit Municipal Intermediate Fund (PRSMX)
T. Rowe Price Summit Municipal Intermediate Fund–Advisor Class (PAIFX)
T. Rowe Price Summit Municipal Income Fund (PRINX)
T. Rowe Price Summit Municipal Income Fund–Advisor Class (PAIMX)
T. ROWE PRICE TAX-EFFICIENT FUNDS, INC. (“Tax-Efficient Funds”)
T. Rowe Price Tax-Efficient Equity Fund (PREFX)
T. ROWE PRICE TAX-EXEMPT MONEY FUND, INC. (PTEXX)
T. ROWE PRICE TAX-FREE HIGH YIELD FUND, INC. (PRFHX)
T. Rowe Price Tax-Free High Yield Fund–Advisor Class (PATFX)
T. ROWE PRICE TAX-FREE INCOME FUND, INC. (PRTAX)
T. Rowe Price Tax-Free Income Fund–Advisor Class (PATAX)
T. ROWE PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC. (PRFSX)
T. Rowe Price Tax-Free Short-Intermediate Fund–Advisor Class (PATIX)
T. Rowe Price Tax-Free Ultra Short-Term Bond Fund (PRTUX)
T. ROWE PRICE U.S. BOND ENHANCED INDEX FUND, INC. (PBDIX)
T. ROWE PRICE U.S. LARGE-CAP CORE FUND, INC. (TRULX)
T. Rowe Price U.S. Large-Cap Core Fund–Advisor Class (PAULX)
T. ROWE PRICE U.S. TREASURY FUNDS, INC. (“U.S. Treasury Funds”)
U.S. Treasury Intermediate Fund (PRTIX)
U.S. Treasury Long-Term Fund (PRULX)
U.S. Treasury Money Fund (PRTXX)
T. ROWE PRICE VALUE FUND, INC. (TRVLX)
T. Rowe Price Value Fund–Advisor Class (PAVLX)
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. The Global High Income Bond Fund, Global High Income Bond Fund—Advisor Class, Global Unconstrained Bond Fund, Global Unconstrained Bond Fund—Advisor Class, Intermediate Tax-Free High Yield Fund, Intermediate Tax-Free High Yield Fund–Advisor Class, Retirement 2060 Fund, Retirement
5
2060 Fund—Advisor Class, Retirement 2060 Fund—R Class, Short-Term Government Reserve Fund, Target Retirement 2060 Fund, Target Retirement 2060 Fund—Advisor Class, and Tax–Free Ultra Short–Term Bond Fund have not been in operation long enough to have complete financial statements.
If you would like a prospectus or an annual or semiannual shareholder report for a fund, please visit troweprice.com or call 1-800-638-5660 and it will be sent to you at no charge. Please read this material carefully.
6
PART I – TABLE OF CONTENTS
Page
Investment Management Agreements | |
Page
Accounting Firm | |
References to the following are as indicated:
Internal Revenue Code of 1986, as amended (“Code”)
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”)
Standard & Poor’s Corporation (“S&P”)
T. Rowe Price Associates, Inc. (“T. Rowe Price”)
T. Rowe Price Hong Kong Limited (“Price Hong Kong”)
T. Rowe Price International Ltd (“T. Rowe Price International”)
T. Rowe Price Singapore Private Ltd. (“Price Singapore”)
Advisor Class
The Advisor Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The Advisor Class shares are designed to be sold only through brokers, dealers, banks, insurance companies, and other financial intermediaries that provide various distribution and administrative services.
F Class
The F Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The F Class shares are 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.
R Class
The R Class is a share class of its respective T. Rowe Price fund and is not a separate mutual fund. The R Class shares are 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.
Inflation Focused Bond Fund, Multi-Sector Account Portfolios, 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.
Institutional Funds
The Institutional Funds have a $1,000,000 initial investment minimum (except for their F Class shares) and are designed for institutional investors. Institutional investors typically include banks, pension and other retirement plans, and trust and investment companies.
7
Below is a table showing the prospectus and shareholder report dates for each fund. The table also lists each fund’s category, which should be used to identify groups of funds that are referenced throughout this SAI.
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Africa & Middle East | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Asia Opportunities Fund–Advisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Balanced | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Blue Chip Growth Fund–R Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
California Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
California Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Capital Appreciation | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Appreciation Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Capital Opportunity Fund–R Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Corporate Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Credit Opportunities Fund–Advisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Diversified Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Diversified Small-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Dividend Growth Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Europe | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Bond–Advisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Corporate Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Currency Bond Fund–Advisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Emerging Markets Local Multi-Sector Account Portfolio | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
8
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Emerging Markets Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Equity Income | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Income Fund–R Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Equity Index 500 | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
European Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Extended Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Financial Services | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate Fund–Advisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Floating Rate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Georgia Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Global Allocation | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Allocation Fund–Advisor Class | Asset Allocation | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Growth Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Growth Stock Fund–Advisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global High Income Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global High Income Bond Fund–Advisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global Industrials | International Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Real Estate | International Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Real Estate Fund–Advisor Class | International Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Stock Fund–Advisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Global Technology | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Global Unconstrained Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Global Unconstrained Bond Fund–Advisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
GNMA | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
TRP Government Reserve Investment | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Growth & Income | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Growth Stock Fund–R Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Health Sciences | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield Fund–Advisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
High Yield Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Inflation Focused Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Inflation Protected Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Africa & Middle East | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
9
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Institutional Core Plus | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Core Plus-F Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Credit Opportunities | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Emerging Markets Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Emerging Markets Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Floating Rate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Floating Rate-F Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Frontier Markets Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Focused Growth Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Growth Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Global Multi-Sector Bond | International Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Global Value Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional High Yield | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional International Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional International Concentrated Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Core Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional International Growth Equity | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Institutional Large-Cap Core Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Large-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Long Duration Credit | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Institutional Mid-Cap Equity Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional Small-Cap Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Institutional U.S. Structured Research | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Intermediate Tax-Free High Yield | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Intermediate Tax-Free High Yield–Advisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
International Bond | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Bond Fund–Advisor Class | International Bond | Dec 31 | Dec 31 | June 30 | May 1 |
International Concentrated Equity Fund | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Concentrated Equity Fund–Advisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
10
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
International Discovery | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Equity Index | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income Fund–Advisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Growth & Income Fund–R Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock Fund–Advisor Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
International Stock Fund–R Class | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Investment-Grade Corporate Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Japan | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Latin America | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Maryland Short-Term Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Maryland Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Media & Telecommunications | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Growth Fund–R Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mid-Cap Value Fund–R Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Taxable Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New America Growth | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New America Growth Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Asia | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
New Era | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Horizons | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
New Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income Fund–Advisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Income Fund–R Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
New Jersey Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
New York Tax-Free Money | State Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Overseas Stock | International Equity | Oct 31 | Oct 31 | Apr 30 | March 1 |
Personal Strategy Balanced | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
11
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Personal Strategy Growth | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Personal Strategy Income | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Prime Reserve | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Real Assets Fund | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Real Estate Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
TRP Reserve Investment | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2005 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2010 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2015 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2020 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2025 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2030 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2035 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2040 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2045 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
12
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Retirement 2050 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2050 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2055 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement 2060 Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Retirement Balanced Fund–R Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Science & Technology | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Science & Technology Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Short-Term Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Bond Fund–Advisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Government Reserve | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Short-Term Reserve | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Small-Cap Stock | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Stock Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Small-Cap Value Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Growth | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum Income | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Spectrum International | Asset Allocation | Dec 31 | Dec 31 | June 30 | May 1 |
Strategic Income | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Strategic Income Fund–Advisor Class | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
Summit Cash Reserves | Taxable Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Income | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Income–Advisor Class | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Intermediate | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Intermediate–Advisor Class | Tax-Free Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
Summit Municipal Money Market | Tax-Free Money | Oct 31 | Oct 31 | Apr 30 | March 1 |
Target Retirement 2005 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2005 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2010 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
13
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Target Retirement 2010 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2015 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2015 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2020 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2020 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2025 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2025 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2030 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2030 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2035 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2035 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2040 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2040 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2045 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2045 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2050 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2050 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2055 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2055 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2060 | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Target Retirement 2060 Fund–Advisor Class | Asset Allocation | May 31 | May 31 | Nov 30 | Oct 1 |
Tax-Efficient Equity | Equity | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Exempt Money | Tax-Free Money | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free High Yield | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free High Yield–Advisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Income | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Income Fund–Advisor Class | Tax Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-Intermediate | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Short-Intermediate–Advisor Class | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Tax-Free Ultra Short-Term Bond | Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
Total Equity Market Index | Index Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Bond Enhanced Index | Index Bond | Oct 31 | Oct 31 | Apr 30 | March 1 |
U.S. Large-Cap Core | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Large-Cap Core Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
U.S. Treasury Intermediate | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Long-Term | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
U.S. Treasury Money | Taxable Money | May 31 | May 31 | Nov 30 | Oct 1 |
Ultra Short-Term Bond | Taxable Bond | May 31 | May 31 | Nov 30 | Oct 1 |
14
Fund | Fund Category | Fiscal Year End | Annual Report Date | Semiannual Report Date | Prospectus Date |
Value | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Value Fund–Advisor Class | Equity | Dec 31 | Dec 31 | June 30 | May 1 |
Virginia Tax-Free Bond | State Tax-Free Bond | Feb 28 | Feb 28 | Aug 30 | July 1 |
The officers and directors (the term “director” is used to refer to directors or trustees, as applicable) of the Price Funds are listed on the following pages. Unless otherwise noted, the address of each is 100 East Pratt Street, Baltimore, Maryland 21202.
Each fund is overseen by a Board of Directors/Trustees (“Board”) that meets regularly to review a wide variety of matters affecting or potentially affecting the funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Boards elect the funds’ officers and are responsible for performing various duties imposed on them by the 1940 Act, the laws of Maryland or Massachusetts, and other applicable laws. At least 75% of each Board’s members are independent of T. Rowe Price and its affiliates. The directors who are also employees or officers of T. Rowe Price are considered to be inside or interested directors because of their relationships with T. Rowe Price and its affiliates. Each inside director and officer (except as indicated in the tables setting forth the directors’ and officers’ principal occupations during the past five years) has been an employee of T. Rowe Price or its affiliates for five or more years. The Boards normally hold five regularly scheduled formal meetings during each calendar year. Although the Boards have direct responsibility over various matters (such as approval of advisory contracts and review of fund performance), each Board also exercises certain of its oversight responsibilities through several committees that it has established and which report back to the full Board. The Boards believe that a committee structure is an effective means to permit directors to focus on particular operations or issues affecting the funds, including risk oversight. Each Board currently has three standing committees, a Committee of Independent Directors, a Joint Audit Committee, and an Executive Committee, which are described in greater detail in the following paragraphs.
Edward C. Bernard, an inside director, serves as the Chairman of the Board of each fund. The independent directors of each fund have designated a Lead Independent Director, who functions as a liaison between the Chairman of the Board and the other independent directors. The Lead Independent Director presides at all executive sessions of the independent directors, reviews and provides input on Board meeting agendas and materials, and typically represents the independent directors in discussions with T. Rowe Price management. Anthony W. Deering currently serves as Lead Independent Director of each Board. Each 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 Committee of Independent Directors, which consists of all of the independent directors of the funds, is responsible for, among other things, seeking, reviewing and selecting candidates to fill vacancies on each 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 Lead Independent Director serves as chairman of the committee. The committee will consider written recommendations from shareholders for possible nominees for director. Shareholders should submit their recommendations to the secretary of the funds. The committee met six times in 2014 in conjunction with the full Board.
15
The Joint Audit Committee consists of only independent directors. The current members of the committee are Bruce W. Duncan, Robert J. Gerrard, Jr., Paul F. McBride, Cecilia E. Rouse, and John G. Schreiber. Mr. Gerrard serves as chairman of the committee and Mr. Duncan is considered a financial expert. The Joint Audit Committee oversees the pricing processes for the Price Funds and holds three regular meetings during each fiscal year. Two of the meetings include the attendance of the independent registered public accounting firm of the Price Funds as the Joint Audit Committee reviews: (1) the services provided; (2) the findings of the most recent audits; (3) management’s response to the findings of the most recent audits; (4) the scope of the audits to be performed; (5) the accountants’ fees; and (6) any accounting questions relating to particular areas of the Price Funds’ operations or the operations of parties dealing with the Price Funds, as circumstances indicate. A third meeting is devoted primarily to a review of the risk management program of the funds’ investment adviser. The Joint Audit Committee met three times in 2014.
The Executive Committee, which consists of each fund’s inside directors, has been authorized by its respective Board to exercise all powers of the Boards of the funds in the intervals between regular meetings of the Boards, except for those powers prohibited by statute from being delegated. All actions of the Executive Committee must be approved in advance by one independent director and reviewed after the fact by the full Board. The Executive Committee for each fund does not hold regularly scheduled meetings. The Executive Committee did not need to take any action on behalf of any funds during 2014.
Like other mutual funds, the funds are subject to risks, including investment, compliance, operational, and valuation risks, among others. The Boards oversee risk as part of their oversight of the funds. Risk oversight is addressed as part of various Board and committee activities. The Board, directly or through its committees, interacts with and reviews reports from, among others, the investment adviser or its affiliates, the funds’ Chief Compliance Officer, the funds’ independent registered public accounting firm, legal counsel, and internal auditors for T. Rowe Price or its affiliates, as appropriate, regarding risks faced by the funds and the risk management programs of the investment adviser and certain other service providers. Also, the Joint Audit Committee receives periodic reports from members of the advisers’ Risk Management Oversight Committee on the significant risks inherent to the advisers’ business, including aggregate investment risks, reputational risk, business continuity risk, and operational risk. The actual day-to-day risk management functions with respect to the funds are subsumed within the responsibilities of the investment adviser, its affiliates that serve as investment sub-advisers to the funds, and other service providers (depending on the nature of the risk) that carry out the funds’ investment management and business affairs. Although the risk management policies of T. Rowe Price and its affiliates, and the funds’ other service providers, are reasonably designed to be effective, those policies and their implementation vary among service providers over time, and there is no guarantee that they will always be effective. Not all risks that may affect the funds can be identified. 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, has led to the conclusion that each director should serve on the Boards of the Price Funds. Attributes common to all directors include the ability to review critically, evaluate, question, and discuss information provided to them, to interact effectively with the funds’ management and counsel and the various service providers to the funds, and to exercise reasonable business judgment in the performance of their duties as directors. In addition, the actual service and commitment of the directors during their tenure on the funds’ Boards is taken into consideration in concluding that each should continue to serve. A director’s ability to perform his or her duties effectively may have been attained through his or her educational background or professional training; business, consulting, public service, or academic positions; experience from service as a director of the Price Funds, public companies, non-profit entities, or other organizations; or other experiences. Each director brings a diverse perspective to the Boards. Set forth below is a brief discussion of the specific experience, qualifications, attributes, or skills of each director that led to the conclusion that he or she should serve as a director.
Edward C. Bernard has been an inside director, and Chairman of the Board, of all the Price Funds for the past 8 years. Mr. Bernard has more than 25 years of experience in the investment management industry, all of which have been with T. Rowe Price. In addition to his responsibilities with T. Rowe Price and the Price
16
Funds, Mr. Bernard served as chairman (from 2009 to 2011) and is currently the vice chairman of the board of governors of the Investment Company Institute, the national trade association for the mutual fund industry.
William R. Brody has been an independent director of the Price Funds for the past 5 years. Dr. Brody has substantial experience in the public health and research fields, as well as academia. He previously served as President of the Johns Hopkins University, as well as on the boards of John Hopkins University, Johns Hopkins Health System, Salk Institute for Biological Studies, IBM, and Novartis. He has also served on the boards of a number of other private companies and non-profit entities, including Kool Smiles, Novamed, Stanford University, and the Commonwealth Fund, which funds health services research.
Anthony W. Deering has been an independent director of the Price Funds for more than 30 years. He currently serves as the Lead Independent Director and was a member of the Joint Audit Committee until September 2014. Mr. Deering brings a wealth of financial services and investment management experience to the Boards. He is the former chair and chief executive officer of the Rouse Company and has also served on the boards of a number of public companies, including Deutsche Bank North America, Vornado Realty Trust, Brixmor Real Estate Investment Trust, Mercantile Bank, and Under Armour. He has also served on the boards of a number of private companies and non-profit entities, including the Investment Company Institute, Baltimore Museum of Art, Parks & People Foundation, The Rouse Company Foundation, and The Charlesmead Foundation among others.
Donald W. Dick, Jr. has been an independent director of the Price Funds for more than 30 years. He has significant investment and business experience from serving as a principal in a private equity firm and has previously served on the boards of manufacturing, construction, publishing, and advertising companies in the U.S. and Europe.
Bruce W. Duncan has substantial experience in the fields of commercial real estate and property management. He currently serves as chief executive officer and director of First Industrial Realty Trust and has held a variety of senior roles and board positions with Starwood Hotels & Resorts. He has been an independent director of the Price Funds since October 2013 and in September 2014, he became a member of the Joint Audit Committee.
Robert J. Gerrard, Jr. has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and currently serves as a member of the Joint Audit Committee. He has substantial legal and business experience in the industries relating to communications and interactive data services. He has served on the board and compensation committee for Syniverse Holdings and as general counsel to Scripps Networks.
Michael C. Gitlin had been an inside director of the domestic fixed income Price Funds for the past 3 years, but he resigned from T. Rowe Price and as a director of the Price Funds effective January 23, 2015. He joined T. Rowe Price in 2007, where he initially served as the Global Head of Trading until becoming the Director of Fixed Income in 2009. Prior to joining T. Rowe Price, he held several roles in the securities industry, including Head of U.S. Equity Sales at Citigroup Global Markets. On February 3, 2015, Edward A. Wiese was elected to replace Mr. Gitlin as an inside director of the domestic fixed income Price Funds.
Karen N. Horn has been an independent director of the Price Funds for more than 10 years. Ms. Horn has substantial experience in the financial services industry and the arts. She is a limited partner and senior managing director of Brock Capital Group, and has served on the boards of a number of public companies, including Eli Lilly, Simon Property Group, the Federal National Mortgage Association, and Norfolk Southern. She has also served on the boards of a number of private companies and non-profit entities, including the National Bureau of Economic Research, Council on Foreign Relations, and the Florence Griswold Museum.
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. He also has significant global experience. He has served on the boards of a number of private and non-profit entities, including Dunbar Armored, Vizzia Technologies, Gilman School, and Living Classrooms Foundation. He has been an independent director of the Price Funds since October 2013 and in September 2014, he became a member of the Joint Audit Committee.
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Brian C. Rogers has been an inside director of the domestic equity and international Price Funds for more than 20 years. Mr. Rogers has served in a variety of senior leadership roles since joining T. Rowe Price in 1982. Prior to that, he was employed by Bankers Trust Company. In addition to his various offices held with T. Rowe Price and its affiliates, he is a Chartered Financial Analyst and serves as the portfolio manager of the Equity Income Fund and Equity Income Portfolio, and as a member of the T. Rowe Price Asset Allocation Committee.
Cecilia E. Rouse has been an independent director of certain Price Funds since 2012 (and all Price Funds since October 2013), and became a member of the Joint Audit Committee in September 2014. Dr. Rouse has extensive experience in the fields of higher education and economic research. She has served in a variety of roles at Princeton University, including as a dean, professor, and leader of economic research. She has also served on the board of MDRC, a non-profit education and social policy organization dedicated to improving programs and policies that affect the poor, and as a member of numerous entities, including the American Economic Association, National Bureau of Economic Research, National Academy of Education, and the Association of Public Policy and Management Policy Council.
John G. Schreiber has been an independent director of the Price Funds for more than 20 years and currently serves as a member of the Joint Audit Committee. 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 is a 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 Shopping Centers, Hilton Worldwide, Blackstone Mortgage Trust, and Hudson Pacific Properties, and is a past board member of Urban Shopping Centers, Inc., Host Hotels & Resorts, Inc., The Rouse Company, General Growth Properties, and AMLI Residential Properties Trust.
Mark R. Tercek has been an independent director of the Price Funds for the past 5 years and served as chairman of the Joint Audit Committee until September 2014. He brings substantial financial services experience to the boards. He was a managing director of Goldman Sachs and is currently president and chief executive officer of The Nature Conservancy.
Edward A. Wiese was elected as an interested director of the domestic fixed income Price Funds on February 3, 2015, replacing Michael C. Gitlin. Mr. Wiese is a Chartered Financial Analyst with over 30 years of investment experience, all of which have been with T. Rowe Price. He currently serves as the Director of Fixed Income for T. Rowe Price and as the Chairperson of the T. Rowe Price Fixed Income Steering Committee, as well as a portfolio manager for various short-term bond and low duration domestic bond strategies.
In addition, the following tables provide biographical information for the directors, along with their principal occupations and any directorships they have held of public companies and other investment companies during the past five years.
Independent Directors(a)
Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
William R. Brody 1944 165 portfolios | President and Trustee, Salk Institute for Biological Studies (2009 to present); Director, BioMed Realty Trust (2013 to present) | Novartis, Inc. (2009 to 2014); IBM (2007 to present) |
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Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Anthony W. Deering 1945 165 portfolios | Chairman, Exeter Capital, LLC, a private investment firm (2004 to present); Director, Brixmor Real Estate Investment Trust (2012 to present); Director and Advisory Board Member, Deutsche Bank North America (2004 to present) | Under Armour (2008 to present); Brixmor Real Estate Investment Trust (2012 to present); Vornado Real Estate Investment Trust (2004 to 2012); Deutsche Bank North America (2004 to present) |
Donald W. Dick, Jr. 1943 165 portfolios | Principal, EuroCapital Partners, LLC, an acquisition and management advisory firm (1995 to present) | None |
Bruce W. Duncan 1951 165 portfolios | President, Chief Executive Officer, and Director, First Industrial Realty Trust, owner and operator of industrial properties (2009 to present); Chairman of the Board (2005 to present) and Director (1999 to present), Starwood Hotels & Resorts, hotel and leisure company | None |
Robert J. Gerrard, Jr. 1952 165 portfolios | Chairman of Compensation Committee, Syniverse Holdings, Inc., a provider of wireless voice and data services for telecommunications companies (2008 to 2011); Advisory Board Member, Pipeline Crisis/Winning Strategies, a collaborative working to improve opportunities for young African Americans (1997 to present) | None |
Karen N. Horn 1943 165 portfolios | Limited Partner and Senior Managing Director, Brock Capital Group, an advisory and investment banking firm (2004 to present) | Eli Lilly and Company (1987 to present); Simon Property Group (2004 to present); Norfolk Southern (2008 to present) |
Paul F. McBride 1956 165 portfolios | Former Company Officer and Senior Vice President, Human Resources and Corporate Initiatives, Black & Decker Corporation (2004 to 2010) | None |
Cecilia E. Rouse 1963 165 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, National Bureau of Economic Research’s Labor Studies Program (2011 to present); Member of President’s Council of Economic Advisers (2009 to 2011); Chair of Committee on the Status of Minority Groups in the Economic Profession, American Economic Association (2012 to present) | None |
19
Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
John G. Schreiber 1946 165 portfolios | Owner/President, Centaur Capital Partners, Inc., a real estate investment company (1991 to present); Cofounder and Partner, Blackstone Real Estate Advisors, L.P. (1992 to present); Director, Blackstone Mortgage Trust, a real estate finance company (2012 to present); Director and Chairman of the Board, Brixmor Property Group, Inc. (2013 to present); Director, Hilton Worldwide (2013 to present); Director, Hudson Pacific Properties (2014 to present) | General Growth Properties, Inc. (2010 to 2013) |
Mark R. Tercek 1957 165 portfolios | President and Chief Executive Officer, The Nature Conservancy (2008 to present) | None |
(a) All information about the independent directors was current as of December 31, 2014, except for the number of portfolios, which is current as of the date of this SAI.
Inside Directors(a)
The following persons are considered inside directors of the funds because they also serve as employees of T. Rowe Price or its affiliates. No more than two inside directors serve as directors of any fund.
The Boards invite nominations from the funds’ investment adviser for persons to serve as inside directors, and the Board reviews and approves these nominations. Each of the current inside directors is a senior executive officer of T. Rowe Price and T. Rowe Price Group, Inc., as well as certain of their affiliates. Mr. Bernard has served as a director of all Price Funds and has been Chairman of the Board for all Price Funds since 2006. Mr. Gitlin had served as a director of certain Price Funds since 2010, but he resigned as director on January 23, 2015. Mr. Rogers has served as director of certain Price Funds since 2006. Mr. Wiese has served as director of certain Price Funds since February 3, 2015, at which point he was elected to succeed Mr. Gitlin. For each fund, the two inside directors serve as members of the fund’s Executive Committee. In addition, specific experience with respect to the inside directors’ occupations and directorships of public companies and other investment companies are set forth in the following table.
Name, Year
of Birth, and Number | Principal Occupation(s) | Directorships |
Edward C. Bernard 1956 165 portfolios | Director and Vice President, T. Rowe Price; Vice Chairman of the Board, Director, and Vice President, T. Rowe Price Group, Inc.; Chairman of the Board, Director, and President, T. Rowe Price Investment Services, Inc.; Chairman of the Board and Director, T. Rowe Price Retirement Plan Services, Inc., and T. Rowe Price Services, Inc.; Chairman of the Board, Chief Executive Officer, Director, and President, T. Rowe Price International and T. Rowe Price Trust Company Chairman of the Board, all funds | None |
20
Name, Year of Birth, and Number | Principal
Occupation(s) | Directorships |
Michael C. Gitlin(b) 1970 0 portfolios | Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International President, Multi-Sector Account Portfolios | None |
Brian C. Rogers; CFA, CIC 1955 111 portfolios | Chief Investment Officer, Director, and Vice President, T. Rowe Price; Chairman of the Board, Chief Investment Officer, Director, and Vice President, T. Rowe Price Group, Inc.; Vice President, T. Rowe Price Trust Company President, Equity Income Fund and Institutional Equity Funds; Vice President, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Value Fund | None |
Edward A. Wiese; CFA 1959 54 portfolios | Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International President, Short-Term Bond Fund and Multi-Sector Account Portfolios; Vice President, California Tax-Free Income Trust, Corporate Income Fund, Inflation Focused Bond Fund, Institutional Income Funds, New Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds | None |
(a) All information about the inside directors (other than Mr. Wiese) was current as of December 31, 2014 (the information about Mr. Wiese was current as of February 4, 2015), except for the number of portfolios, which is current as of the date of this SAI.
(b) Michael C. Gitlin resigned as director effective January 23, 2015, and Edward A. Wiese was elected to replace him as inside director on February 3, 2015.
Funds-of-Funds Arrangements
The Board is responsible for overseeing the business and affairs of the Funds-of-Funds, which consists of the following: Spectrum Growth Fund, Spectrum Income, 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 (collectively the “RDFs”); and Target Retirement 2005 Fund, Target Retirement 2010 Fund, Target Retirement 2015 Fund, Target Retirement 2020 Fund, Target Retirement 2025 Fund, Target Retirement 2030 Fund, Target Retirement 2035 Fund, Target Retirement 2040 Fund, Target Retirement 2045 Fund, Target Retirement 2050 Fund, Target Retirement 2055 Fund, and Target Retirement 2060 Fund (collectively the “TRFs”). The Spectrum Funds, RDFs, and TRFs are referred to collectively as “Funds-of-Funds” and each fund individually a “Fund-of-Fund,” and where the policies that apply to both the RDFs and TRFs are identical, the RDFs and TRFs will be referred to collectively as “Retirement Funds.”
In 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 and TRFs rely on
21
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.
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, RDF, and/or TRF in which they invest. The Special Servicing Agreements provide that each underlying Price Fund in which a Fund-of-Funds 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 Fund-of-Funds exceed these expenses. T. Rowe Price has agreed to bear any expenses of each Fund-of-Fund that exceed the estimated savings to each of the underlying Price Funds. As a result, the 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 the Funds-of-Funds will still indirectly bear their proportionate share of the expenses of each underlying Price Fund in which the Fund-of-Funds invests.
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 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 or trust of which the fund is a part).
Independent Directors | |||||||||||
Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek |
Balanced | 1 | 2009 | 2001 | 1991 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Blue Chip Growth | 1 | 2009 | 2001 | 1993 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
California Tax-Free Income Trust | 2 | 2009 | 1986 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Capital Appreciation | 1 | 2009 | 2001 | 1986 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Capital Opportunity | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Corporate Income | 1 | 2009 | 1995 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1995 | 2009 |
Credit Opportunities | 1 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
Diversified Mid-Cap Growth | 1 | 2009 | 2003 | 2003 | 2013 | 2012 | 2003 | 2013 | 2012 | 2003 | 2009 |
Diversified Small-Cap Growth | 1 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Dividend Growth | 1 | 2009 | 2001 | 1992 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Equity Income | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Financial Services | 1 | 2009 | 2001 | 1996 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Floating Rate | 1 | 2011 | 2011 | 2011 | 2013 | 2013 | 2011 | 2013 | 2013 | 2011 | 2011 |
22
Independent Directors | |||||||||||
Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek |
Global Allocation | 1 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 | 2013 |
Global Real Estate | 1 | 2009 | 2008 | 2008 | 2013 | 2012 | 2008 | 2013 | 2012 | 2008 | 2009 |
Global Technology | 1 | 2009 | 2001 | 2000 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
GNMA | 1 | 2009 | 1985 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Growth & Income | 1 | 2009 | 2001 | 1982 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Growth Stock | 1 | 2009 | 2001 | 1980 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Health Sciences | 1 | 2009 | 2001 | 1995 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
High Yield | 1 | 2009 | 1984 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Index Trust | 3 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Inflation Focused Bond | 1 | 2009 | 2006 | 2006 | 2013 | 2013 | 2006 | 2013 | 2013 | 2006 | 2009 |
Inflation Protected Bond | 1 | 2009 | 2002 | 2002 | 2013 | 2013 | 2003 | 2013 | 2013 | 2002 | 2009 |
Institutional Equity | 6 | 2009 | 2001 | 1996 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Institutional Income | 6 | 2009 | 2002 | 2002 | 2013 | 2013 | 2003 | 2013 | 2013 | 2002 | 2009 |
Institutional International | 11 | 2009 | 1991 | 1989 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Intermediate Tax-Free High Yield | 1 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 |
International | 22 | 2009 | 1991 | 1988 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
International Index | 1 | 2009 | 2000 | 2000 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Media & Telecommunications | 1 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Mid-Cap Growth | 1 | 2009 | 2001 | 1992 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Mid-Cap Value | 1 | 2009 | 2001 | 1996 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Multi-Sector Account Portfolios | 6 | 2012 | 2012 | 2012 | 2013 | 2013 | 2012 | 2013 | 2013 | 2012 | 2012 |
New America Growth | 1 | 2009 | 2001 | 1985 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
New Era | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
New Horizons | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
New Income | 1 | 2009 | 1980 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Personal Strategy | 3 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Prime Reserve | 1 | 2009 | 1979 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Real Assets | 1 | 2010 | 2010 | 2010 | 2013 | 2012 | 2010 | 2013 | 2012 | 2010 | 2010 |
Real Estate | 1 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
TRP Reserve Investment | 4 | 2009 | 1997 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1997 | 2009 |
Retirement | 25 | 2009 | 2002 | 2002 | 2013 | 2012 | 2003 | 2013 | 2012 | 2002 | 2009 |
Science & Technology | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Short-Term Bond | 2 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Small-Cap Stock | 1 | 2009 | 2001 | 1992 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Small-Cap Value | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Spectrum | 3 | 2009 | 2001 | 1999 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
23
Independent Directors | |||||||||||
Corporation/Trust | Number of portfolios | Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek |
State Tax-Free Income Trust | 8 | 2009 | 1986 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Strategic Income | 1 | 2009 | 2008 | 2008 | 2013 | 2013 | 2008 | 2013 | 2013 | 2008 | 2009 |
Summit | 1 | 2009 | 1993 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1993 | 2009 |
Summit Municipal | 3 | 2009 | 1993 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1993 | 2009 |
Tax-Efficient | 1 | 2009 | 2001 | 1997 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Tax-Exempt Money | 1 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Tax-Free High Yield | 1 | 2009 | 1984 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Tax-Free Income | 1 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Tax-Free Short-Intermediate | 2 | 2009 | 1983 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
U.S. Bond Enhanced Index | 1 | 2009 | 2000 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 2000 | 2009 |
U.S. Large-Cap Core | 1 | 2009 | 2009 | 2009 | 2013 | 2012 | 2009 | 2013 | 2012 | 2009 | 2009 |
U.S. Treasury | 3 | 2009 | 1989 | 2001 | 2013 | 2013 | 2003 | 2013 | 2013 | 1992 | 2009 |
Value | 1 | 2009 | 2001 | 1994 | 2013 | 2012 | 2003 | 2013 | 2012 | 2001 | 2009 |
Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Rogers | Wiese | ||
Balanced | 1 | 2006 | 2006 | — |
Blue Chip Growth | 1 | 2006 | 2006 | — |
California Tax-Free Income Trust | 2 | 2006 | — | 2015 |
Capital Appreciation | 1 | 2006 | 2006 | — |
Capital Opportunity | 1 | 2006 | 2013 | — |
Corporate Income | 1 | 2006 | — | 2015 |
Credit Opportunities | 1 | 2014 | — | 2015 |
Diversified Mid-Cap Growth | 1 | 2006 | 2013 | — |
Diversified Small-Cap Growth | 1 | 2006 | 2013 | — |
Dividend Growth | 1 | 2006 | 2006 | — |
Equity Income | 1 | 2006 | 2006 | — |
Financial Services | 1 | 2006 | 2006 | — |
Floating Rate | 1 | 2011 | — | 2015 |
Global Allocation | 1 | 2013 | 2013 | — |
Global Real Estate | 1 | 2008 | 2008 | — |
Global Technology | 1 | 2006 | 2006 | — |
GNMA | 1 | 2006 | — | 2015 |
Growth & Income | 1 | 2006 | 2006 | — |
Growth Stock | 1 | 2006 | 2006 | — |
Health Sciences | 1 | 2006 | 2013 | — |
High Yield | 1 | 2006 | — | 2015 |
24
Corporation/Trust | Number of portfolios | Inside Directors | ||
Bernard | Rogers | Wiese | ||
Index Trust | 3 | 2006 | 2006 | — |
Inflation Focused Bond | 1 | 2006 | — | 2015 |
Inflation Protected Bond | 1 | 2006 | — | 2015 |
Institutional Equity | 6 | 2006 | 2006 | — |
Institutional Income | 6 | 2006 | — | 2015 |
Institutional International | 11 | 2006 | 2006 | — |
Intermediate Tax-Free High Yield | 1 | 2014 | — | 2015 |
International | 22 | 2006 | 2006 | — |
International Index | 1 | 2006 | 2006 | — |
Media & Telecommunications | 1 | 2006 | 2006 | — |
Mid-Cap Growth | 1 | 2006 | 2006 | — |
Mid-Cap Value | 1 | 2006 | 2006 | — |
Multi-Sector Account Portfolios | 6 | 2012 | — | 2015 |
New America Growth | 1 | 2006 | 2013 | — |
New Era | 1 | 2006 | 2006 | — |
New Horizons | 1 | 2006 | 2013 | — |
New Income | 1 | 2006 | — | 2015 |
Personal Strategy | 3 | 2006 | 2006 | — |
Prime Reserve | 1 | 2006 | — | 2015 |
Real Assets | 1 | 2010 | 2010 | — |
Real Estate | 1 | 2006 | 2006 | — |
TRP Reserve Investment | 4 | 2006 | — | 2015 |
Retirement | 25 | 2006 | 2006 | — |
Science & Technology | 1 | 2006 | 2013 | — |
Short-Term Bond | 2 | 2006 | — | 2015 |
Small-Cap Stock | 1 | 2006 | 2013 | — |
Small-Cap Value | 1 | 2006 | 2013 | — |
Spectrum | 3 | 2006 | 2006 | — |
State Tax-Free Income Trust | 8 | 2006 | — | 2015 |
Strategic Income | 1 | 2008 | — | 2015 |
Summit | 1 | 2006 | — | 2015 |
Summit Municipal | 3 | 2006 | — | 2015 |
Tax-Efficient | 1 | 2006 | 2006 | — |
Tax-Exempt Money | 1 | 2006 | — | 2015 |
Tax-Free High Yield | 1 | 2006 | — | 2015 |
Tax-Free Income | 1 | 2006 | — | 2015 |
Tax-Free Short-Intermediate | 2 | 2006 | — | 2015 |
U.S. Bond Enhanced Index | 1 | 2006 | — | 2015 |
U.S. Large-Cap Core | 1 | 2009 | 2009 | — |
U.S. Treasury | 3 | 2006 | — | 2015 |
Value | 1 | 2006 | 2006 | — |
25
Officers
Fund | Name | Position Held |
All funds | Darrell N. Braman David Oestreicher John W. Ratzesberger Deborah D. Seidel Jeffrey T. Zoller Gregory K. Hinkle Patricia B. Lippert John R. Gilner | Vice President Vice President Vice President Vice President Vice President Treasurer Secretary Chief Compliance Officer |
Fund | Name | Position Held |
Balanced | Charles M. Shriver E. Frederick Bair Kimberly E. DeDominicis Anna M. Dopkin Mark S. Finn Paul A. Karpers Robert M. Larkins Wyatt A. Lee Raymond A. Mills Larry J. Puglia Guido F. Stubenrauch Toby M. Thompson Richard T. Whitney (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Blue Chip Growth | Larry J. Puglia Ziad Bakri Peter J. Bates Ryan N. Burgess Eric L. DeVilbiss Shawn T. Driscoll Paul D. Greene II Ryan S. Hedrick Thomas J. Huber George A. Marzano Vivek Rajeswaran Amit Seth Robert W. Sharps Taymour R. Tamaddon (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
26
Fund | Name | Position Held |
California Tax-Free Income Trust California Tax-Free Bond California Tax-Free Money | Hugh D. McGuirk Joseph K. Lynagh Konstantine B. Mallas Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Charles E. Emrich Alan D. Levenson Linda A. Murphy Alexander S. Obaza Douglas D. Spratley Timothy G. Taylor Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Capital Appreciation | David R. Giroux Ryan N. Burgess Paul D. Greene II Nina P. Jones Vidya Kadiyam Steven D. Krichbaum John D. Linehan Paul M. Massaro Sudhir Nanda Robert T. Quinn, Jr. Farris G. Shuggi Gabriel Solomon William J. Stromberg Taymour R. Tamaddon Susan G. Troll Tamara P. Wiggs (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Capital Opportunity | Ann M. Holcomb Jason B. Polun Eric L. Veiel Kennard W. Allen Peter J. Bates Ryan N. Burgess Christopher W. Carlson Ira W. Carnahan Jennifer Martin Robert T. Quinn, Jr. Gabriel Solomon Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the “All funds” table) | Co-President Co-President Co-President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
27
Fund | Name | Position Held |
Corporate Income | David A. Tiberii Steve Boothe Steven G. Brooks Michael P. Daley Michael J. Grogan Paul A. Karpers Michael Lambe Alan D. Levenson Samy B. Muaddi Alexander S. Obaza Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian M. Ropp Kimberly A Stokes Robert D. Thomas Lauren T. Wagandt Edward A. Wiese Thea N. Williams J. Howard Woodward Zhen Xia (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Credit Opportunities | Paul A. Karpers Michael F. Blandino Christopher P. Brown, Jr. Andrew P. Jamison James M. Murphy Brian A. Rubin Robert D. Thomas Siby Thomas Lauren T. Wagandt (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Diversified Mid-Cap Growth | Donald J. Peters Donald J. Easley Kennard W. Allen Peter J. Bates Brian W.H. Berghuis Eric L. DeVilbiss Sudhir Nanda Timothy E. Parker Amit Seth John F. Wakeman Rouven J. Wool-Lewis (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Diversified Small-Cap Growth | Sudhir Nanda Boyko D. Atanassov Donald J. Easley Prashant G. Jeyaganesh Curt J. Organt Farris G. Shuggi J. David Wagner (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President |
28
Fund | Name | Position Held |
Dividend Growth | Thomas J. Huber Peter J. Bates Jon M. Friar James H. Friedland David M. Lee Robert T. Quinn, Jr. Jeffrey Rottinghaus David L. Rowlett Gabriel Solomon John M. Williams (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Equity Income | Brian C. Rogers Andrew M. Brooks Mark S. Finn Jon M. Friar David R. Giroux Thomas J. Huber Nina P. Jones John D. Linehan Heather K. McPherson Robert T. Quinn, Jr. John M. Williams (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Financial Services | Gabriel Solomon Stephen M. Finamore Christopher T. Fortune Jon M. Friar Nina P. Jones Yoichiro Kai Ian C. McDonald Michael J. McGonigle Jason B. Polun Frederick A. Rizzo Matt J. Snowling Gabriel Solomon Mitchell J.K. Todd Eric L. Veiel Tamara P. Wiggs (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Floating Rate | Mark J. Vaselkiv Paul M. Massaro Brian E. Burns Michael F. Connelly Stephen M. Finamore Justin T. Gerbereux David R. Giroux Steven C. Huber Paul A. Karpers Michael J. McGonigle Brian A. Rubin Thomas E. Tewksbury Thea N. Williams (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
29
Fund | Name | Position Held |
Global Allocation | Charles M. Shriver Robert L. Harlow Steven C. Huber Stefan Hubrich Robert M. Larkins Robert A. Panariello Toby M. Thompson Richard T. Whitney (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Real Estate | David M. Lee Richard N. Clattenburg Tetsuji Inoue Nina P. Jones Robert J. Marcotte Raymond A. Mills Eric C. Moffett Philip A. Nestico Viral S. Patel Marta Yago (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Global Technology | Joshua K. Spencer Kennard W. Allen Christopher W. Carlson David J. Eiswert Henry M. Ellenbogen Paul D. Greene II Rhett K. Hunter Heather K. McPherson Tobias F. Mueller Hiroaki Owaki Michael F. Sola Thomas H. Watson Justin P. White Alison Mei Ling Yip (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
GNMA | Andrew C. McCormick Anil K. Andhavarapu Stephen L. Bartolini Brian J. Brennan Christopher P. Brown, Jr. Keir R. Joyce Martin G. Lee Alan D. Levenson Michael K. Sewell John D. Wells (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
30
Fund | Name | Position Held |
Growth & Income | Thomas J. Huber Peter J. Bates Ryan N. Burgess Andrew S. Davis Shawn T. Driscoll Nina P. Jones Jeffrey Rottinghaus David L. Rowlett Matt J. Snowling Joshua K. Spencer (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Growth Stock | Joseph B. Fath Andrew S. Davis Shawn T. Driscoll David J. Eiswert Jon M. Friar Paul D. Greene II Barry Henderson Daniel Martino Robert W. Sharps Robert W. Smith Taymour R. Tamaddon Thomas H. Watson Justin P. White (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Health Sciences | Taymour R. Tamaddon Ziad Bakri Melissa C. Gallagher Jason Nogueira Adam Poussard Kyle Rasbach Jon Davis Wood Rouven J. Wool-Lewis (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
High Yield | Mark J. Vaselkiv Jason A. Bauer Andrew M. Brooks Andrew L. Cohen Michael F. Connelly Michael Della Vedova Carson R. Dickson Stephen M. Finamore Justin T. Gerbereux Andrew P. Jamison Paul A. Karpers Paul M. Massaro Brian A. Rubin Thomas E. Tewksbury Michael J. Trivino Thea N. Williams (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
31
Fund | Name | Position Held |
Index Trust Equity Index 500 Extended Equity Market Index Total Equity Market Index | E. Frederick Bair Ken D. Uematsu R. Scott Livingston Neil Smith Craig A. Thiese J. Zachary Wood (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President |
Inflation Focused Bond | Daniel O. Shackelford Stephen L. Bartolini Brian J. Brennan Steven G. Brooks Jerome A. Clark Bridget A. Ebner Michael J. Grogan Geoffrey M. Hardin Charles B. Hill Keir R. Joyce Wyatt A. Lee Andrew C. McCormick Cheryl A. Mickel Vernon A. Reid, Jr. Michael F. Reinartz John D. Wells Edward A. Wiese Scott D. Solomon (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Inflation Protected Bond | Daniel O. Shackelford Stephen L. Bartolini Brian J. Brennan Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Rebecca L. Setcavage (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President |
Institutional Equity Funds Institutional Large-Cap Core Growth Institutional Large-Cap Growth Institutional Large-Cap Value Institutional Mid-Cap Equity Growth Institutional Small-Cap Stock Institutional U.S. Structured Research | Brian C. Rogers Brian W.H. Berghuis Mark S. Finn Ann M. Holcomb John D. Linehan Gregory A. McCrickard Heather K. McPherson Jason B. Polun Larry J. Puglia Robert W. Sharps Eric L. Veiel J. David Wagner John F. Wakeman (For remaining officers, refer to the “All funds” table) | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President |
Institutional Income Funds Institutional Core Plus Institutional Credit Opportunities Institutional Floating Rate Institutional Global Multi-Sector Bond Institutional High Yield Institutional Long Duration Credit | Mark J. Vaselkiv Brian J. Brennan Steven C. Huber Paul A. Karpers Paul M. Massaro David A. Tiberii Jason A. Bauer Michael F. Blandino Steve Boothe | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President |
32
Fund | Name | Position Held |
Andrew M. Brooks Christopher P. Brown, Jr. Brian E. Burns Andrew L. Cohen Michael J. Conelius Michael F. Connelly Michael P. Daley Stephen M. Finamore Justin T. Gerbereux David R. Giroux Michael J. Grogan Arif Husain Andrew P. Jamison Andrew J. Keirle Michael Lambe Robert M. Larkins Martin G. Lee Andrew C. McCormick Michael J. McGonigle Samy B. Muaddi James M. Murphy Alexander S. Obaza Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian M. Ropp Brian A. Rubin Daniel O. Shackelford David A. Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas Lauren T. Wagandt Edward A. Wiese Thea N. Williams J. Howard Woodward Zhen Xia (For remaining officers, refer to the “All funds” table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
Institutional International Funds Institutional Africa & Middle East Institutional Emerging Markets Bond Institutional Emerging Markets Equity Institutional Frontier Markets Equity Institutional Global Focused Growth Equity Institutional Global Growth Equity Institutional Global Value Equity Institutional International Bond Institutional International Concentrated Equity Institutional International Core Equity Institutional International Growth Equity | Christopher D. Alderson Oliver D.M. Bell R. Scott Berg Richard N. Clattenburg Michael J. Conelius Mark J.T. Edwards David J. Eiswert Arif Husain Andrew J. Keirle Sebastien Mallet Raymond A. Mills Joshua Nelson Jason Nogueira Gonzalo Pangaro Christopher J. Rothery Federico Santilli Robert W. Smith Ulle Adamson Roy H. Adkins Paulina Amieva Malik S. Asif | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President |
33
Fund | Name | Position Held |
Peter J. Bates Peter I. Botoucharov Tala Boulos Brian J. Brennan Carolyn Hoi Che Chu Archibald Ciganer Albeniz Michael Della Vedova Richard de los Reyes Shawn T. Driscoll Bridget A. Ebner Mark S. Finn Paul D. Greene II Benjamin Griffiths Richard L. Hall Stefan Hubrich Leigh Innes Randal S. Jenneke Yoichiro Kai Christopher J. Kushlis Mark J. Lawrence David M. Lee Christopher C. Loop Anh Lu Daniel Martino Jonathan H.W. Matthews Sudhir Nanda Sridhar Nishtala Michael D. Oh Kenneth A. Orchard Oluwaseun A. Oyegunle Craig J. Pennington Sebastian Schrott Robert W. Sharps John C.A. Sherman Gabriel Solomon Joshua K. Spencer David A. Stanley Taymour R. Tamaddon Ju Yen Tan Dean Tenerelli Eric L. Veiel Verena E. Wachnitz Christopher S. Whitehouse J. Howard Woodward Ernest C. Yeung (For remaining officers, refer to the “All funds” table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
Intermediate Tax-Free High Yield | James M. Murphy R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Dylan Jones Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Timothy G. Taylor Chen Shao (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
34
Fund | Name | Position Held |
International Funds Africa & Middle East Asia Opportunities Emerging Europe Emerging Markets Bond Emerging Markets Corporate Bond Emerging Markets Local Currency Bond Emerging Markets Stock European Stock Global Growth Stock Global High Income Bond Global Industrials Global Stock Global Unconstrained Bond International Bond International Concentrated Equity International Discovery International Growth & Income International Stock Japan Latin America New Asia Overseas Stock | Christopher D. Alderson Peter J. Bates Oliver D.M. Bell R. Scott Berg Archibald Ciganer Albeniz Richard N. Clattenburg Michael J. Conelius Mark J.T. Edwards David J. Eiswert Leigh Innes Arif Husain Andrew J. Keirle Anh Lu Jonathan H.W. Matthews Raymond A. Mills Eric C. Moffett Joshua Nelson Jason Nogueira Gonzalo Pangaro Christopher J. Rothery Federico Santilli Robert W. Smith Dean Tenerelli Justin Thomson Mark J. Vaselkiv Verena E. Wachnitz Ulle Adamson Roy H. Adkins Syed H. Ali Paulina Amieva Malik S. Asif Harishankar Balkrishna Sheena L. Barbosa Luis M. Baylac Peter I. Botoucharov Tala Boulos Brian J. Brennan Ryan N. Burgess Sheldon Chan Tak Yiu Cheng Carolyn Hoi Che Chu Andrew S. Davis Michael Della Vedova Richard de los Reyes Shawn T. Driscoll Bridget A. Ebner Henry M. Ellenbogen Luis Fananas Mark S. Finn Melissa C. Gallagher Vishnu Vardhan Gopal Paul D. Greene II Benjamin Griffiths Richard L. Hall Stefan Hubrich Tetsuji Inoue Michael Jacobs Randal S. Jenneke Prashant G. Jeyaganesh Yoichiro Kai Jai Kapadia Christopher J. Kushlis | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
35
Fund | Name | Position Held |
Shengrong Lau Mark J. Lawrence David M. Lee Christopher C. Loop Sebastien Mallet Ryan Martyn Jihong Min Samy B. Muaddi Philip A. Nestico Sridhar Nishtala Michael D. Oh Kenneth A. Orchard Curt J. Organt Paul T. O’Sullivan Hiroaki Owaki Oluwaseun A. Oyegunle Craig J. Pennington Austin M. Powell Vivek Rajeswaran Frederick A. Rizzo David L. Rowlett Sebastian Schrott Jeneiv Shah Robert W. Sharps John C.A. Sherman Gabriel Solomon Eunbin Song Joshua K. Spencer David A. Stanley Taymour R. Tamaddon Ju Yen Tan Sin Dee Tan Siby Thomas Mitchell J.K. Todd Kes Visuvalingam David J. Wallack Hiroshi Watanabe Christopher S. Whitehouse Clive M. Williams J. Howard Woodward Marta Yago Ernest C. Yeung Alison Mei Ling Yip Wenli Zheng (For remaining officers, refer to the “All funds” table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
International Index Fund International Equity Index | E. Frederick Bair Neil Smith R. Scott Livingston Craig A. Thiese Ken D. Uematsu J. Zachary Wood (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President |
36
Fund | Name | Position Held |
Media & Telecommunications | Paul D. Greene II Ulle Adamson David J. Eiswert Henry M. Ellenbogen Joseph B. Fath James H. Friedland Daniel Martino Philip A. Nestico Corey D. Shull Robert W. Smith Verena E. Wachnitz Thomas H. Watson Justin P. White Christopher S. Whitehouse Ernest C. Yeung Wenli Zheng (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Mid-Cap Growth | Brian W.H. Berghuis John F. Wakeman Kennard W. Allen Ira W. Carnahan Shawn T. Driscoll Donald J. Easley Henry M. Ellenbogen Joseph B. Fath Robert J. Marcotte Daniel Martino David L. Rowlett Clark R. Shields Taymour R. Tamaddon Justin P. White (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Mid-Cap Value | David J. Wallack Heather K. McPherson Ryan N. Burgess Christopher W. Carlson Ira W. Carnahan Henry M. Ellenbogen Mark S. Finn Nina P. Jones Gregory A. McCrickard J. David Wagner Justin P. White John M. Williams (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Multi-Sector Account Portfolios Emerging Markets Corporate Multi-Sector Account Portfolio Emerging Markets Local Multi-Sector Account Portfolio Floating Rate Multi-Sector Account Portfolio High Yield Multi-Sector Account Portfolio Investment-Grade Corporate Multi-Sector Account Portfolio Mortgage-Backed Securities Multi-Sector Account Portfolio | Edward A. Wiese Michael J. Conelius Andrew J. Keirle Paul M. Massaro Andrew C. McCormick David A. Tiberii Mark J. Vaselkiv Roy H. Adkins Anil K. Andhavarapu Stephen L. Bartolini Steve Boothe Peter I. Botoucharov Tala Boulos | President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
37
Fund | Name | Position Held |
Brian J. Brennan Steven G. Brooks Christopher P. Brown, Jr. Brian E. Burns Sheldon Chan Carolyn Hoi Che Chu Michael F. Connelly Michael P. Daley Bridget A. Ebner Stephen M. Finamore Justin T. Gerbereux Michael J. Grogan Steven C. Huber Arif Husain Keir R. Joyce Paul A. Karpers Christopher J. Kushlis Michael Lambe Martin G. Lee Alan D. Levenson Christopher C. Loop Michael J. McGonigle Samy B. Muaddi Alexander S. Obaza Michael D. Oh Kenneth A. Orchard Miso Park Vernon A. Reid, Jr. Theodore E. Robson Brian M. Ropp Christopher J. Rothery Brian A. Rubin Daniel O. Shackelford David A. Stanley Kimberly A. Stokes Ju Yen Tan Thomas E. Tewksbury Robert. D. Thomas Siby Thomas Lauren T. Wagandt John D. Wells Thea N. Williams J. Howard Woodward (For remaining officers, refer to the “All funds” table) | Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President | |
New America Growth | Daniel Martino Ziad Bakri Brian W.H. Berghuis Eric L. DeVilbiss Shawn T. Driscoll Barry Henderson Ian C. McDonald Curt J. Organt David L. Rowlett Robert W. Sharps Taymour R. Tamaddon Craig A. Thiese Thomas H. Watson Justin P. White (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
38
Fund | Name | Position Held |
New Era | Shawn T. Driscoll Syed H. Ali Ryan N. Burgess Richard de los Reyes Eric L. DeVilbiss Donald J. Easley Mark S. Finn Ryan S. Hedrick Shinwoo Kim Ryan Martyn Heather K. McPherson Timothy E. Parker Craig J. Pennington Vivek Rajeswaran Thomas A. Shelmerdine Craig A. Thiese David J. Wallack John M. Williams (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New Horizons | Henry M. Ellenbogen Francisco M. Alonso Preston G. Athey Ziad Bakri Brian W.H. Berghuis Michael F. Blandino Christopher W. Carlson Barry Henderson Rhett K. Hunter Timothy E. Parker Amit Seth Clark R. Shields Corey D. Shull Michael F. Sola Taymour R. Tamaddon Justin Thomson J. David Wagner Thomas H. Watson (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
New Income | Daniel O. Shackelford Steve Boothe Brian J. Brennan Christopher P. Brown, Jr. Michael J. Grogan Geoffrey M. Hardin Steven C. Huber Robert M. Larkins Alan D. Levenson Andrew C. McCormick Vernon A. Reid, Jr. David A. Tiberii Edward A. Wiese (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
39
Fund | Name | Position Held |
Personal Strategy Funds Personal Strategy Balanced Personal Strategy Growth Personal Strategy Income | Charles M. Shriver Christopher D. Alderson E. Frederick Bair Brian W.H. Berghuis Jerome A. Clark Kimberly E. DeDominicis Mark S. Finn David R. Giroux Ian D. Kelson Wyatt A. Lee Raymond A. Mills Larry J. Puglia Brian C. Rogers Daniel O. Shackelford Robert W. Smith Guido F. Stubenrauch Toby M. Thompson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Prime Reserve | Joseph K. Lynagh Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Real Assets | Wyatt A. Lee E. Frederick Bair Richard de los Reyes Shawn T. Driscoll Stefan Hubrich David M. Lee Timothy E. Parker Daniel O. Shackelford Charles M. Shriver Richard T. Whitney (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Real Estate | David M. Lee Anna M. Dopkin Thomas J. Huber Nina P. Jones Philip A. Nestico Theodore E. Robson Weijie Si (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President |
40
Fund | Name | Position Held |
TRP Reserve Investment Funds Government Reserve Investment Reserve Investment Short-Term Government Reserve Short-Term Reserve | Joseph K. Lynagh Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Retirement Funds Retirement 2005 Retirement 2010 Retirement 2015 Retirement 2020 Retirement 2025 Retirement 2030 Retirement 2035 Retirement 2040 Retirement 2045 Retirement 2050 Retirement 2055 Retirement 2060 Retirement Balanced Target Retirement 2005 Target Retirement 2010 Target Retirement 2015 Target Retirement 2020 Target Retirement 2025 Target Retirement 2030 Target Retirement 2035 Target Retirement 2040 Target Retirement 2045 Target Retirement 2050 Target Retirement 2055 Target Retirement 2060 | Jerome A. Clark Wyatt A. Lee Christopher D. Alderson Brian W.H. Berghuis Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Brian C. Rogers Daniel O. Shackelford Charles M. Shriver Robert W. Smith Guido F. Stubenrauch Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Science & Technology | Kennard W. Allen Brian W.H. Berghuis David J. Eiswert Paul D. Greene II Rhett K. Hunter Daniel Martino Tobias F. Mueller Michael F. Sola Joshua K. Spencer Thomas H. Watson Justin P. White Alison Mei Ling Yip (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
41
Fund | Name | Position Held |
Short-Term Bond Ultra Short-Term Bond | Edward A. Wiese Joseph K. Lynagh Brian J. Brennan Steven G. Brooks M. Helena Condez Bridget A. Ebner Michael J. Grogan Geoffrey M. Hardin Charles B. Hill Keir R. Joyce Andrew C. McCormick Cheryl A. Mickel Vernon A. Reid, Jr. Michael F. Reinartz Daniel O. Shackelford Douglas D. Spratley John D. Wells (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Small-Cap Stock | Gregory A. McCrickard Francisco M. Alonso Preston G. Athey Ira W. Carnahan Andrew S. Davis Christopher T. Fortune Robert J. Marcotte Curt J. Organt Timothy E. Parker Charles G. Pepin Michael F. Sola J. David Wagner (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Small-Cap Value | J. David Wagner Francisco M. Alonso Preston G. Athey Christopher T. Fortune Nina P. Jones Gregory A. McCrickard Curt J. Organt Timothy E. Parker (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Spectrum Funds Spectrum Growth Spectrum Income Spectrum International | Charles M. Shriver Christopher D. Alderson Brian W.H. Berghuis Kimberly E. DeDominicis David R. Giroux Ian D. Kelson Brian C. Rogers Daniel O. Shackelford Robert W. Smith Guido F. Stubenrauch Toby M. Thompson Mark J. Vaselkiv Richard T. Whitney (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
42
Fund | Name | Position Held |
State Tax-Free Income Trust Georgia Tax-Free Bond Maryland Short-Term Tax-Free Bond Maryland Tax-Free Bond Maryland Tax-Free Money New Jersey Tax-Free Bond New York Tax-Free Bond New York Tax-Free Money Virginia Tax-Free Bond | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Dylan Jones Marcy M. Lash Alan D. Levenson James M. Murphy Linda A. Murphy Alexander S. Obaza Douglas D. Spratley Timothy G. Taylor Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Strategic Income | Steven C. Huber Steve Boothe Michael J. Conelius Justin T. Gerbereux Arif Husain Andrew J. Keirle Ian D. Kelson Martin G. Lee Paul M. Massaro Andrew C. McCormick Michael J. McGonigle David A. Stanley Ju Yen Tan Mark J. Vaselkiv (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Summit Funds Summit Cash Reserves
| Andrew C. McCormick Joseph K. Lynagh Anil K. Andhavarapu Austin Applegate Stephen L. Bartolini Brian J. Brennan Christopher P. Brown, Jr. M. Helena Condez G. Richard Dent Keir R. Joyce Martin G. Lee Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Susan G. Troll John D. Wells Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
43
Fund | Name | Position Held |
Summit Municipal Funds Summit Municipal Income Summit Municipal Intermediate Summit Municipal Money Market | Hugh D. McGuirk Charles B. Hill Joseph K. Lynagh Konstantine B. Mallas Austin Applegate R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Charles E. Emrich Sarah J. Engle Dylan Jones Marcy M. Lash Alan D. Levenson James M. Murphy Linda A. Murphy Alexander S. Obaza Douglas D. Spratley Timothy G. Taylor Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Executive Vice President Executive Vice President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Tax-Efficient Funds Tax-Efficient Equity | Donald J. Peters Kennard W. Allen Preston G. Athey Ziad Bakri Andrew S. Davis Donald J. Easley Timothy E. Parker Robert T. Quinn, Jr. William J. Stromberg Taymour R. Tamaddon Mark R. Weigman (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Tax-Exempt Money | Joseph K. Lynagh Austin Applegate Steven G. Brooks M. Helena Condez G. Richard Dent Marcy M. Lash Alan D. Levenson Alexander S. Obaza Douglas D. Spratley Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
44
Fund | Name | Position Held |
Tax-Free High Yield | James M. Murphy R. Lee Arnold, Jr. Austin Applegate M. Helena Condez G. Richard Dent Charles B. Hill Dylan Jones Marcy M. Lash Konstantine B. Mallas Hugh D. McGuirk Linda A. Murphy Timothy G. Taylor Chen Shao (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Tax-Free Income | Konstantine B. Mallas R. Lee Arnold, Jr. M. Helena Condez G. Richard Dent Sarah J. Engle Charles B. Hill Marcy M. Lash Hugh D. McGuirk James M. Murphy Timothy G. Taylor Chen Shao (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
Tax-Free Short-Intermediate Tax-Free Ultra Short-Term Bond | Charles B. Hill Austin Applegate M. Helena Condez G. Richard Dent Charles E. Emrich Dylan Jones Marcy M. Lash Joseph K. Lynagh Konstantine B. Mallas Hugh D. McGuirk Timothy G. Taylor Edward A. Wiese Chen Shao (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President |
U.S. Bond Enhanced Index | Robert M. Larkins Steven C. Huber Martin G. Lee Andrew C. McCormick Brian M. Ropp Daniel O. Shackelford David A. Tiberii Zhen Xia (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
45
Fund | Name | Position Held |
U.S. Large-Cap Core | Jeffrey Rottinghaus Peter J. Bates Shawn T. Driscoll Joseph B. Fath Mark S. Finn Paul D. Greene II John D. Linehan George A. Marzano Robert W. Sharps Gabriel Solomon (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
U.S. Treasury Funds U.S. Treasury Intermediate U.S. Treasury Long-Term U.S. Treasury Money | Brian J. Brennan Joseph K. Lynagh Austin Applegate Stephen L. Bartolini Steven G. Brooks M. Helena Condez G. Richard Dent Geoffrey M. Hardin Alan D. Levenson Andrew C. McCormick Samy B. Muaddi Alexander S. Obaza Vernon A. Reid, Jr. Rebecca L. Setcavage Daniel O. Shackelford Douglas D. Spratley Edward A. Wiese Chen Shao Scott D. Solomon (For remaining officers, refer to the “All funds” table) | President Executive Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Assistant Vice President Assistant Vice President |
Value | Mark S. Finn Peter J. Bates Jason A. Bauer Ryan N. Burgess Ira W. Carnahan Andrew S. Davis David R. Giroux John D. Linehan Heather K. McPherson Robert T. Quinn, Jr. Brian C. Rogers Gabriel Solomon Joshua K. Spencer Tamara P. Wiggs (For remaining officers, refer to the “All funds” table) | President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President Vice President |
Officers
Name, Year of Birth, and Principal Occupation(s) | Position(s) Held With Fund(s) |
Ulle Adamson, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
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Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
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 |
Christopher D. Alderson, 1962 Company’s Representative, Director and Vice President, Price Hong Kong; Director and Vice President, Price Singapore and T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. | President, Institutional International Funds and International Funds; Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Syed H. Ali, 1970 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly Research Analyst, Credit Suisse Securities (to 2010) | Vice President, International Funds and New Era Fund |
Kennard W. Allen, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Science & Technology Fund; Vice President, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Global Technology Fund, Mid-Cap Growth Fund, and Tax-Efficient Funds |
Francisco M. Alonso, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, New Horizons Fund, Small-Cap Stock Fund, and Small-Cap Value Fund |
Paulina Amieva, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
Anil K. Andhavarapu, 1980 Vice President, T. Rowe Price | Vice President, GNMA Fund, Multi-Sector Account Portfolios, and Summit Funds |
Austin Applegate, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Municipal Credit Research Analyst, Barclays Capital (to 2011) | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
R. Lee Arnold, Jr., 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Executive Vice President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Malik S. Asif, 1981 Vice President, T. Rowe Price International; formerly student, The University of Chicago Booth School of Business (to 2012) and Investment Consultant - Middle East and North Africa Investment Team, International Finance Corporation – The World Bank Group (to 2010) | Vice President, Institutional International Funds and International Funds |
Boyko D. Atanassov, 1969 Vice President, T. Rowe Price Group, Inc.; formerly, Quantitative Equity Research AVP, AllianceBernstein (to 2010) | Vice President, Diversified Small-Cap Growth Fund |
Preston G. Athey, 1949 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC | Vice President, New Horizons Fund, Small-Cap Stock Fund, Small-Cap Value Fund, and Tax-Efficient Funds |
E. Frederick Bair, 1969 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Index Trust and International Index Fund; Vice President, Balanced Fund, Personal Strategy Funds, and Real Assets Fund |
Ziad Bakri, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Vice President, Cowen and Company; M.D., CFA | Vice President, Blue Chip Growth Fund, Health Sciences Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds |
Harishankar Balkrishna, 1983 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly intern, T. Rowe Price (to 2010) | Vice President, International Funds |
47
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Sheena L. Barbosa, 1983 Vice President, Price Hong Kong and T. Rowe Price Group | Vice President, International Funds |
Stephen L. Bartolini, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Portfolio Manager, Senior Trader, and Analyst, Fannie Mae (to 2010); CFA | Vice President, GNMA Fund, Inflation Focused Bond Fund, Inflation Protected Bond Fund, Multi-Sector Account Portfolios, Summit Funds, and U.S. Treasury Funds |
Peter J. Bates, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, International Funds; Vice President, Blue Chip Growth Fund, Capital Opportunity Fund, Diversified Mid-Cap Growth Fund, Dividend Growth Fund, Growth & Income Fund, Institutional International Funds, U.S. Large-Cap Core Fund, and Value Fund |
Jason A. Bauer, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, High Yield Fund, Institutional Income Funds, and Value Fund |
Luis M. Baylac, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Oliver D.M. Bell, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Head of Global Emerging Markets Research, Pictet Asset Management Ltd. (to 2011) | Executive Vice President, Institutional International Funds and International Funds |
R. Scott Berg, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional International Funds and International Funds |
Brian W.H. Berghuis, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Mid-Cap Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Diversified Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, Personal Strategy Funds, Retirement Funds, Science & Technology Fund, and Spectrum Funds |
Michael F. Blandino, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, Institutional Income Funds, and New Horizons Fund |
Steve Boothe, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Corporate Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, Strategic Income Fund |
Peter I. Botoucharov, 1965 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Director – EMEA Macroeconomic Research and Strategy (to 2012); and Global Source, Independent Financial Advisor (to 2010) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Tala Boulos, 1984 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, Vice President, CEEMEA Corporate Credit Research, Deutsche Bank (to 2013) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Darrell N. Braman, 1963 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, T. Rowe Price Investment Services, Inc. and T. Rowe Price Services, Inc. | Vice President, all funds |
48
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Brian J. Brennan, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe
Price International, and T. Rowe Price Trust | President, U.S. Treasury Funds; Executive Vice President, Institutional Income Funds; Vice President, GNMA Fund, Inflation Focused Bond Fund, Inflation Protected Bond Fund, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, New Income Fund, Short-Term Bond Fund, and Summit Funds |
Andrew M. Brooks, 1956 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Equity Income Fund, High Yield Fund, and Institutional Income Funds |
Steven G. Brooks, 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Corporate Income Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Prime Reserve Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, Tax-Exempt Money Fund, and U.S. Treasury Funds |
Christopher P. Brown, Jr., 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Credit Opportunities Fund, GNMA Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Summit Funds |
Ryan N. Burgess, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Capital Opportunity Fund, Growth & Income Fund, International Funds, Mid-Cap Value Fund, New Era Fund, and Value Fund |
Brian E. Burns, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Christopher W. Carlson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund, Global Technology Fund, Mid-Cap Value Fund, and New Horizons Fund |
Ira W. Carnahan, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Capital Opportunity Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, Small-Cap Stock Fund, and Value Fund |
Sheldon Chan, 1981 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Associate Director, HSBC (Hong Kong) (to 2011) | Vice President, International Funds and Multi-Sector Account Portfolios |
Tak Yiu Cheng, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, International Funds |
Carolyn Hoi Che Chu, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly Director, Bank of America Merrill Lynch and co-head of credit and convertibles research team in Hong Kong (to 2010) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Archibald Ciganer Albeniz, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Jerome A. Clark, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Trust Company; CFA | President, Retirement Funds; Vice President, Inflation Focused Bond Fund and Personal Strategy Funds |
Richard N. Clattenburg, 1979 Vice President, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Real Estate Fund |
49
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Andrew L. Cohen, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Associate – Power & Energy/Strategic Investments Metlife Investments (to 2010); CFA | Vice President, High Yield Fund and Institutional Income Funds |
M. Helena Condez, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Michael J. Conelius, 1964 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Institutional Income Funds and Strategic Income Fund |
Michael F. Connelly, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Michael P. Daley, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Andrew S. Davis, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Growth & Income Fund, Growth Stock Fund, International Funds, Small-Cap Stock Fund, Tax-Efficient Funds, and Value Fund |
Kimberly E. DeDominicis, 1976 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Richard de los Reyes, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Institutional International Funds, International Funds, New Era Fund, and Real Assets Fund |
Michael Della Vedova, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, High Yield Fund, Institutional International Funds, and International Funds |
G. Richard Dent, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
Eric L. DeVilbiss, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, New America Growth Fund, and New Era Fund |
Carson R. Dickson, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, CPA | Vice President, High Yield Fund |
Anna M. Dopkin, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Vice President, Balanced Fund and Real Estate Fund |
50
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Shawn T. Driscoll, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, New Era Fund; Vice President, Blue Chip Growth Fund, 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 |
Donald J. Easley, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Diversified Mid-Cap Growth Fund; Vice President, Diversified Small-Cap Growth Fund, Mid-Cap Growth Fund, New Era Fund, and Tax-Efficient Funds |
Bridget A. Ebner, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Focused Bond Fund, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and Short-Term Bond Fund |
Mark J.T. Edwards, 1957 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds |
David J. Eiswert, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, and Science & Technology Fund |
Henry M. Ellenbogen, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, New Horizons Fund; Vice President, Global Technology Fund, International Funds, Media & Telecommunications Fund, Mid-Cap Growth Fund, and Mid-Cap Value Fund |
Charles E. Emrich, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Short-Intermediate Fund |
Sarah J. Engle, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Program Examiner and Policy Analyst, Office of Management & Budget (to 2012); Analyst, Moody’s Investor Service (to 2010) | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Luis Fananas, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Equities Research – Director, Deutsche Bank (to 2012) | Vice President, International Funds |
Joseph B. Fath, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | President, Growth Stock Fund; Vice President, Media & Telecommunications Fund, Mid-Cap Growth Fund, and U.S. Large-Cap Core Fund |
Stephen M. Finamore, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Financial Services Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Mark S. Finn, 1963 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Value Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund, Equity Income Fund, Institutional International Funds, International Funds, Mid-Cap Value Fund, New Era Fund, Personal Strategy Funds, and U.S. Large-Cap Core 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 |
51
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Jon M. Friar, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Summer Intern, T. Rowe Price (to 2011) | Vice President, Dividend Growth Fund, Equity Income Fund, Financial Services Fund, and Growth Stock Fund |
James H. Friedland, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Internet Analyst and Managing Director, Cowen and Company (to 2012) | Vice President, Dividend Growth Fund and Media & Telecommunications 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 |
Justin T. Gerbereux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
John R. Gilner, 1961 Chief Compliance Officer and Vice President, T. Rowe Price; Vice President, T. Rowe Price Group, Inc. and T. Rowe Price Investment Services, Inc. | Chief Compliance Officer, all funds |
David R. Giroux, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Capital Appreciation Fund; Vice President, Equity Income Fund, Floating Rate Fund, Institutional Income Funds, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Value Fund |
Vishnu Vardhan Gopal, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds |
Paul D. Greene II, 1978 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Media & Telecommunications Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Global Technology Fund, Growth Stock Fund, Institutional International Funds, International Funds, Science & Technology Fund, and U.S. Large-Cap Core Fund |
Benjamin Griffiths, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds and International Funds |
Michael J. Grogan, 1971 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; CFA | Vice President, Corporate Income Fund, Inflation Focused Bond Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, and Short-Term Bond Fund |
Richard L. Hall, 1979 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; formerly, Financial Attaché, U.S. Department of Treasury, International Affairs Division (to 2012) | Vice President, Institutional International Funds and International Funds |
Geoffrey M. Hardin, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Focused Bond Fund, Inflation Protected Bond Fund, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds |
Robert L. Harlow, 1986 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CAIA, CFA | Vice President, Global Allocation Fund |
Ryan S. Hedrick, 1980 Vice President, T. Rowe Price and T. Rowe Price Group Inc.; formerly, Analyst, Davidson Kempner Capital Management (to 2013); CFA | Vice President, Blue Chip Growth Fund and New Era Fund |
Barry Henderson, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Growth Stock Fund, New America Growth Fund, and New Horizons Fund |
52
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Charles B. Hill, 1961 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Tax-Free Short-Intermediate Fund; Executive Vice President, State Tax-Free Income Trust and Summit Municipal Funds; Vice President, Inflation Focused Bond Fund, Intermediate Tax-Free High Yield Fund, Short-Term Bond Fund, Tax-Free High Yield Fund, and Tax-Free Income Fund |
Gregory K. Hinkle, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | Treasurer, all funds |
Ann M. Holcomb, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional Equity Funds; Co-President, Capital Opportunity Fund |
Steven C. Huber, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA, FSA | Executive Vice President, Institutional Income Funds; President, Strategic Income Fund; Vice President, Floating Rate Fund, Global Allocation Fund, Multi-Sector Account Portfolios, New Income Fund, and U.S. Bond Enhanced Index Fund |
Thomas J. Huber, 1966 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Dividend Growth Fund and Growth & Income Fund; Vice President, Blue Chip Growth Fund, Equity Income Fund, and Real Estate Fund |
Stefan Hubrich, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | Vice President, Global Allocation Fund, Institutional International Funds, International Funds, and Real Assets Fund |
Rhett K. Hunter, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, New Horizons Fund, and Science & Technology Fund |
Arif Husain, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Director/Head of UK and Euro Fixed Income, AllianceBernstein (to 2013); CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
S. Leigh Innes, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Institutional Income Funds |
Tetsuji Inoue, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Equity Sales, JP Morgan Chase Securities Ltd. (to 2012) and Equity Specialist Technology, ICAP PLC (to 2010) | Vice President, Global Real Estate Fund and International Funds |
Michael Jacobs, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, Vice President, JP Morgan Asset Management (to 2013) | Vice President, International Funds |
Andrew P. Jamison, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, High Yield Fund, and Institutional Income Funds |
Randal S. Jenneke, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Senior Portfolio Manager Australian Equities (to 2010) | Vice President, Institutional International Funds and International Funds |
Prashant G. Jeyaganesh, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Diversified Small-Cap Growth Fund, and International Funds |
53
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Dylan Jones, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, and Tax-Free Short-Intermediate Fund |
Nina P. Jones, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Capital Appreciation Fund, Equity Income Fund, Financial Services Fund, Global Real Estate Fund, Growth & Income Fund, Mid-Cap Value Fund, Real Estate Fund, and Small-Cap Value Fund |
Keir R. Joyce, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, GNMA Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Short-Term Bond Fund, and Summit Funds |
Vidya Kadiyam, 1980 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund |
Yoichiro Kai, 1973 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund, Institutional International Funds, and International Funds |
Jai Kapadia, 1982 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; formerly student, MIT Sloan School of Management (to 2011) | Vice President, International Funds |
Paul A. Karpers, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional Income Funds; President, Credit Opportunities Fund; Vice President, Balanced Fund, Corporate Income Fund, Floating Rate Fund, High Yield Fund, and Multi-Sector Account Portfolios |
Andrew J. Keirle, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios; Vice President, Institutional Income Funds and Strategic Income Fund |
Ian D. Kelson, 1956 Director and Vice President, T. Rowe Price International; Vice President, T. Rowe Price Group, Inc. | Vice President, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Shinwoo Kim, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, New Era Fund |
Steven D. Krichbaum, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund |
Christopher J. Kushlis, 1976 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Michael Lambe, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Robert M. Larkins, 1973 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, U.S. Bond Enhanced Index Fund; Vice President, Balanced Fund, Global Allocation Fund, Institutional Income Funds, and New Income Fund |
Marcy M. Lash, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
54
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Shengrong Lau, 1982 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly student, The Wharton School, University of Pennsylvania (to 2012) and Private Equity Associate – Financial Services, Stone Point Capital (to 2010) | 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 |
David M. Lee, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Global Real Estate Fund and Real Estate Fund; Vice President, Dividend Growth Fund, Institutional International Funds, International Funds, and Real Assets Fund |
Martin G. Lee, 1963 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Institutional Income Funds, Multi-Sector Account Portfolios, Strategic Income Fund, Summit Funds, and U.S. Bond Enhanced Index Fund |
Wyatt A. Lee, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Real Assets Fund; Executive Vice President, Retirement Funds; Vice President, Balanced Fund, Inflation Focused Bond Fund, and Personal Strategy Funds |
Alan D. Levenson, 1958 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D. | Vice President, California Tax-Free Income Trust, Corporate Income Fund, GNMA Fund, Inflation Protected Bond Fund, Multi-Sector Account Portfolios, New Income Fund, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
John D. Linehan, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional Equity Funds; Vice President, Capital Appreciation Fund, Equity Income Fund, U.S. Large-Cap Core Fund, and Value Fund |
Patricia B. Lippert, 1953 Assistant Vice President, T. Rowe Price and T. Rowe Price Investment Services, Inc. | Secretary, all funds |
R. Scott Livingston, 1979 Assistant Vice President, T. Rowe Price | Vice President, International Index Fund and Index Trust Funds |
Christopher C. Loop, 1966 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Anh Lu, 1968 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Joseph K. Lynagh, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Prime Reserve Fund, TRP Reserve Investment Funds, and Tax-Exempt Money Fund; Executive Vice President, California Tax-Free Income Trust, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, and U.S. Treasury Funds; Vice President, Tax-Free Short-Intermediate Fund |
55
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, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, Tax-Free High Yield Fund and Tax-Free Short-Intermediate Fund |
Sebastien Mallet, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds; Vice President, International Funds |
Robert J. Marcotte, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, Mid-Cap Growth Fund, and Small-Cap Stock Fund |
Jennifer Martin, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund |
Daniel Martino, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, New America Growth Fund; Vice President, Growth Stock Fund, Institutional International Funds, Media & Telecommunications, Mid-Cap Growth Fund, and Science & Technology 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 U.S. Large-Cap Core Fund |
Paul M. Massaro, 1975 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Floating Rate Fund, Institutional Income Funds, and Multi-Sector Account Portfolios; Vice President, Capital Appreciation Fund, High Yield Fund, and Strategic Income Fund |
Jonathan H.W. Matthews, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Andrew C. McCormick, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, GNMA Fund and Summit Funds; Executive Vice President, Multi-Sector Account Portfolios; Vice President, Inflation Focused Bond Fund, Inflation Protected Bond Fund, Institutional Income Funds, New Income Fund, Short-Term Bond Fund, Strategic Income Fund, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Gregory A. McCrickard, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Small-Cap Stock Fund; Executive Vice President, Institutional Equity Funds; Vice President, Mid-Cap Value Fund and Small-Cap Value Fund |
Ian C. McDonald, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund and New America Growth Fund |
Michael J. McGonigle, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Financial Services Fund, Floating Rate Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
Hugh D. McGuirk, 1960 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, California Tax-Free Income Trust, State Tax-Free Income Trust, and Summit Municipal Funds; Vice President, Intermediate Tax-Free High Yield Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
56
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Heather K. McPherson, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Executive Vice President, Institutional Equity Funds and Mid-Cap Value Fund; Vice President, Equity Income Fund, Global Technology Fund, New Era Fund, and Value Fund |
Cheryl A. Mickel, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Inflation Focused Bond Fund and Short-Term Bond Fund |
Raymond A. Mills, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; Ph.D., CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Balanced Fund, Global Real Estate Fund, and Personal Strategy Funds |
Jihong Min, 1979 Vice President, Price Singapore and T. Rowe Price Group, Inc.; formerly Financial Analyst, Geosphere Capital Management, Singapore (to 2012) and Financial Analyst, Fortress Investment Group, Hong Kong (to 2009) | Vice President, International Funds |
Eric C. Moffett, 1974 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Executive Vice President, International Funds; Vice President, Global Real Estate Fund |
Samy B. Muaddi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, International Funds, Multi-Sector Account Portfolios, and U.S. Treasury Funds |
Tobias F. Mueller, 1980 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Intern, T. Rowe Price (to 2011) | Vice President, Global Technology Fund and Science & Technology Fund |
James M. Murphy, 1967 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Intermediate Tax-Free High Yield Fund and Tax-Free High Yield Fund; Vice President, Credit Opportunities Fund, Institutional Income Funds, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free Income Fund |
Linda A. Murphy, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, and Tax-Free High Yield Fund |
Sudhir Nanda, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D., CFA | President, Diversified Small-Cap Growth Fund; Vice President, Capital Appreciation Fund, Diversified Mid-Cap Growth Fund, and Institutional International Funds |
Joshua Nelson, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Institutional International Funds and International Funds |
Philip A. Nestico, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Real Estate Fund, International Funds, Media & Telecommunications Fund, and Real Estate Fund |
Sridhar Nishtala, 1975 Vice President, Price Singapore and T. Rowe Price Group, Inc. | Vice President, Institutional International Funds and International Funds |
Jason Nogueira, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Executive Vice President, Institutional International Funds and International Funds; Vice President, Health Sciences Fund |
57
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Alexander S. Obaza, 1981 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, California Tax-Free income Trust, Corporate Income Fund, Institutional Income, Multi-Sector Account Portfolios, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
David Oestreicher, 1967 Director, Vice President, and Secretary, T. Rowe Price Investment Services, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company; Chief Legal Officer, Vice President, and Secretary, T. Rowe Price Group, Inc.; Vice President and Secretary, T. Rowe Price and T. Rowe Price International; Vice President, Price Hong Kong and Price Singapore | Vice President, all funds |
Michael D. Oh, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Kenneth A. Orchard, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, Moody’s Investors Service (to 2010) | Vice President, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
Curt J. Organt, 1968 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Small-Cap Growth Fund, International Funds, New America Growth 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 |
Hiroaki Owaki, 1962 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Global Technology Fund and International Funds |
Oluwaseun A. Oyegunle, 1984 Vice President, T. Rowe Price International; formerly, student, The Wharton School, University of Pennsylvania (to 2013); Summer Investment Analyst, T. Rowe Price International (2012); Analyst, Asset & Resource Management Limited (to 2012); Analyst, Vetiva Capital Management Limited (to 2011); CFA | Vice President, Institutional International Funds and International Funds |
Robert A. Panariello, 1983 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Allocation Fund |
Gonzalo Pangaro, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
Miso Park, 1982 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Credit Analyst, M&G Investments (to 2010); CFA | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Timothy E. Parker, 1974 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Diversified Mid-Cap Growth Fund, New Era Fund, New Horizons Fund, Real Assets Fund, Small-Cap Stock Fund, Small-Cap Value Fund, and Tax-Efficient Funds |
58
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Viral S. Patel, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Vice President, Berstein Value Equities (to 2011) | Vice President, Global Real Estate Fund |
Craig J. Pennington, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, Global Energy Analyst, Insight Investment (to 2010); CFA | Vice President, Institutional International Funds, International Funds, and New Era Fund |
Charles G. Pepin, 1966 Director, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Small-Cap Stock Fund |
Donald J. Peters, 1959 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Diversified Mid-Cap Growth Fund and Tax-Efficient Funds |
Jason B. Polun, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional Equity Funds; Co-President, Capital Opportunity Fund; Vice President, Financial Services Fund |
Adam Poussard, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Assistant Vice President – Equity Research, Healthcare Distribution & Technology, Barclays Capital (to 2010) | Vice President, Health Sciences Fund |
Austin M. Powell, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, International Funds |
Larry J. Puglia, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | President, Blue Chip Growth Fund; Executive Vice President, Institutional Equity Funds; Vice President, Balanced Fund and Personal Strategy Funds |
Robert T. Quinn, Jr., 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Equity Income Fund, Tax-Efficient Funds, and Value Fund |
Vivek Rajeswaran, 1985 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, student, Columbia Business School (to 2012) | Vice President, Blue-Chip Growth Fund, International Funds, and New Era Fund |
Kyle Rasbach, 1980 Employee, T. Rowe Price; formerly, Vice President, Cowen and Company (to 2013) | Vice President, Health Sciences Fund |
John W. Ratzesberger, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, North American Head of Listed Derivatives Operation, Morgan Stanley (to 2013) | Vice President, all funds |
Vernon A. Reid, Jr., 1954 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Inflation Focused Bond Fund, Institutional Income Funds, Multi-Sector Account Portfolios, New Income Fund, Short-Term Bond Fund, and U.S. Treasury Funds |
Michael F. Reinartz, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Inflation Focused Bond Fund and Short-Term Bond Fund |
Frederick A. Rizzo, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund and International Funds |
Theodore E. Robson, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and Real Estate Fund |
59
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Brian M. Ropp, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Corporate Income Fund, Institutional Income Funds, Multi-Sector Account Portfolios, and U.S. Bond Enhanced Index Fund |
Christopher J. Rothery, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, Institutional International Funds and International Funds; Vice President, Multi-Sector Account Portfolios |
Jeffrey Rottinghaus, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | President, U.S. Large-Cap Core Fund; Vice President, Dividend Growth Fund and Growth & Income Fund |
David L. Rowlett, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Dividend Growth Fund, Growth & Income Fund, International Funds, Mid-Cap Growth Fund, and New America Growth Fund |
Brian A. Rubin, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CPA | Vice President, Credit Opportunities Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Federico Santilli, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, Institutional International Funds and International Funds |
Sebastian Schrott, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Deborah D. Seidel, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. | Vice President, all funds |
Rebecca L. Setcavage, 1982 Assistant Vice President, T. Rowe Price | Vice President, Inflation Protected Bond Fund and U.S. Treasury Funds |
Amit Seth, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Blue Chip Growth Fund, Diversified Mid-Cap Growth Fund, and New Horizons Fund |
Michael K. Sewell, 1982 Vice President, T. Rowe Price | Vice President, GNMA Fund |
Daniel O. Shackelford, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Inflation Focused Bond Fund, Inflation Protected Bond Fund, and New Income Fund; Vice President, Institutional Income Funds, Multi-Sector Account Portfolios, Personal Strategy Funds, Real Assets Fund, Retirement Funds, Short-Term Bond Fund, Spectrum Funds, U.S. Bond Enhanced Index Fund, and U.S. Treasury Funds |
Jeneiv Shah, 1980 Vice President, T. Rowe Price International; formerly Analyst, Mirae Asset Global Investments (to 2010); CFA | Vice President, International Funds |
Chen Shao, 1980 Assistant Vice President, T. Rowe Price | Assistant Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, Prime Reserve Fund, TRP Reserve Investment Funds, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, Tax-Free High Yield Fund, Tax-Free Income Fund, Tax-Free Short-Intermediate Fund, and U.S. Treasury Funds |
60
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Robert W. Sharps, 1971 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CPA | Executive Vice President, Institutional Equity Funds; Vice President, Blue Chip Growth Fund, Growth Stock Fund, Institutional International Funds, International Funds, New America Growth Fund, and U.S. Large-Cap Core Fund |
Thomas A. Shelmerdine, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly, Investment Committee Member, Myer Family Company Holdings Limited (to 2012) | Vice President, New Era Fund |
John C.A. Sherman, 1969 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds and International Funds |
Clark R. Shields, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Mid-Cap Growth Fund and New Horizons Fund |
Charles M. Shriver, 1967 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds; Vice President, Real Assets Fund and Retirement Funds |
Farris G. Shuggi, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund and Diversified Small-Cap Growth Fund |
Corey D. Shull, 1983 Vice President, Rowe Price Group, Inc.; CFA | Vice President, Media & Telecommunications Fund and New Horizons Fund |
Weijie Si, 1983 Vice President, T. Rowe Price; formerly, student, Harvard Business School (to 2012); Private Equity Associate (to 2010) | Vice President, Real Estate Fund |
Neil Smith, 1972 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., and T. Rowe Price International | Executive Vice President, International Index Fund; Vice President, Index Trust |
Robert W. Smith, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Executive Vice President, Institutional International Funds and International Funds; Vice President, Growth Stock Fund, Media & Telecommunications Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Matt J. Snowling, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Managing Director – Specialty Finance, Citadel Securities (to 2011); Managing Director of Investment Services and Senior Vice President, Senior Analyst, Education Services Research Group (to 2011); CFA | Vice President, Financial Services Fund and Growth & Income Fund |
Michael F. Sola, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Global Technology Fund, New Horizons Fund, Science & Technology Fund, and Small-Cap Stock Fund |
Gabriel Solomon, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | President, Financial Services Fund; Vice President, Capital Appreciation Fund, Capital Opportunity Fund, Dividend Growth Fund, Institutional International Funds, International Funds, U.S. Large-Cap Core Fund, and Value Fund |
Scott D. Solomon, 1981 Vice President, T. Rowe Price; CFA | Assistant Vice President, Inflation Focused Bond Fund and U.S. Treasury Funds |
Eunbin Song, 1980 Vice President, Price Singapore and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds |
61
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Joshua K. Spencer, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Global Technology Fund; Vice President, Growth & Income Fund, Institutional International Funds, International Funds, Science & Technology Fund, and Value Fund |
Douglas D. Spratley, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Prime Reserve Fund, TRP Reserve Investment Funds, Short-Term Bond Fund, State Tax-Free Income Trust, Summit Funds, Summit Municipal Funds, Tax-Exempt Money Fund, and U.S. Treasury Funds |
David A. Stanley, 1963 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional Income Funds, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
Kimberly A. Stokes, 1969 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
William J. Stromberg, 1960 Director and Vice President, T. Rowe Price; Vice President, Price Hong Kong, Price Singapore, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Vice President, Capital Appreciation Fund and Tax-Efficient Funds |
Guido F. Stubenrauch, 1970 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Balanced Fund, Personal Strategy Funds, Retirement Funds, and Spectrum Funds |
Taymour R. Tamaddon, 1976 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | President, Health Sciences Fund; Vice President, Blue Chip Growth Fund, Capital Appreciation Fund, Capital Opportunity Fund, Growth Stock Fund, Institutional International Funds, International Funds, Mid-Cap Growth Fund, New America Growth Fund, New Horizons Fund, and Tax-Efficient Funds |
Ju Yen Tan, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional Income Funds, Institutional International Funds, International Funds, Multi-Sector Account Portfolios, and Strategic Income Fund |
Sin Dee Tan, 1979 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Timothy G. Taylor, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, California Tax-Free Income Trust, Intermediate Tax-Free High Yield Fund, State Tax-Free Income Trust, Summit Municipal Funds, Tax-Free High Yield Fund, Tax-Free Income Fund, and Tax-Free Short-Intermediate Fund |
Dean Tenerelli, 1964 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Thomas E. Tewksbury, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Craig A. Thiese, 1975 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Index Trust, International Index Fund, New America Growth Fund, and New Era Fund |
62
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Robert D. Thomas, 1971 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; formerly Senior Vice President, Moody’s Investors Service, London (to 2011) | Vice President, Corporate Income Fund, Credit Opportunities Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
Siby Thomas, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Credit Opportunities Fund, International Funds, Institutional Income Funds, and Multi-Sector Account Portfolios |
Toby M. Thompson, 1971 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly, Director of Investments, I.A.M. National Pension Fund (to 2012); CFA, CAIA | Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, and Spectrum Funds |
Justin Thomson, 1968 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Executive Vice President, International Funds; Vice President, New Horizons Fund |
David A. Tiberii, 1965 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | President, Corporate Income Fund; Executive Vice President, Institutional Income Funds and Multi-Sector Account Portfolios; Vice President, New Income Fund and U.S. Bond Enhanced Index Fund |
Mitchell J.K. Todd, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Financial Services Fund and International Funds |
Michael J. Trivino, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Private Equity Group, Welsh, Carson & Stowe (to 2011) | Vice President, High Yield Fund |
Susan G. Troll, 1966 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CPA | Vice President, Capital Appreciation Fund and Summit Funds |
Ken D. Uematsu, 1969 Vice President, T. Rowe Price and T. Rowe Price Trust Company; CFA | Executive Vice President, Index Trust; Vice President, International Index Fund |
Mark J. Vaselkiv, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Floating Rate Fund, High Yield Fund, and Institutional Income Funds; Executive Vice President, International Funds and Multi-Sector Account Portfolios; Vice President, Personal Strategy Funds, Retirement Funds, Spectrum Funds, and Strategic Income Fund |
Eric L. Veiel, 1972 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | Executive Vice President, Institutional Equity Funds; Co-President, Capital Opportunity Fund; Vice President, Financial Services Fund and Institutional International Funds |
Kes Visuvalingam, 1968 Vice President, Price Hong Kong, Price Singapore, and T. Rowe Price Group, Inc.; CFA | Vice President, International Funds |
Verena E. Wachnitz, 1978 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Executive Vice President, International Funds; Vice President, Institutional International Funds |
Lauren T. Wagandt, 1984 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Corporate Income Fund, Credit Opportunities Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
J. David Wagner, 1974 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA | President, Small-Cap Value Fund; Vice President, Diversified Small-Cap Growth Fund, Institutional Equity Funds, Mid-Cap Value Fund, New Horizons Fund, and Small-Cap Stock Fund |
63
Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
John F. Wakeman, 1962 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Executive Vice President, Mid-Cap Growth Fund; Vice President, Diversified Mid-Cap Growth Fund and Institutional Equity Funds |
David J. Wallack, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | President, Mid-Cap Value Fund; Vice President, International Funds and New Era Fund |
Hiroshi Watanabe, 1975 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, International Funds |
Thomas H. Watson, 1977 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, New America Growth Fund, New Horizons Fund, and Science & Technology Fund |
Mark R. Weigman, 1962 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company; CFA, CIC | Vice President, Tax-Efficient Funds |
John D. Wells, 1960 Vice President, T. Rowe Price, T. Rowe Price Group, Inc. | Vice President, GNMA Fund, Inflation Focused Bond Fund, Multi-Sector Account Portfolios, Short-Term Bond Fund, and Summit Funds |
Justin P. White, 1981 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Opportunity Fund, Global Technology Fund, Growth Stock Fund, Media & Telecommunications Fund, Mid-Cap Growth Fund, Mid-Cap Value Fund, New America Growth Fund, and Science & Technology Fund |
Christopher S. Whitehouse, 1972 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
Richard T. Whitney, 1958 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price International, and T. Rowe Price Trust Company; CFA | Vice President, Balanced Fund, Global Allocation Fund, Personal Strategy Funds, Real Assets Fund, Retirement Funds, and Spectrum Funds |
Tamara P. Wiggs, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Capital Appreciation Fund, Financial Services Fund, and Value Fund |
Clive M. Williams, 1966 Vice President, Price Hong Kong, Price Singapore, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price International | Vice President, International Funds |
John M. Williams, 1982 Vice President, T. Rowe Price and T. Rowe Price Group, Inc. | Vice President, Dividend Growth Fund, Equity Income Fund, Mid-Cap Value Fund, and New Era Fund |
Thea N. Williams, 1961 Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company | Vice President, Corporate Income Fund, Floating Rate Fund, High Yield Fund, Institutional Income Funds, and Multi-Sector Account Portfolios |
J. Zachary Wood, 1972 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; CFA | Vice President, Index Trust and International Index Fund |
Jon Davis Wood, 1979 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; formerly Senior Vice President and Senior Research Analyst, Jeffries & Company, Inc. (to 2013); CFA | Vice President, Health Sciences Fund |
J. Howard Woodward, 1974 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International; CFA | Vice President, Corporate Income Fund, Institutional Income Funds, Institutional International Funds, International Funds, and Multi-Sector Account Portfolios |
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Name, Year of Birth, and Principal
Occupation(s) | Position(s) Held With Fund(s) |
Rouven J. Wool-Lewis, 1973 Vice President, T. Rowe Price and T. Rowe Price Group, Inc.; Ph.D.; formerly Vice President of Corporate Strategy, UnitedHealth Group (to 2011) | Vice President, Diversified Mid-Cap Growth Fund and Health Sciences Fund |
Marta Yago, 1977 Vice President, T. Rowe Price Group, Inc. and T. Rowe Price International | Vice President, Global Real Estate Fund and International Funds |
Ernest C. Yeung, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc.; CFA | Vice President, Institutional International Funds, International Funds, and Media & Telecommunications Fund |
Alison Mei Ling Yip, 1966 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, Global Technology Fund, International Funds, and Science & Technology Fund |
Wenli Zheng, 1979 Vice President, Price Hong Kong and T. Rowe Price Group, Inc. | Vice President, International Funds and Media & Telecommunications Fund |
Jeffrey T. Zoller, 1970 Vice President, T. Rowe Price and T. Rowe Price Trust Company | Vice President, all funds |
Directors’ Compensation
Each independent director is paid $270,000 annually for his/her service on the funds’ Boards and the chairman of the Committee of Independent Directors is paid an additional $100,000 annually for his/her service as Lead Independent Director. An independent director who serves on the Joint Audit Committee receives $10,000 annually for his/her service as a member of the committee and the Joint Audit Committee chairman receives $20,000 annually for his/her service as chairman of the 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 accrued amounts paid by each fund, and the total compensation that was paid from all of the funds, to the independent directors for the 2014 calendar year. The independent directors of the funds do not receive any pension or retirement benefits from the funds or T. Rowe Price. In addition, the officers and inside directors of the funds do not receive any compensation or benefits from the funds for their service.
Directors | Total Compensation |
Brody | $270,000 |
Deering (Lead) | 370,000 |
Dick | 270,000 |
Duncan | 280,000 |
Gerrard | 290,000 |
Horn | 270,000 |
McBride | 280,000 |
Rouse | 280,000 |
Schreiber | 280,000 |
Tercek | 270,000 |
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The following table shows the amounts paid by each fund to the directors based on accrued compensation for the calendar year 2014:
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
Africa & Middle East | $92 | $128 | $92 | $93 | $96 | $92 | $93 | $93 | $95 | $96 |
Asia Opportunities | 4 | 6 | 4 | 5 | 5 | 4 | 5 | 5 | 5 | 4 |
Balanced | 1,804 | 2,517 | 1,804 | 1,826 | 1,892 | 1,804 | 1,826 | 1,826 | 1,871 | 1,894 |
Blue Chip Growth | 10,685 | 14,905 | 10,685 | 10,818 | 11,214 | 10,685 | 10,818 | 10,818 | 11,081 | 11,210 |
California Tax-Free Bond | 192 | 268 | 192 | 195 | 202 | 192 | 195 | 195 | 199 | 202 |
California Tax-Free Money | 36 | 50 | 36 | 36 | 38 | 36 | 36 | 36 | 37 | 38 |
Capital Appreciation | 9,270 | 12,930 | 9,270 | 9,386 | 9,730 | 9,270 | 9,386 | 9,386 | 9,613 | 9,724 |
Capital Opportunity | 284 | 397 | 284 | 288 | 299 | 284 | 288 | 288 | 295 | 299 |
Corporate Income | 260 | 363 | 260 | 263 | 273 | 260 | 263 | 263 | 270 | 273 |
Credit Opportunities | 9 | 13 | 9 | 9 | 10 | 9 | 9 | 9 | 10 | 10 |
Diversified Mid-Cap Growth | 146 | 204 | 146 | 148 | 153 | 146 | 148 | 148 | 152 | 153 |
Diversified Small-Cap Growth | 358 | 500 | 358 | 363 | 376 | 358 | 363 | 363 | 372 | 376 |
Dividend Growth | 1,850 | 2,581 | 1,850 | 1,872 | 1,941 | 1,850 | 1,872 | 1,872 | 1,918 | 1,942 |
Emerging Europe | 129 | 180 | 129 | 130 | 135 | 129 | 130 | 130 | 134 | 136 |
Emerging Markets Bond | 1,931 | 2,693 | 1,931 | 1,955 | 2,027 | 1,931 | 1,955 | 1,955 | 2,002 | 2,025 |
Emerging Markets Corporate Bond | 53 | 74 | 53 | 54 | 56 | 53 | 54 | 54 | 55 | 55 |
Emerging Markets Corporate Multi-Sector Account Portfolio | 16 | 23 | 16 | 16 | 17 | 16 | 16 | 16 | 17 | 17 |
Emerging Markets Local Currency Bond | 30 | 42 | 30 | 31 | 32 | 30 | 31 | 31 | 31 | 31 |
Emerging Markets Local Multi-Sector Account Portfolio | 21 | 30 | 21 | 21 | 22 | 21 | 21 | 21 | 22 | 22 |
Emerging Markets Stock | 3,275 | 4,567 | 3,275 | 3,316 | 3,437 | 3,275 | 3,316 | 3,316 | 3,396 | 3,435 |
Equity Income | 13,211 | 18,436 | 13,211 | 13,368 | 13,857 | 13,211 | 13,368 | 13,368 | 13,700 | 13,875 |
Equity Index 500 | 9,652 | 13,462 | 9,652 | 9,773 | 10,131 | 9,652 | 9,773 | 9,773 | 10,009 | 10,124 |
European Stock | 755 | 1,054 | 755 | 763 | 791 | 755 | 763 | 763 | 783 | 794 |
Extended Equity Market Index | 325 | 454 | 325 | 329 | 341 | 325 | 329 | 329 | 337 | 341 |
Financial Services | 232 | 324 | 232 | 234 | 243 | 232 | 234 | 234 | 241 | 244 |
Floating Rate | 177 | 246 | 177 | 179 | 186 | 177 | 179 | 179 | 183 | 185 |
Floating Rate Multi-Sector Account Portfolio | 24 | 33 | 24 | 24 | 25 | 24 | 24 | 24 | 25 | 25 |
Georgia Tax-Free Bond | 99 | 138 | 99 | 100 | 104 | 99 | 100 | 100 | 102 | 104 |
Global Allocation | 31 | 43 | 31 | 31 | 33 | 31 | 31 | 31 | 32 | 33 |
Global Growth Stock | 39 | 54 | 39 | 39 | 41 | 39 | 39 | 39 | 40 | 41 |
66
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
Global High Income Bond(a) | 6 | 8 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
Global Industrials | 7 | 10 | 7 | 7 | 8 | 7 | 7 | 7 | 8 | 8 |
Global Infrastructure (b) | 8 | 11 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
Global Real Estate | 87 | 122 | 87 | 88 | 92 | 87 | 88 | 88 | 91 | 92 |
Global Stock | 219 | 305 | 219 | 221 | 229 | 219 | 221 | 221 | 227 | 230 |
Global Technology | 528 | 736 | 528 | 536 | 556 | 528 | 536 | 536 | 548 | 552 |
Global Unconstrained Bond(a) | 10 | 14 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 11 |
GNMA | 707 | 986 | 707 | 716 | 742 | 707 | 716 | 716 | 733 | 742 |
TRP Government Reserve Investment | 925 | 1,291 | 925 | 937 | 971 | 925 | 937 | 937 | 960 | 971 |
Growth & Income | 651 | 908 | 651 | 659 | 683 | 651 | 659 | 659 | 675 | 684 |
Growth Stock | 18,444 | 25,734 | 18,444 | 18,668 | 19,351 | 18,444 | 18,668 | 18,668 | 19,127 | 19,362 |
Health Sciences | 4,174 | 5,821 | 4,174 | 4,227 | 4,382 | 4,174 | 4,227 | 4,227 | 4,328 | 4,376 |
High Yield | 4,411 | 6,156 | 4,411 | 4,462 | 4,625 | 4,411 | 4,462 | 4,462 | 4,574 | 4,635 |
High Yield Multi-Sector Account Portfolio | 11 | 15 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
Inflation Focused Bond | 2,720 | 3,792 | 2,720 | 2,755 | 2,856 | 2,720 | 2,755 | 2,755 | 2,820 | 2,850 |
Inflation Protected Bond | 160 | 224 | 160 | 162 | 168 | 160 | 162 | 162 | 166 | 168 |
Institutional Africa & Middle East | 101 | 141 | 101 | 102 | 106 | 101 | 102 | 102 | 105 | 106 |
Institutional Core Plus | 187 | 260 | 187 | 189 | 196 | 187 | 189 | 189 | 194 | 195 |
Institutional Credit Opportunities | 17 | 23 | 17 | 17 | 18 | 17 | 17 | 17 | 18 | 17 |
Institutional Emerging Markets Bond | 136 | 190 | 136 | 138 | 143 | 136 | 138 | 138 | 142 | 143 |
Institutional Emerging Markets Equity | 446 | 623 | 446 | 452 | 468 | 446 | 452 | 452 | 463 | 469 |
Institutional Floating Rate | 1,553 | 2,167 | 1,553 | 1,571 | 1,629 | 1,553 | 1,571 | 1,571 | 1,610 | 1,631 |
Institutional Frontier Markets Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Institutional Global Focused Growth Equity | 36 | 51 | 36 | 36 | 38 | 36 | 36 | 36 | 38 | 38 |
Institutional Global Growth Equity | 81 | 112 | 81 | 82 | 85 | 81 | 82 | 82 | 84 | 84 |
Institutional Global Multi-Sector Bond | 33 | 46 | 33 | 34 | 35 | 33 | 34 | 34 | 34 | 34 |
Institutional Global Value Equity | 4 | 6 | 4 | 4 | 5 | 4 | 4 | 4 | 5 | 5 |
Institutional High Yield | 1,200 | 1,676 | 1,200 | 1,212 | 1,257 | 1,200 | 1,212 | 1,212 | 1,244 | 1,263 |
Institutional International Bond | 131 | 182 | 131 | 132 | 137 | 131 | 132 | 132 | 136 | 137 |
67
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
Institutional International Concentrated Equity | 43 | 60 | 43 | 44 | 45 | 43 | 44 | 44 | 45 | 45 |
Institutional International Core Equity | 41 | 57 | 41 | 41 | 43 | 41 | 41 | 41 | 42 | 43 |
Institutional International Growth Equity | 37 | 52 | 37 | 37 | 39 | 37 | 37 | 37 | 38 | 39 |
Institutional Large-Cap Core Growth | 523 | 729 | 523 | 531 | 550 | 523 | 531 | 531 | 543 | 547 |
Institutional Large-Cap Growth | 4,654 | 6,492 | 4,654 | 4,713 | 4,885 | 4,654 | 4,713 | 4,713 | 4,827 | 4,882 |
Institutional Large-Cap Value | 851 | 1,187 | 851 | 862 | 894 | 851 | 862 | 862 | 883 | 892 |
Institutional Long Duration Credit | 7 | 10 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
Institutional Mid-Cap Equity Growth | 1,971 | 2,749 | 1,971 | 1,997 | 2,070 | 1,971 | 1,997 | 1,997 | 2,044 | 2,067 |
Institutional Small-Cap Stock | 711 | 993 | 711 | 720 | 746 | 711 | 720 | 720 | 738 | 747 |
Institutional U.S. Structured Research | 325 | 453 | 325 | 329 | 341 | 325 | 329 | 329 | 337 | 341 |
Intermediate Tax-Free High Yield | 2 | 3 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 |
International Bond | 2,241 | 3,128 | 2,241 | 2,267 | 2,350 | 2,241 | 2,267 | 2,267 | 2,324 | 2,355 |
International Concentrated Equity | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
International Discovery | 1,622 | 2,264 | 1,622 | 1,641 | 1,701 | 1,622 | 1,641 | 1,641 | 1,682 | 1,704 |
International Equity Index | 242 | 338 | 242 | 245 | 254 | 242 | 245 | 245 | 251 | 254 |
International Growth & Income | 4,316 | 6,021 | 4,316 | 4,370 | 4,530 | 4,316 | 4,370 | 4,370 | 4,476 | 4,529 |
International Stock | 5,652 | 7,886 | 5,652 | 5,720 | 5,930 | 5,652 | 5,720 | 5,720 | 5,861 | 5,933 |
Investment-Grade Corporate Multi-Sector Account Portfolio | 21 | 29 | 21 | 21 | 22 | 21 | 21 | 21 | 22 | 22 |
Japan | 138 | 192 | 138 | 140 | 145 | 138 | 140 | 140 | 143 | 145 |
Latin America | 451 | 630 | 451 | 456 | 473 | 451 | 456 | 456 | 468 | 474 |
Maryland Short-Term Tax-Free Bond | 99 | 138 | 99 | 100 | 104 | 99 | 100 | 100 | 103 | 104 |
Maryland Tax-Free Bond | 858 | 1,198 | 858 | 869 | 901 | 858 | 869 | 869 | 890 | 901 |
Maryland Tax-Free Money | 57 | 80 | 57 | 58 | 60 | 57 | 58 | 58 | 59 | 60 |
Media & Telecommunications | 1,447 | 2,019 | 1,447 | 1,464 | 1,517 | 1,447 | 1,464 | 1,464 | 1,500 | 1,519 |
Mid-Cap Growth | 10,390 | 14,499 | 10,390 | 10,513 | 10,898 | 10,390 | 10,513 | 10,513 | 10,774 | 10,912 |
Mid-Cap Value | 5,274 | 7,359 | 5,274 | 5,338 | 5,534 | 5,274 | 5,338 | 5,338 | 5,470 | 5,537 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | 24 | 33 | 24 | 24 | 25 | 24 | 24 | 24 | 25 | 25 |
New America Growth | 1,908 | 2,662 | 1,908 | 1,930 | 2,001 | 1,908 | 1,930 | 1,930 | 1,978 | 2,004 |
68
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
New Asia | 1,837 | 2,563 | 1,837 | 1,859 | 1,927 | 1,837 | 1,859 | 1,859 | 1,905 | 1,929 |
New Era | 1,964 | 2,742 | 1,964 | 1,987 | 2,060 | 1,964 | 1,987 | 1,987 | 2,037 | 2,064 |
New Horizons | 6,840 | 9,547 | 6,840 | 6,919 | 7,173 | 6,840 | 6,919 | 6,919 | 7,093 | 7,187 |
New Income | 11,035 | 15,338 | 11,035 | 11,179 | 11,587 | 11,035 | 11,179 | 11,179 | 11,444 | 11,566 |
New Jersey Tax-Free Bond | 137 | 191 | 137 | 138 | 143 | 137 | 138 | 138 | 142 | 143 |
New York Tax-Free Bond | 185 | 258 | 185 | 187 | 194 | 185 | 187 | 187 | 192 | 194 |
New York Tax-Free Money | 35 | 49 | 35 | 35 | 37 | 35 | 35 | 35 | 36 | 37 |
Overseas Stock | 3,839 | 5,354 | 3,839 | 3,888 | 4,030 | 3,839 | 3,888 | 3,888 | 3,981 | 4,025 |
Personal Strategy Balanced | 884 | 1,234 | 884 | 895 | 928 | 884 | 895 | 895 | 917 | 929 |
Personal Strategy Growth | 659 | 919 | 659 | 667 | 691 | 659 | 667 | 667 | 683 | 691 |
Personal Strategy Income | 598 | 834 | 598 | 605 | 627 | 598 | 605 | 605 | 620 | 628 |
Prime Reserve | 2,898 | 4,044 | 2,898 | 2,933 | 3,040 | 2,898 | 2,933 | 2,933 | 3,006 | 3,043 |
Real Assets | 1,822 | 2,542 | 1,822 | 1,844 | 1,912 | 1,822 | 1,844 | 1,844 | 1,889 | 1,912 |
Real Estate | 1,931 | 2,693 | 1,931 | 1,956 | 2,028 | 1,931 | 1,956 | 1,956 | 2,003 | 2,025 |
TRP Reserve Investment | 7,811 | 10,892 | 7,811 | 7,913 | 8,202 | 7,811 | 7,913 | 7,913 | 8,101 | 8,186 |
Retirement 2005 | 676 | 943 | 676 | 684 | 709 | 676 | 684 | 684 | 701 | 709 |
Retirement 2010 | 2,822 | 3,938 | 2,822 | 2,856 | 2,961 | 2,822 | 2,856 | 2,856 | 2,927 | 2,963 |
Retirement 2015 | 4,304 | 6,004 | 4,304 | 4,357 | 4,517 | 4,304 | 4,357 | 4,357 | 4,463 | 4,516 |
Retirement 2020 | 9,922 | 13,839 | 9,922 | 10,046 | 10,414 | 9,922 | 10,046 | 10,046 | 10,289 | 10,407 |
Retirement 2025 | 6,524 | 9,099 | 6,524 | 6,609 | 6,850 | 6,524 | 6,609 | 6,609 | 6,766 | 6,840 |
Retirement 2030 | 9,181 | 12,806 | 9,181 | 9,297 | 9,637 | 9,181 | 9,297 | 9,297 | 9,521 | 9,630 |
Retirement 2035 | 4,693 | 6,544 | 4,693 | 4,753 | 4,927 | 4,693 | 4,753 | 4,753 | 4,867 | 4,919 |
Retirement 2040 | 6,253 | 8,721 | 6,253 | 6,332 | 6,563 | 6,253 | 6,332 | 6,332 | 6,484 | 6,558 |
Retirement 2045 | 2,623 | 3,657 | 2,623 | 2,657 | 2,754 | 2,623 | 2,657 | 2,657 | 2,720 | 2,749 |
Retirement 2050 | 1,833 | 2,555 | 1,833 | 1,857 | 1,925 | 1,833 | 1,857 | 1,857 | 1,901 | 1,920 |
Retirement 2055 | 514 | 716 | 514 | 521 | 540 | 514 | 521 | 521 | 533 | 538 |
Retirement 2060 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Retirement Balanced | 1,609 | 2,245 | 1,609 | 1,629 | 1,688 | 1,609 | 1,629 | 1,629 | 1,669 | 1,689 |
Science & Technology | 1,553 | 2,167 | 1,553 | 1,573 | 1,630 | 1,553 | 1,573 | 1,573 | 1,611 | 1,630 |
Short-Term Bond | 2,848 | 3,974 | 2,848 | 2,882 | 2,988 | 2,848 | 2,882 | 2,882 | 2,953 | 2,990 |
Short-Term Government Reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Short-Term Reserve | 661 | 922 | 661 | 668 | 693 | 661 | 668 | 668 | 685 | 695 |
Small-Cap Stock | 4,409 | 6,155 | 4,409 | 4,460 | 4,623 | 4,409 | 4,460 | 4,460 | 4,573 | 4,635 |
Small-Cap Value | 4,310 | 6,017 | 4,310 | 4,359 | 4,519 | 4,310 | 4,359 | 4,359 | 4,470 | 4,532 |
Spectrum Growth | 1,761 | 2,457 | 1,761 | 1,782 | 1,847 | 1,761 | 1,782 | 1,782 | 1,826 | 1,850 |
Spectrum Income | 2,961 | 4,132 | 2,961 | 2,996 | 3,106 | 2,961 | 2,996 | 2,996 | 3,071 | 3,109 |
Spectrum International | 519 | 724 | 519 | 525 | 545 | 519 | 525 | 525 | 538 | 545 |
69
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
Strategic Income | 111 | 155 | 111 | 112 | 117 | 111 | 112 | 112 | 115 | 116 |
Summit Cash Reserves | 2,720 | 3,796 | 2,720 | 2,752 | 2,852 | 2,720 | 2,752 | 2,752 | 2,821 | 2,858 |
Summit GNMA(c) | 26 | 37 | 26 | 26 | 27 | 26 | 26 | 26 | 27 | 28 |
Summit Municipal Income | 378 | 527 | 378 | 383 | 397 | 378 | 383 | 383 | 392 | 396 |
Summit Municipal Intermediate | 1,559 | 2,175 | 1,559 | 1,579 | 1,637 | 1,559 | 1,579 | 1,579 | 1,617 | 1,635 |
Summit Municipal Money Market | 83 | 116 | 83 | 84 | 87 | 83 | 84 | 84 | 86 | 87 |
Target Retirement 2005 | 3 | 5 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 4 |
Target Retirement 2010 | 6 | 9 | 6 | 6 | 7 | 6 | 6 | 6 | 7 | 7 |
Target Retirement 2015 | 15 | 21 | 15 | 16 | 16 | 15 | 16 | 16 | 16 | 16 |
Target Retirement 2020 | 17 | 23 | 17 | 17 | 18 | 17 | 17 | 17 | 17 | 17 |
Target Retirement 2025 | 15 | 20 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
Target Retirement 2030 | 14 | 20 | 14 | 15 | 15 | 14 | 15 | 15 | 15 | 15 |
Target Retirement 2035 | 10 | 13 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
Target Retirement 2040 | 7 | 10 | 7 | 8 | 8 | 7 | 8 | 8 | 8 | 8 |
Target Retirement 2045 | 4 | 6 | 4 | 4 | 5 | 4 | 4 | 4 | 5 | 5 |
Target Retirement 2050 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Target Retirement 2055 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
Target Retirement 2060 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Tax-Efficient Equity | 65 | 91 | 65 | 66 | 68 | 65 | 66 | 66 | 67 | 68 |
Tax-Exempt Money | 422 | 589 | 422 | 427 | 443 | 422 | 427 | 427 | 438 | 444 |
Tax-Free High Yield | 1,238 | 1,726 | 1,238 | 1,254 | 1,300 | 1,238 | 1,254 | 1,254 | 1,283 | 1,297 |
Tax-Free Income | 1,126 | 1,571 | 1,126 | 1,139 | 1,181 | 1,126 | 1,139 | 1,139 | 1,167 | 1,182 |
Tax-Free Short-Intermediate | 893 | 1,246 | 893 | 904 | 937 | 893 | 904 | 904 | 926 | 937 |
Tax-Free Ultra Short-Term Bond | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Equity Market Index | 448 | 625 | 448 | 453 | 470 | 448 | 453 | 453 | 464 | 470 |
U.S. Bond Enhanced Index | 257 | 358 | 257 | 260 | 270 | 257 | 260 | 260 | 266 | 270 |
U.S. Large-Cap Core | 39 | 54 | 39 | 39 | 41 | 39 | 39 | 39 | 40 | 41 |
U.S. Treasury Intermediate | 158 | 220 | 158 | 160 | 165 | 158 | 160 | 160 | 163 | 165 |
U.S. Treasury Long-Term | 145 | 202 | 145 | 147 | 152 | 145 | 147 | 147 | 150 | 152 |
70
Fund | Aggregate Compensation From Fund | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
U.S. Treasury Money | 898 | 1,254 | 898 | 909 | 942 | 898 | 909 | 909 | 932 | 944 |
Ultra Short-Term Bond | 253 | 354 | 253 | 257 | 266 | 253 | 257 | 257 | 263 | 266 |
Value | 8,808 | 12,285 | 8,808 | 8,920 | 9,246 | 8,808 | 8,920 | 8,920 | 9,135 | 9,237 |
Virginia Tax-Free Bond | 411 | 573 | 411 | 416 | 431 | 411 | 416 | 416 | 426 | 431 |
(a) Estimated for the period January 23, 2015, through December 31, 2015.
(b) The Global Infrastructure Fund merged into the Real Assets Fund on May 19, 2014. Amounts are for the period January 1, 2014, through May 19, 2014.
(c) The Summit GNMA Fund merged into the GNMA Fund on May 19, 2014. Amounts are for the period January 1, 2014, through May 19, 2014.
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, 2014, unless otherwise indicated.
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Africa & Middle East | None | None | None | None | $1-$10,000 | None | None | None | None | None |
Balanced | None | None | None | None | None | None | None | None | None | |
Blue Chip Growth | None | None | $50,001-$100,000 | None | None | None | None | None | over $100,000 | None |
Blue Chip Growth Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Blue Chip Growth Fund–R Class | None | None | None | None | None | None | None | None | None | None |
California Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
California Tax-Free Money | over $100,000 | None | None | None | None | None | None | None | None | None |
Capital Appreciation | None | None | over $100,000 | None | $10,001-$50,000 | None | over $100,000 | None | None | None |
Capital Appreciation Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Capital Opportunity | None | None | None | None | $1-$10,000 | None | None | None | None | None |
Capital Opportunity Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Capital Opportunity Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Corporate Income | None | None | None | None | None | None | None | None | None | None |
Diversified Mid-Cap Growth | None | None | None | None | None | None | None | None | None | None |
Diversified Small-Cap Growth | None | $10,001-$50,000 | None | None | None | None | None | None | None | None |
Dividend Growth | None | None | over $100,000 | None | None | None | None | None | None | None |
Dividend Growth Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Emerging Europe | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Bond | None | None | over $100,000 | None | None | None | None | None | None | None |
71
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Emerging Markets Corporate Bond | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Bond–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Local Currency Bond Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Emerging Markets Stock | None | None | None | over $100,000 | None | None | None | None | over $100,000 | None |
Equity Income | None | over $100,000 | over $100,000 | None | None | None | None | None | None | None |
Equity Income Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Equity Income Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Equity Index 500 | None | None | None | None | None | None | None | None | None | None |
European Stock | None | None | None | None | None | None | None | None | None | None |
Extended Equity Market Index | None | None | None | None | None | None | None | None | None | None |
Financial Services | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
Floating Rate | None | None | None | None | None | None | None | None | None | None |
Floating Rate Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Floating Rate Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Georgia Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
Global Allocation | None | None | None | None | None | None | None | None | None | None |
Global Allocation–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Global Growth Stock | None | None | None | None | None | None | None | None | None | None |
Global Growth Stock Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Global Industrials | None | None | None | None | None | None | None | None | None | None |
Global Real Estate | None | None | None | None | $1-$10,000 | None | None | None | None | None |
Global Real Estate Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Global Stock | None | None | None | None | None | None | None | None | None | None |
Global Stock Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
72
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Global Technology | None | over $100,000 | None | None | $50,001-$100,000 | None | None | None | None | None |
GNMA | None | None | None | None | None | None | None | None | over $100,000 | None |
TRP Government Reserve Investment | None | None | None | None | None | None | None | None | None | None |
Growth & Income | None | None | $10,001-$50,000 | None | None | None | None | None | over $100,000 | None |
Growth Stock | None | None | over $100,000 | None | None | None | None | None | None | None |
Growth Stock Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Growth Stock Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Health Sciences | None | None | over $100,000 | None | $50,001-$100,000 | None | over $100,000 | None | None | None |
High Yield | None | None | over $100,000 | None | None | None | None | None | over $100,000 | None |
High Yield Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
High Yield Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Inflation Focused Bond | None | None | None | None | None | None | None | None | None | None |
Inflation Protected Bond | None | None | over $100,000 | None | None | None | None | None | None | None |
Institutional Africa & Middle East | None | None | None | None | None | None | None | None | None | None |
Institutional Core Plus | None | None | None | None | None | None | None | None | None | None |
Institutional Core Plus Fund-F Class | None | None | None | None | None | None | None | None | None | None |
Institutional Emerging Markets Bond | None | None | None | None | None | None | None | None | None | None |
Institutional Emerging Markets Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Floating Rate | None | over $100,000 | None | None | None | None | None | None | None | None |
Institutional Floating Rate Fund-F Class | None | None | None | None | None | None | None | None | None | None |
Institutional Global Focused Growth Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Global Growth Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Global Multi-Sector Bond | None | None | None | None | None | None | None | None | None | None |
Institutional Global Value Equity | None | None | None | None | None | None | None | None | None | None |
Institutional High Yield | None | None | None | None | None | None | None | None | None | None |
Institutional International Bond | None | None | None | None | None | None | None | None | None | None |
73
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Institutional International Concentrated Equity | None | None | None | None | None | None | None | None | None | None |
Institutional International Core Equity | None | None | None | None | None | None | None | None | None | None |
Institutional International Growth Equity | None | None | None | None | None | None | None | None | None | None |
Institutional Large-Cap Core Growth | None | None | None | None | None | None | None | None | None | None |
Institutional Large-Cap Growth | None | None | None | None | None | None | None | None | None | None |
Institutional Large-Cap Value | None | None | None | None | None | None | None | None | None | None |
Institutional Long Duration Credit | None | None | None | None | None | None | None | None | None | None |
Institutional Mid-Cap Equity Growth | None | None | None | None | None | None | None | None | None | None |
Institutional Small-Cap Stock | None | None | None | None | None | None | None | None | None | None |
Institutional U.S. Structured Research | None | None | None | None | None | None | None | None | None | None |
International Bond | None | None | None | None | None | None | None | None | None | None |
International Bond Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
International Discovery | None | None | None | None | None | None | None | None | None | None |
International Equity Index | None | None | None | None | None | None | None | None | None | None |
International Growth & Income | None | None | None | None | None | None | None | None | None | None |
International Growth & Income Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
International Growth & Income Fund–R Class | None | None | None | None | None | None | None | None | None | None |
International Stock | None | None | None | None | None | None | None | None | None | None |
International Stock Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
International Stock Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Investment Grade Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
Japan | None | None | None | None | None | None | None | None | over $100,000 | None |
Latin America | None | None | None | None | None | None | None | None | over $100,000 | None |
Maryland Short-Term Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
Maryland Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
Maryland Tax-Free Money | None | None | None | None | None | None | None | None | None | None |
Media & Telecommunications | None | None | None | None | $50,001-$100,000 | None | None | None | None | None |
74
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Mid-Cap Growth | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Growth Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Growth Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Value | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Value Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Mid-Cap Value Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | None | None | None | None | None | None | None |
New America Growth | None | None | None | None | None | None | over $100,000 | None | None | None |
New America Growth Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
New Asia | None | None | None | None | None | None | None | None | None | None |
New Era | None | None | None | None | None | None | None | None | over $100,000 | None |
New Horizons | over $100,000 | None | None | None | $50,001-$100,000 | None | None | None | None | None |
New Income | None | None | None | None | None | None | None | None | over $100,000 | None |
New Income Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
New Income Fund–R Class | None | None | None | None | None | None | None | None | None | None |
New Jersey Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
New York Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
New York Tax-Free Money | None | None | None | None | None | None | None | None | None | None |
Overseas Stock | None | None | None | None | None | None | None | None | None | None |
Personal Strategy Balanced | None | None | None | None | None | None | None | $50,001-$100,000 | None | None |
Personal Strategy Growth | None | None | None | None | None | None | None | None | None | None |
Personal Strategy Income | None | None | None | None | None | None | None | None | None | None |
Prime Reserve | None | $10,001-$50,000 | None | None | None | None | None | None | $10,001-$50,000 | None |
Real Assets | None | None | None | None | None | None | None | None | None | None |
Real Estate | None | None | None | None | $1- $10,000 | None | over $100,000 | None | None | None |
Real Estate Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
TRP Reserve Investment | None | None | None | None | None | None | None | None | None | None |
Retirement 2005 | None | None | None | None | None | None | None | None | None | None |
Retirement 2005 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2005 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2010 | None | None | None | None | None | None | None | None | None | None |
75
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Retirement 2010 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2010 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2015 | over $100,000 | None | None | None | None | over $100,000 | None | None | None | None |
Retirement 2015 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2015 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2020 | None | None | None | None | $50,001-$100,000 | over $100,000 | None | None | None | None |
Retirement 2020 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2020 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2025 | None | None | None | None | None | None | None | None | None | None |
Retirement 2025 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2025 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2030 | None | None | None | None | None | None | None | $over 100,000 | None | None |
Retirement 2030 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2030 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2035 | None | None | None | None | None | None | None | None | None | None |
Retirement 2035 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2035 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2040 | None | None | None | None | None | None | None | None | None | None |
Retirement 2040 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2040 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2045 | None | None | None | None | None | None | None | None | None | None |
Retirement 2045 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2045 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2050 | None | None | None | None | None | None | None | None | None | None |
Retirement 2050 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2050 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2055 | None | None | None | None | None | None | None | None | None | None |
Retirement 2055 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement 2055 Fund–R Class | None | None | None | None | None | None | None | None | None | None |
Retirement Balanced | None | None | None | None | None | None | None | None | None | None |
Retirement Balanced Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Retirement Balanced Fund–R Class | None | None | None | None | None | None | None | None | None | None |
76
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Science & Technology | None | None | $10,001-$50,000 | None | $1-$10,000 | None | None | None | None | None |
Science & Technology Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Short-Term Bond | None | None | over $100,000 | None | None | None | None | None | over $100,000 | None |
Short-Term Bond Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Short-Term Government Reserve | None | None | None | None | None | None | None | None | None | None |
Short-Term Reserve | None | None | None | None | None | None | None | None | None | None |
Small-Cap Stock | None | None | None | None | $10,001-$50,000 | None | None | None | None | None |
Small-Cap Stock Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Small-Cap Value | None | None | None | None | None | None | None | None | None | None |
Small-Cap Value Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Spectrum Growth | None | None | None | None | None | None | None | None | None | None |
Spectrum Income | None | None | None | None | None | None | None | None | None | None |
Spectrum International | None | None | None | None | None | None | None | None | None | None |
Strategic Income | None | None | None | None | None | None | None | None | None | None |
Strategic Income Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Summit Cash Reserves | None | None | over $100,000 | None | None | None | None | None | $1-$10,000 | over $100,000 |
Summit Municipal Income | None | None | None | None | None | None | None | None | over $100,000 | None |
Summit Municipal Income–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Summit Municipal Intermediate | None | None | None | None | None | None | None | None | over $100,000 | None |
Summit Municipal Intermediate –Advisor Class | None | None | None | None | None | None | None | None | None | None |
Summit Municipal Money Market | None | None | None | None | None | None | None | None | $50,001-$100,000 | None |
Target Retirement 2005 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2005 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2010 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2010 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2015 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2015 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2020 | None | None | None | None | None | None | None | None | None | None |
77
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
Target Retirement 2020 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2025 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2025 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2030 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2030 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2035 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2035 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2040 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2040 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2045 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2045 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2050 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2050 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2055 | None | None | None | None | None | None | None | None | None | None |
Target Retirement 2055 Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Tax-Efficient Equity | None | None | None | None | None | None | None | None | None | None |
Tax-Exempt Money | None | None | None | None | None | None | None | None | None | None |
Tax-Free High Yield | None | None | None | None | None | None | None | None | over $100,000 | None |
Tax-Free High Yield–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Tax-Free Income | None | None | None | None | None | None | None | None | None | None |
Tax-Free Income Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Tax-Free Short-Intermediate | None | None | None | None | None | None | over $100,000 | None | None | None |
Tax-Free Short-Intermediate –Advisor Class | None | None | None | None | None | None | None | None | None | None |
Tax-Free Ultra Short-Term Bond | None | None | None | None | None | None | None | None | None | None |
Total Equity Market Index | None | None | None | None | None | None | None | None | None | None |
U.S. Bond Enhanced Index | None | None | None | None | None | None | None | None | None | None |
78
Aggregate | Independent Directors | |||||||||
Brody | Deering | Dick | Duncan | Gerrard | Horn | McBride | Rouse | Schreiber | Tercek | |
over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | over $100,000 | |
U.S. Large-Cap Core | None | None | None | None | None | None | None | None | None | None |
U.S. Large-Cap Core Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
U.S. Treasury Intermediate | None | None | $1-$10,000 | None | None | None | None | None | over $100,000 | None |
U.S. Treasury Long-Term | None | None | None | None | None | None | None | None | over $100,000 | None |
U.S. Treasury Money | None | None | None | None | None | None | None | None | $1-$10,000 | None |
Ultra Short-Term Bond | None | None | None | None | None | None | None | None | None | None |
Value | None | None | None | None | None | None | None | None | over $100,000 | None |
Value Fund–Advisor Class | None | None | None | None | None | None | None | None | None | None |
Virginia Tax-Free Bond | None | None | None | None | None | None | None | None | None | None |
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese* | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Africa & Middle East | None | None | None | ||||
Balanced | None | None | None | ||||
Blue Chip Growth | None | None | None | ||||
Blue Chip Growth Fund–Advisor Class | None | None | None | ||||
Blue Chip Growth Fund–R Class | None | None | None | ||||
California Tax-Free Bond | None | None | None | ||||
California Tax-Free Money | None | None | None | ||||
Capital Appreciation | over $100,000 | None | None | ||||
Capital Appreciation Fund–Advisor Class | None | None | None | ||||
Capital Opportunity | None | None | None | ||||
Capital Opportunity Fund–Advisor Class | None | None | None | ||||
Capital Opportunity Fund–R Class | None | None | None | ||||
Corporate Income | None | over $100,000 | None | ||||
Diversified Mid-Cap Growth | None | None | None | ||||
Diversified Small-Cap Growth | None | None | None | ||||
Dividend Growth | None | None | None | ||||
Dividend Growth Fund–Advisor Class | None | None | None | ||||
Emerging Europe | None | None | None | ||||
Emerging Markets Bond | None | None | $10,001-$50,000 | ||||
Emerging Markets Corporate Bond | None | None | None | ||||
Emerging Markets Corporate Bond–Advisor Class | None | None | None | ||||
Emerging Markets Corporate Multi-Sector Account Portfolio | None | None | None | ||||
Emerging Markets Local Currency Bond | None | None | None | ||||
79
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese* | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Emerging Markets Local Currency Bond Fund–Advisor Class | None | None | None | ||||
Emerging Markets Local Multi-Sector Account Portfolio | None | None | None | ||||
Emerging Markets Stock | $50,001-$100,000 | None | None | ||||
Equity Income | over $100,000 | over $100,000 | None | ||||
Equity Income Fund–Advisor Class | None | None | None | ||||
Equity Income Fund–R Class | None | None | None | ||||
Equity Index 500 | None | None | None | ||||
European Stock | None | None | None | ||||
Extended Equity Market Index | None | None | None | ||||
Financial Services | None | None | None | ||||
Floating Rate | None | None | None | ||||
Floating Rate Fund–Advisor Class | None | None | None | ||||
Floating Rate Multi-Sector Account Portfolio | None | None | None | ||||
Georgia Tax-Free Bond | None | None | None | ||||
Global Allocation | None | None | None | ||||
Global Allocation Fund–Advisor Class | None | None | None | ||||
Global Growth Stock | None | None | None | ||||
Global Growth Stock Fund–Advisor Class | None | None | None | ||||
Global Industrials | None | None | None | ||||
Global Real Estate | None | None | None | ||||
Global Real Estate Fund–Advisor Class | None | None | None | ||||
Global Stock | over $100,000 | None | None | ||||
Global Stock Fund–Advisor Class | None | None | None | ||||
Global Technology | None | None | None | ||||
GNMA | None | None | $10,001-$50,000 | ||||
TRP Government Reserve Investment | None | None | None | ||||
Growth & Income | None | None | None | ||||
Growth Stock | over $100,000 | None | None | ||||
Growth Stock Fund–Advisor Class | None | None | None | ||||
Growth Stock Fund–R Class | None | None | None | ||||
Health Sciences | None | None | over $100,000 | ||||
High Yield | $10,001-$50,000 | None | None | ||||
High Yield Fund–Advisor Class | None | None | None | ||||
High Yield Multi-Sector Account Portfolio | None | None | None | ||||
Inflation Focused Bond | None | None | None | ||||
Inflation Protected Bond | None | None | None | ||||
Institutional Africa & Middle East | None | None | None | ||||
Institutional Core Plus | None | None | None | ||||
Institutional Core Plus Fund-F Class | None | None | None | ||||
80
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese* | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Institutional Emerging Markets Bond | None | None | None | ||||
Institutional Emerging Markets Equity | None | None | None | ||||
Institutional Floating Rate | None | over $100,000 | over $100,000 | ||||
Institutional Floating Rate Fund-F Class | None | None | None | ||||
Institutional Global Focused Growth Equity | over $100,000 | over $100,000 | None | ||||
Institutional Global Growth Equity | None | None | None | ||||
Institutional Global Multi-Sector Bond | None | None | None | ||||
Institutional Global Value Equity | None | None | None | ||||
Institutional High Yield | None | None | None | ||||
Institutional International Bond | None | None | None | ||||
Institutional International Concentrated Equity | None | None | None | ||||
Institutional International Core Equity | None | None | None | ||||
Institutional International Growth Equity | None | None | None | ||||
Institutional Large-Cap Core Growth | None | None | None | ||||
Institutional Large-Cap Growth | None | None | None | ||||
Institutional Large-Cap Value | None | None | None | ||||
Institutional Long Duration Credit | None | None | None | ||||
Institutional Mid-Cap Equity Growth | over $100,000 | None | None | ||||
Institutional Small-Cap Stock | $10,001-$50,000 | None | None | ||||
Institutional U.S. Structured Research | None | None | None | ||||
International Bond | None | None | None | ||||
International Bond Fund–Advisor Class | None | None | None | ||||
International Discovery | $10,001-$50,000 | None | None | ||||
International Equity Index | None | None | None | ||||
International Growth & Income | None | None | None | ||||
International Growth & Income Fund–Advisor Class | None | None | None | ||||
International Growth & Income Fund–R Class | None | None | None | ||||
International Stock | $10,001-$50,000 | None | $1-$10,000 | ||||
International Stock Fund–Advisor Class | None | None | None | ||||
International Stock Fund–R Class | None | None | None | ||||
Investment Grade Multi-Sector Account Portfolio | None | None | None | ||||
Japan | None | None | None | ||||
Latin America | None | None | None | ||||
Maryland Short-Term Tax-Free Bond | None | None | None | ||||
Maryland Tax-Free Bond | None | None | None | ||||
Maryland Tax-Free Money | None | None | $10,001-$50,000 | ||||
Media & Telecommunications | None | over $100,000 | None | ||||
81
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese* | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Mid-Cap Growth | None | None | None | ||||
Mid-Cap Growth Fund–Advisor Class | None | None | None | ||||
Mid-Cap Growth Fund–R Class | None | None | None | ||||
Mid-Cap Value | None | None | None | ||||
Mid-Cap Value Fund–Advisor Class | None | None | None | ||||
Mid-Cap Value Fund–R Class | None | None | None | ||||
Mortgage-Backed Securities Multi-Sector Account Portfolio | None | None | None | ||||
New America Growth | None | None | None | ||||
New America Growth Fund–Advisor Class | None | None | None | ||||
New Asia | over $100,000 | None | None | ||||
New Era | None | None | None | ||||
New Horizons | None | None | None | ||||
New Income | None | $10,001-$50,000 | None | ||||
New Income Fund–Advisor Class | None | None | None | ||||
New Income Fund–R Class | None | None | None | ||||
New Jersey Tax-Free Bond | None | None | None | ||||
New York Tax-Free Bond | None | None | None | ||||
New York Tax-Free Money | None | None | None | ||||
Overseas Stock | None | None | None | ||||
Personal Strategy Balanced | None | None | None | ||||
Personal Strategy Growth | None | None | None | ||||
Personal Strategy Income | None | None | None | ||||
Prime Reserve | over $100,000 | over $100,000 | $50,001-$100,000 | ||||
Real Assets | None | None | None | ||||
Real Estate | None | None | None | ||||
Real Estate Fund–Advisor Class | None | None | None | ||||
TRP Reserve Investment | None | None | None | ||||
Retirement 2005 | None | None | None | ||||
Retirement 2005 Fund–Advisor Class | None | None | None | ||||
Retirement 2005 Fund–R Class | None | None | None | ||||
Retirement 2010 | None | None | None | ||||
Retirement 2010 Fund–Advisor Class | None | None | None | ||||
Retirement 2010 Fund–R Class | None | None | None | ||||
Retirement 2015 | None | None | None | ||||
Retirement 2015 Fund–Advisor Class | None | None | None | ||||
Retirement 2015 Fund–R Class | None | None | None | ||||
Retirement 2020 | None | None | None | ||||
Retirement 2020 Fund–Advisor Class | None | None | None | ||||
Retirement 2020 Fund–R Class | None | None | None | ||||
Retirement 2025 | None | None | None | ||||
Retirement 2025 Fund–Advisor Class | None | None | None | ||||
Retirement 2025 Fund–R Class | None | None | None | ||||
Retirement 2030 | None | None | None | ||||
Retirement 2030 Fund–Advisor Class | None | None | None | ||||
82
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese* | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Retirement 2030 Fund–R Class | None | None | None | ||||
Retirement 2035 | None | None | None | ||||
Retirement 2035 Fund–Advisor Class | None | None | None | ||||
Retirement 2035 Fund–R Class | None | None | None | ||||
Retirement 2040 | None | None | None | ||||
Retirement 2040 Fund–Advisor Class | None | None | None | ||||
Retirement 2040 Fund–R Class | None | None | None | ||||
Retirement 2045 | None | None | None | ||||
Retirement 2045 Fund–Advisor Class | None | None | None | ||||
Retirement 2045 Fund–R Class | None | None | None | ||||
Retirement 2050 | None | None | None | ||||
Retirement 2050 Fund–Advisor Class | None | None | None | ||||
Retirement 2050 Fund–R Class | None | None | None | ||||
Retirement 2055 | over $100,000 | None | None | ||||
Retirement 2055 Fund–Advisor Class | None | None | None | ||||
Retirement 2055 Fund–R Class | None | None | None | ||||
Retirement Balanced | None | None | None | ||||
Retirement Balanced Fund–Advisor Class | None | None | None | ||||
Retirement Balanced Fund–R Class | None | None | None | ||||
Science & Technology | over $100,000 | over $100,000 | over $100,000 | ||||
Science & Technology Fund–Advisor Class | None | None | None | ||||
Short-Term Bond | None | None | over $100,000 | ||||
Short-Term Bond Fund–Advisor Class | None | None | None | ||||
Short-Term Government Reserve | None | None | None | ||||
Short-Term Reserve | None | None | None | ||||
Small-Cap Stock | $10,001-$50,000 | None | None | ||||
Small-Cap Stock Fund–Advisor Class | None | None | None | ||||
Small-Cap Value | $10,001-$50,000 | None | None | ||||
Small-Cap Value Fund–Advisor Class | None | None | None | ||||
Spectrum Growth | over $100,000 | None | None | ||||
Spectrum Income | $10,001-$50,000 | over $100,000 | None | ||||
Spectrum International | $10,001-$50,000 | None | None | ||||
Strategic Income | None | None | None | ||||
Strategic Income Fund–Advisor Class | None | None | None | ||||
Summit Cash Reserves | over $100,000 | over $100,000 | over $100,000 | ||||
Summit Municipal Income | None | None | None | ||||
Summit Municipal Income–Advisor Class | None | None | None | ||||
Summit Municipal Intermediate | None | None | None | ||||
Summit Municipal Intermediate –Advisor Class | None | None | None | ||||
Summit Municipal Money Market | None | None | None | ||||
83
Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese* | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Target Retirement 2005 | None | None | None | ||||
Target Retirement 2005 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2010 | None | None | None | ||||
Target Retirement 2010 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2015 | None | None | None | ||||
Target Retirement 2015 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2020 | None | None | None | ||||
Target Retirement 2020 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2025 | None | None | None | ||||
Target Retirement 2025 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2030 | None | None | None | ||||
Target Retirement 2030 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2035 | None | None | None | ||||
Target Retirement 2035 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2040 | None | None | None | ||||
Target Retirement 2040 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2045 | None | None | None | ||||
Target Retirement 2045 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2050 | None | None | None | ||||
Target Retirement 2050 Fund–Advisor Class | None | None | None | ||||
Target Retirement 2055 | None | None | None | ||||
Target Retirement 2055 Fund–Advisor Class | None | None | None | ||||
Tax-Efficient Equity | None | None | None | ||||
Tax-Exempt Money | None | None | None | ||||
Tax-Free High Yield | None | None | None | ||||
Tax-Free High Yield–Advisor Class | None | None | None | ||||
Tax-Free Income | None | None | None | ||||
Tax-Free Income Fund–Advisor Class | None | None | None | ||||
Tax-Free Short-Intermediate | None | None | None | ||||
Tax-Free Short-Intermediate–Advisor Class | None | None | None | ||||
Tax-Free Ultra Short-Term Bond | None | None | None | ||||
Total Equity Market Index | None | None | $10,001-$50,000 | ||||
U.S. Bond Enhanced Index | None | None | None | ||||
U.S. Large-Cap Core | None | None | None | ||||
U.S. Large-Cap Core–Advisor Class | None | None | None | ||||
U.S. Treasury Intermediate | None | None | None | ||||
U.S. Treasury Long-Term | None | None | None | ||||
U.S. Treasury Money | None | None | None | ||||
Ultra Short-Term Bond | None | None | None | ||||
Value | None | $50,001-$100,000 | None | ||||
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Aggregate Holdings, | Inside Directors | ||||||
Bernard | Rogers | Wiese* | |||||
over $100,000 | over $100,000 | over $100,000 | |||||
Value Fund–Advisor Class | None | None | None | ||||
Virginia Tax-Free Bond | None | None | None | ||||
* Elected on February 3, 2015.
Portfolio Managers’ Holdings in the Price Funds
The following tables set forth the Price Fund holdings of each fund’s portfolio manager, who serves as chairman of the fund’s Investment Advisory Committee and has day-to-day responsibility for managing the fund and executing the fund’s investment program. One column shows the dollar range of shares beneficially owned in the fund for which he or she serves as portfolio manager, as of the end of that fund’s fiscal year-end, and the other column shows the dollar range of shares beneficially owned in all funds within the T. Rowe Price family of funds, as of December 31 of the prior year. Shares of the Price Funds are frequently held by T. Rowe Price employees, including portfolio managers, through participation in the T. Rowe Price 401(k) plan. However, starting in 2012, the T. Rowe Price 401(k) plan has periodically replaced certain Price Funds in the eligible investment lineup with similarly managed Institutional Price Funds and T. Rowe Price common trust funds, which operate much like mutual funds but are exempt from registration under the federal securities laws. As a result, the range of fund holdings shown in the tables may have decreased for those portfolio managers who manage a Price Fund that is no longer offered as part of the T. Rowe Price 401(k) plan even though the portfolio manager may now invest in the Institutional Price Fund or T. Rowe Price common trust fund within the same investment strategy.
Fund | Portfolio Manager | Range of Fund Holdings | All Funds | |
Africa & Middle East | Oliver D.M. Bell | None | None | |
Asia Opportunities | Eric C. Moffett | $500,001–$1,000,000 | $500,001–$1,000,000 | |
Balanced | Charles M. Shriver | $100,001–$500,000 | over $1,000,000 | |
Blue Chip Growth (b) | Larry J. Puglia | over $1,000,000 | over $1,000,000 | |
Capital Appreciation (b) | David R. Giroux | $10,001–$50,000 | over $1,000,000 | |
Capital Opportunity | Ann M. Holcomb Jason B. Polun Eric L. Veiel | (c) (c) (c) | over $1,000,000 over $1,000,000 $50,001–$100,000 | |
Corporate Income | David A. Tiberii | $10,001–$50,000 | over $1,000,000 | |
Credit Opportunities | Paul A. Karpers | $100,001–$500,000 | over $1,000,000 | |
Diversified Mid-Cap Growth | Donald J. Easley Donald J. Peters | $500,001–$1,000,000 over $1,000,000 | over $1,000,000 over $1,000,000 | |
Diversified Small-Cap Growth | Sudhir Nanda | $100,001–$500,000 | $500,001–$1,000,000 | |
Dividend Growth | Thomas J. Huber | $500,001–$1,000,000 | over $1,000,000 | |
Emerging Europe | Leigh Innes (d) | None | $50,001–$100,000 | |
Emerging Markets Bond | Michael J. Conelius | $100,001–$500,000 | over $1,000,000 | |
Emerging Markets Corporate Bond | Michael J. Conelius | $100,001–$500,000 | over $1,000,000 | |
Emerging Markets Local Currency Bond | Andrew Keirle | $10,001–$50,000 | $10,001–$50,000 | |
Emerging Markets Stock | Gonzalo Pangaro | over $1,000,000 | over $1,000,000 | |
Equity Income (b) | Brian C. Rogers (e) | over $1,000,000 | over $1,000,000 | |
Equity Index 500 (b) | E. Frederick Bair Ken D. Uematsu | $10,001–$50,000 $1–$10,000 | $100,001–$500,000 $500,001–$1,000,000 | |
European Stock | Dean Tenerelli | None | None | |
Extended Equity Market Index | E. Frederick Bair Ken D. Uematsu | $10,001–$50,000 $50,001–$100,000 | $100,001–$500,000 $500,001–$1,000,000 | |
Financial Services | Gabriel Solomon | (f) | over $1,000,000 | |
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Fund | Portfolio Manager | Range of Fund Holdings | All Funds | |
Floating Rate | Paul M. Massaro | $50,001–$100,000 | over $1,000,000 | |
Global Allocation | Charles M. Shriver | $100,001–$500,000 | over $1,000,000 | |
Global Growth Stock (b) | R. Scott Berg | $500,001–$1,000,000 | over $1,000,000 | |
Global High Income Bond | Michael Della Vedova Mark J. Vaselkiv | (g) (g) | None over $1,000,000 | |
Global Industrials | Peter J. Bates | None | over $1,000,000 | |
Global Real Estate | David M. Lee (h) | $100,001–$500,000 | over $1,000,000 | |
Global Stock (b) | David J. Eiswert | over $1,000,000 | over $1,000,000 | |
Global Technology | Joshua K. Spencer | over $1,000,000 | over $1,000,000 | |
Global Unconstrained Bond | Arif Husain | (g) | None | |
GNMA | Andrew C. McCormick | $100,001–$500,000 | over $1,000,000 | |
Growth & Income | Thomas J. Huber | $100,001–$500,000 | over $1,000,000 | |
Growth Stock (b) | Joseph B. Fath | $10,001–$50,000 | over $1,000,000 | |
Health Sciences | Taymour R. Tamaddon | $100,001–$500,000 | $500,001–$1,000,000 | |
High Yield (b) | Mark J. Vaselkiv | None | over $1,000,000 | |
Inflation Protected Bond | Daniel O. Shackelford | $50,001–$100,000 | over $1,000,000 | |
Intermediate Tax- Free High Yield | James M. Murphy | (i) | over $1,000,000 | |
International Bond | Arif Husain Christopher J. Rothery | None $10,001–$50,000 | None $100,001–$500,000 | |
International Concentrated Equity | Federico Santilli | None | None | |
International Discovery | Justin Thomson | $100,001–$500,000 | over $1,000,000 | |
International Equity Index | E. Frederick Bair Neil Smith | $10,001–$50,000 None | $100,001–$500,000 None | |
International Growth & Income | Jonathan H.W. Matthews | $10,001–$50,000 | $10,001–$50,000 | |
International Stock (b) | Robert W. Smith | over $1,000,000 | over $1,000,000 | |
Japan | Archibald Ciganer | None | None | |
Latin America | Verena E. Wachnitz | $100,001–$500,000 | $100,001–$500,000 | |
Maryland Short-Term Tax-Free Bond | Charles B. Hill | $10,001–$50,000 | over $1,000,000 | |
Maryland Tax-Free Bond | Hugh D. McGuirk | $500,001–$1,000,000 | over $1,000,000 | |
Maryland Tax-Free Money | Joseph K. Lynagh | $1–$10,000 | over $1,000,000 | |
Media & Telecommunications | Paul D. Greene II | $100,001–$500,000 | $100,001–$500,000 | |
Mid-Cap Growth (b) | Brian W.H. Berghuis | over $1,000,000 | over $1,000,000 | |
Mid-Cap Value (b) | David J. Wallack | None | over $1,000,000 | |
New America Growth | Daniel Martino | $500,001–$1,000,000 | over $1,000,000 | |
New Asia | Anh Lu | $100,001–$500,000 | over $1,000,000 | |
New Era | Shawn T. Driscoll | $100,001–$500,000 | over $1,000,000 | |
New Horizons (b) | Henry M. Ellenbogen | $100,001–$500,000 | over $1,000,000 | |
New Income (b) | Daniel O. Shackelford | $100,001–$500,000 | over $1,000,000 | |
Overseas Stock (b) | Raymond A. Mills | None | over $1,000,000 | |
Personal Strategy Balanced | Charles M. Shriver | $10,001–$50,000 | over $1,000,000 | |
Personal Strategy Growth | Charles M. Shriver | $100,001–$500,000 | over $1,000,000 | |
Personal Strategy Income | Charles M. Shriver | $1-$10,000 | over $1,000,000 | |
Prime Reserve | Joseph K. Lynagh | $10,001–$50,000 | over $1,000,000 | |
Real Assets (b) | Wyatt A. Lee | $10,001–$50,000 | over $1,000,000 | |
Real Estate | David M. Lee | $100,001–$500,000 | over $1,000,000 | |
Science & Technology | Kennard W. Allen | over $1,000,000 | over $1,000,000 | |
Short-Term Bond | Michael F. Reinartz Edward A. Wiese | (j) $500,001–$1,000,000 | $500,001–$1,000,000 over $1,000,000 | |
Small-Cap Stock (b) | Gregory A. McCrickard | $500,001–$1,000,000 | over $1,000,000 | |
Small-Cap Value (b) | J. David Wagner | $1-$10,000 | $500,001–$1,000,000 | |
86
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Spectrum Growth | Charles M. Shriver | $100,001-$500,000 | over $1,000,000 |
Spectrum Income | Charles M. Shriver | $100,001-$500,000 | over $1,000,000 |
Spectrum International | Charles M. Shriver | $100,001-$500,000 | over $1,000,000 |
Strategic Income | Steven C. Huber | $100,001–$500,000 | $500,001–$1,000,000 |
Summit Cash Reserves | Joseph K. Lynagh | $1-$10,000 | over $1,000,000 |
Summit Municipal Income | Konstantine B. Mallas | $100,001-$500,000 | over $1,000,000 |
Summit Municipal Intermediate | Charles B. Hill | $500,001–$1,000,000 | over $1,000,000 |
Summit Municipal Money Market | Joseph K. Lynagh | None | over $1,000,000 |
Tax- Efficient Equity | Donald J. Peters | over $1,000,000 | over $1,000,000 |
Tax- Exempt Money | Joseph K. Lynagh | $10,001–$50,000 | over $1,000,000 |
Tax- Free High Yield | James M. Murphy | $100,001–$500,000 | over $1,000,000 |
Tax- Free Income | Konstantine B. Mallas | $100,001–$500,000 | over $1,000,000 |
Tax- Free Short-Intermediate | Charles B. Hill | $10,001–$50,000 | over $1,000,000 |
Tax- Free Ultra Short-Term Bond | Joseph K. Lynagh | (k) | over $1,000,000 |
Total Equity Market Index | E. Frederick Bair Ken D. Uematsu | $50,001–$100,000 $1-$10,000 | $100,001–$500,000 $500,001–$1,000,000 |
U.S. Bond Enhanced Index (b) | Robert M. Larkins | $10,001–$50,000 | $100,001–$500,000 |
U.S. Large-Cap Core | Jeffrey Rottinghaus | over $1,000,000 | over $1,000,000 |
U.S. Treasury Intermediate | Brian J. Brennan | $10,001–$50,000 | over $1,000,000 |
U.S. Treasury Long-Term | Brian J. Brennan | $10,001–$50,000 | over $1,000,000 |
U.S. Treasury Money | Joseph K. Lynagh | $1–$10,000 | over $1,000,000 |
Ultra Short-Term Bond | Joseph K. Lynagh | $100,001–$500,000 | over $1,000,000 |
Value (b) | Mark S. Finn | $500,001–$1,000,000 | over $1,000,000 |
(a) See table beginning on page 7 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 7.
(b) The portfolio manager invests in a similarly managed T. Rowe Price common trust fund within the T. Rowe Price 401(k) plan.
(c) On January 1, 2015, Ann M. Holcomb, Jason B. Polun, and Eric L. Veiel replaced Anna M. Dopkin and became co-portfolio managers of the fund. The range of fund holdings is not yet available.
(d) On April 1, 2015, Ulle Adamson will replace S. Leigh Innes as the fund’s portfolio manager.
(e) On November 1, 2015, John D. Linehan will replace Brian C. Rogers as the fund’s portfolio manager.
(f) On July 31, 2014, Gabriel Solomon became portfolio manager of the fund, therefore the range of fund holdings is not yet available.
(g) The fund incepted on January 22, 2015, therefore the range of fund holdings is not yet available.
(h) On April 1, 2015, Nina P. Jones will replace David M. Lee as the fund’s portfolio manager.
(i) The fund incepted on July 24, 2014, therefore the range of fund holdings is not yet available.
(j) On January 22, 2015, Michael F. Reinartz joined Edward J. Wiese as co-portfolio manager of the fund, therefore the range of fund holdings is not yet available.
(k) The fund has not incepted, therefore the range of fund holdings is not yet available.
The following funds may be purchased only by institutional investors.
Fund | Portfolio Manager | Range of Fund Holdings as of Fund’s Fiscal Yeara | All Funds |
Institutional Africa & Middle East | Oliver D.M. Bell | None | None |
Institutional Core Plus | Brian J. Brennan | None | over $1,000,000 |
Institutional Credit Opportunities | Paul A. Karpers | None | over $1,000,000 |
87
Fund | Portfolio Manager | Range of Fund Holdings as of Fund’s Fiscal Yeara | All Funds |
Institutional Emerging Markets Bond | Michael J. Conelius | None | over $1,000,000 |
Institutional Emerging Markets Equity | Gonzalo Pangaro | None | over $1,000,000 |
Institutional Floating Rate | Paul M. Massaro | $10,001–$50,000 | over $1,000,000 |
Institutional Frontier Markets Equity | Oliver D.M. Bell | None | None |
Institutional Global Focused Growth Equity | David J. Eiswert | $500,001–$1,000,000 | over $1,000,000 |
Institutional Global Growth Equity | R. Scott Berg | $500,001–$1,000,000 | over $1,000,000 |
Institutional Global Multi-Sector Bond | Steven C. Huber | None | $500,001–$1,000,000 |
Institutional Global Value Equity | Sebastien Mallet | None | None |
Institutional High Yield | Paul A. Karpers | None | over $1,000,000 |
Institutional International Bond | Arif Husain Christopher J. Rothery | None None | None $100,001–$500,000 |
Institutional International Concentrated Equity | Federico Santilli | None | None |
Institutional International Core Equity | Raymond A. Mills | None | over $1,000,000 |
Institutional International Growth Equity | Robert W. Smith | None | over $1,000,000 |
Institutional Large Cap Core Growth | Larry J. Puglia | None | over $1,000,000 |
Institutional Large-Cap Growth | Robert W. Sharps | over $1,000,000 | over $1,000,000 |
Institutional Large-Cap Value | Mark S. Finn John D. Linehan Heather K. McPherson Brian C. Rogers (c) | None (b) None | over $1,000,000 over $1,000,000 $500,001–$1,000,000 over $1,000,000 |
Institutional Long Duration Credit | David A. Tiberii | None | over $1,000,000 |
Institutional Mid-Cap Equity Growth | Brian W.H. Berghuis | None | over $1,000,000 |
Institutional Small-Cap Stock | Gregory A. McCrickard | None | over $1,000,000 |
Institutional U.S. Structured Research | Ann M. Holcomb Jason B. Polun Eric L. Veiel | (d) (d) (d) | over $1,000,000 over $1,000,000 $50,001–$100,000 |
(a) See table beginning on page 7 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 7.
(b) On January 1, 2015, Heather K. McPherson became co-portfolio manager of the fund. The range of fund holdings is not yet available.
(c) On October 31, 2015, Brian C. Rogers will step down as co-portfolio manager of the fund. Mark S. Finn, John D. Linehan, and Heather K. McPherson will continue to serve as co-portfolio managers of the fund.
(d) On January 1, 2015, Ann M. Holcomb, Jason B. Polun, and Eric L. Veiel replaced Anna M. Dopkin and became co-portfolio managers of the fund. The range of fund holdings is not yet available.
The following funds are designed for persons residing in the indicated state. The portfolio managers reside in Maryland.
Fund | Portfolio Manager | Range
of Fund Holdings | All Funds |
California Tax-Free Bond | Konstantine B. Mallas | None | over $1,000,000 |
California Tax-Free Money | Joseph K. Lynagh | None | over $1,000,000 |
Georgia Tax-Free Bond | Hugh D. McGuirk | None | over $1,000,000 |
New Jersey Tax-Free Bond | Konstantine B. Mallas | None | over $1,000,000 |
New York Tax-Free Bond | Konstantine B. Mallas | None | over $1,000,000 |
New York Tax-Free Money | Joseph K. Lynagh | None | over $1,000,000 |
Virginia Tax-Free Bond | Hugh D. McGuirk | None | over $1,000,000 |
(a) See table beginning on page 7 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 7.
88
The following funds are designed such that a single individual would normally select one fund based on that person’s expected retirement date.
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Retirement 2005 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2010 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2015 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2020 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2025 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2030 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2035 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2040 (b) | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2045 (b) | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2050 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2055 | Jerome A. Clark | None | $50,001–$100,000 |
Retirement 2060 | Jerome A. Clark | (c) | $50,001–$100,000 |
Retirement Balanced | Jerome A. Clark | None | $50,001–$100,000 |
Target Retirement 2005 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2010 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2015 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2020 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2025 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2030 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2035 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2040 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2045 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2050 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2055 | Jerome A. Clark Wyatt A. Lee | None None | $50,001–$100,000 over $1,000,000 |
Target Retirement 2060 | Jerome A. Clark Wyatt A. Lee | (c) (c) | $50,001–$100,000 over $1,000,000 |
(a) See table beginning on page 7 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 7.
(b) The portfolio manager invests in a similarly managed T. Rowe Price common trust fund within the T. Rowe Price 401(k) plan.
(c) The fund incepted on June 23, 2014, therefore the range of fund holdings is not yet available.
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The following funds are not available for direct purchase by members of the public.
Fund | Portfolio Manager | Range of Fund Holdings | All Funds |
Emerging Markets Corporate Multi-Sector Account Portfolio | Michael J. Conelius | None | over $1,000,000 |
Emerging Markets Local Multi-Sector Account Portfolio | Andrew Keirle | None | $10,001–$50,000 |
Floating Rate Multi-Sector Account Portfolio | Paul M. Massaro | None | over $1,000,000 |
TRP Government Reserve Investment | Joseph K. Lynagh | None | over $1,000,000 |
High Yield Multi-Sector Account Portfolio | Mark J. Vaselkiv | None | over $1,000,000 |
Inflation Focused Bond | Daniel O. Shackelford | None | over $1,000,000 |
Investment-Grade Corporate Multi-Sector Account Portfolio | David A. Tiberii | None | over $1,000,000 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | Andrew C. McCormick | None | over $1,000,000 |
TRP Reserve Investment | Joseph K. Lynagh | None | over $1,000,000 |
Short-Term Government Reserve Fund | Joseph K. Lynagh | (b) | over $1,000,000 |
Short-Term Reserve Fund | Joseph K. Lynagh | None | over $1,000,000 |
(a) See table beginning on page 7 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 7.
(b) 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 a stock option grant or restricted stock grant. 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, and T. Rowe Price International, as appropriate), evaluate 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) and the Lipper index (e.g., Large-Cap Growth) 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 though 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 highly valued.
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
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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.
This compensation structure is used for all portfolios managed by the portfolio manager.
Assets Under Management
The following table sets forth the number and total assets of the mutual funds and accounts managed by the Price Funds’ portfolio managers as of the most recent fiscal year end of the funds they manage, unless otherwise indicated. All of the assets of the funds that have multiple portfolio managers are shown as being allocated to all 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 |
Kennard Allen | 4 | 4,447,418,956 | — | — | — | — |
E. Frederick Bair | 6 | 26,999,636,208 | 3 | 5,200,383,977 | — | — |
Peter J. Bates | 1 | 14,851,979 | — | — | — | — |
Oliver D.M. Bell | 2 | 420,021,410 | 2 | 20,449,681 | — | — |
R. Scott Berg | 2 | 365,129,476 | 7 | 1,962,444,404 | 5 | 1,761,913,379 |
Brian W.H. Berghuis | 8 | 35,228,322,265 | 1 | 388,214,138 | 6 | 1,223,897,828 |
Brian J. Brennan | 4 | 1,159,101,403 | 3 | 1,580,574,492 | 18 | 3,025,841,913 |
Archibald Ciganer | 1 | 265,675,529 | 6 | 377,890,055 | 2 | 94,101,689 |
Jerome A. Clark | 65 | 123,734,287,849 | 26 | 21,226,627,937 | 5 | 3,320,900,040 |
Michael J. Conelius | 8 | 4,949,405,184 | 6 | 4,741,519,628 | 1 | 278,622,013 |
Michael Della Vedova(a) | — | — | — | — | — | — |
Anna M. Dopkin | 8 | 8,288,901,562 | 3 | 8,139,242,815 | 40 | 13,942,678,981 |
Shawn T. Driscoll | 2 | 5,003,990,333 | 1 | 215,622,754 | 5 | 442,713,461 |
Donald J. Easley | 1 | 310,962,506 | — | — | 2 | 49,289,947 |
David J. Eiswert | 4 | 691,024,647 | 4 | 1,291,695,538 | 4 | 1,836,166,328 |
Henry M. Ellenbogen | 1 | 15,843,671,142 | 2 | 1,833,712,525 | 7 | 1,511,041,047 |
Joseph B. Fath | 12 | 53,355,652,492 | 1 | 2,815,875,963 | 8 | 1,731,909,581 |
Mark S. Finn | 8 | 27,799,121,604 | 3 | 2,129,657,520 | 25 | 4,097,581,073 |
David R. Giroux | 7 | 30,135,270,268 | 1 | 701,046,358 | — | — |
Paul D. Greene II | 2 | 3,594,416,910 | — | — | — | — |
Charles B. Hill | 3 | 6,276,370,166 | 2 | 329,632,520 | 5 | 1,333,042,807 |
Ann M. Holcomb(b) | — | — | — | — | — | — |
Steven C. Huber | 2 | 341,418,293 | — | — | 2 | 235,038,908 |
Thomas J. Huber | 3 | 6,436,082,039 | 1 | 267,372,412 | 1 | 96,221,162 |
Arif Husain | 3 | 5,329,999,175 | 3 | 235,066,627 | — | — |
Leigh Innes | 1 | 182,978,444 | 1 | 6,851,714 | — | — |
Paul A. Karpers | 5 | 3,672,958,553 | 3 | 1,997,417,726 | 6 | 1,590,300,378 |
Andrew Keirle | 3 | 113,693,882 | 1 | 13,240,904 | — | — |
Robert M. Larkins | 1 | 616,195,460 | 2 | 1,342,749,372 | 10 | 1,266,712,317 |
David M. Lee | 3 | 3,947,686,646 | — | — | 1 | 185,149,643 |
Wyatt A. Lee | 1 | 4,204,496,510 | 1 | 387,645,051 | 2 | 211,927,600 |
John D. Linehan | 1 | 1,048,226,550 | — | — | — | — |
Anh Lu | 1 | 3,966,681,114 | 2 | 1,224,765,731 | 3 | 594,193,379 |
Joseph K. Lynagh | 13 | 39,016,214,611 | 3 | 863,837,287 | 7 | 91,384,807 |
Konstantine B. Mallas | 5 | 4,901,368,234 | — | — | 4 | 84,026,019 |
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Registered Investment | Other Pooled Investment | Other Accounts | ||||
Portfolio Manager | Number | Total Assets | Number | Total Assets | Number | Total Assets |
Sebastien Mallet | 2 | 11,990,067 | — | — | — | — |
Daniel N. Martino | 2 | 4,649,265,091 | — | — | — | — |
Paul M. Massaro | 3 | 4,140,634,300 | — | — | 4 | 1,382,855,732 |
Jonathan H.W. Matthews | 1 | 10,227,102,521 | 1 | 1,067,053,755 | — | — |
Andrew C. McCormick | 4 | 1,816,490,405 | — | — | 2 | 16,547,369 |
Gregory A. McCrickard | 4 | 12,166,363,808 | 2 | 716,814,961 | 3 | 547,456,963 |
Hugh D. McGuirk | 3 | 3,018,266,447 | — | — | 10 | 518,748,807 |
Heather K. McPherson(b) | — | — | — | — | — | — |
Raymond A. Mills | 5 | 11,017,670,855 | 1 | 1,254,452,179 | 4 | 1,421,191,422 |
Eric C. Moffett | — | — | 1 | 2,085,136 | — | — |
James M. Murphy | 1 | 2,652,539,770 | — | — | — | — |
Sudhir Nanda | 3 | 2,479,492,648 | — | — | — | — |
Gonzalo Pangaro | 1 | 7,591,715,105 | 6 | 4,921,959,365 | 6 | 1,834,366,940 |
Donald J. Peters | 5 | 1,934,829,201 | — | — | 16 | 1,847,471,610 |
Jason B. Polun(b) | — | — | — | — | — | — |
Larry J. Puglia | 9 | 32,280,186,566 | 2 | 206,246,141 | 20 | 7,534,892,482 |
Michael F. Reinartz(a) | — | — | — | — | — | — |
Brian C. Rogers | 13 | 42,108,898,658 | 1 | 1,802,843,651 | 10 | 1,907,490,357 |
Christopher J. Rothery | 1 | 4,862,802 | 1 | (167,589,923) | — | — |
Jeffrey Rottinghaus | 1 | 80,407,307 | 1 | 4,339,448 | 1 | 314,003,796 |
Federico Santilli | 1 | 183,831,543 | — | — | — | — |
Daniel O. Shackelford | 6 | 23,827,415,889 | 4 | 3,405,041,607 | 16 | 2,800,958,591 |
Robert W. Sharps | 7 | 16,129,144,463 | 2 | 1,975,804,620 | 53 | 13,270,697,396 |
Charles M. Shriver | 20 | 25,838,694,844 | 5 | 1,994,266,021 | 9 | 690,143,105 |
Neil Smith | 1 | 493,362,500 | 1 | 414,648,441 | — | — |
Robert W. Smith | 4 | 13,357,927,018 | 1 | 996,805,088 | 1 | 246,043,403 |
Gabriel Solomon(c) | — | — | — | — | — | — |
Joshua K. Spencer | 2 | 1,138,008,896 | 2 | 746,366,176 | — | — |
Taymour R. Tamaddon | 6 | 10,768,362,279 | — | — | 1 | 187,565,045 |
Dean Tenerelli | 1 | 1,426,158,450 | 4 | 836,863,069 | 1 | 72,007,962 |
Justin Thomson | 1 | 3,563,079,211 | 2 | 371,388,626 | 2 | 115,384,220 |
David A. Tiberii | 6 | 1,558,323,509 | 2 | 129,070,412 | 9 | 3,341,749,152 |
Ken D. Uematsu | 5 | 22,178,195,450 | 1 | 2,755,351,996 | 1 | 974,910,315 |
Mark J. Vaselkiv | 4 | 10,561,662,663 | 3 | 1,189,456,277 | 8 | 2,202,125,239 |
Eric L. Veiel(b) | — | — | — | — | — | — |
Verena E. Wachnitz | 1 | 751,532,402 | 3 | 163,537,668 | — | — |
J. David Wagner(d) | — | — | — | — | — | — |
David J. Wallack | 3 | 13,568,135,085 | 1 | 685,494,318 | 2 | 180,640,792 |
Edward A. Wiese | 7 | 11,407,164,393 | 2 | 2,232,949,820 | 21 | 3,895,242,475 |
(a) The individual assumed co-portfolio management responsibilities of a mutual fund on January 22, 2015. The information on accounts managed is not yet available.
(b) The individual assumed co-portfolio management responsibilities of a mutual fund on January 1, 2015. The information on accounts managed is not yet available.
(c) The individual assumed portfolio management responsibilities of a mutual fund on July 31, 2014. The information on accounts managed is not yet available.
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(d) The individual assumed portfolio management responsibilities of a mutual fund on June 30, 2014. The information on accounts managed is not yet available.
Conflicts of Interest
Portfolio managers at T. Rowe Price and its affiliates typically 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 which 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 on our brokerage and trade allocation policies.
T. Rowe 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 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.
As of the date indicated, the directors and executive officers of the funds, as a group, owned less than 1% of the outstanding shares of any fund (or class), except as shown in the following table.
Fund | %* |
Asia Opportunities | 3.2 |
Credit Opportunities Fund | 1.1 |
Global Allocation | 1.4 |
Global Growth Stock | 2.2 |
Global Industrials | 4.9 |
Institutional Global Focused Growth Equity | 0.3 |
Institutional International Growth Equity | 2.9 |
Maryland Short-Term Tax-Free Bond | 2.5 |
Summit Cash Reserves | 3.3 |
Summit Municipal Money Market | 1.3 |
Tax-Efficient Equity | 6.2 |
U.S. Large-Cap Core | 2.7 |
* Based on December 31, 2014 data.
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As of January 31, 2015, 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 |
| CHARLES SCHWAB & CO INC |
| 5.17 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
| 211 MAIN STREET |
| |||||||
| SAN FRANCISCO CA 94105-1905 |
| |||||||
|
| ||||||||
| MLPF&S FOR THE SOLE BENEFIT OF | 5.99 | |||||||
| ITS CUSTOMERS |
| |||||||
| 4800 DEERLAKE DR E 3RD FL |
| |||||||
| JACKSONVILLE FL 32246-6484 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 7.82 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| 499 WASHINGTON BLVD FL 5 |
| |||||||
| JERSEY CITY NJ 07310-2010 |
| |||||||
ASIA OPPORTUNITIES FUND |
| T ROWE PRICE ASSOCIATES |
| 31.70(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
ASIA OPPORTUNITIES FUND—ADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 98.11(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
BALANCED FUND |
| T ROWE PRICE TRUST CO |
| 36.40(b) | |||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
| PO BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
BLUE CHIP GROWTH FUND |
| CHARLES SCHWAB & CO INC |
| 5.99 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| EDWARD D JONES & CO | 8.37 | |||||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
| 12555 MANCHESTER RD |
| |||||||
| SAINT LOUIS MO 63131-3729 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 13.49 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RET PLAN SVCS TR | 8.07 | |||||||
| BLUE CHIP GROWTH FUND |
| |||||||
| ATTN ASSET RECONCILATIONS |
| |||||||
| PO BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
94
FUND |
| SHAREHOLDER |
| % | |||||
BLUE CHIP GROWTH FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 13.18 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| JP MORGAN CLEARING CORP OMNIBUS ACC | 9.71 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF CUSTOMERS |
| |||||||
| 3 CHASE METROTECH CENTER |
| |||||||
| 3RD FLOOR MUTUAL FUND DEPARTMENT |
| |||||||
| BROOKLYN NY 11245-0001 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 13.39 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
BLUE CHIP GROWTH FUND—R CLASS |
| AMERICAN UNITED LIFE |
| 5.43 | |||||
| SEPARATE ACCOUNT II |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
| PO BOX 368 |
| |||||||
| INDIANAPOLIS IN 46206-0368 |
| |||||||
|
| ||||||||
| DCGT AS TTEE AND/OR CUST | 6.19 | |||||||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| |||||||
| OMNIBUS |
| |||||||
| ATTN NPIO TRADE DESK |
| |||||||
| 711 HIGH ST |
| |||||||
| DES MOINES IA 50392-0001 |
| |||||||
|
| ||||||||
| NATIONWIDE LIFE INSURANCE COMPANY | 5.98 | |||||||
| C/O IPO PORTFOLIO ACCOUNTING |
| |||||||
| NACO |
| |||||||
| PO BOX 182029 |
| |||||||
| COLUMBUS OH 43218-2029 |
| |||||||
|
| ||||||||
| NFS LLC FEBO | 8.35 | |||||||
| STATE STREET BANK TRUST CO |
| |||||||
| TTEE VARIOUS RETIREMENT PLANS |
| |||||||
| 440 MAMARONECK AVE |
| |||||||
| HARRISON NY 10528-2418 |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 19.41 | |||||||
| FBO ADP ACCESS |
| |||||||
| 1 LINCOLN ST |
| |||||||
| BOSTON MA 02111-2901 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
CALIFORNIA TAX-FREE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 7.58 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 15.26 | |||||||
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| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
CALIFORNIA TAX-FREE MONEY FUND |
| GEORGETTE O'CONNOR DAY TR |
| 12.04 | |||||
| GEORGETTE O'CONNOR DAY TRUST |
| |||||||
| U/D/T DTD 06/15/81 |
| |||||||
| 301 N BUNDY DR |
| |||||||
| LOS ANGELES CA 90049-2827 |
| |||||||
|
| ||||||||
| PERSHING LLC | 5.23 | |||||||
| FOR EXCLUSIVE BENEFIT OF TRP MONEY |
| |||||||
| FUND CUSTOMER ACCOUNTS |
| |||||||
| 1 PERSHING PLZ |
| |||||||
| JERSEY CITY NJ 07399-0002 |
| |||||||
CAPITAL APPRECIATION FUND |
| CHARLES SCHWAB & CO INC |
| 10.40 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 10.77 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 6.70 | |||||||
CAPITAL APPRECIATION FUND—ADVISOR CLASS |
| AMERITAS LIFE INSURANCE CORP |
| 6.00 | |||||
| SEPARATE ACCOUNT G |
| |||||||
| 5900 O STREET |
| |||||||
| LINCOLN NE 68510-2234 |
| |||||||
|
| ||||||||
| CHARLES SCHWAB & CO INC | 29.41(c) | |||||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 22.35 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 5.40 | |||||||
CAPITAL OPPORTUNITY FUND |
| MCWOOD & CO |
| 40.61(c) | |||||
| PO BOX 29522 |
| |||||||
| RALEIGH NC 27626-0522 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 9.22 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
CAPITAL OPPORTUNITY FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 35.09(c) | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| RELIANCE TRUST COMPANY FBO | 36.44(c) | |||||||
| RETIREMENT PLANS SERVICED BY METLIFE |
| |||||||
96
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
CAPITAL OPPORTUNITY FUND—R CLASS |
| CAPITAL BANK & TRUST COMPANY |
| 8.98 | |||||
| JEFF WYLER AUTO FAMILY INC RSP 401K |
| |||||||
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
|
| ||||||||
| CAPITAL BANK & TRUST COMPANY | 9.47 | |||||||
| MACHINERY SYSTEMS INC EMPLOYEES PSP |
| |||||||
|
| ||||||||
| FIIOC AS AGENT | 43.41(c) | |||||||
| FBO SHEPHERD ELECTRIC CO., INC |
| |||||||
|
| ||||||||
| NATIONWIDE TRUST CO FSB | 9.88 | |||||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
| PO BOX 182029 |
| |||||||
| COLUMBUS OH 43218-2029 |
| |||||||
|
| ||||||||
| NFS LLC FEBO | 7.58 | |||||||
| RELIANCE TRUST CO TTEE/CUST |
| |||||||
| FOR TRS FBO VARIOUS RET PLANS |
| |||||||
| 1150 S OLIVE ST |
| |||||||
| LOS ANGELES CA 90015-2211 |
| |||||||
CORPORATE INCOME FUND |
| SPECTRUM INCOME FUND |
| 41.98(d) | |||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
CREDIT OPPORTUNITIES FUND |
| T ROWE PRICE ASSOCIATES |
| 63.93(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
CREDIT OPPORTUNITIES FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 54.88(c) | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 45.12(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
DIVERSIFIED MID-CAP GROWTH FUND |
| PERSHING LLC |
| 5.32 | |||||
FUND |
| SHAREHOLDER |
| % | |||||
DIVERSIFIED SMALL-CAP GROWTH FUND |
| PERSHING LLC |
| 10.72 | |||||
|
| ||||||||
| SEI PRIVATE TRUST COMPANY | 9.79 | |||||||
| C/O SUNTRUST BANK ID 866 |
| |||||||
| ATTN MUTUAL FUNDS |
| |||||||
| 1 FREEDOM VALLEY DR |
| |||||||
| OAKS PA 19456-9989 |
| |||||||
DIVIDEND GROWTH FUND |
| EDWARD D JONES & CO |
| 12.11 | |||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| MLPF&S FOR THE SOLE BENEFIT OF | 10.74 | |||||||
97
| ITS CUSTOMERS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 23.96 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
DIVIDEND GROWTH FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 9.46 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 65.67(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
EMERGING EUROPE FUND |
| NATIONAL FINANCIAL SERVICES |
| 7.57 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
EMERGING MARKETS BOND FUND |
| RETIREMENT PORTFOLIO 2010 |
| 5.59 | |||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2015 | 7.93 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 16.29 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 9.35 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 9.96 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| SPECTRUM INCOME FUND | 11.98 | |||||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
EMERGING MARKETS CORPORATE BOND FUND |
| MCWOOD & CO |
| 57.12(c) | |||||
98
|
| ||||||||
| PERSHING LLC | 8.59 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 17.31 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
EMERGING MARKETS CORPORATE BOND FUND— |
| CHARLES SCHWAB & CO INC |
| 5.85 | |||||
ADVISOR CLASS | REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 13.82 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 23.34 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 32.67(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 15.12 | |||||||
| OUR CUSTOMERS |
| |||||||
| PO BOX 2226 |
| |||||||
| OMAHA NE 68103-2226 |
| |||||||
EMERGING MARKETS CORPORATE MULTI-SECTOR |
| CBE OF NEW BRUNSWICK |
| 43.91(c) | |||||
ACCOUNT PORTFOLIO | EM BOND MAP |
| |||||||
| 440 KING ST STE 680 |
| |||||||
| FREDERICTON NB E3B 5H8 |
| |||||||
| CANADA |
| |||||||
|
| ||||||||
| ILLINOIS STUDENT ASSISTANCE | 6.83 | |||||||
| COMMISSION |
| |||||||
| ATTN: KENT CUSTER |
| |||||||
| 1755 LAKE COOK RD |
| |||||||
| DEERFIELD IL 60015-5209 |
| |||||||
|
| ||||||||
| ST PAUL TEACHERS RET FUND ASSOC | 12.65 | |||||||
| ATTN JILL E. SCHURTZ EXEC DIRECTOR |
| |||||||
| 1619 DAYTON AVE STE 309 |
| |||||||
| SAINT PAUL MN 55104-7640 |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 33.56(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
EMERGING MARKETS LOCAL CURRENCY BOND FUND |
| SPECTRUM INCOME FUND |
| 81.53(d) | |||||
T. ROWE PRICE ASSOCIATES |
| ||||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
EMERGING MARKETS LOCAL CURRENCY BOND FUND— |
| CHARLES SCHWAB & CO INC |
| 42.51(c) | |||||
ADVISOR CLASS | REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 55.35(a) | |||||||
99
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
EMERGING MARKETS LOCAL MULTI-SECTOR ACCOUNT |
| CBE OF NEW BRUNSWICK |
| 53.38(c) | |||||
PORTFOLIO | EM LOCAL MAP |
| |||||||
|
| ||||||||
| ST PAUL TEACHERS RET FUND ASSOC | 24.08 | |||||||
| ATTN JILL E. SCHURTZ EXEC DIRECTOR |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 20.24 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
EMERGING MARKETS STOCK FUND |
| NATIONAL FINANCIAL SERVICES |
| 6.51 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2040 | 9.24 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 10.20 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 7.99 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 11.96 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2035 | 6.82 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
EQUITY INCOME FUND |
| EDWARD D JONES & CO |
| 7.20 | |||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 9.63 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 10.48 | |||||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
EQUITY INCOME FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 6.06 | |||||
| REINVEST ACCOUNT |
| |||||||
100
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 39.00(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| WELLS FARGO BANK FBO | 8.32 | |||||||
| VARIOUS RETIREMENT PLANS |
| |||||||
| 1525 WEST WT HARRIS BLVD |
| |||||||
| CHARLOTTE NC 28288-0001 |
| |||||||
EQUITY INCOME FUND—R CLASS |
| AMERICAN UNITED LIFE |
| 6.10 | |||||
| AMERICAN UNIT TRUST |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
| PO BOX 368 |
| |||||||
| INDIANAPOLIS IN 46206-0368 |
| |||||||
|
| ||||||||
| AMERICAN UNITED LIFE | 25.32(c) | |||||||
| SEPARATE ACCOUNT II |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
|
| ||||||||
| DCGT AS TTEE AND/OR CUST | 10.37 | |||||||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| |||||||
| OMNIBUS |
| |||||||
| ATTN NPIO TRADE DESK |
| |||||||
|
| ||||||||
| HARTFORD LIFE INSURANCE CO | 7.75 | |||||||
| SEPARATE ACCOUNT |
| |||||||
| ATTN UIT OPERATIONS |
| |||||||
| PO BOX 2999 |
| |||||||
| HARTFORD CT 06104-2999 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
EQUITY INDEX 500 FUND |
| RETIREMENT PORTFOLIO 2010 |
| 6.64 | |||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2015 | 9.21 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 18.26 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 10.33 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 11.42 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
101
EUROPEAN STOCK FUND |
| CHARLES SCHWAB & CO INC |
| 13.26 | |||||||
| REINVEST ACCOUNT |
| |||||||||
| ATTN MUTUAL FUND DEPT |
| |||||||||
|
| ||||||||||
| NATIONAL FINANCIAL SERVICES | 6.42 | |||||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||||
| OF OUR CUSTOMERS |
| |||||||||
|
| ||||||||||
| PERSHING LLC | 5.61 | |||||||||
|
| ||||||||||
| SPECTRUM INTERNATIONAL FUND | 16.76 | |||||||||
| T ROWE PRICE ASSOCIATES |
| |||||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||||
| 100 E PRATT ST |
| |||||||||
| BALTIMORE MD 21202-1009 |
| |||||||||
EXTENDED EQUITY MARKET INDEX FUND |
| T ROWE PRICE TRUST CO |
| 6.84 | |||||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||||
|
| ||||||||||
| TD AMERITRADE INC FBO | 6.76 | |||||||||
| OUR CUSTOMERS |
| |||||||||
FINANCIAL SERVICES FUND |
| T ROWE PRICE SERVICES INC FBO |
| 5.35 | |||||||
| EDUCATION TRUST OF ALASKA |
| |||||||||
| PORTFOLIO FUTURE TRENDS |
| |||||||||
| ATTN DAWN WAGNER FIXED INCOME |
| |||||||||
| 100 E PRATT ST 7TH FLOOR |
| |||||||||
| BALTIMORE MD 21202-1009 |
| |||||||||
FUND |
| SHAREHOLDER |
| % | |||||||
FLOATING RATE FUND |
| NATIONAL FINANCIAL SERVICES |
| 5.79 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||||
| OF OUR CUSTOMERS |
| |||||||||
|
| ||||||||||
| PERSHING LLC | 8.84 | |||||||||
|
| ||||||||||
| SPECTRUM INCOME FUND | 34.29(d) | |||||||||
| T. ROWE PRICE ASSOCIATES |
| |||||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||||
|
| ||||||||||
| T ROWE PRICE ASSOCIATES | 5.21 | |||||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||||
FLOATING RATE FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 20.60 | |||||||
| REINVEST ACCOUNT |
| |||||||||
| ATTN MUTUAL FUND DEPT |
| |||||||||
|
| ||||||||||
| JP MORGAN CLEARING CORP OMNIBUS ACC | 6.97 | |||||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||||
| OF CUSTOMERS |
| |||||||||
|
| ||||||||||
| MITRA & CO FBO 98 | 7.71 | |||||||||
| C/O BMO HARRIS BANK NA ATTN: MF |
| |||||||||
| 11270 W PARK PL STE 400 |
| |||||||||
102
| MILWAUKEE WI 53224-3638 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 30.46(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 26.24(c) | |||||||
FLOATING RATE MULTI-SECTOR ACCOUNT PORTFOLIO |
| CBE OF NEW BRUNSWICK |
| 46.28(c) | |||||
FLOATING RATE MAP |
| ||||||||
|
| ||||||||
| ILLINOIS STUDENT ASSISTANCE | 5.92 | |||||||
| COMMISSION |
| |||||||
| ATTN: KENT CUSTER |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 45.14(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GEORGIA TAX-FREE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 15.88 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 18.97 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
GLOBAL ALLOCATION FUND |
| T ROWE PRICE ASSOCIATES |
| 33.60(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| TRUSTEES OF T ROWE PRICE | 5.37 | |||||||
| U.S. RETIREMENT PROGRAM |
| |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
| PO BOX 89000 |
| |||||||
| BALTIMORE MD 21289-0001 |
| |||||||
GLOBAL ALLOCATION FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 31.21(c) | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 19.68 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 33.48(c) | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 10.26 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GLOBAL GROWTH STOCK FUND |
| T ROWE PRICE ASSOCIATES |
| 9.67 | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GLOBAL GROWTH STOCK FUND —ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 10.41 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
103
| NATIONAL FINANCIAL SERVICES | 12.91 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 8.35 | |||||||
|
| ||||||||
| STIFEL NICOLAUS & CO INC | 6.07 | |||||||
| GARY KLING |
| |||||||
| 501 N BROADWAY FL 8 |
| |||||||
| SAINT LOUIS MO 63102-2188 |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 52.82(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GLOBAL HIGH INCOME BOND FUND |
| T ROWE PRICE ASSOCIATES |
| 99.74(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GLOBAL HIGH INCOME BOND FUND—ADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 100.00(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GLOBAL INDUSTRIALS FUND |
| T ROWE PRICE ASSOCIATES |
| 43.40(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
GLOBAL REAL ESTATE FUND |
| CHARLES SCHWAB & CO INC |
| 9.10 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 5.09 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 8.96 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 5.85 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 11.37 | |||||||
| OUR CUSTOMERS |
| |||||||
GLOBAL REAL ESTATE FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 39.81(c) | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| GREAT-WEST LIFE & ANNUITY | 5.72 | |||||||
| FBO FUTURE FUNDS II |
| |||||||
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
|
| ||||||||
| GREAT-WEST TRUST CO LLC | 18.99 | |||||||
| EMPLOYEE BENEFITS CLIENTS 401K |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 17.89 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
104
GLOBAL STOCK FUND |
| T ROWE PRICE RPS INC |
| 6.52 | |||||
| OMNIBUS |
| |||||||
| PLAN #OMNI PLAN |
| |||||||
| INSTALL TEAM FOR #113 |
| |||||||
| PO BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
GLOBAL STOCK FUND—ADVISOR CLASS |
| FIIOC AS AGENT |
| 20.11 | |||||
| FBO REDAPT SYSTEMS INC |
| |||||||
| 401K PSP |
| |||||||
| 100 MAGELLAN WAY # KW1C |
| |||||||
| COVINGTON KY 41015-1987 |
| |||||||
|
| ||||||||
| LPL FINANCIAL | 6.95 | |||||||
| 9785 TOWNE CENTRE DR |
| |||||||
| SAN DIEGO CA 92121-1968 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 45.31(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
GLOBAL TECHNOLOGY FUND |
| CHARLES SCHWAB & CO INC |
| 8.63 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 9.67 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 7.18 | |||||||
GLOBAL UNCONSTRAINED BOND FUND |
| T ROWE PRICE ASSOCIATES |
| 99.98(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GLOBAL UNCONSTRAINED BOND FUND—ADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 100.00(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
GNMA FUND |
| SPECTRUM INCOME FUND |
| 37.89(d) | |||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
GOVERNMENT RESERVE INVESTMENT FUND |
| BARNACLESAIL |
| 55.78(d) | |||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN MID CAP GROWTH FUND |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| BRIDGESAIL & CO | 10.68 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN SCIENCE & TECHNOLOGY FD |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| T ROWE PRICE | 12.84 | |||||||
| RETIREMENT PLAN SERVICE INC |
| |||||||
105
| ATTN RPS CASH GROUP |
| |||||||
| 4555 PAINTERS MILL ROAD |
| |||||||
| OWINGS MILLS MD 21117-4903 |
| |||||||
|
| ||||||||
| WEATHERBOARD & CO | 5.89 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN MID CAP EQUITY GROWTH FD |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
GROWTH & INCOME FUND |
| T ROWE PRICE TRUST CO |
| 6.33 | |||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
GROWTH STOCK FUND |
| CHARLES SCHWAB & CO INC |
| 6.11 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 6.43 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2040 | 8.67 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 5.61 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 5.60 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 9.57 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2035 | 6.04 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 6.20 | |||||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
GROWTH STOCK FUND—ADVISOR CLASS |
| ICMA RETIREMENT TRUST |
| 6.18 | |||||
| 777 N CAPITOL ST NE STE 600 |
| |||||||
| WASHINGTON DC 20002-4240 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 32.99(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
106
FUND |
| SHAREHOLDER |
| % | |||||
GROWTH STOCK FUND—R CLASS |
| DCGT AS TTEE AND/OR CUST |
| 5.22 | |||||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| |||||||
| OMNIBUS |
| |||||||
| ATTN NPIO TRADE DESK |
| |||||||
|
| ||||||||
| HARTFORD LIFE INSURANCE CO | 7.43 | |||||||
| SEPARATE ACCOUNT |
| |||||||
| ATTN UIT OPERATIONS |
| |||||||
|
| ||||||||
| NATIONWIDE TRUST CO FSB | 5.39 | |||||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 15.85 | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| SUNTRUST BANK FBO | 9.23 | |||||||
| VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
| |||||||
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
HEALTH SCIENCES FUND |
| CHARLES SCHWAB & CO INC |
| 6.53 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| JOHN HANCOCK LIFE | 8.65 | |||||||
| INSURANCE CO USA |
| |||||||
| RPS TRADING OPS ST-4 |
| |||||||
| 601 CONGRESS STREET |
| |||||||
| BOSTON MA 02210-2804 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 7.36 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
HIGH YIELD FUND |
| EDWARD D JONES & CO |
| 8.59 | |||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 9.00 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 5.13 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 5.53 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
107
| SPECTRUM INCOME FUND | 12.30 | |||||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
HIGH YIELD FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 94.44(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
HIGH YIELD MULTI-SECTOR ACCOUNT PORTFOLIO |
| BALTIMORE EQUITABLE INSURANCE |
| 10.36 | |||||
| ATTN SHARON V WOODWARD |
| |||||||
| 100 N CHARLES ST |
| |||||||
| BALTIMORE MD 21201-3808 |
| |||||||
|
| ||||||||
| ILLINOIS STUDENT ASSISTANCE | 23.28 | |||||||
| COMMISSION |
| |||||||
| ATTN: KENT CUSTER |
| |||||||
|
| ||||||||
| ST PAUL TEACHERS RET FUND ASSOC | 27.54(c) | |||||||
| ATTN JILL E. SCHURTZ EXEC DIRECTOR |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 38.82(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INFLATION FOCUSED BOND FUND |
| RETIREMENT INCOME PORTFOLIO |
| 15.96 | |||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2010 | 13.70 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2015 | 14.48 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 20.88 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 7.10 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
INFLATION PROTECTED BOND FUND |
| SPECTRUM INCOME FUND |
| 15.40 | |||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 6.29 | |||||||
| OMNIBUS ACCOUNT |
| |||||||
108
| INFLATION PROTECTED BOND, #147 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL AFRICA & MIDDLE EAST FUND |
| JOHN S AND JAMES L KNIGHT |
| 13.16 | |||||
| FOUNDATION |
| |||||||
| WACHOVIA FINANCIAL CENTER STE 3300 |
| |||||||
| 200 SOUTH BISCAYNE BOULEVARD |
| |||||||
| MIAMI FL 33131-2310 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 55.54(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| NORTHERN TRUST AS CUSTODIAN FBO | 5.36 | |||||||
| JOHN E FETZER INSTITUTE |
| |||||||
| PO BOX 92956 |
| |||||||
| CHICAGO IL 60675-0001 |
| |||||||
|
| ||||||||
| SEI PRIVATE TRUST COMPANY | 5.91 | |||||||
| C/O MELLON BANK ID 225 |
| |||||||
| ATTN MUTUAL FUND ADMIN |
| |||||||
|
| ||||||||
| UNIVERSITY OF ARKANSAS | 9.27 | |||||||
| FOUNDATION INC |
| |||||||
| 535 W RESEARCH CENTER BLVD STE 120 |
| |||||||
| FAYETTEVILLE AR 72701-6944 |
| |||||||
INSTITUTIONAL CORE PLUS FUND |
| JEANETTE STUMP & |
| 5.93 | |||||
| JAMES CARNEY & HOWARD KLINE TRS |
| |||||||
| SPECIAL METALS CORPORATION RETIREE |
| |||||||
| BENEFIT TRUST |
| |||||||
| 60 BLVD OF THE ALLIES FL 5 |
| |||||||
| PITTSBURGH PA 15222-1209 |
| |||||||
|
| ||||||||
| JP MORGAN CHASE BANK TRUSTEE FOR | 30.39(c) | |||||||
| THE STATE OF CALIFORNIA SAVINGS |
| |||||||
| PLUS PROGRAM |
| |||||||
| 4 NEW YORK PLZ FL 15 |
| |||||||
| NEW YORK NY 10004-2413 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 30.22(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| THE CHURCH FOUNDATION | 7.74 | |||||||
| EPISCOPAL DIOCESE OF PENNSYLVANIA |
| |||||||
| 3717 CHESTNUT ST APT 300 |
| |||||||
| PHILADELPHIA PA 19104-3168 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL CORE PLUS FUND—F CLASS |
| LPL FINANCIAL |
| 8.92 | |||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 5.02 | |||||||
109
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RAYMOND JAMES & ASSOC INC | 9.82 | |||||||
| FBO HOMER J KNAUFF & |
| |||||||
| DARLENE A KNAUFF JT/WROS |
| |||||||
| IMPAC |
| |||||||
| 9550 COLLEGEVIEW RD APT 123 |
| |||||||
| MINNEAPOLIS MN 55437-2159 |
| |||||||
|
| ||||||||
| RAYMOND JAMES & ASSOC INC | 9.99 | |||||||
| FBO THELMA J YUREK & |
| |||||||
| RICHARD A YUREK TTEE |
| |||||||
| THELMA J YUREK LIV TRUST |
| |||||||
| 5300 WOODHILL RD APT 107 |
| |||||||
| MINNETONKA MN 55345-5845 |
| |||||||
|
| ||||||||
| RAYMOND JAMES & ASSOC INC CDSN | 7.28 | |||||||
| FBO BERNARD H DEMASTER IRA |
| |||||||
| JANICE DEMASTER POA |
| |||||||
| 70 CARRIAGE LN |
| |||||||
| BURNSVILLE MN 55306-5083 |
| |||||||
|
| ||||||||
| RAYMOND JAMES & ASSOC INC CSDN | 7.14 | |||||||
| FBO DIANNA M DUNN IRA |
| |||||||
| IMPAC |
| |||||||
| 1971 SIMPSON ST |
| |||||||
| ROSEVILLE MN 55113-5832 |
| |||||||
|
| ||||||||
| RAYMOND JAMES & ASSOC INC CSDN | 5.00 | |||||||
| FBO ROBERT R ATKINS IRA |
| |||||||
| IMPAC |
| |||||||
| SUSAN R REISMAN POA |
| |||||||
| PO BOX 1148 |
| |||||||
| MONROE WA 98272-4148 |
| |||||||
|
| ||||||||
| RAYMOND JAMES & ASSOC INC CSDN | 5.28 | |||||||
| FBO SHANNON LEAVITT (BENE) IRA |
| |||||||
| JERMAYN LEAVITT (DECD) |
| |||||||
| 6026 WENTWORTH AVE |
| |||||||
| MINNEAPOLIS MN 55419-2335 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL CREDIT OPPORTUNITIES FUND |
| MAC & CO |
| 69.59(c) | |||||
| ATTN MUTUAL FUND OPS |
| |||||||
| P O BOX 3198 |
| |||||||
| 525 WILLIAM PENN PLACE |
| |||||||
| PITTSBURGH PA 15230-3198 |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 29.81(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
110
INSTITUTIONAL EMERGING MARKETS BOND FUND |
| CHARLES SCHWAB & CO INC |
| 23.56 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| LADYBIRD & CO | 26.90(d) | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY INCOME FD |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| LADYBUG & CO | 25.35(d) | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY BALANCED FD |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| LAKESIDE & CO | 9.68 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY GROWTH FUND |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL EMERGING MARKETS EQUITY FUND |
| GOLDMAN SACHS & CO |
| 8.58 | |||||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| |||||||
| 85 BROAD ST |
| |||||||
| NEW YORK NY 10004-2434 |
| |||||||
|
| ||||||||
| LADYBUG & CO | 8.09 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY BALANCED FD |
| |||||||
|
| ||||||||
| LAKESIDE & CO | 8.53 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY GROWTH FUND |
| |||||||
|
| ||||||||
| MAC & CO | 7.65 | |||||||
| ATTN MUTUAL FUND OPS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 19.52 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| WELLS FARGO BANK NA FBO | 9.12 | |||||||
| OMNIBUS ACCOUNT CASH/CASH |
| |||||||
| PO BOX 1533 |
| |||||||
| MINNEAPOLIS MN 55480-1533 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL FLOATING RATE FUND |
| CHARLES SCHWAB & CO INC |
| 9.54 | |||||
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
111
|
| ||||||||
| DPERS - FLOATING RATE FUND ACCT | 11.21 | |||||||
| ATTN LINDA DREW |
| |||||||
| ASHFORD CONSULTING GROUP |
| |||||||
| 1 WALKERS MILL RD PO BOX 4644 |
| |||||||
| WILMINGTON DE 19807-4644 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 8.75 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TASKFORCE & CO | 8.39 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN EQUITY INCOME FUND |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| TUNA & CO | 10.41 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN NEW INCOME FUND |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| WELLS FARGO BANK NA FBO | 20.34 | |||||||
| OMNIBUS ACCOUNT CASH/CASH |
| |||||||
INSTITUTIONAL FLOATING RATE FUND—F CLASS |
| CHARLES SCHWAB & CO INC |
| 6.35 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| MAC & CO | 15.82 | |||||||
| ATTN MUTUAL FUND OPS |
| |||||||
|
| ||||||||
| SAXON & CO | 6.62 | |||||||
| FBO |
| |||||||
| PO BOX 7780-1888 |
| |||||||
| PHILADELPHIA PA 19182-0001 |
| |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 6.05 | |||||||
| OUR CUSTOMERS |
| |||||||
INSTITUTIONAL FRONTIER MARKETS EQUITY FUND |
| SEI PRIVATE TRUST COMPANY |
| 40.47(c) | |||||
| C/O CHOATE HALL & STEWART ID 747 |
| |||||||
| ATTN MUTUAL FUNDS ADMIN |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 58.63(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL GLOBAL FOCUSED GROWTH EQUITY FUND |
| NATIONAL FINANCIAL SERVICES |
| 11.19 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
112
| THE HARRY & JEANETTE WEINBERG | 67.64(c) | |||||||
| FOUNDATION |
| |||||||
7 PARK CENTER CT | |||||||||
OWINGS MILL MD 21117-4200 | |||||||||
|
| ||||||||
| TRUSTEES OF T ROWE PRICE | 21.18 | |||||||
| U.S. RETIREMENT PROGRAM |
| |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
INSTITUTIONAL GLOBAL GROWTH EQUITY FUND |
| CHARLES SCHWAB & CO INC |
| 20.24 | |||||
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| LONGWOOD FOUNDATION INC | 26.82(c) | |||||||
| 100 W 10TH ST |
| |||||||
| WILMINGTON DE 19801-1694 |
| |||||||
|
| ||||||||
| NATIONAL MERIT SCHOLARSHIP | 7.78 | |||||||
| CORPORATION |
| |||||||
| 1560 SHERMAN AVENUE STE 200 |
| |||||||
| EVANSTON IL 60201-4816 |
| |||||||
|
| ||||||||
| SAXON & CO | 12.86 | |||||||
| FBO |
| |||||||
|
| ||||||||
| STATE STREET BANK AND TRUST AS | 14.89 | |||||||
| TTEE FOR MASTER TRUST FOR DEFINED |
| |||||||
| BENEFIT PLANS OF SYNGENTA CORP |
| |||||||
| 801 PENNSYLVANIA AVE |
| |||||||
| KANSAS CITY MO 64105-1307 |
| |||||||
INSTITUTIONAL GLOBAL MULTI-SECTOR BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 34.64(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| THE HARRY & JEANETTE WEINBERG | 48.53(c) | |||||||
| FOUNDATION |
| |||||||
|
| ||||||||
| YOUNG WOMEN'S CHRISTIAN ASSOCIATION | 12.23 | |||||||
| RETIREMENT FUND |
| |||||||
| 52 VANDERBILT AVE |
| |||||||
| FL 6 ATTN: JANE TUIS |
| |||||||
| NEW YORK NY 10017-3847 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL GLOBAL VALUE EQUITY FUND |
| T ROWE PRICE ASSOCIATES |
| 98.07(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
INSTITUTIONAL HIGH YIELD FUND |
| BREAD & CO |
| 6.91 | |||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN BALANCED FUND |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
113
| GOLDMAN SACHS & CO | 17.63 | |||||||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 13.45 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TUNA & CO | 22.65 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN NEW INCOME FUND |
| |||||||
INSTITUTIONAL INTERNATIONAL BOND FUND |
| CHARLES SCHWAB & CO INC |
| 10.36 | |||||
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| LADYBIRD & CO | 20.19 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY INCOME FD |
| |||||||
|
| ||||||||
| LADYBUG & CO | 18.93 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY BALANCED FD |
| |||||||
|
| ||||||||
| LAKESIDE & CO | 7.39 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN PERS STRATEGY GROWTH FUND |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 5.49 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 14.11 | |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 16.91 | |||||||
| OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL INTERNATIONAL CONCENTRATED EQUITY |
| COMMERCIAL PROPERTIES |
| 9.99 | |||||
FUND | C/O WEST COAST TR CO |
| |||||||
| PO BOX 1012 |
| |||||||
| SALEM OR 97308-1012 |
| |||||||
|
| ||||||||
| PERSHING LLC | 20.58 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 28.77(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| THE HARRY & JEANETTE WEINBERG | 26.93(c) | |||||||
| FOUNDATION |
| |||||||
INSTITUTIONAL INTERNATIONAL CORE EQUITY FUND |
| BREAD & CO |
| 7.56 | |||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN BALANCED FUND |
| |||||||
114
|
| ||||||||
| DEKALB COUNTY PENSION PLAN | 79.90(c) | |||||||
| 1300 COMMERCE DRIVE 4TH FLOOR |
| |||||||
| DECATUR GA 30030-3222 |
| |||||||
|
| ||||||||
| WELLS FARGO BANK NA FBO | 9.55 | |||||||
| NPPD FOREIGN EQUITY FUND |
| |||||||
INSTITUTIONAL INTERNATIONAL GROWTH EQUITY FUND |
| BNA FOREIGN EQUITY FUND |
| 25.74(c) | |||||
| ATTN MR ROBERT SHEW |
| |||||||
| 1801 S BELL ST |
| |||||||
| ARLINGTON VA 22202-4506 |
| |||||||
|
| ||||||||
| BRICS & CO FBO | 19.54 | |||||||
| LINK BELT PENSION - T ROWE PRICE |
| |||||||
| 14201 NORTH DALLAS PARKWAY |
| |||||||
| 13TH FL TX1-J165 |
| |||||||
| DALLAS TX 75254-2916 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 23.54 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| SAXON & CO | 8.70 | |||||||
| FBO |
| |||||||
|
| ||||||||
| THE CHURCH FOUNDATION | 14.83 | |||||||
| EPISCOPAL DIOCESE OF PENNSYLVANIA |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL LARGE-CAP CORE GROWTH FUND |
| GREAT-WEST TRUST CO LLC |
| 5.02 | |||||
| RETIREMENT PLANS |
| |||||||
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
|
| ||||||||
| MERCER TRUST COMPANY TTEE FBO | 5.46 | |||||||
| THE MALLINCKRODT PHARMACEUTICAL |
| |||||||
| RET. SAV. AND INVESTMENT PLAN |
| |||||||
ATTN: DC PLAN ADMIN MS N-3-E | |||||||||
| 1 INVESTORS WAY |
| |||||||
| NORWOOD MA 02062-1599 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SVCS CORP | 32.11(c) | |||||||
| FOR EXCLUSIVE BENEFIT OF OUR |
| |||||||
| CUSTOMERS |
| |||||||
| RUSS LENNON |
| |||||||
|
| ||||||||
| STATE STREET CORP TR | 5.33 | |||||||
| FBO HALLMARK CARDS INC |
| |||||||
| 2 AVENUE DE LAFAYETTE, LCC3S |
| |||||||
| MAIL STOP 308 |
| |||||||
| BOSTON MA 02111-1750 |
| |||||||
115
|
| ||||||||
| VANGUARD FIDUCIARY TRUST COMPANY | 11.71 | |||||||
| T ROWE INSTITUTIONAL CLASS |
| |||||||
| ATTN OUTSIDE FUNDS/SCOTT GELLERT |
| |||||||
| PO BOX 2600 L-24 |
| |||||||
| VALLEY FORGE PA 19482-2600 |
| |||||||
INSTITUTIONAL LARGE-CAP GROWTH FUND |
| BANK OF AMERICA NA TRUSTEE FOR |
| 11.16 | |||||
| THE BANK OF AMERICA 401K PLAN |
| |||||||
| 700 LOUISIANA ST |
| |||||||
| HOUSTON TX 77002-2700 |
| |||||||
|
| ||||||||
| CHARLES SCHWAB & CO INC | 5.20 | |||||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| EDWARD D JONES & CO | 10.17 | |||||||
| FOR THE BENEFIT OF CUSTOMERS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 13.98 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL LARGE-CAP VALUE FUND |
| CHARLES SCHWAB & CO INC |
| 9.93 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 52.32(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TIAA-CREF TRUST CO. FSB CUST/TTEE | 6.56 | |||||||
| FBO RETIREMENT PLANS FOR WHICH |
| |||||||
| TIAA ACTS AS RECORDKEEPER |
| |||||||
| ATTN: TRUST OPERATIONS |
| |||||||
| 211 N BROADWAY STE 1000 |
| |||||||
| SAINT LOUIS MO 63102-2748 |
| |||||||
INSTITUTIONAL LONG DURATION CREDIT FUND |
| BAND & CO C/O US BANK NA |
| 25.41(c) | |||||
| 1555 N RIVERCENTER DR STE 302 |
| |||||||
| MILWAUKEE WI 53212-3958 |
| |||||||
|
| ||||||||
| INVESTMENT COMPANY INSTITUTE | 16.63 | |||||||
| ATTN: MARK DELCOCO |
| |||||||
| 1401 H ST NW STE 1200 |
| |||||||
| WASHINGTON DC 20005-2110 |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 57.39(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL MID-CAP EQUITY GROWTH FUND |
| JP MORGAN CHASE TR |
| 5.61 | |||||
| FBO PEARSON INC RETIREMENT PLAN |
| |||||||
116
| C/O JP MORGAN RPS MGMT RPTG TEAM |
| |||||||
| 11500 OUTLOOK ST |
| |||||||
| OVERLAND PARK KS 66211-1804 |
| |||||||
|
| ||||||||
| KY PUBLIC EMP DEF COMP AUTHORITY | 6.49 | |||||||
| RECORDKEEPER |
| |||||||
| IPO PORTFOLIO ACCOUNTING |
| |||||||
| PO BOX 182029 |
| |||||||
| COLUMBUS OH 43218-2029 |
| |||||||
|
| ||||||||
| MAC & CO | 5.26 | |||||||
| ATTN MUTUAL FUND OPS |
| |||||||
|
| ||||||||
| MERCER TRUST COMPANNY TTEE FBO | 5.68 | |||||||
| ATTN DC PLAN ADMIN MS N-4-L |
| |||||||
| MMC 401(K) SAVINGS & INVESTMENT PL |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 26.49(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| THE STATE OF WISCONSIN DEF COMP BRD | 8.31 | |||||||
| C/O FASCORE LLC |
| |||||||
| FBO WISCONSIN DCP |
| |||||||
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
|
| ||||||||
| VANGUARD FIDUCIARY TRUST COMPANY | 8.48 | |||||||
| T ROWE INSTITUTIONAL CLASS |
| |||||||
| ATTN OUTSIDE FUNDS/SCOTT GELLERT |
| |||||||
|
| ||||||||
| WELLS FARGO BANK FBO | 5.53 | |||||||
| LOWES 401 K PLAN |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INSTITUTIONAL SMALL-CAP STOCK FUND |
| NATIONAL FINANCIAL SERVICES |
| 46.57(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| NORTHERN TRUST COMPANY TR | 16.40 | |||||||
| FBO PFIZER SAVINGS AND |
| |||||||
| INVESTMENT PLAN DTD 01/01/98 |
| |||||||
| PO BOX 92994 |
| |||||||
| CHICAGO IL 60675-0001 |
| |||||||
|
| ||||||||
| PIMS/PRUDENTIAL RETIREMENT | 7.48 | |||||||
| AS NOMINEE FOR THE TTEE/CUST PL 720 |
| |||||||
| MUFG UNION BANK, N.A. |
| |||||||
| 400 CALIFORNIA ST FL 10 FL 10 |
| |||||||
| SAN FRANCISCO CA 94104-1318 |
| |||||||
|
| ||||||||
117
| VANGUARD FIDUCIARY TRUST COMPANY | 12.25 | |||||||
| T ROWE INSTITUTIONAL CLASS |
| |||||||
| ATTN OUTSIDE FUNDS/SCOTT GELLERT |
| |||||||
INSTITUTIONAL U.S. STRUCTURED RESEARCH FUND |
| CAPINCO C/O US BANK NA |
| 21.66 | |||||
| 1555 N RIVERCENTER DR STE 302 |
| |||||||
| MILWAUKEE WI 53212-3958 |
| |||||||
|
| ||||||||
| MCWOOD & CO | 8.39 | |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 6.00 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| WELLS FARGO BANK NA FBO | 11.32 | |||||||
| PHP-T ROWE PRIC INSTL STRUCTRD RSRC |
| |||||||
|
| ||||||||
| WELLS FARGO BANK NA FBO | 8.49 | |||||||
| UCARE MINNESOTA 13145604 |
| |||||||
INTERMEDIATE TAX-FREE HIGH YIELD |
| T ROWE PRICE ASSOCIATES |
| 57.83(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
INTERMEDIATE TAX-FREE HIGH YIELD—ADVISOR CLASS |
| CETERA INVESTMENT SVCS (FBO) |
| 20.16 | |||||
| STEVEN G CAPLIN |
| |||||||
| 3699 RIMVIEW DR |
| |||||||
| SANTA CLARA UT 84765-5197 |
| |||||||
|
| ||||||||
| CHARLES SCHWAB & CO INC | 12.04 | |||||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 67.80(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INTERNATIONAL BOND FUND |
| EDWARD D JONES & CO |
| 18.43 | |||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2015 | 5.22 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 10.47 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 6.02 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 6.53 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
118
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| SPECTRUM INCOME FUND | 10.96 | |||||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
INTERNATIONAL BOND FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 16.27 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| LPL FINANCIAL | 6.13 | |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 17.32 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 18.97 | |||||||
|
| ||||||||
| VOYA INSTITUTIONAL TRUST COMPANY | 11.26 | |||||||
| 1 ORANGE WAY B3N |
| |||||||
| WINDSOR CT 06095-4774 |
| |||||||
INTERNATIONAL CONCENTRATED EQUITY FUND |
| T ROWE PRICE ASSOCIATES |
| 22.66 | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 6.91 | |||||||
| CUST FOR THE ROTH IRA OF |
| |||||||
| JAMES C DAWSON |
| |||||||
INTERNATIONAL CONCENTRATED EQUITY FUND—ADVISOR |
| T ROWE PRICE ASSOCIATES |
| 100.00(a) | |||||
CLASS | ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INTERNATIONAL DISCOVERY FUND |
| CHARLES SCHWAB & CO INC |
| 8.24 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| EDWARD D JONES & CO | 8.53 | |||||||
| FOR THE BENEFIT OF CUSTOMERS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 12.26 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| VANGUARD FIDUCIARY TRUST COMPANY | 10.57 | |||||||
| T ROWE PRICE RETAIL CLASS FUNDS |
| |||||||
| ATTN OUTSIDE FUNDS |
| |||||||
INTERNATIONAL EQUITY INDEX FUND |
| MARYLAND COLLEGE INVESTMENT PLAN |
| 9.15 | |||||
| GLOBAL EQUITY MARKET INDEX |
| |||||||
| ATTN FUND ACCOUNTING |
| |||||||
| 100 E PRATT ST FL 7 |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 6.02 | |||||||
119
| OMNIBUS |
| |||||||
| NEW BUSINESS-CONV ASSTS #135 IXF |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
INTERNATIONAL GROWTH & INCOME FUND |
| RETIREMENT PORTFOLIO 2040 |
| 12.16 | |||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 13.69 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 10.61 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 15.82 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2035 | 8.99 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2045 | 5.35 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST FL 7 |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| SPECTRUM GROWTH FUND | 5.07 | |||||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
INTERNATIONAL GROWTH & INCOME FUND—ADVISOR |
| AMERICAN UNITED LIFE |
| 6.75 | |||||
CLASS | AMERICAN UNIT INVESTMENT TRUST |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
| PO BOX 368 |
| |||||||
| INDIANAPOLIS IN 46206-0368 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 12.56 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 24.42 | |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 27.10(c) | |||||||
| FBO ADP ACCESS |
| |||||||
120
FUND |
| SHAREHOLDER |
| % | |||||
INTERNATIONAL GROWTH & INCOME FUND—R CLASS |
| AMERICAN UNITED LIFE |
| 5.00 | |||||
| AMERICAN UNIT INVESTMENT TRUST |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
|
| ||||||||
| AMERICAN UNITED LIFE | 12.15 | |||||||
| SEPARATE ACCOUNT II |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
|
| ||||||||
| DCGT AS TTEE AND/OR CUST | 8.36 | |||||||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| |||||||
| OMNIBUS |
| |||||||
| ATTN NPIO TRADE DESK |
| |||||||
|
| ||||||||
| EMJAY CORPORATION CUSTODIAN FBO | 7.28 | |||||||
| PLANS OF GREAT WEST FINANCIAL |
| |||||||
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
|
| ||||||||
| NATIONWIDE TRUST CO FSB | 7.20 | |||||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 40.14(c) | |||||||
| FBO ADP ACCESS |
| |||||||
INTERNATIONAL STOCK FUND |
| EDWARD D JONES & CO |
| 10.31 | |||||
| FOR THE BENEFIT OF CUSTOMERS |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2040 | 8.47 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 9.57 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 7.43 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 11.08 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2035 | 6.27 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
INTERNATIONAL STOCK FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 95.63(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
121
FUND |
| SHAREHOLDER |
| % | |||||
INTERNATIONAL STOCK FUND—R CLASS |
| AMERICAN UNITED LIFE |
| 9.06 | |||||
| AMERICAN UNIT TRUST |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
|
| ||||||||
| AMERICAN UNITED LIFE | 30.68(c) | |||||||
| SEPARATE ACCOUNT II |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
|
| ||||||||
| CAPITAL BANK & TRUST COMPANY | 9.75 | |||||||
| C/O FASCORE LLC |
| |||||||
| PATTCO LLC 401K |
| |||||||
|
| ||||||||
| DCGT AS TTEE AND/OR CUST | 12.20 | |||||||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| |||||||
| OMNIBUS |
| |||||||
| ATTN NPIO TRADE DESK |
| |||||||
|
| ||||||||
| NATIONWIDE TRUST CO FSB | 7.88 | |||||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
INVESTMENT-GRADE CORPORATE MULTI-SECTOR |
| ALLEN & COMPANY |
| 20.84 | |||||
ACCOUNT PORTFOLIO | 711 5TH AVE FL 9 |
| |||||||
| NEW YORK NY 10022-3168 |
| |||||||
|
| ||||||||
| BALTIMORE EQUITABLE INSURANCE | 14.64 | |||||||
| ATTN SHARON V WOODWARD |
| |||||||
|
| ||||||||
| ILLINOIS STUDENT ASSISTANCE | 32.97(c) | |||||||
| COMMISSION |
| |||||||
| ATTN: KENT CUSTER |
| |||||||
|
| ||||||||
| ST PAUL TEACHERS RET FUND ASSOC | 7.56 | |||||||
| ATTN JILL E. SCHURTZ EXEC DIRECTOR |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 23.99 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
JAPAN FUND |
| MORGAN STANLEY SMITH BARNEY |
| 14.17 | |||||
| HARBORSIDE FINANCIAL CENTER |
| |||||||
| PLAZA 2 |
| |||||||
| 3RD FLOOR |
| |||||||
| JERSEY CITY NJ 07311 |
| |||||||
|
| ||||||||
| SPECTRUM INTERNATIONAL FUND | 26.04(d) | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
LATIN AMERICA FUND |
| CHARLES SCHWAB & CO INC |
| 6.44 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| PERSHING LLC | 6.59 | |||||||
122
FUND |
| SHAREHOLDER |
| % | |||||
MARYLAND SHORT-TERM TAX-FREE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 9.56 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
| 211 MAIN ST |
| |||||||
| SAN FRANCISCO CA 94105-1905 |
| |||||||
|
| ||||||||
| PERSHING LLC | 5.03 | |||||||
MARYLAND TAX-FREE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 6.62 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
MARYLAND TAX-FREE MONEY FUND |
| KEITH A. LEE |
| 6.46 | |||||
| FREDERICK MD 21704-7633 |
| |||||||
|
| ||||||||
| WARREN S TEITELBAUM TR | 6.11 | |||||||
| THE WARREN S TEITELBAUM REV TRUST |
| |||||||
| U/A DTD 07/29/2003 |
| |||||||
| 8101 GLENBROOK RD STE B |
| |||||||
| BETHESDA MD 20814-2747 |
| |||||||
MEDIA & TELECOMMUNICATIONS FUND |
| CHARLES SCHWAB & CO INC |
| 5.91 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 5.56 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 7.17 | |||||||
| MEDIA & TELECOMMUNICATION FUND |
| |||||||
| DST #121 |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
MID-CAP GROWTH FUND |
| CHARLES SCHWAB & CO INC |
| 7.86 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 12.94 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 13.17 | |||||||
| ATTN: ASSET RECONCILIATIONS |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
MID-CAP GROWTH FUND—ADVISOR CLASS |
| ING NATIONAL TRUST AS TRUSTEE FOR |
| 9.03 | |||||
| THE ADP TOTALSOURCE RETIREMENT |
| |||||||
| SAVINGS PLAN |
| |||||||
| 30 BRAINTREE HILL OFFICE PARK |
| |||||||
| BRAINTREE MA 02184-8747 |
| |||||||
123
|
| ||||||||
| MORGAN STANLEY SMITH BARNEY | 6.47 | |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 26.61(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| NATIONWIDE TRUST CO FSB | 9.18 | |||||||
| FBO PARTICIPATING RETIREMENT PLANS |
| |||||||
| (NTC-PLNS) |
| |||||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
MID-CAP GROWTH FUND—R CLASS |
| AMERICAN UNITED LIFE |
| 11.76 | |||||
| SEPARATE ACCOUNT II |
| |||||||
| ATTN SEPARATE ACCOUNTS |
| |||||||
|
| ||||||||
| LINCOLN RETIREMENT SERVICES CO | 6.48 | |||||||
| FBO VITAS HEALTHCARE CORPORATION 40 |
| |||||||
| PO BOX 7876 |
| |||||||
| FORT WAYNE IN 46801-7876 |
| |||||||
|
| ||||||||
| NATIONWIDE TRUST CO FSB | 13.51 | |||||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
|
| ||||||||
| SUNTRUST BANK FBO | 13.74 | |||||||
| VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 11.59 | |||||||
| 1 ORANGE WAY B3N |
| |||||||
| WINDSOR CT 06095-4774 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
MID-CAP VALUE FUND |
| NATIONAL FINANCIAL SERVICES |
| 9.45 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 5.30 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 6.16 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 5.78 | |||||||
| PLAN # OMNIBUS ACCT |
| |||||||
| NEW BUSINESS GROUP FOR #115 |
| |||||||
MID-CAP VALUE FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 61.64(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
MID-CAP VALUE FUND—R CLASS |
| NATIONWIDE TRUST CO FSB |
| 19.65 | |||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
124
|
| ||||||||
| STATE STREET CORP TTEE | 37.12(c) | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| SUNTRUST BANK FBO | 6.77 | |||||||
| VARIOUS SUNTRUST OMNIBUS ACCOUNTS |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 7.20 | |||||||
MORTGAGE-BACKED SECURITIES MULTI-SECTOR ACCOUNT |
| ALLEN & COMPANY |
| 17.16 | |||||
PORTFOLIO |
| ||||||||
| BALTIMORE EQUITABLE INSURANCE | 15.33 | |||||||
| ATTN SHARON V WOODWARD |
| |||||||
|
| ||||||||
| CBE OF NEW BRUNSWICK | 11.39 | |||||||
| MORTGAGE BACKED SECURITIES MAP |
| |||||||
|
| ||||||||
| ILLINOIS STUDENT ASSISTANCE | 34.47(c) | |||||||
| COMMISSION |
| |||||||
| ATTN: KENT CUSTER |
| |||||||
|
| ||||||||
| ST PAUL TEACHERS RET FUND ASSOC | 5.97 | |||||||
| ATTN JILL E. SCHURTZ EXEC DIRECTOR |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 15.68 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
NEW AMERICA GROWTH FUND |
| CHARLES SCHWAB & CO INC |
| 12.13 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 20.59 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 6.69 | |||||||
| ATTN TRPS INST CONTROL DEPT |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
NEW AMERICA GROWTH FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 16.45 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| MERCER TRUST COMPANY TTEE FBO | 6.74 | |||||||
| CHICAGO DIST COUNCIL OF CARPENTERS |
| |||||||
| PENSION FUND SUPP ANNUITY PLAN |
| |||||||
| ATTN DC PLAN ADMIN MS N-2-E |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 18.05 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
125
|
| ||||||||
| VRSCO | 9.18 | |||||||
| FBO AIGFSB CUST TTEE FBO |
| |||||||
| WAKEMED RET SAV PLAN 403B |
| |||||||
| 2929 ALLEN PKWY STE A6-20 |
| |||||||
| HOUSTON TX 77019-7117 |
| |||||||
NEW ASIA FUND |
| CHARLES SCHWAB & CO INC |
| 5.31 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 12.85 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
NEW ERA FUND |
| CHARLES SCHWAB & CO INC |
| 7.59 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 13.30 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
NEW HORIZONS FUND |
| NATIONAL FINANCIAL SERVICES |
| 10.09 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 11.40 | |||||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
NEW INCOME FUND |
| EDWARD D JONES & CO |
| 6.10 | |||||
| FOR THE BENEFIT OF CUSTOMERS |
| |||||||
|
| ||||||||
| JP MORGAN CLEARING CORP OMNIBUS ACC | 5.36 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF CUSTOMERS |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2010 | 6.16 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2015 | 8.73 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 17.81 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 10.24 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
126
| RETIREMENT PORTFOLIO 2030 | 11.08 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| SPECTRUM INCOME FUND | 5.21 | |||||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
NEW INCOME FUND—ADVISOR CLASS |
| MORGAN STANLEY SMITH BARNEY |
| 12.42 | |||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 9.04 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 15.55 | |||||||
|
| ||||||||
| SEI PRIVATE TRUST COMPANY | 7.21 | |||||||
| C/O ID 839 EDWARD JONES TRUST CO |
| |||||||
| ATTN MUTUAL FUNDS ADMINISTRATOR |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
NEW INCOME FUND—R CLASS |
| EMJAY CORPORATION CUSTODIAN FBO |
| 5.46 | |||||
| PLANS OF GREAT WEST FINANCIAL |
| |||||||
|
| ||||||||
| LINCOLN RETIREMENT SERVICES CO | 7.90 | |||||||
| FBO MUELLER INC 401K |
| |||||||
|
| ||||||||
| NATIONWIDE TRUST CO FSB | 24.83 | |||||||
| C/O IPO PORTFOLIO ACCTG |
| |||||||
|
| ||||||||
| PAUL HEIDBRINK FBO | 7.41 | |||||||
| PAUL R HEIDBRINK 401 K PROFIT |
| |||||||
| SHARING PLAN & TRUST |
| |||||||
| PO 560095 |
| |||||||
| ORLANDO FL 32856-0095 |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 15.51 | |||||||
| FBO ADP ACCESS |
| |||||||
NEW JERSEY TAX-FREE BOND FUND |
| NATIONAL FINANCIAL SERVICES |
| 18.98 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
NEW YORK TAX-FREE MONEY FUND |
| H MARK GLASBERG |
| 13.44 | |||||
| PAULA D GLASBERG JT TEN T O D |
| |||||||
| NEW YORK NY 10023-4819 |
| |||||||
OVERSEAS STOCK FUND |
| RETIREMENT PORTFOLIO 2040 |
| 11.92 | |||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 13.46 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
127
| RETIREMENT PORTFOLIO 2025 | 10.41 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 15.55 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2035 | 8.84 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2045 | 5.25 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
PERSONAL STRATEGY BALANCED FUND |
| MAC & CO |
| 6.96 | |||||
| ATTN MUTUAL FUND OPS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 9.94 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 15.08 | |||||||
| BALANCED |
| |||||||
| ATTN ASSET RECONCILIATION |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
PERSONAL STRATEGY GROWTH FUND |
| NATIONAL FINANCIAL SERVICES |
| 9.91 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 11.32 | |||||||
| ATTN GROWTH ASSET |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
PERSONAL STRATEGY INCOME FUND |
| NATIONAL FINANCIAL SERVICES |
| 7.29 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 5.71 | |||||||
| INCOME |
| |||||||
| ATTN ASSET RECONCILIATION |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
PRIME RESERVE FUND |
| T ROWE PRICE TRUST CO |
| 6.02 | |||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
REAL ASSETS FUND |
| RETIREMENT PORTFOLIO 2040 |
| 12.62 | |||||
| T ROWE PRICE ASSOCIATES |
| |||||||
128
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2015 | 5.11 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 14.17 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 11.05 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 16.39 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2035 | 9.33 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2045 | 5.66 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
REAL ESTATE FUND |
| CHARLES SCHWAB & CO INC |
| 8.24 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| FIRST CLEARING LLC | 6.50 | |||||||
| SPECIAL CUSTODY ACCT FOR THE |
| |||||||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| |||||||
| 2801 MARKET ST |
| |||||||
| SAINT LOUIS MO 63103-2523 |
| |||||||
|
| ||||||||
| PERSHING LLC | 15.69 | |||||||
FUND |
| SHAREHOLDER |
| % | |||||
REAL ESTATE FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 5.02 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| MAXIM SERIES FUND INC | 19.71 | |||||||
| 8515 E ORCHARD RD 2T2 |
| |||||||
| GREENWOOD VLG CO 80111-5002 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 43.73(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
RESERVE INVESTMENT FUND |
| COVEWATER & CO |
| 6.34 | |||||
| C/O T ROWE PRICE ASSOC |
| |||||||
129
| ATTN MID CAP VALUE FUND |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| SEAMILE & CO | 12.46 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN CAPITAL APPREC FUND |
| |||||||
| 100 E PRATT ST |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| TASKFORCE & CO | 7.15 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN EQUITY INCOME FUND |
| |||||||
|
| ||||||||
| TUNA & CO | 12.62 | |||||||
| C/O T ROWE PRICE ASSOC |
| |||||||
| ATTN NEW INCOME FUND |
| |||||||
RETIREMENT 2005 FUND |
| NATIONAL FINANCIAL SERVICES |
| 12.79 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 19.90 | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT ABH1 #155 |
| |||||||
RETIREMENT 2005 FUND—ADVISOR CLASS |
| DCGT AS TTEE AND/OR CUST |
| 6.58 | |||||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| |||||||
| OMNIBUS |
| |||||||
| ATTN NPIO TRADE DESK |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SVCS CORP | 32.27(c) | |||||||
| FOR EXCLUSIVE BENEFIT OF OUR |
| |||||||
| CUSTOMERS |
| |||||||
| RUSS LENNON |
| |||||||
|
| ||||||||
| RELIANCE TRUST COMPANY FBO | 5.87 | |||||||
| RETIREMENT PLANS SERVICED BY METLIFE |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT 2005 FUND—R CLASS |
| AXA EQUITABLE FOR SA NO 65 |
| 6.83 | |||||
| 500 PLAZA DR FL 7 |
| |||||||
| SECAUCUS NJ 07094-3619 |
| |||||||
|
| ||||||||
| NFS LLC FEBO | 66.59(c) | |||||||
| STATE STREET BANK TRUST CO |
| |||||||
| TTEE VARIOUS RETIREMENT PLANS |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 8.06 | |||||||
RETIREMENT 2010 FUND |
| NATIONAL FINANCIAL SERVICES |
| 14.46 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
130
| T ROWE PRICE RPS INC | 18.40 | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT 2010, #140 |
| |||||||
RETIREMENT 2010 FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 18.20 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 9.75 | |||||||
| C/O INVESTORS BANK & TRUST |
| |||||||
| PO BOX 9130 |
| |||||||
| BOSTON MA 02117-9130 |
| |||||||
RETIREMENT 2010 FUND—R CLASS |
| NFS LLC FEBO |
| 6.92 | |||||
| STATE STREET BANK TRUST CO |
| |||||||
| TTEE VARIOUS RETIREMENT PLANS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 24.25 | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 5.88 | |||||||
| C/O STATE STREET BANK |
| |||||||
| 1200 CROWN COLONY DR |
| |||||||
| QUINCY MA 02169-0938 |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 5.45 | |||||||
RETIREMENT 2015 FUND |
| NATIONAL FINANCIAL SERVICES |
| 17.72 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 28.11(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT ABH2 #156 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT 2015 FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SVCS CORP |
| 22.00 | |||||
| FOR EXCLUSIVE BENEFIT OF OUR |
| |||||||
| CUSTOMERS |
| |||||||
| RUSS LENNON |
| |||||||
|
| ||||||||
| RELIANCE TRUST COMPANY FBO | 7.59 | |||||||
| RETIREMENT PLANS SERVICED BY METLIFE |
| |||||||
RETIREMENT 2015 FUND—R CLASS |
| NFS LLC FEBO |
| 7.45 | |||||
| STATE STREET BANK TRUST CO |
| |||||||
| TTEE VARIOUS RETIREMENT PLANS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 18.27 | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 21.25 | |||||||
RETIREMENT 2020 FUND |
| NATIONAL FINANCIAL SERVICES |
| 20.14 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
131
|
| ||||||||
| T ROWE PRICE RPS INC | 28.64(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT 2020, #141 |
| |||||||
RETIREMENT 2020 FUND—ADVISOR CLASS |
| MASSACHUSETTS MUTUAL LIFE |
| 6.58 | |||||
| INSURANCE CO |
| |||||||
| ATTN RS FUND OPERATIONS |
| |||||||
| 1295 STATE ST MIP C105 |
| |||||||
| SPRINGFIELD MA 01111-0001 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 17.51 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 8.19 | |||||||
| C/O INVESTORS BANK & TRUST |
| |||||||
RETIREMENT 2020 FUND—R CLASS |
| STATE STREET CORP TTEE |
| 26.66(c) | |||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 6.50 | |||||||
| C/O STATE STREET BANK |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 5.83 | |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT 2025 FUND |
| NATIONAL FINANCIAL SERVICES |
| 21.66 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 33.64(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT ABH3 #157 |
| |||||||
RETIREMENT 2025 FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SVCS CORP |
| 23.28 | |||||
| FOR EXCLUSIVE BENEFIT OF OUR |
| |||||||
| CUSTOMERS |
| |||||||
| RUSS LENNON |
| |||||||
|
| ||||||||
| RELIANCE TRUST COMPANY FBO | 7.62 | |||||||
| RETIREMENT PLANS SERVICED BY METLIFE |
| |||||||
|
| ||||||||
| TAYNIK & CO | 5.35 | |||||||
| C/O STATE STREET BANK |
| |||||||
RETIREMENT 2025 FUND—R CLASS |
| AXA EQUITABLE FOR SA NO 65 |
| 5.07 | |||||
|
| ||||||||
| NFS LLC FEBO | 5.64 | |||||||
| STATE STREET BANK TRUST CO |
| |||||||
| TTEE VARIOUS RETIREMENT PLANS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 20.71 | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
132
| VOYA RETIREMENT INS & ANNUITY CO | 21.73 | |||||||
RETIREMENT 2030 FUND |
| NATIONAL FINANCIAL SERVICES |
| 20.94 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 29.54(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT 2030, #142 |
| |||||||
RETIREMENT 2030 FUND—ADVISOR CLASS |
| MASSACHUSETTS MUTUAL LIFE |
| 6.81 | |||||
| INSURANCE CO |
| |||||||
| ATTN RS FUND OPERATIONS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 17.40 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 8.77 | |||||||
| C/O INVESTORS BANK & TRUST |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT 2030 FUND—R CLASS |
| MASSACHUSETTS MUTUAL LIFE |
| 5.37 | |||||
| INSURANCE CO |
| |||||||
| ATTN RS FUND OPERATIONS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 31.03(c) | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 7.09 | |||||||
| C/O STATE STREET BANK |
| |||||||
RETIREMENT 2035 FUND |
| NATIONAL FINANCIAL SERVICES |
| 23.02 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 33.81(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT ABH4 #158 |
| |||||||
RETIREMENT 2035 FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SVCS CORP |
| 23.00 | |||||
| FOR EXCLUSIVE BENEFIT OF OUR |
| |||||||
| CUSTOMERS |
| |||||||
| RUSS LENNON |
| |||||||
|
| ||||||||
| RELIANCE TRUST COMPANY FBO | 6.27 | |||||||
| RETIREMENT PLANS SERVICED BY METLIFE |
| |||||||
|
| ||||||||
| TAYNIK & CO | 5.21 | |||||||
| C/O STATE STREET BANK |
| |||||||
RETIREMENT 2035 FUND—R CLASS |
| STATE STREET CORP TTEE |
| 23.11 | |||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 21.70 | |||||||
RETIREMENT 2040 FUND |
| NATIONAL FINANCIAL SERVICES |
| 21.78 | |||||
133
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 28.41(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT 2040, #143 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT 2040 FUND—ADVISOR CLASS |
| MASSACHUSETTS MUTUAL LIFE |
| 6.39 | |||||
| INSURANCE CO |
| |||||||
| ATTN RS FUND OPERATIONS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 17.55 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 8.05 | |||||||
| C/O INVESTORS BANK & TRUST |
| |||||||
|
| ||||||||
| WELLS FARGO BANK FBO | 5.94 | |||||||
| VARIOUS RETIREMENT PLANS |
| |||||||
RETIREMENT 2040 FUND—R CLASS |
| NFS LLC FEBO |
| 5.28 | |||||
| STATE STREET BANK TRUST CO |
| |||||||
| TTEE VARIOUS RETIREMENT PLANS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 33.43(c) | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 6.35 | |||||||
| C/O STATE STREET BANK |
| |||||||
RETIREMENT 2045 FUND |
| NATIONAL FINANCIAL SERVICES |
| 23.35 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 34.53(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT ABH5 #159 |
| |||||||
RETIREMENT 2045 FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SVCS CORP |
| 26.85(c) | |||||
| FOR EXCLUSIVE BENEFIT OF OUR |
| |||||||
| CUSTOMERS |
| |||||||
| RUSS LENNON |
| |||||||
| 499 WASHINGTON BLVD |
| |||||||
| JERSEY CITY NJ 07310-2010 |
| |||||||
|
| ||||||||
| RELIANCE TRUST COMPANY FBO | 6.60 | |||||||
| RETIREMENT PLANS SERVICED BY METLIFE |
| |||||||
RETIREMENT 2045 FUND—R CLASS |
| STATE STREET CORP TTEE |
| 24.67 | |||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 5.02 | |||||||
| C/O STATE STREET BANK |
| |||||||
134
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 20.92 | |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT 2050 FUND |
| NATIONAL FINANCIAL SERVICES |
| 25.79(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 27.59(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT ABO6 #166 |
| |||||||
RETIREMENT 2050 FUND—ADVISOR CLASS |
| FIFTH THIRD BANK TR |
| 7.19 | |||||
| FBO CINTAS PARTNERS PLAN |
| |||||||
| ATTN MICHELLE HODGEMAN MD 1090C7 |
| |||||||
| 38 FOUNTAIN SQUARE PLAZA |
| |||||||
| CINCINNATI OH 45202-3191 |
| |||||||
|
| ||||||||
| MASSACHUSETTS MUTUAL LIFE | 6.02 | |||||||
| INSURANCE CO |
| |||||||
| ATTN RS FUND OPERATIONS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 18.54 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 8.86 | |||||||
| C/O INVESTORS BANK & TRUST |
| |||||||
RETIREMENT 2050 FUND—R CLASS |
| STATE STREET CORP TTEE |
| 35.29(c) | |||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 7.94 | |||||||
| C/O STATE STREET BANK |
| |||||||
RETIREMENT 2055 FUND |
| NATIONAL FINANCIAL SERVICES |
| 21.38 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 33.31(e) | |||||||
| OMNIBUS ACCOUNT |
| |||||||
| RETIREMENT ABO7 #164 |
| |||||||
RETIREMENT 2055 FUND—ADVISOR CLASS |
| GREAT-WEST TRUST CO LLC |
| 5.14 | |||||
| EMPLOYEE BENEFITS CLIENTS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SVCS CORP | 28.82(c) | |||||||
| FOR EXCLUSIVE BENEFIT OF OUR |
| |||||||
| CUSTOMERS |
| |||||||
| RUSS LENNON |
| |||||||
|
| ||||||||
| RELIANCE TRUST COMPANY FBO | 6.36 | |||||||
| RETIREMENT PLANS SERVICED BY METLIFE |
| |||||||
|
| ||||||||
| TAYNIK & CO | 5.09 | |||||||
135
| C/O STATE STREET BANK |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT 2055 FUND—R CLASS |
| AXA EQUITABLE FOR SA NO 65 |
| 5.20 | |||||
|
| ||||||||
| NFS LLC FEBO | 6.20 | |||||||
| STATE STREET BANK TRUST CO |
| |||||||
| TTEE VARIOUS RETIREMENT PLANS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 32.82(c) | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 16.63 | |||||||
RETIREMENT 2060 FUND |
| NATIONAL FINANCIAL SERVICES |
| 28.77(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| ATTN: MUTUAL FUNDS DEPT 4TH FL |
| |||||||
|
| ||||||||
| PIMS/PRUDENTIAL RETIREMENT | 5.35 | |||||||
| AS NOMINEE FOR THE TTEE/CUST PL 720 |
| |||||||
| WELLMARK INC |
| |||||||
| 1331 GRAND AVE |
| |||||||
| DES MOINES IA 50309-2901 |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 7.85 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 12.00 | |||||||
| OMNIBUS ACCOUNT CUSIP:74149P325 |
| |||||||
| TRP RETIREMENT 2060 #144 ABMQ |
| |||||||
RETIREMENT 2060 FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 7.55 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 60.23(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 28.16(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
RETIREMENT 2060 FUND—R CLASS |
| STATE STREET CORP TTEE |
| 58.58(c) | |||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 28.92(a) | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
RETIREMENT BALANCED FUND |
| NATIONAL FINANCIAL SERVICES |
| 15.51 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 16.16 | |||||||
| OMNIBUS ACCOUNT |
| |||||||
136
| RETIREMENT INCOME,#145 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
RETIREMENT BALANCED FUND—ADVISOR CLASS |
| MASSACHUSETTS MUTUAL LIFE |
| 6.25 | |||||
| INSURANCE CO |
| |||||||
| ATTN RS FUND OPERATIONS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 15.18 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TAYNIK & CO | 6.70 | |||||||
| C/O INVESTORS BANK & TRUST |
| |||||||
RETIREMENT BALANCED FUND—R CLASS |
| PIMS/PRUDENTIAL RETIREMENT |
| 10.43 | |||||
| AS NOMINEE FOR THE TTEE/CUST PL 701 |
| |||||||
| NEPC - TAFT HARTLEY IRONWORKERS |
| |||||||
| PO BOX 30124 |
| |||||||
| SALT LAKE CTY UT 84130-0124 |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 34.31(c) | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 8.14 | |||||||
SCIENCE & TECHNOLOGY FUND |
| T ROWE PRICE RPS INC |
| 15.43 | |||||
| OMNIBUS |
| |||||||
| NEW BUSINESS-CONV ASSTS #133 DIF |
| |||||||
SCIENCE & TECHNOLOGY FUND—ADVISOR CLASS |
| JOHN HANCOCK LIFE |
| 87.26(c) | |||||
| INSURANCE CO USA |
| |||||||
| RPS TRADING OPS ST-4 |
| |||||||
SHORT-TERM BOND FUND |
| EDWARD D JONES & CO |
| 7.78 | |||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 6.06 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| SPECTRUM INCOME FUND | 8.10 | |||||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
SHORT-TERM BOND FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 8.19 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 52.76(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 9.84 | |||||||
| OUR CUSTOMERS |
| |||||||
137
FUND |
| SHAREHOLDER |
| % | |||||
SHORT-TERM RESERVE INVESTMENT FUND |
| JPMORGAN CHASE BANK AS AGENT |
| 56.82(c) | |||||
| FOR INSTITUTIONAL FUNDS |
| |||||||
| ATTN AMANDA MORLEY |
| |||||||
| 500 STANTON CHRISTIANA RD |
| |||||||
| OPS 4 FL 3 |
| |||||||
| NEWARK DE 19713-2105 |
| |||||||
|
| ||||||||
| STATE STREET BANK & TRUST CO AGENT | 42.27(c) | |||||||
| FOR T ROWE INSTITUTIONAL FUNDS |
| |||||||
| 1 LINCOLN ST 3RD FLOOR |
| |||||||
| BOSTON MA 02111-2901 |
| |||||||
SMALL-CAP STOCK FUND |
| MINNESOTA STATE RETIREMENT SYSTEM |
| 6.71 | |||||
| DEFINED CONTRIBUTION PLANS |
| |||||||
| 60 EMPIRE DR STE 300 |
| |||||||
| SAINT PAUL MN 55103-3000 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 11.51 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 6.49 | |||||||
| T R P O T C FUND |
| |||||||
| ATTN R P S CONTROL DEPT |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
SMALL-CAP STOCK FUND—ADVISOR CLASS |
| DCGT AS TTEE AND/OR CUST |
| 5.56 | |||||
| FBO PLIC VARIOUS RETIREMENT PLANS |
| |||||||
| OMNIBUS |
| |||||||
| ATTN NPIO TRADE DESK |
| |||||||
|
| ||||||||
| FIFTH THIRD BANK TR | 13.54 | |||||||
| FBO CINTAS PARTNERS PLAN |
| |||||||
| ATTN MICHELLE HODGEMAN MD 1090C7 |
| |||||||
|
| ||||||||
| HORACE MANN LIFE INS COMPANY | 5.05 | |||||||
| SEPARATE ACCOUNT |
| |||||||
| 1 HORACE MANN PLZ |
| |||||||
| SPRINGFIELD IL 62715-0002 |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 19.10 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| WELLS FARGO BANK FBO | 13.20 | |||||||
| FBO VARIOUS RETIREMENT PLANS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
SMALL-CAP VALUE FUND |
| NATIONAL FINANCIAL SERVICES |
| 8.09 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
138
|
| ||||||||
| T ROWE PRICE TRUST CO | 15.00 | |||||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
SMALL-CAP VALUE FUND—ADVISOR CLASS |
| ICMA RETIREMENT TRUST |
| 13.10 | |||||
|
| ||||||||
| ICMA RETIREMENT TRUST | 21.16 | |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 21.50 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
SPECTRUM GROWTH FUND |
| T ROWE PRICE TRUST CO |
| 9.21 | |||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
SPECTRUM INCOME FUND |
| T ROWE PRICE TRUST CO |
| 9.84 | |||||
| ATTN: TRPS INST CONTROL DEPT |
| |||||||
STRATEGIC INCOME FUND |
| CHARLES SCHWAB & CO INC |
| 5.94 | |||||
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 6.73 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 9.37 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
STRATEGIC INCOME FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 18.91 | |||||
| SPECIAL CUSTODY A/C FBO CUSTOMERS |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| LPL FINANCIAL | 18.01 | |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 18.69 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 26.58(c) | |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 5.74 | |||||||
| OUR CUSTOMERS |
| |||||||
SUMMIT CASH RESERVES FUND |
| T ROWE PRICE ASSOCIATES |
| 14.24 | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 8.18 | |||||||
| ATTN ASSET RECONCILIATIONS |
| |||||||
| P O BOX 17215 |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
SUMMIT MUNICIPAL INCOME FUND |
| EDWARD D JONES & CO |
| 22.77 | |||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
139
| LPL FINANCIAL | 5.68 | |||||||
|
| ||||||||
| SAXON & CO | 12.85 | |||||||
| FBO |
| |||||||
SUMMIT MUNICIPAL INCOME FUND—ADVISOR CLASS |
| LPL FINANCIAL |
| 15.72 | |||||
|
| ||||||||
| PERSHING LLC | 46.33(c) | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 24.24 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
SUMMIT MUNICIPAL INTERMEDIATE FUND |
| CHARLES SCHWAB & CO INC |
| 9.86 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| EDWARD D JONES & CO | 22.52 | |||||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| FIRST CLEARING LLC | 10.93 | |||||||
| SPECIAL CUSTODY ACCT FOR THE |
| |||||||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| |||||||
|
| ||||||||
| JP MORGAN CLEARING CORP OMNIBUS ACC | 16.62 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 5.18 | |||||||
|
| ||||||||
| SAXON & CO | 6.15 | |||||||
| FBO |
| |||||||
SUMMIT MUNICIPAL INTERMEDIATE FUND—ADVISOR |
| CHARLES SCHWAB & CO INC |
| 78.84(c) | |||||
CLASS | REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| PERSHING LLC | 11.57 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 6.95 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
SUMMIT MUNICIPAL MONEY MARKET FUND |
| ERIC Y EICHLER TR |
| 6.37 | |||||
| AMENDMENT AND RESTATEMENT OF |
| |||||||
| TRUST OF ERIC Y EICHLER |
| |||||||
| U/A DTD 02/13/2007 |
| |||||||
| 123 JAFFREY RD |
| |||||||
| MALVERN PA 19355-3417 |
| |||||||
|
| ||||||||
| SUSAN O EICHLER TR | 5.24 | |||||||
| AMENDMENT AND RESTATEMENT OF |
| |||||||
| REVOCABLE TRUST OF SUSAN O EICHLER |
| |||||||
| U/A DTD 12/07/2011 |
| |||||||
140
| 123 JAFFREY RD |
| |||||||
| MALVERN PA 19355-3417 |
| |||||||
TARGET RETIREMENT 2005 FUND |
| T ROWE PRICE TRUST CO |
| 10.50 | |||||
| CUST FOR THE IRA OF |
| |||||||
| NANCY T MOY |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 7.08 | |||||||
| CUST FOR THE IRA OF |
| |||||||
| SELMA FORMAN |
| |||||||
TARGET RETIREMENT 2005 FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 54.46(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RELIANCE TRUST CO TTEE ADP | 21.21 | |||||||
| ACCESS LARGE MARKET 401K |
| |||||||
| 1100 ABERNATHY RD |
| |||||||
| ATLANTA GA 30328-5620 |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 24.32 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TARGET RETIREMENT 2010 FUND |
| T ROWE PRICE RPS INC |
| 11.17 | |||||
| OMNIBUS ACCOUNT TICKER: TRROX |
| |||||||
| CUSIP: 74149P564 |
| |||||||
| TRP TARGET RET 2010 AB9K |
| |||||||
TARGET RETIREMENT 2010 FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 59.46(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RELIANCE TRUST CO TTEE ADP | 35.21(c) | |||||||
| ACCESS LARGE MARKET 401K |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 5.08 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TARGET RETIREMENT 2015 FUND |
| T ROWE PRICE RPS INC |
| 14.22 | |||||
| OMNIBUS ACCOUNT TICKER: TRRTX |
| |||||||
| CUSIP: 74149P556 |
| |||||||
| TRP TARGET RET 2015 AB9T |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
TARGET RETIREMENT 2015 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 35.14(c) | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| GREAT-WEST TRUST CO LLC | 18.77 | |||||||
| EMPLOYEE BENEFITS CLIENTS 401K |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 27.48(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
141
| PERSHING LLC | 5.99 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 8.31 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TARGET RETIREMENT 2020 FUND |
| NATIONAL FINANCIAL SERVICES |
| 7.14 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| ATTN: MUTUAL FUNDS DEPT 4TH FL |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 20.94 | |||||||
| OMNIBUS ACCOUNT TICKER: TRRUX |
| |||||||
| CUSIP: 74149P549 |
| |||||||
| TRP TARGET RET 2020 ABAY |
| |||||||
TARGET RETIREMENT 2020 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 7.73 | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| GREAT-WEST TRUST CO LLC | 12.22 | |||||||
| EMPLOYEE BENEFITS CLIENTS 401K |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 20.98 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RELIANCE TRUST CO TTEE ADP | 54.25(c) | |||||||
| ACCESS LARGE MARKET 401K |
| |||||||
TARGET RETIREMENT 2025 FUND |
| NATIONAL FINANCIAL SERVICES |
| 6.33 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| ATTN: MUTUAL FUNDS DEPT 4TH FL |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 36.46(e) | |||||||
| OMNIBUS ACCOUNT TICKER: TRRVX |
| |||||||
| CUSIP: 74149P531 |
| |||||||
| TRP TARGET RET 2025 ABBC |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
TARGET RETIREMENT 2025 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 35.09(c) | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| GREAT-WEST TRUST CO LLC | 25.83(c) | |||||||
| EMPLOYEE BENEFITS CLIENTS 401K |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 22.75 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RELIANCE TRUST CO TTEE ADP | 10.71 | |||||||
142
| ACCESS LARGE MARKET 401K |
| |||||||
TARGET RETIREMENT 2030 FUND |
| NATIONAL FINANCIAL SERVICES |
| 13.03 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| ATTN: MUTUAL FUNDS DEPT 4TH FL |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 35.58(e) | |||||||
| OMNIBUS ACCOUNT TICKER: TRRWX |
| |||||||
| CUSIP: 74149P523 |
| |||||||
| TRP TARGET RET 2030 ABBH |
| |||||||
TARGET RETIREMENT 2030 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 10.62 | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 26.94(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| RELIANCE TRUST CO TTEE ADP | 55.08(c) | |||||||
| ACCESS LARGE MARKET 401K |
| |||||||
TARGET RETIREMENT 2035 FUND |
| NATIONAL FINANCIAL SERVICES |
| 9.91 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| ATTN: MUTUAL FUNDS DEPT 4TH FL |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 47.40(e) | |||||||
| OMNIBUS ACCOUNT TICKER: RPGRX |
| |||||||
| CUSIP: 74149P515 |
| |||||||
| TRP TARGET RET 2035 AB5Y |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
TARGET RETIREMENT 2035 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 20.78 | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| GREAT-WEST TRUST CO LLC | 18.03 | |||||||
| EMPLOYEE BENEFITS CLIENTS 401K |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 56.57(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
TARGET RETIREMENT 2040 FUND |
| NATIONAL FINANCIAL SERVICES |
| 11.79 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 45.30(e) | |||||||
| OMNIBUS ACCOUNT TICKER: TRHRX |
| |||||||
| CUSIP: 74149P499 |
| |||||||
| TRP TARGET RET 2040 AB6J |
| |||||||
143
TARGET RETIREMENT 2040 FUND—ADVISOR CLASS |
| ASCENSUS TRUST COMPANY FBO |
| 8.92 | |||||
| JOSEPH S THOMPSON, DDS, PC 401(K) |
| |||||||
| PO BOX 10758 |
| |||||||
| FARGO ND 58106-0758 |
| |||||||
|
| ||||||||
| GREAT WEST TRUST CO LLC | 22.77 | |||||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 56.56(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 6.05 | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 5.00 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TARGET RETIREMENT 2045 FUND |
| NATIONAL FINANCIAL SERVICES |
| 8.79 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| ATTN: MUTUAL FUNDS DEPT 4TH FL |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 44.57(e) | |||||||
| OMNIBUS ACCOUNT TICKER: RPTFX |
| |||||||
| CUSIP: 74149P481 |
| |||||||
| TRP TARGET RET 2045 AB7Y |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
TARGET RETIREMENT 2045 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 22.90 | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| GREAT-WEST TRUST CO LLC | 12.85 | |||||||
| EMPLOYEE BENEFITS CLIENTS 401K |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 54.59(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 9.40 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TARGET RETIREMENT 2050 FUND |
| NATIONAL FINANCIAL SERVICES |
| 11.94 | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
| ATTN: MUTUAL FUNDS DEPT 4TH FL |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 31.15(e) | |||||||
| OMNIBUS ACCOUNT TICKER: TRFOX |
| |||||||
144
| CUSIP: 74149P473 |
| |||||||
| TRP TARGET RET 2050 AB8F |
| |||||||
TARGET RETIREMENT 2050 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 11.24 | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 65.30(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| STATE STREET CORP TTEE | 6.18 | |||||||
| FBO ADP ACCESS |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 13.48 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TARGET RETIREMENT 2055 FUND |
| T ROWE PRICE RPS INC |
| 26.25(e) | |||||
| OMNIBUS ACCOUNT TICKER: TRFFX |
| |||||||
| CUSIP: 74149P465 |
| |||||||
| TRP TARGET RET 2055 AB8T |
| |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 11.06 | |||||||
| OUR CUSTOMERS |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
TARGET RETIREMENT 2055 FUND—ADVISOR CLASS |
| GREAT WEST TRUST CO LLC |
| 6.08 | |||||
| FBO RECORDKEEPING FOR VARIOUS |
| |||||||
| BENEFIT PL OMNIPUTNAM |
| |||||||
| C/O MUTUAL FUND TRADING |
| |||||||
|
| ||||||||
| GREAT-WEST TRUST CO LLC | 17.90 | |||||||
| EMPLOYEE BENEFITS CLIENTS 401K |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 49.07(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 22.99 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TARGET RETIREMENT 2060 FUND |
| T ROWE PRICE ASSOCIATES |
| 52.00(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 11.42 | |||||||
| CUST FOR THE IRA OF |
| |||||||
| SUSAN A BRUEMMER (DCD) |
| |||||||
| CHANCE A BRUEMMER (BENE) |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 6.84 | |||||||
| CUST FOR THE ROLLOVER IRA OF |
| |||||||
| ANDREW C BAEK |
| |||||||
|
| ||||||||
145
| T ROWE PRICE TRUST CO | 5.34 | |||||||
| CUST FOR THE ROLLOVER IRA OF |
| |||||||
| DANIEL B. VENEDAM |
| |||||||
TARGET RETIREMENT 2060 FUND—ADVISOR CLASS |
| T ROWE PRICE ASSOCIATES |
| 99.08(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
TAX-EXEMPT MONEY FUND |
| EDWARD D JONES & CO |
| 23.90 | |||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| PERSHING LLC | 5.30 | |||||||
| FOR EXCLUSIVE BENEFIT OF TRP MONEY |
| |||||||
| FUND CUSTOMER ACCOUNTS |
| |||||||
|
| ||||||||
| SUSAN A FEITH | 5.36 | |||||||
| WISC RAPIDS WI 54494-4174 |
| |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 5.52 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
TAX-FREE HIGH YIELD FUND |
| CHARLES SCHWAB & CO INC |
| 8.21 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| EDWARD D JONES & CO | 10.03 | |||||||
| SHAREHOLDER ACCOUNTING |
| |||||||
| ATTN MUTUAL FUND |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 5.27 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
TAX-FREE HIGH YIELD FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 75.60(c) | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 11.55 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 8.92 | |||||||
TAX-FREE INCOME FUND |
| CHARLES SCHWAB & CO INC |
| 5.09 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
TAX-FREE INCOME FUND—ADVISOR CLASS |
| NATIONAL FINANCIAL SERVICES |
| 94.87(c) | |||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
TAX-FREE SHORT-INTERMEDIATE FUND |
| CHARLES SCHWAB & CO INC |
| 17.73 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| FIRST CLEARING LLC | 12.03 | |||||||
146
| SPECIAL CUSTODY ACCT FOR THE |
| |||||||
| EXCLUSIVE BENEFIT OF CUSTOMERS |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 8.69 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 5.84 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 9.47 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
TAX-FREE SHORT-INTERMEDIATE FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 33.23(c) | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 43.16(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 5.10 | |||||||
TOTAL EQUITY MARKET INDEX FUND |
| EDUCATION TRUST OF ALASKA |
| 6.88 | |||||
| TOTAL EQUITY MARKET INDEX PORTFOLIO |
| |||||||
| C/O T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN DAWN WAGNER FIXED INCOME |
| |||||||
| 100 E PRATT ST FL 7 |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| MARYLAND COLLEGE INVESTMENT PLAN | 8.57 | |||||||
| GLOBAL EQUITY MARKET INDEX |
| |||||||
| ATTN FUND ACCOUNTING |
| |||||||
U.S. BOND ENHANCED INDEX FUND |
| CHARLES SCHWAB & CO INC |
| 5.53 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| EDUCATION TRUST OF ALASKA | 9.06 | |||||||
| ACT PORTFOLIO |
| |||||||
| C/O T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN DAWN WAGNER FIXED INCOME |
| |||||||
| 100 E PRATT ST FL 7 |
| |||||||
| BALTIMORE MD 21202-1009 |
| |||||||
|
| ||||||||
| T ROWE PRICE RPS INC | 11.23 | |||||||
| OMNIBUS |
| |||||||
| BALTIMORE MD 21297-1215 |
| |||||||
U.S. LARGE-CAP CORE FUND |
| T ROWE PRICE ASSOCIATES |
| 10.46 | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
U.S. LARGE-CAP CORE FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 17.88 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
147
|
| ||||||||
| LPL FINANCIAL | 7.92 | |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 41.83(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| PERSHING LLC | 6.19 | |||||||
|
| ||||||||
| T ROWE PRICE ASSOCIATES | 23.95 | |||||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
U.S. TREASURY INTERMEDIATE FUND |
| SPECTRUM INCOME FUND |
| 15.29 | |||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 6.83 | |||||||
| ATTN TRPS INST CONTROL DEPT |
| |||||||
U.S. TREASURY LONG-TERM FUND |
| SPECTRUM INCOME FUND |
| 25.92(d) | |||||
| T. ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| T ROWE PRICE TRUST CO | 7.24 | |||||||
| ATTN TRPS INST CONTROL DEPT |
| |||||||
|
| ||||||||
| TD AMERITRADE INC FBO | 5.37 | |||||||
| OUR CUSTOMERS |
| |||||||
ULTRA SHORT-TERM BOND FUND |
| T ROWE PRICE ASSOCIATES |
| 69.61(a) | |||||
| ATTN FINANCIAL REPORTING DEPT |
| |||||||
VALUE FUND |
| RETIREMENT PORTFOLIO 2040 |
| 14.84 | |||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2020 | 9.37 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2025 | 9.43 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2030 | 16.47 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2035 | 10.45 | |||||||
| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
|
| ||||||||
| RETIREMENT PORTFOLIO 2045 | 6.50 | |||||||
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| T ROWE PRICE ASSOCIATES |
| |||||||
| ATTN FUND ACCOUNTING DEPT |
| |||||||
FUND |
| SHAREHOLDER |
| % | |||||
VALUE FUND—ADVISOR CLASS |
| CHARLES SCHWAB & CO INC |
| 13.99 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
|
| ||||||||
| MORGAN STANLEY SMITH BARNEY | 5.88 | |||||||
|
| ||||||||
| NATIONAL FINANCIAL SERVICES | 39.94(c) | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
|
| ||||||||
| VOYA INSTITUTIONAL TRUST COMPANY | 8.86 | |||||||
|
| ||||||||
| VOYA RETIREMENT INS & ANNUITY CO | 6.69 | |||||||
VIRGINIA TAX-FREE BOND FUND |
| CHARLES SCHWAB & CO INC |
| 8.03 | |||||
| REINVEST ACCOUNT |
| |||||||
| ATTN MUTUAL FUND DEPT |
| |||||||
| NATIONAL FINANCIAL SERVICES | 9.28 | |||||||
| FOR THE EXCLUSIVE BENEFIT |
| |||||||
| OF OUR CUSTOMERS |
| |||||||
(a) | T. Rowe Price Associates, Inc. is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. Securities owned by T. Rowe Price Associates, Inc. are the result of contributions to the fund at the fund’s inception in order to provide the fund with sufficient capital to invest in accordance with its investment program. At the level of ownership indicated, T. Rowe Price Associates, Inc. would be able to determine the outcome of most issues that were submitted to shareholders for vote. |
(b) | T. Rowe Price Trust Company is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Trust Company is not the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Trust Company and are normally voted by various retirement plans and retirement plan participants. |
(c) | At the level of ownership indicated, the shareholder would have greater power to determine the outcome of any matters affecting a fund or one of its classes that are submitted to shareholders for vote. |
(d) | The indicated percentage of the outstanding shares of this fund are owned by another T. Rowe Price fund and held in the nominee name indicated. Shares of the fund are “echo-voted” by the T. Rowe Price fund that owns the shares in the same proportion that the shares of the underlying fund are voted by other shareholders. |
(e) | T. Rowe Price Retirement Plan Services, Inc., is a wholly owned subsidiary of T. Rowe Price Associates, Inc., which is a wholly owned subsidiary of T. Rowe Price Group, Inc., each a Maryland corporation. T. Rowe Price Retirement Plan Services, Inc. is not the beneficial owner of these shares. Such shares are held of record by T. Rowe Price Retirement Plan Services, Inc. and are normally voted by various retirement plans and retirement plan participants. |
T. Rowe Price is the investment adviser for all of the Price Funds and has executed an Investment Management Agreement with each fund. For certain Price Funds, T. Rowe Price has entered into an investment sub-advisory agreement with T. Rowe Price International, Price Hong Kong, and/or Price Singapore. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are hereinafter referred to collectively as “Investment Managers.” T. Rowe Price is a wholly owned subsidiary of T. Rowe Price Group, Inc. T. Rowe Price International is a wholly owned subsidiary of T. Rowe Price. Price Hong Kong and Price Singapore are wholly owned subsidiaries of T. Rowe Price International.
149
Investment Management Services
Under the Investment Management Agreements, T. Rowe Price is responsible for supervising and overseeing investments of the funds in accordance with the funds’ investment objectives, programs, and restrictions as provided in the funds’ prospectuses and this SAI. In addition, T. Rowe Price provides the funds with certain corporate administrative services, including: maintaining the funds’ corporate existence and corporate records; registering and qualifying fund shares under federal laws; monitoring the financial, accounting, and administrative functions of the funds; maintaining liaison with the agents employed by the funds such as the funds’ custodian and transfer agent; assisting the funds in the coordination of such agent’s activities; and permitting employees of the Investment Managers to serve as officers, directors, and committee members of the funds without cost to the funds. For those Price Funds for which T. Rowe Price has not entered into a sub-advisory agreement, T. Rowe Price is responsible for making discretionary investment decisions on behalf of the funds and is generally responsible for effecting all security transactions, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.
With respect to the Africa & Middle East, Emerging Europe, Emerging Markets Local Currency Bond, Emerging Markets Stock, European Stock, Global High Income Bond, Global Unconstrained Bond, Institutional Africa & Middle East, Institutional Emerging Markets Equity, Institutional Frontier Markets Equity, Institutional Global Value Equity, Institutional International Bond, Institutional International Concentrated Equity, Institutional Global Multi-Sector Bond, Institutional International Growth Equity, International Bond, International Concentrated Equity, International Discovery, International Growth & Income, International Equity Index, International Stock, Japan, Latin America, New Asia, and Strategic Income Funds, and the Emerging Markets Local Multi-Sector Account Portfolio, T. Rowe Price has entered into a sub-advisory agreement with T. Rowe Price International under which, subject to the supervision of T. Rowe Price, T. Rowe Price International is authorized to trade securities and make discretionary investment decisions on behalf of each fund. Under the sub-advisory agreement, T. Rowe Price International is responsible for effecting all securities transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage. For the Strategic Income Fund, T. Rowe Price International’s discretionary investment decisions and trading execution are limited to the fund’s international investment-grade fixed income investments in developed markets.
With respect to the Japan Fund and the Japanese investments of the International Discovery Fund, T. Rowe Price has entered into a sub-advisory agreement with the Tokyo Branch of T. Rowe Price International (“TRPI-Tokyo”) under which, subject to the supervision of T. Rowe Price, TRPI-Tokyo is authorized to trade Japanese securities and make discretionary investment decisions on behalf of each fund’s Japanese investments.
With respect to the Asia Opportunities, International Discovery, and New Asia Funds, T. Rowe Price has entered into a sub-advisory agreement with Price Hong Kong (in addition to their sub-advisory agreement with T. Rowe Price International) under which, subject to the supervision of T. Rowe Price and T. Rowe Price International, Price Hong Kong is authorized to trade securities and make certain discretionary investment decisions on behalf of each fund. Under the sub-advisory agreement, Price Hong Kong is responsible for selecting the funds’ investments in the Asia-Pacific region and effecting security transactions on behalf of the funds, including the negotiation of commissions and the allocation of principal business and portfolio brokerage.
The Investment Management Agreements also provide that T. Rowe Price, and its directors, officers, employees, and certain other persons performing specific functions for the funds, will be liable to the funds only for losses resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of duty. The sub-advisory agreements have a similar provision limiting the liability of the investment sub-adviser for errors, mistakes, and losses other than those caused by its willful misfeasance, bad faith, or gross negligence.
Under the Investment Management Agreements (and sub-advisory agreements, if applicable), the Investment Managers are permitted to utilize the services or facilities of others to provide them or the funds with statistical and other factual information, advice regarding economic factors and trends, advice as to occasional transactions in specific securities, and such other information, advice, or assistance as the Investment Managers may deem necessary, appropriate, or convenient for the discharge of their obligations under the
150
Investment Management Agreements (and sub-advisory agreement, if applicable) or otherwise helpful to the funds.
Control of Investment Adviser
T. Rowe Price Group, Inc. (“Group”) is a publicly owned company and owns 100% of the stock of T. Rowe Price Associates, Inc., which in turn owns 100% of T. Rowe Price International Ltd, which in turn owns 100% each of T. Rowe Price Hong Kong Limited and T. Rowe Price Singapore Private Ltd. Group was formed in 2000 as a holding company for the T. Rowe Price-affiliated companies.
Management Fees
All funds except Index, Institutional, Multi-Sector Account Portfolios, TRP Reserve, Retirement, Spectrum, Summit Income, and Summit Municipal Funds
The funds pay T. Rowe Price a fee (“Fee”) which consists of two components: a Group Management Fee (“Group Fee”) and an Individual Fund Fee (“Fund Fee”). The Fee is paid monthly to T. Rowe Price on the first business day of the next succeeding calendar month and is calculated as described next.
The monthly Group Fee (“Monthly Group Fee”) is the sum of the daily Group Fee accruals (“Daily Group Fee Accruals”) for each month. The Daily Group Fee Accrual for any particular day is computed by multiplying the Price Funds’ group fee accrual as determined below (“Daily Price Funds’ Group Fee Accrual”) by the ratio of the Price Funds’ net assets for that day to the sum of the aggregate net assets of the Price Funds for that day. The Daily Price Funds’ Group Fee Accrual for any particular day is calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the annualized Daily Price Funds’ Group Fee Accrual for that day as determined in accordance with the following schedule:
0.480% | First $1 billion | 0.350% | Next $2 billion | 0.300% | Next $40 billion |
0.450% | Next $1 billion | 0.340% | Next $5 billion | 0.295% | Next $40 billion |
0.420% | Next $1 billion | 0.330% | Next $10 billion | 0.290% | Next $60 billion |
0.390% | Next $1 billion | 0.320% | Next $10 billion | 0.285% | Next $80 billion |
0.370% | Next $1 billion | 0.310% | Next $16 billion | 0.280% | Next $100 billion |
0.360% | Next $2 billion | 0.305% | Next $30 billion | 0.275% | Thereafter |
For the purpose of calculating the Group Fee, the Price Funds include all the mutual funds distributed by Investment Services (excluding the Retirement Funds, Target Retirement Funds, Spectrum Funds, TRP Reserve Funds, and any Index or private label mutual funds). For the purpose of calculating the Daily Price Funds’ Group Fee Accrual for any particular day, the net assets of each Price Fund are determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business.
The monthly Fund Fee (“Monthly Fund Fee”) is the sum of the daily Fund Fee accruals (“Daily Fund Fee Accruals”) for each month. The Daily Fund Fee Accrual for any particular day is computed by multiplying the fraction of one (1) over the number of calendar days in the year by the individual fund fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with the fund’s prospectus as of the close of business on the previous business day on which the fund was open for business. The individual fund fees are listed in the following tables:
Fund | Fee % | |
Africa & Middle East | 0.75 | |
Asia Opportunities | 0.50 | |
Balanced | 0.15 | |
Blue Chip Growth | 0.30 | (a) |
California Tax-Free Bond | 0.10 | |
California Tax-Free Money | 0.10 | |
151
Fund | Fee % | |
Capital Appreciation | 0.30 | |
Capital Opportunity | 0.20 | |
Corporate Income | 0.15 | |
Credit Opportunities | 0.35 | |
Diversified Mid-Cap Growth | 0.35 | |
Diversified Small-Cap Growth | 0.35 | |
Dividend Growth | 0.20 | |
Emerging Europe | 0.75 | |
Emerging Markets Bond | 0.45 | |
Emerging Markets Corporate Bond | 0.50 | |
Emerging Markets Local Currency Bond | 0.45 | |
Emerging Markets Stock | 0.75 | |
Equity Income | 0.25 | (b) |
European Stock | 0.50 | |
Financial Services | 0.35 | |
Floating Rate | 0.30 | |
Georgia Tax-Free Bond | 0.10 | |
Global Allocation | 0.40 | |
Global Growth Stock | 0.35 | |
Global High Income Bond | 0.30 | |
Global Industrials | 0.40 | |
Global Real Estate | 0.40 | |
Global Stock | 0.35 | |
Global Technology | 0.45 | |
Global Unconstrained Bond | 0.20 | |
GNMA | 0.15 | |
Growth & Income | 0.25 | |
Growth Stock | 0.25 | (b) |
Health Sciences | 0.35 | |
High Yield | 0.30 | |
Inflation Protected Bond | 0.05 | |
Intermediate Tax-Free High Yield | 0.20 | |
International Bond | 0.35 | |
International Concentrated Equity | 0.35 | |
International Discovery | 0.75 | |
International Growth & Income | 0.35 | |
International Stock | 0.35 | |
Japan | 0.50 | |
Latin America | 0.75 | |
Maryland Short-Term Tax-Free Bond | 0.10 | |
Maryland Tax-Free Bond | 0.10 | |
Maryland Tax-Free Money | 0.10 | |
Media & Telecommunications | 0.35 | |
Mid-Cap Growth | 0.35 | (c) |
Mid-Cap Value | 0.35 | |
152
Fund | Fee % | |
New America Growth | 0.35 | |
New Asia | 0.50 | |
New Era | 0.25 | |
New Horizons | 0.35 | |
New Income | 0.15 | (d) |
New Jersey Tax-Free Bond | 0.10 | |
New York Tax-Free Bond | 0.10 | |
New York Tax-Free Money | 0.10 | |
Overseas Stock | 0.35 | |
Personal Strategy Balanced | 0.25 | |
Personal Strategy Growth | 0.30 | |
Personal Strategy Income | 0.15 | |
Prime Reserve | 0.05 | |
Real Assets | 0.35 | |
Real Estate | 0.30 | |
Science & Technology | 0.35 | |
Short-Term Bond | 0.10 | |
Small-Cap Stock | 0.45 | |
Small-Cap Value | 0.35 | |
Strategic Income | 0.20 | |
Tax-Efficient Equity | 0.35 | |
Tax-Exempt Money | 0.10 | |
Tax-Free High Yield | 0.30 | |
Tax-Free Income | 0.15 | |
Tax-Free Short-Intermediate | 0.10 | |
Tax-Free Ultra Short-Term Bond | 0.08 | |
U.S. Large-Cap Core | 0.25 | |
U.S. Treasury Intermediate | 0.00 | |
U.S. Treasury Long-Term | 0.00 | |
U.S. Treasury Money | 0.00 | |
Ultra Short-Term Bond | 0.08 | |
Value | 0.35 | (e) |
Virginia Tax-Free Bond | 0.10 | |
(a) On assets up to $15 billion and 0.255% on assets above $15 billion.
(b) On assets up to $15 billion and 0.21% on assets above $15 billion.
(c) On assets up to $15 billion and 0.30% on assets above $15 billion.
(d) On assets up to $20 billion and 0.1275% on assets equal to or greater than $20 billion.
(e) On assets up to $20 billion and 0.2975% on assets equal to or greater than $20 billion.
Index, Institutional, Summit Income, and Summit Municipal Funds
The following funds pay T. Rowe Price an annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund.
Fund | Fee % |
Equity Index 500 | 0.10 |
Institutional Africa & Middle East | 1.00 |
153
Fund | Fee % |
Institutional Frontier Markets Equity | 1.10 |
Institutional Global Focused Growth Equity | 0.65 |
Institutional Global Growth Equity | 0.65 |
Institutional Global Value Equity | 0.65 |
Institutional International Concentrated Equity | 0.65 |
Institutional International Core Equity | 0.65 |
Institutional International Growth Equity | 0.70 |
Institutional Large-Cap Core Growth | 0.55 |
Institutional Large-Cap Growth | 0.55 |
Institutional Large-Cap Value | 0.55 |
Institutional Mid-Cap Equity Growth | 0.60 |
Institutional Small-Cap Stock | 0.65 |
Institutional U.S. Structured Research | 0.50 |
The following funds (“Single Fee Funds”) pay T. Rowe Price a single annual investment management fee in monthly installments of the amount listed below based on the average daily net asset value of the fund.
Fund | Fee % |
Extended Equity Market Index | 0.40 |
Inflation Focused Bond | 0.50 |
Institutional Core Plus | 0.40 |
Institutional Emerging Markets Bond | 0.70 |
Institutional Credit Opportunities | 0.65 |
Institutional Emerging Markets Equity | 1.10 |
Institutional Floating Rate | 0.55 |
Institutional Global Multi-Sector Bond | 0.50 |
Institutional High Yield | 0.50 |
Institutional International Bond | 0.55 |
Institutional Long Duration Credit | 0.45 |
International Equity Index | 0.50 |
Summit Cash Reserves | 0.45 |
Summit Municipal Income | 0.50 |
Summit Municipal Intermediate | 0.50 |
Summit Municipal Money Market | 0.45 |
Total Equity Market Index | 0.35 |
U.S. Bond Enhanced Index | 0.30 |
The Investment Management Agreement between each Single Fee Fund and T. Rowe Price provides that T. Rowe Price will pay all expenses of each fund’s operations except for interest; taxes; brokerage commissions, and other charges incident to the purchase, sale, or lending of the fund’s portfolio securities; and such non-recurring or extraordinary expenses that may arise, including the costs of actions, suits, or proceedings to which the fund is a party and the expenses the fund may incur as a result of its obligation to provide indemnification to its officers, directors, and agents. However, the Boards for the funds reserve the right to impose additional fees against shareholder accounts to defray expenses which would otherwise be paid by T. Rowe Price under the Investment Management Agreement. The Boards do not anticipate levying such charges; such a fee, if charged, may be retained by the funds or paid to the Investment Managers.
154
The Fee is paid monthly to T. Rowe Price on the first business day of the next succeeding calendar month and is the sum of the Daily Fee accruals for each month. The Daily Fee accrual for any particular day is calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the appropriate Fee. The product of this calculation is multiplied by the net assets of the fund for that day, as determined in accordance with each fund’s prospectus as of the close of business on the previous business day on which the fund was open for business.
Multi-Sector Account Portfolios, Retirement Funds, Spectrum Funds and TRP Reserve Funds
None of these funds pays T. Rowe Price an investment management fee.
Investment Sub-advisory Agreements
Pursuant to each of the sub-advisory agreements that T. Rowe Price has entered into on behalf of a Price Fund (other than the Emerging Markets Local Multi-Sector Account Portfolio), T. Rowe Price may pay the investment subadviser up to 60% of the management fee that T. Rowe Price receives from that fund.
Management Fee Compensation
The following table sets forth the total management fees, if any, paid to the Investment Managers by each fund, during the fiscal years indicated:
Fund | Fiscal Year Ended | ||
2/28/14 | 2/28/13 | 2/29/12 | |
California Tax-Free Bond | $1,628,000 | $1,586,000 | $1,377,000 |
California Tax-Free Money | 322,000 | 329,000 | 335,000 |
Floating Rate Multi-Sector Account Portfolio | (c) | (c) | (a) |
Georgia Tax-Free Bond | 893,000 | 903,000 | 747,000 |
High Yield Multi-Sector Account Portfolio | (c) | (c) | (a) |
Intermediate Tax-Free High Yield(b) | (a) | (a) | (a) |
Investment-Grade Corporate Multi-Sector Account Portfolio | (c) | (c) | (a) |
Maryland Short-Term Tax-Free Bond | 882,000 | 885,000 | 956,000 |
Maryland Tax-Free Bond | 7,753,000 | 8,186,000 | 7,228,000 |
Maryland Tax-Free Money | 499,000 | 497,000 | 578,000 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | (c) | (c) | (a) |
New Jersey Tax-Free Bond | 1,170,000 | 1,148,000 | 987,000 |
New York Tax-Free Bond | 1,628,000 | 1,703,000 | 1,409,000 |
New York Tax-Free Money | 322,000 | 326,000 | 366,000 |
Tax-Efficient Equity | 810,000 | 624,000 | 562,000 |
Tax-Exempt Money | 3,623,000 | 3,432,000 | 3,849,000 |
Tax-Free High Yield(b) | 14,365,000 | 14,083,000 | 10,515,000 |
Tax-Free Income(b) | 12,392,000 | 13,543,000 | 13,251,000 |
Tax-Free Short-Intermediate(b) | 7,729,000 | 7,419,000 | 6,135,000 |
Tax-Free Ultra Short-Term Bond | (a) | (a) | (a) |
Virginia Tax-Free Bond | 3,684,000 | 3,907,000 | 3,327,000 |
(a) Prior to commencement of operations.
(b) The fund has two classes of shares. The management fee is allocated to each class based on relative net assets.
(c) The fund does not pay an investment management fee.
155
Fund | Fiscal Year Ended | ||
5/31/14 | 5/31/13 | 5/31/12 | |
Corporate Income | $2,529,000 | $2,968,000 | $2,844,000 |
Credit Opportunities(a) | 15,000 | (b) | (b) |
Floating Rate(a) | 1,802,000 | 603,000 | 234,000 |
GNMA | 6,937,000 | 8,015,000 | 7,531,000 |
TRP Government Reserve Investment | (c) | (c) | (c) |
High Yield(a) | 56,896,000 | 55,350,000 | 51,500,000 |
Inflation Focused Bond(d) | 26,197,000 | 19,018,000 | 14,886,000 |
Inflation Protected Bond | 1,297,000 | 1,928,000 | 1,670,000 |
Institutional Core Plus(a)(d) | 1,351,000 | 892,000 | 674,000 |
Institutional Credit Opportunities | 14,000 | (b) | (b) |
Institutional Floating Rate(a)(d) | 17,642,000 | 12,608,000 | 10,083,000 |
Institutional Global Multi-Sector Bond | 140,000 | (b) | (b) |
Institutional High Yield(d) | 14,170,000 | 13,599,000 | 9,740,000 |
Institutional Long Duration Credit | 65,000 | (b) | (b) |
New Income(e) | 98,208,000 | 90,186,000 | 70,974,000 |
Personal Strategy Balanced | 10,532,000 | 9,410,000 | 8,831,000 |
Personal Strategy Growth | 8,304,000 | 7,093,000 | 6,610,000 |
Personal Strategy Income | 5,613,000 | 4,946,000 | 4,393,000 |
Prime Reserve | 22,405,000 | 19,992,000 | 19,796,000 |
TRP Reserve Investment | (c) | (c) | (c) |
Retirement 2005 | (c) | (c) | (c) |
Retirement 2010 | (c) | (c) | (c) |
Retirement 2015 | (c) | (c) | (c) |
Retirement 2020 | (c) | (c) | (c) |
Retirement 2025 | (c) | (c) | (c) |
Retirement 2030 | (c) | (c) | (c) |
Retirement 2035 | (c) | (c) | (c) |
Retirement 2040 | (c) | (c) | (c) |
Retirement 2045 | (c) | (c) | (c) |
Retirement 2050 | (c) | (c) | (c) |
Retirement 2055 | (c) | (c) | (c) |
Retirement 2060 | (b) | (b) | (b) |
Retirement Balanced | (c) | (c) | (c) |
Short-Term Bond(a) | 25,151,000 | 26,635,000 | 23,553,000 |
Short-Term Government Reserve | (b) | (b) | (b) |
Short-Term Reserve | (c) | (c) | (b) |
Strategic Income(a) | 1,209,000 | 1,392,000 | 1,176,000 |
Target Retirement 2005 | (b) | (b) | (b) |
Target Retirement 2010 | (b) | (b) | (b) |
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Fund | Fiscal Year Ended | ||
5/31/14 | 5/31/13 | 5/31/12 | |
Target Retirement 2015 | (b) | (b) | (b) |
Target Retirement 2020 | (b) | (b) | (b) |
Target Retirement 2025 | (b) | (b) | (b) |
Target Retirement 2030 | (b) | (b) | (b) |
Target Retirement 2035 | (b) | (b) | (b) |
Target Retirement 2040 | (b) | (b) | (b) |
Target Retirement 2045 | (b) | (b) | (b) |
Target Retirement 2050 | (b) | (b) | (b) |
Target Retirement 2055 | (b) | (b) | (b) |
Target Retirement 2060 | (b) | (b) | (b) |
U.S. Treasury Intermediate | 1,111,000 | 1,642,000 | 1,456,000 |
U.S. Treasury Long-Term | 978,000 | 1,534,000 | 1,172,000 |
U.S. Treasury Money | 5,944,000 | 5,618,000 | 5,540,000 |
Ultra Short-Term Bond | 1,585,000 | 271,000 | (b) |
(a) The fund has two classes of shares. The management fee is allocated to each class based on relative net assets.
(b) Prior to commencement of operations.
(c) The fund does not pay an investment management fee.
(d) The fee includes investment and administrative expenses.
(e) The fund has three classes of shares. The management fee is allocated to each class based on relative net assets.
Fund | Fiscal Year Ended | ||
10/31/14 | 10/31/13 | 10/31/12 | |
Africa & Middle East | $2,127,000 | $1,714,000 | $1,535,000 |
Asia Opportunities(a) | 62,000 | (b) | (b) |
Emerging Europe | 3,148,000 | 4,156,000 | 4,590,000 |
Emerging Markets Stock | 76,506,000 | 74,566,000 | 67,016,000 |
European Stock | 13,472,000 | 6,994,000 | 5,363,000 |
Global Allocation(a) | 472,000 | 129,000 | (b) |
Global Growth Stock(a) | 564,000 | 500,000 | 400,000 |
Global Stock(a) | 3,184,000 | 3,107,000 | 3,584,000 |
Institutional Africa & Middle East | 2,242,000 | 1,683,000 | 1,320,000 |
Institutional Emerging Markets Equity(c) | 11,165,000 | 11,106,000 | 9,580,000 |
Institutional Frontier Markets Equity | 2,000 | (b) | (b) |
Institutional Global Focused Growth Equity | 588,000 | 1,052,000 | 1,030,000 |
Institutional Global Growth Equity | 1,125,000 | 798,000 | 391,000 |
Institutional Global Value Equity | 64,000 | 55,000 | 13,000 |
Institutional International Concentrated Equity | 590,000 | 55,000 | 48,000 |
Institutional International Core Equity | 595,000 | 461,000 | 410,000 |
Institutional International Growth Equity | 595,000 | 664,000 | 520,000 |
International Concentrated Equity(a) | 4,000 | (b) | (b) |
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Fund | Fiscal Year Ended | ||
10/31/14 | 10/31/13 | 10/31/12 | |
International Discovery | 38,133,000 | 32,101,000 | 26,136,000 |
International Equity Index(c) | 2,723,000 | 2,172,000 | 1,783,000 |
International Growth & Income(d) | 61,730,000 | 45,084,000 | 31,913,000 |
International Stock(d) | 81,500,000 | 69,045,000 | 52,717,000 |
Japan | 2,478,000 | 1,863,000 | 1,348,000 |
Latin America | 10,891,000 | 15,990,000 | 20,688,000 |
New Asia | 32,956,000 | 37,272,000 | 32,852,000 |
Overseas Stock | 54,658,000 | 38,682,000 | 27,926,000 |
Summit Cash Reserves(c) | 27,243,000 | 25,538,000 | 25,494,000 |
Summit Municipal Income(a)(c) | 4,184,000 | 4,113,000 | 3,368,000 |
Summit Municipal Intermediate(a)(c) | 17,245,000 | 12,445,000 | 10,264,000 |
Summit Municipal Money Market(c) | 846,000 | 888,000 | 904,000 |
U.S. Bond Enhanced Index(c) | 1,716,000 | 2,077,000 | 3,064,000 |
(a) The fund has two classes of shares. The management fee is allocated to each class based on relative net assets.
(b) Prior to commencement of operations.
(c) The fee includes investment management fees and administrative expenses.
(d) The fund has three classes of shares. The management fee is allocated to each class based on relative net assets.
Fund | Fiscal Year Ended | ||
12/31/13 | 12/31/12 | 12/31/11 | |
Balanced | $16,318,000 | $14,554,000 | $13,950,000 |
Blue Chip Growth(a) | 108,419,000 | 84,997,000 | 69,851,000 |
Capital Appreciation(b) | 98,302,000 | 76,517,000 | 66,899,000 |
Capital Opportunity(a) | 2,508,000 | 1,794,000 | 1,444,000 |
Diversified Mid-Cap Growth | 1,625,000 | 1,259,000 | 1,209,000 |
Diversified Small-Cap Growth | 3,731,000 | 1,673,000 | 1,210,000 |
Dividend Growth | 17,281,000 | 12,540,000 | 9,427,000 |
Emerging Markets Bond | 29,399,000 | 26,481,000 | 21,690,000 |
Emerging Markets Corporate Bond(b) | 539,000 | 119,000 | (d) |
Emerging Markets Corporate Multi-Sector Account Portfolio | (e) | (e) | (d) |
Emerging Markets Local Currency Bond(b) | 437,000 | 359,000 | 152,000 |
Emerging Markets Local Multi-Sector Account Portfolio | (e) | (e) | (d) |
Equity Income(a) | 145,835,000 | 125,484,000 | 116,095,000 |
Equity Index 500 | 17,920,000 | 14,684,000 | 13,531,000 |
Extended Equity Market Index(c) | 2,274,000 | 1,598,000 | 1,487,000 |
Financial Services | 3,281,000 | 2,071,000 | 2,006,000 |
Global High Income Bond(b) | (d) | (d) | (d) |
Global Industrials | 14,000 | (d) | (d) |
Global Real Estate(b) | 1,394,000 | 555,000 | 310,000 |
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Fund | Fiscal Year Ended | ||
12/31/13 | 12/31/12 | 12/31/11 | |
Global Technology | 5,783,000 | 4,965,000 | 3,716,000 |
Global Unconstrained Bond(b) | (d) | (d) | (d) |
Growth & Income | 7,182,000 | 6,310,000 | 6,134,000 |
Growth Stock(a) | 185,883,000 | 154,138,000 | 137,117,000 |
Health Sciences | 45,024,000 | 28,279,000 | 18,865,000 |
Institutional Emerging Markets Bond(c) | 1,831,000 | 1,666,000 | 1,394,000 |
Institutional International Bond(c) | 1,101,000 | 843,000 | 1,084,000 |
Institutional Large-Cap Core Growth | 4,351,000 | 2,186,000 | 1,368,000 |
Institutional Large-Cap Growth | 41,104,000 | 26,725,000 | 15,818,000 |
Institutional Large-Cap Value | 7,366,000 | 4,834,000 | 3,305,000 |
Institutional Mid-Cap Equity Growth | 21,569,000 | 16,359,000 | 9,561,000 |
Institutional Small-Cap Stock | 8,603,000 | 5,484,000 | 3,276,000 |
Institutional U.S. Structured Research | 3,096,000 | 2,717,000 | 2,876,000 |
International Bond(b) | 32,733,000 | 33,327,000 | 34,719,000 |
Media & Telecommunications | 17,569,000 | 14,284,000 | 13,030,000 |
Mid-Cap Growth(a) | 131,629,000 | 116,777,000 | 123,991,000 |
Mid-Cap Value(a) | 68,332,000 | 58,472,000 | 58,754,000 |
New America Growth(b) | 26,375,000 | 21,749,000 | 12,570,000 |
New Era | 24,189,000 | 24,641,000 | 30,599,000 |
New Horizons | 82,332,000 | 60,313,000 | 52,289,000 |
Real Assets | 21,111,000 | 17,198,000 | 13,203,000 |
Real Estate(b) | 22,547,000 | 21,021,000 | 16,942,000 |
Science & Technology(b) | 18,353,000 | 17,951,000 | 19,909,000 |
Small-Cap Stock(b) | 66,844,000 | 53,336,000 | 52,293,000 |
Small-Cap Value(b) | 58,418,000 | 47,986,000 | 46,105,000 |
Spectrum Growth | (e) | (e) | (e) |
Spectrum Income | (e) | (e) | (e) |
Spectrum International | (e) | (e) | (e) |
Total Equity Market Index(c) | 2,971,000 | 2,489,000 | 2,202,000 |
U.S. Large-Cap Core(b) | 345,000 | 240,000 | 193,000 |
Value(b) | 102,361,000 | 82,781,000 | 78,910,000 |
(a) The fund has three classes of shares. The management fee is allocated to each class based on relative net assets.
(b) The fund has two classes of shares. The management fee is allocated to each class based on relative net assets.
(c) The fee includes investment management fees and administrative expenses.
(d) Prior to commencement of operations.
(e) The fund does not pay an investment management fee.
Expense Limitations and Reimbursements
The following chart sets forth contractual expense ratio limitations and the periods for which they are effective. For each fund, the Investment Managers have agreed to bear any fund expenses (other than interest, taxes, brokerage, and other expenditures that are capitalized in accordance with generally accepted accounting principles, extraordinary expenses, and acquired fund fees) which would cause the fund’s ratio of expenses to
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average net assets to exceed the indicated percentage limitation. The expenses borne by the Investment Managers are subject to reimbursement by the funds through the indicated reimbursement date, provided no reimbursement will be made if it would result in a fund’s expense ratio exceeding its applicable limitation.
Fund | Limitation Period | Expense Ratio Limitation % | Reimbursement Date |
Asia Opportunities | May 21, 2014 – February 28, 2017 | 1.15 | (a) |
Asia Opportunities Fund–Advisor Class | May 21, 2014 – February 28, 2017 | 1.25 | (a) |
California Tax-Free Money(b) | July 1, 2013 – June 30, 2015 | 0.55 | (a) |
Capital Opportunity Fund–Advisor Class | May 1, 2010 – April 30, 2012 | 1.10 | April 30, 2014(d) |
Capital Opportunity Fund–R Class(c) | May 1, 2014 – April 30, 2016 | 1.35 | April 30, 2018(d) |
Credit Opportunities | April 29, 2014 – September 30, 2016 | 0.90 | (a) |
Credit Opportunities Fund–Advisor Class | April 29, 2014 – September 30, 2016 | 1.00 | (a) |
Diversified Small-Cap Growth | May 1, 2010 – April 30, 2012 | 1.25 | April 30, 2014(d) |
Emerging Markets Corporate Bond | May 24, 2012 – April 30, 2015 | 1.15 | (a) |
Emerging Markets Corporate Bond Fund–Advisor Class | May 24, 2012 – April 30, 2015 | 1.25 | (a) |
Emerging Markets Local Currency Bond(e) | May 1, 2014 – April 30, 2016 | 1.10 | (a) |
Emerging Markets Local Currency Bond Fund–Advisor Class(f) | May 1, 2014 – April 30, 2016 | 1.20 | (a) |
Equity Index 500(g) | May 1, 2014 – April 30, 2016 | 0.30 | April 30, 2018(d) |
Floating Rate(h) | October 1, 2013 – September 30, 2015 | 0.85 | (a) |
Floating Rate Fund–Advisor Class(i) | October 1, 2013 – September 30, 2015 | 0.95 | (a) |
Global Allocation | May 28, 2013 – February 29, 2016 | 1.05 | (a) |
Global Allocation Fund–Advisor Class | May 28, 2013 – February 29, 2016 | 1.15 | (a) |
Global Growth Stock(j) | March 1, 2013 – February 28, 2017 | 1.00 | (a) |
Global Growth Stock Fund–Advisor Class(k) | March 1, 2013 – February 28, 2017 | 1.10 | (a) |
Global High Income Bond | January 22, 2015 – April 30, 2017 | 0.85 | (a) |
Global High Income Bond Fund–Advisor Class | January 22, 2015 – April 30, 2017 | 1.00 | (a) |
Global Industrials | October 24, 2013 – April 30, 2016 | 1.05 | (a) |
Global Real Estate(l) | May 1, 2013 – April 30, 2015 | 1.05 | (a) |
Global Real Estate Fund–Advisor Class(m) | May 1, 2013 – April 30, 2015 | 1.15 | (a) |
Global Stock Fund–Advisor Class(n) | March 1, 2014 – February 29, 2016 | 1.15 | February 28, 2018(d) |
Global Unconstrained Bond | January 22, 2015 – April 30, 2017 | 0.75 | (a) |
Global Unconstrained Bond Fund–Advisor Class | January 22, 2015 – April 30, 2017 | 0.90 | (a) |
Inflation Protected Bond(o) | October 1, 2014 – September 30, 2016 | 0.50 | September 30, 2018(d) |
Institutional Africa & Middle East(p) | March 1, 2013 – February 28, 2015 | 1.25 | (a) |
Institutional Frontier Markets Equity | September 22, 2014 – February 28, 2017 | 1.10 | (a) |
Institutional Global Focused Growth Equity(q) | March 1, 2013 – February 28, 2017 | 0.75 | (a) |
Institutional Global Growth Equity(r) | March 1, 2013 – February 28, 2017 | 0.75 | (a) |
Institutional Global Value Equity(s) | March 1, 2014 – February 29, 2016 | 0.75 | (a) |
Institutional International Concentrated Equity(t) | March 1, 2013 – February 28, 2017 | 0.75 | (a) |
Institutional International Core Equity(u) | March 1, 2013 – February 28, 2017 | 0.75 | (a) |
Institutional International Growth Equity(v) | March 1, 2014 - February 29, 2016 | 0.75 | February 28, 2018(d) |
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Fund | Limitation Period | Expense Ratio Limitation % | Reimbursement Date |
Institutional Large-Cap Core Growth(w) | May 1, 2013 – April 30, 2015 | 0.65 | April 30, 2017(d) |
Institutional U.S. Structured Research(x) | May 1, 2014 – April 30, 2016 | 0.55 | (a) |
Intermediate Tax-Free High Yield Fund | July 24, 2014 – June 30, 2017 | 0.75 | (a) |
Intermediate Tax-Free High Yield Fund–Advisor Class | July 24, 2014 – June 30, 2017 | 0.85 | (a) |
International Concentrated Equity | August 22, 2014 – February 28, 2017 | 0.90 | (a) |
International Concentrated Equity–Advisor Class | August 22, 2014 – February 28, 2017 | 1.00 | (a) |
International Stock Fund–R Class(y) | March 1, 2014 – February 29, 2016 | 1.40 | (a) |
New America Growth Fund–Advisor Class | May 1, 2010 – April 30, 2012 | 1.10 | (a) |
New Income Fund–R Class(z) | October 1, 2014 – September 30, 2016 | 1.15 | (a) |
New York Tax-Free Money(aa) | July 1, 2013 – June 30, 2015 | 0.55 | (a) |
Real Assets | July 28, 2010 – April 30, 2013 | 1.10 | (a) |
Strategic Income Fund(bb) | October 1, 2011 – September 30, 2013 | 0.80 | (a) |
Strategic Income Fund–Advisor Class(cc) | October 1, 2013 – September 30, 2015 | 0.95 | (a) |
Tax-Efficient Equity | July 1, 2010 – June 30, 2012 | 1.25 | June 30, 2014(d) |
Tax-Free High Yield Fund–Advisor Class | August 8, 2012 – June 30, 2015 | 1.05 | (a) |
Tax-Free Short-Intermediate Fund–Advisor Class | August 8, 2012 – June 30, 2015 | 0.85 | (a) |
Tax-Free Ultra Short-Term Bond Fund | December 3, 2012 – June 30, 2015 | 0.35 | (a) |
U.S. Large-Cap Core Fund(dd) | May 1, 2014 – April 30, 2016 | 1.15 | (a) |
U.S. Large-Cap Core Fund–Advisor Class(ee) | May 1, 2014 – April 30, 2016 | 1.20 | (a) |
U.S. Treasury Long-Term Fund (ff) | October 1, 2012 – September 30, 2014 | 0.55 | September 30, 2016(d) |
Ultra Short-Term Bond Fund | December 3, 2012 – September 30, 2015 | 0.35 | (a) |
(a) No reimbursement will be made more than three years after any waiver or payment.
(b) The California Tax-Free Money Fund previously operated under a 0.55% expense limitation that expired June 30, 2013.
(c) The Capital Opportunity Fund–R Class previously operated under a 1.35% expense limitation that expired April 30, 2014. The reimbursement period for this limitation extends through April 30, 2016.
(d) No reimbursement will be made after the reimbursement date or three years after any waiver or payment, whichever is sooner.
(e) The Emerging Markets Local Currency Bond Fund previously operated under a 1.10% expense limitation that expired April 30, 2014.
(f) The Emerging Markets Local Currency Bond Fund–Advisor Class previously operated under a 1.20% expense limitation that expired April 30, 2014.
(g) The Equity Index 500 Fund previously operated under a 0.30% expense limitation that expired April 30, 2014. The reimbursement period for this limitation extends through April 30, 2016.
(h) The Floating Rate Fund previously operated under a 0.85% expense limitation that expired September 30, 2013.
(i) The Floating Rate Fund–Advisor Class previously operated under a 0.95% expense limitation that expired September 30, 2013.
(j) The Global Growth Stock Fund previously operated under a 1.00% expense limitation that expired February 28, 2015.
(k) The Global Growth Stock Fund–Advisor Class previously operated under a 1.10% expense limitation that expired February 28, 2015.
(l) The Global Real Estate Fund previously operated under a 1.05% expense limitation.
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(m) The Global Real Estate Fund–Advisor Class previously operated under a 1.15% expense limitation.
(n) The Global Stock Fund–Advisor Class previously operated under a 1.15% expense limitation that expired February 28, 2014. The reimbursement period for this limitation extends through February 29, 2016.
(o) The Inflation Protected Bond Fund previously operated under a 0.50% expense limitation that expired September 30, 2014. The reimbursement period for this limitation extends through September 30, 2016.
(p) The Institutional Africa & Middle East Fund previously operated under a 1.25% expense limitation that expired February 28, 2013.
(q) The Institutional Global Focused Growth Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015.
(r) The Institutional Global Growth Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015.
(s) The Institutional Global Value Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2014.
(t) The Institutional International Concentrated Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015.
(u) The Institutional International Core Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2015.
(v) The Institutional International Growth Equity Fund previously operated under a 0.75% expense limitation that expired February 28, 2014. The reimbursement period for this limitation extends through February 29, 2016.
(w) The Institutional Large-Cap Core Growth Fund previously operated under a 0.65% expense limitation that expired April 30, 2013. The reimbursement period for this limitation extends through April 30, 2015.
(x) The Institutional Structured Research Fund previously operated under a 0.55% expense limitation that expired April 30, 2014.
(y) The International Stock Fund–R Class previously operated under a 1.40% expense limitation that expired February 28, 2014.
(z) The New Income Fund–R Class previously operated under a 1.15% expense limitation that expired September 30, 2014.
(aa) The New York Tax-Free Money Fund previously operated under a 0.55% expense limitation that expired June 30, 2013.
(bb) The Strategic Income Fund previously operated under a 0.80% expense limitation that expired September 30, 2013.
(cc) The Strategic Income Fund–Advisor Class previously operated under a 0.95% expense limitation that expired September 30, 2013.
(dd) The U.S. Large-Cap Core Fund previously operated under a 1.15% expense limitation that expired April 30, 2014.
(ee) The U.S. Large-Cap Core Fund–Advisor Class previously operated under a 1.20% expense limitation that expired April 30, 2014.
(ff) The U.S. Treasury Long-Term Fund previously operated under a 0.55% expense limitation that expired September 30, 2012. The reimbursement period for this limitation extends through September 30, 2014.
The Investment Management Agreements between the funds and the Investment Managers provide that each fund will bear all expenses of its operations not specifically assumed by the Investment Managers.
For the purpose of determining whether a fund is entitled to expense limitation, the expenses of a fund are calculated on a monthly basis. If a fund is entitled to expense limitation, that month’s advisory fee will be reduced or postponed, with any adjustment made after the end of the year.
Except for the California and New York Funds, each of the above-referenced funds’ Investment Management Agreement also provides that one or more additional expense limitation periods (of the same or different time periods) may be implemented after the expiration of the current expense limitation, and that with respect to any such additional limitation period, the funds may reimburse the Investment Managers, provided the reimbursement does not result in the funds’ aggregate expenses exceeding the additional expense limitation. No reimbursement may be made by the California and New York Funds unless approved by shareholders.
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California Tax-Free Money Fund At February 28, 2014, management fees in the amount of $100,000 were waived. Including these amounts, management fees waived in the amount of $323,000 remain subject to repayment.
Capital Opportunity Fund–R Class At December 31, 2013, expenses in the amount of $5,000 were reimbursed to the manager. Including these amounts, expenses previously reimbursed by the manager in the amount of $4,000 remain subject to repayment.
Emerging Markets Corporate Bond Fund and Emerging Markets Corporate Bond Fund–Advisor Class At December 31, 2013, management fees in the amount of $108,000 were waived and expenses in the amount of $107,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $405,000 remain subject to repayment.
Emerging Markets Local Currency Bond Fund and Emerging Markets Local Currency Bond Fund–Advisor Class At December 31, 2013, management fees in the amount of $125,000 were waived and expenses in the amount of $106,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $676,000 remain subject to repayment.
Equity Index 500 Fund At December 31, 2013, there were no amounts subject to repayment.
Floating Rate Fund and Floating Rate Fund–Advisor Class At May 31, 2014, management fees in the amount of $311,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $473,000 remain subject to repayment.
Global Growth Stock Fund and Global Growth Stock Fund–Advisor Class At October 31, 2014, management fees in the amount of $3,000 were repaid and expenses in the amount of $143,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $490,000 remain subject to repayment.
Global Real Estate Fund and Global Real Estate Fund–Advisor Class At December 31, 2013, management fees in the amount of $255,000 were waived and expenses in the amount of $349,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $869,000 remain subject to repayment.
Global Stock Fund–Advisor Class At October 31, 2014, expenses in the amount of $3,000 were reimbursed to the manager. Including these amounts, expenses previously reimbursed by the manager in the amount of $10,000 remain subject to repayment.
Inflation Protected Bond Fund At May 31, 2014, management fees in the amount of $355,000 were waived. Including these amounts, management fees waived in the amount of $969,000 remain subject to repayment.
Institutional Africa & Middle East Fund At October 31, 2014, management fees in the amount of $77,000 were repaid. There were no amounts subject to repayment. The fund operated below its expense limit.
Institutional Global Focused Growth Equity Fund At October 31, 2014, management fees in the amount of $176,000 were waived. Including these amounts, management fees waived in the amount of $426,000 remain subject to repayment.
Institutional Global Growth Equity Fund At October 31, 2014, management fees in the amount of $107,000 were waived. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $476,000 remain subject to repayment.
Institutional Global Value Equity Fund At October 31, 2014, management fees in the amount of $64,000 were waived and expenses in the amount of $164,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $575,000 remain subject to repayment.
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Institutional International Concentrated Equity Fund At October 31, 2014, management fees in the amount of $120,000 were waived and expenses in the amount of $51,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $607,000 remain subject to repayment.
Institutional International Core Equity Fund At October 31, 2014, management fees in the amount of $165,000 were waived. Including these amounts, management fees waived in the amount of $538,000 remain subject to repayment.
Institutional International Growth Equity Fund At October 31, 2014, management fees in the amount of $231,000 were waived. Including these amounts, management fees waived in the amount of $644,000 remain subject to repayment.
Institutional Large-Cap Core Growth Fund At December 31, 2013, management fees in the amount of $67,000 were reimbursed by the manager and there were no amounts subject to repayment.
Institutional U.S. Structured Research Fund At December 31, 2013, management fees in the amount of $56,000 were waived. Including these amounts, management fees waived in the amount of $18,000 remain subject to repayment.
International Concentrated Equity Fund and International Concentrated Equity Fund–Advisor Class At October 31, 2014, management fees in the amount of $4,000 were waived and expenses in the amount of $56,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $60,000 remain subject to repayment.
International Stock Fund–R Class At October 31, 2014, expenses less than $1,000 were reimbursed to the manager. Including these amounts, expenses previously reimbursed by the manager in the amount of $6,000 remain subject to repayment.
New Income Fund–R Class At May 31, 2014, expenses in the amount of $5,000 were repaid to the manager. Including these amounts, expenses previously reimbursed by the manager in the amount of $22,000 remain subject to repayment.
New York Tax-Free Money Fund At February 28, 2014, management fees in the amount of $103,000 were waived. Including these amounts, management fees waived in the amount of $313,000 remain subject to repayment.
Strategic Income Fund and Strategic Income Fund–Advisor Class At May 31, 2014, expenses in the amount of $3,000 were repaid to the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $13,000 remain subject to repayment.
Tax-Efficient Equity Fund At February 28, 2014, there were no amounts subject to repayment. The fund operated below its expense limit.
U.S. Large-Cap Core and U.S. Large-Cap Core Growth–Advisor Class At December 31, 2013, management fees in the amount of $81,000 were waived and expenses in the amount of $47,000 were reimbursed by the manager. Including these amounts, management fees waived and expenses previously reimbursed by the manager in the amount of $266,000 remain subject to repayment.
U.S. Treasury Long-Term At May 31, 2014, there were no amounts subject to repayment.
Management Related Services
In addition to the management fee, the funds (other than the Single-Fee Funds) pay for the following: shareholder service expenses; custodial, accounting, legal, and audit fees; costs of preparing and printing prospectuses and reports sent to shareholders; registration fees and expenses; proxy and annual meeting expenses (if any); and directors’ fees and expenses.
T. Rowe Price Services, Inc. (“Services”), a wholly owned subsidiary of T. Rowe Price, acts as the funds’ transfer and dividend disbursing agent and provides shareholder and administrative services. T. Rowe Price
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Retirement Plan Services, Inc. (“RPS”), also a wholly owned subsidiary, provides recordkeeping, sub-transfer agency, and administrative services for certain types of retirement plans investing in the funds. The fees paid by the funds to Services are based on the costs to Services of providing these services plus a return on capital employed in support of the services.
The fees paid to RPS are based on the percentage of Price Fund assets for which RPS provides recordkeeping and sub-transfer agency services. The fees paid to Services and RPS are set forth in each fund’s shareholder report under “Related Party Transactions.” The address for Services and RPS is 100 East Pratt Street, Baltimore, Maryland 21202.
T. Rowe Price, under a separate agreement with the funds, provides accounting services to the funds. The funds paid the expenses shown in the following table during the fiscal years indicated to T. Rowe Price for accounting services.
Fund | Fiscal Year Ended | ||
2/28/14 | 2/28/13 | 2/29/12 | |
California Tax-Free Bond | $91,000 | $94,000 | $91,000 |
California Tax-Free Money | 91,000 | 94,000 | 91,000 |
Floating Rate Multi-Sector Account Portfolio | — | — | (a) |
Georgia Tax-Free Bond | 91,000 | 94,000 | 91,000 |
High Yield Multi-Sector Account Portfolio | — | — | (a) |
Intermediate Tax-Free High Yield | (a) | (a) | (a) |
Intermediate Tax-Free High Yield Fund–Advisor Class | (a) | (a) | (a) |
Investment-Grade Corporate Multi-Sector Account Portfolio | — | — | (a) |
Maryland Short-Term Tax-Free Bond | 91,000 | 94,000 | 91,000 |
Maryland Tax-Free Bond | 112,000 | 119,000 | 120,000 |
Maryland Tax-Free Money | 91,000 | 94,000 | 91,000 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | — | — | (a) |
New Jersey Tax-Free Bond | 91,000 | 94,000 | 91,000 |
New York Tax-Free Bond | 91,000 | 94,000 | 91,000 |
New York Tax-Free Money | 91,000 | 94,000 | 91,000 |
Tax-Efficient Equity | 91,000 | 94,000 | 91,000 |
Tax-Exempt Money | 116,000 | 119,000 | 120,000 |
Tax-Free High Yield | 161,000 | 156,000 | 149,000 |
Tax-Free High Yield Fund–Advisor Class | 276 | (b) | (a) |
Tax-Free Income | 86,000 | 86,000 | 78,000 |
Tax-Free Income Fund–Advisor Class | 50,000 | 54,000 | 59,000 |
Tax-Free Short-Intermediate | 111,000 | 106,000 | 91,000 |
Tax-Free Short-Intermediate Fund–Advisor Class | 290 | (b) | (a) |
Tax-Free Ultra Short-Term Bond | (a) | (a) | (a) |
Virginia Tax-Free Bond | 91,000 | 94,000 | 84,000 |
(a) Prior to commencement of operations.
(b) Less than $1,000.
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Fund | Fiscal Year Ended | ||
5/31/14 | 5/31/13 | 5/31/12 | |
Corporate Income | $132,000 | $143,000 | $148,000 |
Credit Opportunities | 18,000 | (a) | (a) |
Credit Opportunities–Advisor Class | (b) | (a) | (a) |
GNMA | 117,000 | 118,000 | 120,000 |
Floating Rate | 157,000 | 159,000 | 151,000 |
Floating Rate Fund–Advisor Class | 8,000 | 4,000 | 2,000 |
TRP Government Reserve Investment | 92,000 | 93,000 | 92,000 |
High Yield | 180,000 | 166,000 | 162,000 |
High Yield Fund–Advisor Class | 22,000 | 29,000 | 37,000 |
Inflation Focused Bond | 142,000 | 143,000 | 148,000 |
Inflation Protected Bond | 142,000 | 143,000 | 148,000 |
Institutional Core Plus | 200,000 | 193,000 | 197,000 |
Institutional Core Plus Fund–F Class | 1,000 | 2,000 | 1,000 |
Institutional Credit Opportunities | 16,000 | (a) | (a) |
Institutional Floating Rate | 120,000 | 131,000 | 157,000 |
Institutional Floating Rate Fund–F Class | 45,000 | 49,000 | 42,000 |
Institutional Global Multi-Sector Bond | 93,000 | (a) | (a) |
Institutional High Yield | 179,000 | 175,000 | 181,000 |
Institutional Long Duration Credit | 131,000 | (a) | (a) |
New Income | 223,000 | 214,000 | 215,000 |
New Income Fund–Advisor Class | (b) | (b) | (b) |
New Income Fund–R Class | (b) | (b) | (b) |
Personal Strategy Balanced | 179,000 | 175,000 | 181,000 |
Personal Strategy Growth | 179,000 | 175,000 | 181,000 |
Personal Strategy Income | 179,000 | 175,000 | 181,000 |
Prime Reserve | 117,000 | 118,000 | 120,000 |
TRP Reserve Investment | 117,000 | 118,000 | 138,000 |
Retirement 2005 | (c) | (c) | (c) |
Retirement 2005 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2005 Fund–R Class | (c) | (c) | (c) |
Retirement 2010 | (c) | (c) | (c) |
Retirement 2010 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2010 Fund–R Class | (c) | (c) | (c) |
Retirement 2015 | (c) | (c) | (c) |
Retirement 2015 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2015 Fund–R Class | (c) | (c) | (c) |
Retirement 2020 | (c) | (c) | (c) |
Retirement 2020 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2020 Fund–R Class | (c) | (c) | (c) |
Retirement 2025 | (c) | (c) | (c) |
Retirement 2025 Fund–Advisor Class | (c) | (c) | (c) |
166
Fund | Fiscal Year Ended | ||
5/31/14 | 5/31/13 | 5/31/12 | |
Retirement 2025 Fund–R Class | (c) | (c) | (c) |
Retirement 2030 | (c) | (c) | (c) |
Retirement 2030 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2030 Fund–R Class | (c) | (c) | (c) |
Retirement 2035 | (c) | (c) | (c) |
Retirement 2035 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2035 Fund–R Class | (c) | (c) | (c) |
Retirement 2040 | (c) | (c) | (c) |
Retirement 2040 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2040 Fund–R Class | (c) | (c) | (c) |
Retirement 2045 | (c) | (c) | (c) |
Retirement 2045 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2045 Fund–R Class | (c) | (c) | (c) |
Retirement 2050 | (c) | (c) | (c) |
Retirement 2050 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2050 Fund–R Class | (c) | (c) | (c) |
Retirement 2055 | (c) | (c) | (c) |
Retirement 2055 Fund–Advisor Class | (c) | (c) | (c) |
Retirement 2055 Fund–R Class | (c) | (c) | (c) |
Retirement 2060 | (a) | (a) | (a) |
Retirement 2060 Fund–Advisor Class | (a) | (a) | (a) |
Retirement 2060 Fund–R Class | (a) | (a) | (a) |
Retirement Balanced | (c) | (c) | (c) |
Retirement Balanced Fund–Advisor Class | (c) | (c) | (c) |
Retirement Balanced Fund–R Class | (c) | (c) | (c) |
Short-Term Bond | 159,000 | 146,000 | 155,000 |
Short-Term Bond Fund–Advisor Class | 5,000 | 17,000 | 10,000 |
Short-Term Government Reserve | 179,000 | (a) | (a) |
Short-Term Reserve | (a) | (a) | (a) |
Strategic Income | 200,000 | 194,000 | 198,000 |
Strategic Income Fund–Advisor Class | 1,000 | (b) | (b) |
Target Retirement 2005 | (c) | (a) | (a) |
Target Retirement 2005 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2010 | (c) | (a) | (a) |
Target Retirement 2010 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2015 | (c) | (a) | (a) |
Target Retirement 2015 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2020 | (c) | (a) | (a) |
Target Retirement 2020 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2025 | (c) | (a) | (a) |
Target Retirement 2025 Fund–Advisor Class | (c) | (a) | (a) |
167
Fund | Fiscal Year Ended | ||
5/31/14 | 5/31/13 | 5/31/12 | |
Target Retirement 2030 | (c) | (a) | (a) |
Target Retirement 2030 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2035 | (c) | (a) | (a) |
Target Retirement 2035 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2040 | (c) | (a) | (a) |
Target Retirement 2040 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2045 | (c) | (a) | (a) |
Target Retirement 2045 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2050 | (c) | (a) | (a) |
Target Retirement 2050 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2055 | (c) | (a) | (a) |
Target Retirement 2055 Fund–Advisor Class | (c) | (a) | (a) |
Target Retirement 2060 | (a) | (a) | (a) |
Target Retirement 2060 Fund–Advisor Class | (a) | (a) | (a) |
U.S. Treasury Intermediate | 92,000 | 93,000 | 92,000 |
U.S. Treasury Long-Term | 92,000 | 93,000 | 92,000 |
U.S. Treasury Money | 92,000 | 93,000 | 92,000 |
Ultra Short-Term Bond | 107,000 | 57,000 | (a) |
(a) Prior to commencement of operations.
(b) Less than $1,000.
(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.
Fund | Fiscal Year Ended | ||
10/31/14 | 10/31/13 | 10/31/12 | |
Africa & Middle East | $183,000 | $175,000 | $177,000 |
Asia Opportunities | 74,000 | (a) | (a) |
Asia Opportunities Fund–Advisor Class | 1,000 | (a) | (a) |
Emerging Europe | 119,000 | 116,000 | 120,000 |
Emerging Markets Stock | 183,000 | 175,000 | 177,000 |
European Stock | 119,000 | 116,000 | 120,000 |
Global Allocation | 203,000 | 82,000 | (a) |
Global Allocation Fund–Advisor Class | 4,000 | (b) | (a) |
Global Growth Stock | 142,000 | 135,000 | 138,000 |
Global Growth Stock Fund–Advisor Class | 1,000 | 1,000 | 1,000 |
Global Stock | 143,000 | 136,000 | 139,000 |
Global Stock Fund–Advisor Class | (b) | (b) | (b) |
Institutional Africa & Middle East | 183,000 | 175,000 | 177,000 |
Institutional Emerging Markets Equity | 144,000 | 141,000 | 146,000 |
Institutional Frontier Markets Equity | 15,000 | (a) | (a) |
Institutional Global Focused Growth Equity | 119,000 | 116,000 | 120,000 |
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Fund | Fiscal Year Ended | ||
10/31/14 | 10/31/13 | 10/31/12 | |
Institutional Global Growth Equity | 119,000 | 116,000 | 120,000 |
Institutional Global Value Equity | 144,000 | 137,000 | 32,000 |
Institutional International Concentrated Equity | 119,000 | 116,000 | 120,000 |
Institutional International Core Equity | 119,000 | 116,000 | 120,000 |
Institutional International Growth Equity | 119,000 | 116,000 | 120,000 |
International Concentrated Equity | 24,000 | (a) | (a) |
International Concentrated Equity–Advisor Class | 3,000 | (a) | (a) |
International Discovery | 144,000 | 141,000 | 146,000 |
International Equity Index | 183,000 | 175,000 | 177,000 |
International Growth & Income | 163,000 | 151,000 | 152,000 |
International Growth & Income Fund–Advisor Class | 3,000 | 4,000 | 5,000 |
International Growth & Income Fund–R Class | (b) | 1,000 | 1,000 |
International Stock | 163,000 | 152,000 | 154,000 |
International Stock Fund–Advisor Class | 4,000 | 4,000 | 5,000 |
International Stock Fund–R Class | (b) | (b) | (b) |
Japan | 94,000 | 91,000 | 94,000 |
Latin America | 119,000 | 116,000 | 120,000 |
New Asia | 144,000 | 141,000 | 146,000 |
Overseas Stock | 144,000 | 141,000 | 146,000 |
Summit Cash Reserves | 119,000 | 116,000 | 120,000 |
Summit Municipal Income | 118,000 | 111,000 | 99,000 |
Summit Municipal Income Fund–Advisor Class | (b) | (b) | (b) |
Summit Municipal Intermediate | 118,000 | 111,000 | 99,000 |
Summit Municipal Intermediate Fund–Advisor Class | (b) | (b) | (b) |
Summit Municipal Money Market | 119,000 | 116,000 | 120,000 |
U.S. Bond Enhanced Index | 119,000 | 116,000 | 120,000 |
(a) Prior to commencement of operations.
(b) Less than $1,000.
Fund | Fiscal Year Ended | ||
12/31/13 | 12/31/12 | 12/31/11 | |
Balanced | $175,000 | $175,000 | $185,000 |
Blue Chip Growth | 115,000 | 122,000 | 113,000 |
Blue Chip Growth Fund–Advisor Class | 13,000 | 12,000 | 8,000 |
Blue Chip Growth Fund–R Class | 2,000 | 2,000 | 1,000 |
Capital Appreciation | 188,000 | 190,000 | 196,000 |
Capital Appreciation Fund–Advisor Class | 7,000 | 5,000 | 5,000 |
Capital Opportunity | 151,000 | 157,000 | 148,000 |
Capital Opportunity Fund–Advisor Class | 2,000 | 2,000 | 4,000 |
169
Fund | Fiscal Year Ended | ||
12/31/13 | 12/31/12 | 12/31/11 | |
Capital Opportunity Fund–R Class | 2,000 | 1,000 | (a) |
Diversified Mid-Cap Growth | 90,000 | 95,000 | 90,000 |
Diversified Small-Cap Growth | 90,000 | 95,000 | 90,000 |
Dividend Growth | 103,000 | 109,000 | 102,000 |
Dividend Growth Fund–Advisor Class | 7,000 | 6,000 | 4,000 |
Emerging Markets Bond | 175,000 | 175,000 | 185,000 |
Emerging Markets Corporate Bond | 194,000 | 116,000 | (b) |
Emerging Markets Corporate Bond Fund–Advisor Class | 1,000 | 2,000 | (b) |
Emerging Markets Corporate Multi-Sector Account Portfolio | (b) | (b) | (b) |
Emerging Markets Local Currency Bond | 193,000 | 194,000 | 119,000 |
Emerging Markets Local Currency Bond Fund–Advisor Class | 2,000 | 1,000 | 1,000 |
Emerging Markets Local Multi-Sector Account Portfolio | (b) | (b) | (b) |
Equity Income | 117,000 | 121,000 | 110,000 |
Equity Income Fund–Advisor Class | 11,000 | 12,000 | 11,000 |
Equity Income Fund Fund–R Class | 1,000 | 2,000 | 1,000 |
Equity Index 500 | 140,000 | 145,000 | 150,000 |
Extended Equity Market Index | 140,000 | 145,000 | 150,000 |
Financial Services | 90,000 | 95,000 | 90,000 |
Global High Income Bond | (b) | (b) | (b) |
Global High Income Bond–Advisor Class | (b) | (b) | (b) |
Global Industrials | 26,000 | (b) | (b) |
Global Real Estate | 183,000 | 187,000 | 197,000 |
Global Real Estate Fund–Advisor Class | 12,000 | 8,000 | 4,000 |
Global Technology | 115,000 | 120,000 | 120,000 |
Global Unconstrained Bond | (b) | (b) | (b) |
Global Unconstrained Bond–Advisor Class | (b) | (b) | (b) |
Growth & Income | 90,000 | 95,000 | 90,000 |
Growth Stock | 139,000 | 144,000 | 136,000 |
Growth Stock Fund–Advisor Class | 12,000 | 12,000 | 12,000 |
Growth Stock Fund–R Class | 4,000 | 4,000 | 4,000 |
Health Sciences | 175,000 | 175,000 | 185,000 |
Institutional Emerging Markets Bond | 140,000 | 145,000 | 185,000 |
Institutional International Bond | 140,000 | 145,000 | 185,000 |
Institutional Large-Cap Core Growth | 90,000 | 95,000 | 90,000 |
Institutional Large-Cap Growth | 90,000 | 95,000 | 90,000 |
Institutional Large-Cap Value | 90,000 | 95,000 | 90,000 |
Institutional Mid-Cap Equity Growth | 90,000 | 95,000 | 90,000 |
Institutional Small-Cap Stock | 90,000 | 95,000 | 90,000 |
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Fund | Fiscal Year Ended | ||
12/31/13 | 12/31/12 | 12/31/11 | |
Institutional U.S. Structured Research | 115,000 | 120,000 | 120,000 |
International Bond | 155,000 | 154,000 | 181,000 |
International Bond Fund–Advisor Class | 5,000 | 11,000 | 20,000 |
Media & Telecommunications | 115,000 | 120,000 | 120,000 |
Mid-Cap Growth | 122,000 | 126,000 | 113,000 |
Mid-Cap Growth Fund–Advisor Class | 6,000 | 7,000 | 7,000 |
Mid-Cap Growth Fund–R Class | 2,000 | 2,000 | 2,000 |
Mid-Cap Value | 118,000 | 122,000 | 109,000 |
Mid-Cap Value Fund–Advisor Class | 8,000 | 9,000 | 9,000 |
Mid-Cap Value Fund–R Class | 4,000 | 4,000 | 4,000 |
New America Growth | 94,000 | 99,000 | 98,000 |
New America Fund–Advisor Class | 16,000 | 16,000 | 8,000 |
New Era | 90,000 | 95,000 | 90,000 |
New Horizons | 115,000 | 120,000 | 120,000 |
Real Assets | 175,000 | 175,000 | 185,000 |
Real Estate | 151,000 | 153,000 | 157,000 |
Real Estate Fund–Advisor Class | 9,000 | 12,000 | 9,000 |
Science & Technology | 118,000 | 121,000 | 118,000 |
Science & Technology Fund–Advisor Class | 17,000 | 19,000 | 18,000 |
Small-Cap Stock | 105,000 | 111,000 | 102,000 |
Small-Cap Stock Fund–Advisor Class | 5,000 | 4,000 | 4,000 |
Small-Cap Value | 137,000 | 142,000 | 142,000 |
Small-Cap Value Fund–Advisor Class | 23,000 | 23,000 | 24,000 |
Spectrum Growth | (c) | (c) | (c) |
Spectrum Income | (c) | (c) | (c) |
Spectrum International | (c) | (c) | (c) |
Total Equity Market Index | 140,000 | 145,000 | 150,000 |
U.S. Large-Cap Core | 109,000 | 114,000 | 105,000 |
U.S. Large-Cap Core–Advisor Class | 1,000 | 1,000 | 1,000 |
Value | 108,000 | 112,000 | 103,000 |
Value Fund–Advisor Class | 2,000 | 3,000 | 3,000 |
(a) Less than $1,000.
(b) Prior to commencement of operations.
(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.
529 Plans
T. Rowe Price is the investment manager of several college savings plans established by states under section 529 of the Code. Each plan has a number of portfolios that invest in underlying Price Funds including Blue Chip Growth, Emerging Markets Bond, Emerging Markets Stock, Equity Income, Equity Index 500, Extended Equity Market Index, Financial Services, Health Sciences, High Yield, Inflation Focused Bond, International Bond, International Equity Index, International Growth & Income, International Stock, Mid-Cap Growth, Mid-Cap Value, New Horizons, New Income, Overseas Stock, Real Assets, Science & Technology, Short-Term
171
Bond, Small-Cap Stock, Spectrum Income, Summit Cash Reserves, Total Equity Market Index, U.S. Bond Enhanced Index, U.S. Treasury Money, and Value Funds. Each portfolio establishes an omnibus account in the underlying Price Funds. Transfer agent and recordkeeping expenses incurred by the portfolios as a result of transactions by participants in the 529 plans that invest in the Price Funds are paid for by the underlying Price Funds under their agreement with their transfer agent, T. Rowe Price Services, Inc. The expenses borne by each underlying Price Fund are set forth in the shareholder report of the underlying fund under “Related Party Transactions.”
Administrative Fee Payments
The funds (other than the Inflation Focused Bond Fund, Institutional Funds (except for their F Class shares), Multi-Sector Account Portfolios, and TRP Reserve Funds) have adopted an administrative fee payment (“AFP”) program that authorizes the funds to make payments for services provided on behalf of the funds. Under the AFP program, payments by a fund (of up to 0.15% of its average daily net assets per year ) may be made to retirement plans, retirement plan recordkeepers, insurance companies, banks, and broker-dealers for transfer agency, recordkeeping, and other administrative services. These services include, but are not limited to: transmitting net purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; mailing shareholder confirmations and periodic statements; processing dividend payments; and utilizing telephone services in connection with the above. Under the AFP program, the funds paid the amounts set forth below in calendar year 2014.
Fund | Payment |
Africa & Middle East | $65,938 |
Asia Opportunities | 202 |
Balanced | 1,458,354 |
Blue Chip Growth | 17,732,488 |
California Tax-Free Bond | 114,906 |
California Tax-Free Money | 1,001 |
Capital Appreciation | 11,568,550 |
Capital Opportunity | 661,902 |
Corporate Income | 41,173 |
Credit Opportunities | 159 |
Diversified Mid-Cap Growth | 72,800 |
Diversified Small-Cap Growth | 658,317 |
Dividend Growth | 3,500,218 |
Emerging Europe | 58,601 |
Emerging Markets Bond | 561,579 |
Emerging Markets Corporate Bond | 117,506 |
Emerging Markets Corporate Multi-Sector Account Portfolio | (a) |
Emerging Markets Local Currency Bond | 6,107 |
Emerging Markets Local Multi-Sector Account Portfolio | (a) |
Emerging Markets Stock | 1,852,977 |
Equity Income | 16,836,308 |
Equity Index 500 | 777,911 |
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Fund | Payment |
European Stock | 776,549 |
Extended Equity Market Index | 220,505 |
Financial Services | 161,376 |
Floating Rate | 142,085 |
Floating Rate Multi-Sector Account Portfolio | (a) |
Georgia Tax-Free Bond | 71,077 |
Global Allocation | 1,921 |
Global Growth Stock | 7,708 |
Global High Income Bond | (b) |
Global Industrials | 498 |
Global Real Estate | 94,513 |
Global Stock | 184,737 |
Global Technology | 768,644 |
Global Unconstrained Bond | (b) |
GNMA | 136,036 |
TRP Government Reserve Investment | (a) |
Growth & Income | 158,341 |
Growth Stock | 16,784,352 |
Health Sciences | 5,271,721 |
High Yield | 2,805,589 |
High Yield Multi-Sector Account Portfolio | (a) |
Inflation Focused Bond | (a) |
Inflation Protected Bond | 95,954 |
Institutional Africa & Middle East | (a) |
Institutional Core Plus | (a) |
Institutional Core Plus Fund–F Class | 2,003 |
Institutional Credit Opportunities | (a) |
Institutional Emerging Markets Bond | (a) |
Institutional Emerging Markets Equity | (a) |
Institutional Floating Rate | (a) |
Institutional Floating Rate Fund–F Class | 1,067,037 |
Institutional Frontier Markets Equity | (a) |
Institutional Global Focused Growth Equity | (a) |
Institutional Global Growth Equity | (a) |
Institutional Global Multi-Sector Bond | (a) |
Institutional Global Value Equity | (a) |
Institutional High Yield | (a) |
Institutional International Bond | (a) |
Institutional International Concentrated Equity | (a) |
Institutional International Core Equity | (a) |
Institutional International Growth Equity | (a) |
Institutional Large-Cap Core Growth | (a) |
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Fund | Payment |
Institutional Large-Cap Growth | (a) |
Institutional Large-Cap Value | (a) |
Institutional Long Duration Credit | (a) |
Institutional Mid-Cap Equity Growth | (a) |
Institutional Small-Cap Stock | (a) |
Institutional U.S. Structured Research | (a) |
Intermediate Tax-Free High Yield | 2 |
International Bond | 2,251,313 |
International Concentrated Equity | 33 |
International Discovery | 2,512,572 |
International Equity Index | 168,812 |
International Growth & Income | 555,384 |
International Stock | 2,803,600 |
Investment-Grade Corporate Multi-Sector Account Portfolio | (a) |
Japan | 81,687 |
Latin America | 273,911 |
Maryland Short-Term Tax-Free Bond | 52,547 |
Maryland Tax-Free Bond | 435,869 |
Maryland Tax-Free Money | 1,837 |
Media & Telecommunications | 948,775 |
Mid-Cap Growth | 12,949,507 |
Mid-Cap Value | 5,068,987 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | (a) |
New America Growth | 3,290,487 |
New Asia | 1,978,555 |
New Era | 1,375,969 |
New Horizons | 9,252,490 |
New Income | 3,379,984 |
New Jersey Tax-Free Bond | 93,422 |
New York Tax-Free Bond | 79,887 |
New York Tax-Free Money | 788 |
Overseas Stock | 1,530,972 |
Personal Strategy Balanced | 1,165,265 |
Personal Strategy Growth | 780,327 |
Personal Strategy Income | 481,904 |
Prime Reserve | 80,277 |
Real Assets | 11,332 |
Real Estate | 3,570,007 |
TRP Reserve Investment | (a) |
Retirement 2005 | (c) |
Retirement 2010 | (c) |
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Fund | Payment |
Retirement 2015 | (c) |
Retirement 2020 | (c) |
Retirement 2025 | (c) |
Retirement 2030 | (c) |
Retirement 2035 | (c) |
Retirement 2040 | (c) |
Retirement 2045 | (c) |
Retirement 2050 | (c) |
Retirement 2055 | (c) |
Retirement 2060 | (c) |
Retirement Balanced | (c) |
Science & Technology | 638,247 |
Short-Term Bond | 3,008,010 |
Short-Term Government Reserve | (b) |
Short-Term Reserve | (a) |
Small-Cap Stock | 6,781,477 |
Small-Cap Value | 3,713,536 |
Spectrum Growth | (c) |
Spectrum Income | (c) |
Spectrum International | (c) |
Strategic Income | 40,430 |
Summit Cash Reserves | 49,360 |
Summit Municipal Income | 821,691 |
Summit Municipal Intermediate | 3,213,392 |
Summit Municipal Money Market | 1,281 |
Target Retirement 2005 | (c) |
Target Retirement 2010 | (c) |
Target Retirement 2015 | (c) |
Target Retirement 2020 | (c) |
Target Retirement 2025 | (c) |
Target Retirement 2030 | (c) |
Target Retirement 2035 | (c) |
Target Retirement 2040 | (c) |
Target Retirement 2045 | (c) |
Target Retirement 2050 | (c) |
Target Retirement 2055 | (c) |
Target Retirement 2060 | (c) |
Tax-Efficient Equity | 16,138 |
Tax-Exempt Money | 339,402 |
Tax-Free High Yield | 1,300,340 |
Tax-Free Income | 359,338 |
Tax-Free Short-Intermediate | 1,294,067 |
175
Fund | Payment |
Tax-Free Ultra Short-Term Bond | (b) |
Total Equity Market Index | 159,973 |
U.S. Bond Enhanced Index | 147,421 |
U.S. Large-Cap Core | 5,715 |
U.S. Treasury Intermediate | 85,026 |
U.S. Treasury Long-Term | 34,549 |
U.S. Treasury Money | 356,238 |
Ultra Short-Term Bond | 89,232 |
Value | 2,898,978 |
Virginia Tax-Free Bond | 282,634 |
(a) Not eligible to participate in AFP program.
(b) Prior to commencement of operations.
(c) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.
Each Advisor and R Class has adopted an AFP program under which various third parties, including third parties receiving 12b-1 payments, may receive payments from the class in addition to 12b-1 fees for providing various recordkeeping, transfer agency, and administrative services to the classes and/or shareholders thereof. These services include, but are not limited to: transmitting net purchase and redemption orders; maintaining separate records for shareholders reflecting purchases, redemptions, and share balances; mailing shareholder confirmations and periodic statements; processing dividend payments; and utilizing telephone services in connection with the above. Under this AFP program, the funds paid the amounts set forth below in calendar year 2014.
Fund | Payment |
Asia Opportunities Fund–Advisor Class | $1 |
Blue Chip Growth Fund–Advisor Class | 3,690,790 |
Blue Chip Growth Fund–R Class | 580,546 |
Capital Appreciation Fund–Advisor Class | 1,592,681 |
Capital Opportunity Fund–Advisor Class | 12,637 |
Capital Opportunity Fund–R Class | 12,777 |
Credit Opportunities Fund–Advisor Class | 34 |
Dividend Growth Fund–Advisor Class | 370,491 |
Emerging Markets Corporate Bond Fund–Advisor Class | 574 |
Emerging Markets Local Currency Bond Fund–Advisor Class | 271 |
Equity Income Fund–Advisor Class | 3,112,054 |
Equity Income Fund–R Class | 540,340 |
Floating Rate Fund–Advisor Class | 25,092 |
Global Allocation Fund–Advisor Class | 2,314 |
Global Growth Stock Fund–Advisor Class | 488 |
Global High Income Bond Fund–Advisor Class | (a) |
Global Real Estate Fund–Advisor Class | 20,750 |
Global Stock Fund–Advisor Class | 1,760 |
Growth Stock Fund–Advisor Class | 4,937,484 |
Growth Stock Fund–R Class | 1,479,213 |
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Fund | Payment |
Global Unconstrained Bond Fund–Advisor Class | (a) |
High Yield Fund–Advisor Class | 1,457,376 |
Intermediate Tax-Free High Yield Fund–Advisor Class | 25 |
International Bond Fund–Advisor Class | 68,178 |
International Concentrated Equity Fund–Advisor Class | 0 |
International Growth & Income Fund–Advisor Class | 265,090 |
International Growth & Income Fund–R Class | 73,249 |
International Stock Fund–Advisor Class | 588,033 |
International Stock Fund–R Class | 10,565 |
Mid-Cap Growth Fund–Advisor Class | 1,739,991 |
Mid-Cap Growth Fund–R Class | 409,658 |
Mid-Cap Value Fund–Advisor Class | 1,189,370 |
Mid-Cap Value Fund–R Class | 481,861 |
New America Growth Fund–Advisor Class | 808,115 |
New Income Fund–Advisor Class | 39,165 |
New Income Fund–R Class | 9,244 |
Real Estate Fund–Advisor Class | 399,331 |
Retirement 2005 Fund–Advisor Class | (b) |
Retirement 2005 Fund–R Class | (b) |
Retirement 2010 Fund–Advisor Class | (b) |
Retirement 2010 Fund–R Class | (b) |
Retirement 2015 Fund–Advisor Class | (b) |
Retirement 2015 Fund–R Class | (b) |
Retirement 2020 Fund–Advisor Class | (b) |
Retirement 2020 Fund–R Class | (b) |
Retirement 2025 Fund–Advisor Class | (b) |
Retirement 2025 Fund–R Class | (b) |
Retirement 2030 Fund–Advisor Class | (b) |
Retirement 2030 Fund–R Class | (b) |
Retirement 2035 Fund–Advisor Class | (b) |
Retirement 2035 Fund–R Class | (b) |
Retirement 2040 Fund–Advisor Class | (b) |
Retirement 2040 Fund–R Class | (b) |
Retirement 2045 Fund–Advisor Class | (b) |
Retirement 2045 Fund–R Class | (b) |
Retirement 2050 Fund–Advisor Class | (b) |
Retirement 2050 Fund–R Class | (b) |
Retirement 2055 Fund–Advisor Class | (b) |
Retirement 2055 Fund–R Class | (b) |
Retirement 2060 Fund–Advisor Class | (b) |
177
Fund | Payment |
Retirement 2060 Fund–R Class | (b) |
Retirement Balanced Fund–Advisor Class | (b) |
Retirement Balanced Fund–R Class | (b) |
Science & Technology Fund–Advisor Class | 696,562 |
Short-Term Bond Fund–Advisor Class | 256,285 |
Small-Cap Stock Fund–Advisor Class | 705,796 |
Small-Cap Value Fund–Advisor Class | 2,035,650 |
Strategic Income Fund–Advisor Class | 3,243 |
Summit Municipal Income Fund–Advisor Class | 612 |
Summit Municipal Intermediate Fund–Advisor Class | 3,472 |
Target Retirement 2005 Fund–Advisor Class | (b) |
Target Retirement 2010 Fund–Advisor Class | (b) |
Target Retirement 2015 Fund–Advisor Class | (b) |
Target Retirement 2020 Fund–Advisor Class | (b) |
Target Retirement 2025 Fund–Advisor Class | (b) |
Target Retirement 2030 Fund–Advisor Class | (b) |
Target Retirement 2035 Fund–Advisor Class | (b) |
Target Retirement 2040 Fund–Advisor Class | (b) |
Target Retirement 2045 Fund–Advisor Class | (b) |
Target Retirement 2050 Fund–Advisor Class | (b) |
Target Retirement 2055 Fund–Advisor Class | (b) |
Target Retirement 2060 Fund–Advisor Class | (b) |
Tax-Free High Yield Fund–Advisor Class | 13,752 |
Tax-Free Income Fund–Advisor Class | 1,193,475 |
Tax-Free Short-Intermediate Fund–Advisor Class | 9,611 |
U.S. Large-Cap Core Fund–Advisor Class | 2,210 |
Value Fund–Advisor Class | 702,781 |
(a) Prior to commencement of operations.
(b) Paid by underlying Price Funds pursuant to the Special Servicing Agreement.
Additional Payments to Financial Intermediaries and Other Third Parties (All funds)
In addition to the AFP payments made by certain funds and the 12b-1 payments made by the Advisor and R Class, T. Rowe Price and its affiliates may provide expense reimbursements and meeting and marketing support payments (out of their own resources and not as an expense of the funds) to financial intermediaries, such as brokers-dealers, registered investment advisers, banks, insurance companies, and retirement plan recordkeepers, in connection with the sale, distribution, marketing, and/or servicing of the Price Funds.
Such expense reimbursements and meeting support payments may include sponsoring (or co-sponsoring) or providing financial support for industry conferences, client seminars, due diligence meetings, sales presentations, and other third-party sponsored events. The primary focus of these events typically is training and education. These payments will generally vary depending upon the nature of the event and may include financial assistance to intermediaries that enable T. Rowe Price or one of its affiliates to participate in and/or present at conferences or seminars, sales or training programs for invited registered representatives and other employees. Payments could also represent certain entertainment expenses, such as occasional meal expenses or tickets to sporting events that are not preconditioned on achievement of sales targets. Marketing support payments may be made for a variety of purposes, including but not limited to: advertising and marketing
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opportunities; building brand awareness and educating intermediaries, clients, and prospects about the Price Funds; placement on an intermediary’s list of offered funds or preferred fund list; gaining access to senior management, sales representatives, or wholesalers of an intermediary; receiving detailed reporting packages (such as periodic sales reporting, sales production results, and data on how T. Rowe Price products, including the Price Funds, are used); and inclusion as a recommended individual retirement account provider on the platform of rollover service providers. Payments may also be made to third parties that help facilitate rollovers from employer-sponsored retirement plans to individual retirement accounts.
Reimbursements of retirement plan expenses may be made by T. Rowe Price or its affiliated retirement plan recordkeeper, RPS, in circumstances where the Price Funds are offered as investment options in such plans. These expense reimbursements are provided directly to the retirement plans and are intended to be used by plan sponsors to offset recordkeeping fees that RPS receives for providing sub-transfer agent and administrative services to the Price Funds.
The receipt of, or the prospect of receiving, these payments and expense reimbursements from T. Rowe Price and its affiliates may influence intermediaries, plan sponsors and other third parties to offer or recommend Price Funds over other investment options for which an intermediary does not receive additional compensation (or receives lower levels of additional compensation). However, these arrangements do not increase fund expenses and will not change the price that an investor pays for shares of the Price Funds or the amount that a Price Fund receives to invest on behalf of an investor.
Investment Services, a Maryland corporation formed in 1980 as a wholly owned subsidiary of T. Rowe Price, serves as distributor for all T. Rowe Price mutual funds on a continuous basis. Investment Services is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).
Investment Services is located at the same address as the funds and T. Rowe Price–100 East Pratt Street, Baltimore, Maryland 21202.
Investment Services serves as distributor to the funds, pursuant to an Underwriting Agreement (“Underwriting Agreement”), which provides that the funds (other than the Single-Fee Funds) will pay all fees and expenses in connection with necessary state filings; preparing, setting in type, printing, and mailing of prospectuses and reports to shareholders; and issuing shares, including expenses of confirming purchase orders. For the Single-Fee Funds, the Underwriting Agreement provides that Investment Services will pay, or will arrange for others to pay, these fees and expenses.
The Underwriting Agreement also provides that Investment Services will pay all fees and expenses in connection with printing and distributing prospectuses and reports for use in offering and selling fund shares; preparing, setting in type, printing, and mailing all sales literature and advertising; Investment Services’ federal and state registrations as a broker-dealer; and offering and selling shares for each fund, except for those fees and expenses specifically assumed by the funds. Investment Services’ expenses are paid by T. Rowe Price.
Investment Services acts as the agent of the funds, in connection with the sale of fund shares in the various states in which Investment Services is qualified as a broker-dealer. Under the Underwriting Agreement, Investment Services accepts orders for fund shares at net asset value. Other than as described below with respect to the Advisor and R Class shares, no sales charges are paid by investors or the funds and no compensation is paid to Investment Services.
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Advisor and R Class
Distribution and Shareholder Services Plan
The funds’ directors adopted a plan pursuant to Rule 12b-1 with respect to each Advisor and R Class (the “Class”). Each plan provides that the Class may compensate Investment Services or such other persons as the funds or Investment Services designates, to finance any or all of the distribution, shareholder servicing, maintenance of shareholder accounts, and/or other administrative services with respect to Class shares. It is expected that most, if not all, payments under each plan will be made (either directly, or indirectly through Investment Services) to intermediaries other than Investment Services such as broker-dealers, banks, insurance companies, and retirement plan recordkeepers. Under each plan, the Advisor Class pays a fee at the annual rate of up to 0.25% of that class’s average daily net assets and the R Class pays a fee at the annual rate of up to 0.50% of that class’s average net daily assets. Normally, the full amount of the fee is paid to the intermediary on shares sold through that intermediary; however, a lesser amount may be paid. In addition, the fee may be split among intermediaries based on the level of services provided by each. Intermediaries may use the payments for, among other purposes, compensating employees engaged in sales and/or shareholder servicing of the Class, as well as for a wide variety of other purposes associated with supporting, distributing, and servicing Class shares. The amount of fees paid by a Class during any year may be more or less than the cost of distribution and other services provided to the Class and its investors. FINRA rules limit the amount of annual distribution and service fees that may be paid by a mutual fund and impose a ceiling on the cumulative distribution fees paid. The plan complies with these rules.
The plan requires that Investment Services provide, or cause to be provided, a quarterly written report identifying the amounts expended by each Class and the purposes for which such expenditures were made to the fund directors for their review.
Prior to approving the plan, the funds considered various factors relating to the implementation of the plan and determined that there is a reasonable likelihood that the plan will benefit each fund, its Class, and the Class’ shareholders. The fund directors noted that to the extent the plan allows a fund to sell Class shares in markets to which it would not otherwise have access, the plan may result in additional sales of fund shares. This may enable a fund to achieve economies of scale that could reduce expenses. In addition, certain ongoing shareholder services may be provided more effectively by intermediaries with which shareholders have an existing relationship.
The plan is renewable from year to year with respect to each fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the fund directors and (2) by a vote of the majority of the funds’ independent directors cast in person at a meeting called for the purpose of voting on such approval. The plan may not be amended to increase materially the amount of fees paid by any Class thereunder unless such amendment is approved by a majority vote of the outstanding shares of such Class and by the fund directors in the manner prescribed by Rule 12b-1 under the 1940 Act. The plan is terminable with respect to a Class at any time by a vote of a majority of the independent directors or by a majority vote of the outstanding shares in the Class.
Payments under the 12b-1 plans will still normally be made for funds that are closed to new investors. Such payments are made for the various services provided to existing investors by the intermediaries receiving such payments.
The following payments for the fiscal year indicated were made to intermediaries, including broker-dealers and insurance companies, for the distribution, shareholder servicing, maintenance of shareholder accounts, and/or other administrative services under the plan.
Fund | Fiscal
Year Ended |
Intermediate Tax-Free High Yield Fund–Advisor Class | (a) |
Tax-Free High Yield Fund–Advisor Class | $11,000 |
Tax-Free Income Fund–Advisor Class | 2,558,000 |
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Fund | Fiscal
Year Ended |
Tax-Free Short-Intermediate Fund–Advisor Class | 13,000 |
(a) Prior to commencement of operations.
Fund | Fiscal
Year Ended |
Credit Opportunities–Advisor Class | (a) |
Floating Rate Fund–Advisor Class | $35,000 |
High Yield Fund–Advisor Class | 2,506,000 |
New Income Fund–Advisor Class | 98,000 |
New Income Fund–R Class | 32,000 |
Retirement 2005 Fund–Advisor Class | 149,000 |
Retirement 2005 Fund–R Class | 414,000 |
Retirement 2010 Fund–Advisor Class | 1,942,000 |
Retirement 2010 Fund–R Class | 2,347,000 |
Retirement 2015 Fund–Advisor Class | 1,808,000 |
Retirement 2015 Fund–R Class | 2,152,000 |
Retirement 2020 Fund–Advisor Class | 7,210,000 |
Retirement 2020 Fund–R Class | 9,140,000 |
Retirement 2025 Fund–Advisor Class | 2,880,000 |
Retirement 2025 Fund–R Class | 3,603,000 |
Retirement 2030 Fund–Advisor Class | 6,712,000 |
Retirement 2030 Fund–R Class | 9,381,000 |
Retirement 2035 Fund–Advisor Class | 2,140,000 |
Retirement 2035 Fund–R Class | 2,836,000 |
Retirement 2040 Fund–Advisor Class | 5,088,000 |
Retirement 2040 Fund–R Class | 6,613,000 |
Retirement 2045 Fund–Advisor Class | 1,213,000 |
Retirement 2045 Fund–R Class | 1,702,000 |
Retirement 2050 Fund–Advisor Class | 1,513,000 |
Retirement 2050 Fund–R Class | 2,246,000 |
Retirement 2055 Fund–Advisor Class | 226,000 |
Retirement 2055 Fund–R Class | 377,000 |
Retirement 2060 Fund–Advisor Class | (a) |
Retirement 2060 Fund–R Class | (a) |
Retirement Balanced Fund–Advisor Class | 909,000 |
Retirement Balanced Fund–R Class | 1,658,000 |
Short-Term Bond Fund–Advisor Class | 474,000 |
Strategic Income Fund–Advisor Class | 3,000 |
Target Retirement 2005 Fund–Advisor Class | 1,000 |
Target Retirement 2010 Fund–Advisor Class | 1,000 |
Target Retirement 2015 Fund–Advisor Class | 1,000 |
Target Retirement 2020 Fund–Advisor Class | 1,000 |
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Fund | Fiscal
Year Ended |
Target Retirement 2025 Fund–Advisor Class | 1,000 |
Target Retirement 2030 Fund–Advisor Class | 1,000 |
Target Retirement 2035 Fund–Advisor Class | 1,000 |
Target Retirement 2040 Fund–Advisor Class | 1,000 |
Target Retirement 2045 Fund–Advisor Class | 1,000 |
Target Retirement 2050 Fund–Advisor Class | 1,000 |
Target Retirement 2055 Fund–Advisor Class | 1,000 |
Target Retirement 2060 Fund–Advisor Class | (a) |
(a) Prior to commencement of operations.
Fund | Fiscal
Year Ended |
Asia Opportunities Fund–Advisor Class | (a) |
Global Allocation Fund–Advisor Class | $4,000 |
Global Growth Stock Fund–Advisor Class | 2,000 |
Global Stock Fund–Advisor Class | 2,000 |
International Concentrated Equity Fund–Advisor Class | (a) |
International Growth & Income Fund–Advisor Class | 426,000 |
International Growth & Income Fund–R Class | 253,000 |
International Stock Fund–Advisor Class | 825,000 |
International Stock Fund–R Class | 35,000 |
Summit Municipal Income Fund–Advisor Class | 2,000 |
Summit Municipal Intermediate Fund–Advisor Class | 6,000 |
(a) Less than $1,000.
Fund | Fiscal
Year Ended |
Blue Chip Growth Fund–Advisor Class | $4,535,000 |
Blue Chip Growth Fund–R Class | 1,353,000 |
Capital Appreciation Fund–Advisor Class | 1,596,000 |
Capital Opportunity Fund–Advisor Class | 15,000 |
Capital Opportunity Fund–R Class | 34,000 |
Dividend Growth Fund–Advisor Class | 536,000 |
Emerging Markets Corporate Bond Fund–Advisor Class | 1,000 |
Emerging Markets Local Currency Bond Fund–Advisor Class | 2,000 |
Equity Income Fund–Advisor Class | 5,972,000 |
Equity Income Fund–R Class | 1,574,000 |
Global High Income Bond–Advisor Class | (a) |
Global Real Estate Fund–Advisor Class | 30,000 |
Global Unconstrained Bond–Advisor Class | (a) |
Growth Stock Fund–Advisor Class | 6,943,000 |
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Fund | Fiscal
Year Ended |
Growth Stock Fund–R Class | 4,208,000 |
International Bond Fund–Advisor Class | 396,000 |
Mid-Cap Growth Fund–Advisor Class | 2,577,000 |
Mid-Cap Growth Fund–R Class | 1,367,000 |
Mid-Cap Value Fund–Advisor Class | 1,576,000 |
Mid-Cap Value Fund–R Class | 1,565,000 |
New America Growth Fund–Advisor Class | 1,489,000 |
Real Estate Fund–Advisor Class | 539,000 |
Science & Technology Fund–Advisor Class | 913,000 |
Small-Cap Stock Fund–Advisor Class | 1,068,000 |
Small-Cap Value Fund–Advisor Class | 3,228,000 |
U.S. Large-Cap Core Fund–Advisor Class | 2,000 |
Value Fund–Advisor Class | 738,000 |
(a) Prior to commencement of operations.
Investment or Brokerage Discretion
Decisions with respect to the selection, purchase, and sale of portfolio securities on behalf of the international Price Funds are generally made by T. Rowe Price International, Price Hong Kong, or Price Singapore. Decisions with respect to the selection, purchase, and sale of portfolio securities on behalf of all other Price Funds are generally made by T. Rowe Price. T. Rowe Price, T. Rowe Price International, Price Hong Kong and Price Singapore are responsible for implementing these decisions for the Price Funds, including, where applicable, the negotiation of commissions, the allocation of portfolio brokerage and principal business, and the use of affiliates to assist in routing orders for execution. Price Singapore delegates actual trade execution to the trading desks of T. Rowe Price, T. Rowe Price International, or Price Hong Kong, and may use these affiliated investment advisers for certain other trading-related services.
How Broker-Dealers Are Selected
With respect to equity and debt securities, T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore may effect principal transactions on behalf of a fund with a broker-dealer that furnishes brokerage and/or research services; designate any such broker-dealer to receive selling concessions, discounts, or other allowances; or otherwise deal with any such broker-dealer in connection with the acquisition of securities in underwritings. T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore may receive research services in connection with brokerage transactions, including designations in fixed-price offerings.
Debt Securities
In purchasing and selling debt securities, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore ordinarily place transactions with the issuer or a primary market-maker acting as principal for the securities on a net basis, with no stated brokerage commission being paid by the client, although the price usually includes undisclosed compensation to the market-maker. Debt securities may also be purchased from underwriters at prices which include underwriting fees. Any transactions placed through broker-dealers serving as primary market-makers reflect the spread between the bid and ask prices.
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Equity Securities
In purchasing and selling equity securities, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore seek to obtain best execution at favorable security prices through responsible broker-dealers and, in the case of agency transactions, at competitive commission rates. However, under certain conditions, higher brokerage commissions may be paid to broker-dealers providing brokerage and research services to T. Rowe Price, T. Rowe Price International, and Price Hong Kong than might be paid to other broker-dealers in accordance with Section 28(e) under the 1934 Act.
In selecting broker-dealers to execute the Price Funds’ portfolio transactions, consideration is given to such factors as the price of the security, the rate of the commission, the size and difficulty of the order, the reliability, integrity, general execution, and operational capabilities of competing broker-dealers, their expertise in particular markets, and brokerage and research services provided by them. It is not the policy of T. Rowe Price, T. Rowe Price International, or Price Hong Kong to seek the lowest available commission rate where it is believed that a broker-dealer charging a higher commission rate would offer greater reliability or provide better price or more efficient execution.
As a general practice, transactions involving U.S. equity securities are executed in the primary market with market-makers, or through electronic, “low touch” trading venues. In selecting from among these options, T. Rowe Price generally seeks to select the broker-dealers or electronic venue it believes to be actively and effectively trading the security being purchased or sold. In an effort to obtain best execution, orders for foreign equity securities may be placed through T. Rowe Price International’s or Price Hong Kong’s trading desk.
Transactions on stock exchanges involve the payment of brokerage commissions. In transactions on stock exchanges in the U.S., these commissions are negotiated. Traditionally, commission rates have generally not been negotiated on stock markets outside the U.S. However, an increasing number of overseas stock markets have adopted a system of negotiated rates or ranges of rates, although a small number of markets continue to be subject to an established schedule of minimum commission rates. It is expected that equity securities will ordinarily be purchased in the primary markets, whether over-the-counter (“OTC”) or listed, and that listed securities may be purchased in the OTC market if such market is deemed the primary market. In the case of securities traded on the OTC markets, there is generally no stated commission, but the price usually includes an undisclosed commission or markup. In underwritten offerings, the price includes a disclosed, fixed commission or discount.
Evaluating the Overall Reasonableness of Brokerage Commissions Paid
On a continuing basis, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore seek to determine what levels of commission rates are reasonable in the marketplace for transactions executed on behalf of mutual funds and other institutional clients. In evaluating the reasonableness of commission rates, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may consider any or all of the following: (a) rates quoted by broker-dealers; (b) the size of a particular transaction, in terms of the number of shares, dollar amount, and number of clients involved; (c) the complexity of a particular transaction in terms of both execution and settlement; (d) the level and type of business conducted with a particular firm over a period of time; (e) the extent to which the broker-dealer has capital at risk in the transaction; (f) historical commission rates; and (g) rates paid by other institutional investors based on available public information.
Commissions Paid to Broker-Dealers for Research
Broker-dealers provide a wide range of research services to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore.
T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore seek best execution on all trades consistent with fiduciary and regulatory requirements. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore have adopted a brokerage allocation policy embodying the concepts of Section 28(e) under the 1934 Act. Section 28(e) permits an investment adviser to cause an account to pay a higher commission to a broker-dealer that also provides research services than the commission another
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broker-dealer would charge, provided the adviser determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided. An adviser may make such a determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. Therefore, research may not necessarily benefit all accounts paying commissions to such broker-dealers. Broker-dealers may provide proprietary research to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore in connection with brokerage relationships, including fixed income offerings.
Certain full service broker-dealers (broker-dealers who provide brokerage and execution services) also furnish “bundled” proprietary research services to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore. “Bundled” research involves an arrangement whereby the underlying commission is informally comprised of both trade execution and other services, most frequently investment research that is intended to assist T. Rowe Price, T. Rowe Price International, Price Hong Kong, and/or Price Singapore with their internal research processes. Such services are typically not offered on a stand-alone basis by broker-dealers. Proprietary research may include research from an affiliate of the broker-dealer and services that provide access to unaffiliated industry experts. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may use full service brokers either directly or through very limited use of “step-outs” or similar transactions with other brokers. Step-out trades, however, are not used to obtain research.
In addition, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may use equity brokerage commissions to acquire third party research from independent research providers and broker-dealers through commission-sharing arrangements (“CSAs”). While Price Singapore does not currently participate in the CSA program, T. Rowe Price, T. Rowe Price International, and Price Hong Kong maintain CSAs with broker-dealers used for a percentage of “low touch” commission business. We generally effect low touch trading through broker-dealers’ electronic venues. We confine the use of CSA credits to obtain only research designed to assist in the investment decision-making process. Our current practice is to not acquire market data services, index data, software and other items with commission dollars, although some of those items are permitted under the SEC’s guidance. Not all clients participate in the CSA program, but the research received through this program is intended to assist T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore with its investment decision making responsibilities regarding its clients overall.
Proprietary and independent third-party research is an important component of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore’s investment approach. However, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore rely primarily upon their own research efforts and subject any outside research services to internal analysis before incorporating such outside research into the investment process. As a practical matter, it would not be possible for T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore to generate all the information and varied opinions provided by broker-dealers. To the extent that broker-dealers provide research services of value, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are relieved of expenses which they might otherwise bear.
Broker-dealers and independent research providers generally supply the following types of research to T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore: information on the economy, industries, groups of securities, individual companies, statistical information, accounting and tax law interpretations, political developments, legal developments affecting portfolio securities, technical market action, pricing and appraisal services, credit analysis, risk measurement analysis, performance analysis, and analysis of corporate responsibility issues. The research incorporates both domestic and international perspectives. Research services are received primarily in the form of written reports, computer generated data, telephone contacts, and personal meetings with security analysts, corporate and industry executives, and other persons. In addition, research may include the provision of access to unaffiliated individuals with expertise in various industries, businesses, or other related areas. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may receive complimentary and customary fixed income research from various broker-dealers, including broker-dealers with whom fixed income transactions are carried out in accordance with T. Rowe Price’s, T. Rowe Price International’s, Price Hong Kong’s, and Price Singapore’s best execution obligations. Such research, however, is not contingent upon specific trades with the providing broker-dealer. Some research may be incorporated into firm-wide systems or communications, thereby allowing, in some
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instances, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore to access research obtained through commissions generated by an affiliated investment adviser.
At the present time, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore do not recapture commissions, underwriting discounts, or selling-group concessions in connection with debt securities acquired in underwritten offerings. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may, however, have the opportunity to designate a portion of the underwriting spread to broker-dealers that participate in the offering.
Directed Brokerage
The Price Funds that invest in U.S. equity securities have adopted a commission recapture program. Under the program, a percentage of commissions generated by the portfolio transactions of those funds is rebated to the funds by the broker-dealers and credited to short-term security gain/loss. Although the Price Funds do not recapture commissions in connection with debt securities acquired in underwritten offerings, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may have the opportunity to designate a portion of the underwriting spread to broker-dealers that participate in the offering.
Allocation of Brokerage Commissions
T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore have policies of not pre-committing a specific amount of business to any broker-dealer over any specific time period. Historically, brokerage placement has been determined, as appropriate, by the needs of a specific transaction such as market-making, availability of a buyer or seller of a particular security, or specialized execution skills. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may choose to allocate brokerage among several broker-dealers that are able to meet the needs of the transaction.
As an ongoing process, T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore assess the contributions of the brokerage and research services provided by major broker-dealers and independent research providers in connection with equity transactions, and create a ranking of such broker-dealers. Portfolio managers, research analysts, and the trading department each evaluate the brokerage, execution, and research services they receive from broker-dealers and independent research providers and make judgments as to the quality of such services. In addition, smaller specialty broker-dealers and independent research providers are targeted to receive a suggested dollar amount of equity business based on an assessment of services they provide, subject to the fiduciary duties of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore to seek best execution. Actual commissions received by any firm may not reflect such rankings or suggested targets because brokerage business is allocated on the basis of multiple factors considered in seeking best execution. Accordingly, commission business may be less than the ranking or suggested target, but may also often exceed such suggestions. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore do not exclude a broker-dealer from receiving business because the broker-dealer does not provide research services. Price Singapore uses low touch or execution-only brokers where deemed appropriate.
Allocation of brokerage business is monitored on a regularly scheduled basis by appropriate personnel and the Equity Brokerage and Trading Control Committee. The Fixed Income Brokerage and Trading Control Committee provides similar monitoring and oversight with regard to fixed income trading.
Trade Allocation Policies
T. Rowe Price, T. Rowe Price International, and Price Hong Kong have developed written trade allocation guidelines for their trading desks. Generally, when the amount of securities available in a public or initial offering or the secondary markets is insufficient to satisfy the volume or price requirements for the participating client portfolios, the guidelines require a pro-rata allocation based upon the relative sizes of the participating client portfolios or the relative sizes of the participating client orders, depending upon the market involved. In allocating trades made on a combined basis, the trading desks seek to achieve the same net unit price of the securities for each participating client. Because a pro-rata allocation may not always
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adequately accommodate all facts and circumstances, the guidelines provide for exceptions to allocate trades on an adjusted basis, which may include a system-generated random allocation. For example, adjustments may be made: (i) to eliminate de minimis positions or satisfy minimum denomination requirements; (ii) to give priority to accounts with specialized investment policies and objectives; and (iii) to reallocate in light of a participating portfolio’s characteristics (e.g., available cash, industry or issuer concentration, duration, credit exposure). With respect to any private placement transactions, conditions imposed by the issuer or client may limit availability of allocations to client accounts.
Miscellaneous
The brokerage allocation policies for T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are generally applied to all of their fully discretionary accounts, which represent a substantial majority of all assets under management. Research services furnished by broker-dealers through which T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore effect securities transactions may be used in servicing all accounts (including non-Price Funds) managed by T. Rowe Price, T. Rowe Price International, Price Hong Kong or Price Singapore. Therefore, research services received from broker-dealers that execute transactions for a particular fund will not necessarily be used by T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore in connection with the management of that fund. The Price Funds do not allocate business to any broker-dealer on the basis of its sales of the funds’ shares. However, this does not mean that broker-dealers who purchase fund shares for their clients will not receive business from the fund.
Since certain clients of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore could have similar investment objectives and programs to those of a particular Price Fund, T. Rowe Price, T. Rowe Price International, Price Hong Kong, or Price Singapore may make recommendations to other clients that result in their purchasing or selling securities simultaneously with the fund. As a result, the demand for securities being purchased or the supply of securities being sold may increase, and this could have an adverse effect on the price of those securities. It is the policy of T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore not to favor one client over another in making recommendations or in placing orders. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore frequently follow the practice of grouping orders of various clients for execution. Clients should be aware, however, that the grouping of their orders with other clients’ orders may sometimes result in a more favorable price and at other times may result in a less favorable price than if the client orders had not been grouped. Where an aggregate order is executed in a series of transactions at various prices on a given day, each participating client’s proportionate share of such order will reflect the average price paid or received with respect to the total order.
T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore, as applicable, may also include orders on behalf of the Price Funds (including affiliated common trust funds), and the not-for-profit entities, T. Rowe Price Foundation, Inc. and the T. Rowe Price Program for Charitable Giving, Inc., in its aggregated orders from time to time.
T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore may give advice and take action for clients, including the Price Funds, which differs from advice given or the timing or nature of action taken for other clients. T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore are not obligated to initiate transactions for clients in any security that their principals, affiliates, or employees may purchase or sell for their own accounts or for other clients.
Purchase and sale transactions may be effected directly among and between non-ERISA client accounts (including affiliated mutual funds), provided no commission is paid to any broker-dealer, the security traded has readily available market quotations, and the transaction is effected at the independent current market price.
The Equity and Fixed Income Brokerage and Trading Control Committees are responsible for developing brokerage policies, monitoring their implementation, and resolving any questions that arise in connection with these policies for T. Rowe Price, T. Rowe Price International, Price Hong Kong, and Price Singapore.
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T. Rowe Price and its affiliated investment advisers have established a general investment policy that they will ordinarily not make additional purchases of a common stock for their clients (including the Price Funds) if, as a result of such purchases, 10% or more of the outstanding common stock of the issuer would be held by clients in the aggregate. Approval may be given for aggregate ownership up to 18%, and in certain instances, higher amounts. All aggregate ownership decisions are reviewed by the appropriate oversight committee. For purposes of monitoring both of these limits, securities held by clients and clients of affiliated advisers are included.
Total Brokerage Commissions
The Price Funds’ bond investments are generally purchased and sold through principal transactions, meaning that a fund normally purchases bonds directly from the issuer or a primary market-maker acting as principal for the bonds, on a net basis. As a result, there is no explicit brokerage commission paid on these transactions, although purchases of new issues from underwriters of bonds typically include a commission or concession paid by the issuer to the underwriter and purchases from dealers serving as market-makers typically include a dealer’s mark-up (i.e., a spread between the bid and the asked prices). Explicit brokerage commissions are paid, however, in connection with opening and closing out futures positions. In addition, the funds do not incur any brokerage commissions when buying and selling shares of other Price Funds or another open-end mutual fund that is not exchange-traded, although a fund will pay brokerage commissions if it purchases or sells shares of an exchange-traded fund.
The following tables show the approximate total amount of brokerage commissions paid by each fund for its prior three fiscal years. Since bond purchases do not normally involve the payment of explicit brokerage commissions, the tables generally reflect only the brokerage commissions paid on transactions involving equity securities and futures, if applicable.
Fund | Fiscal Year Ended | ||
2/28/14 | 2/28/13 | 2/29/12 | |
California Tax-Free Bond | $660 | $0 | $86,000 |
California Tax-Free Money | 0 | 0 | 1,000 |
Floating Rate Multi-Sector Account Portfolio | 0 | 0 | (a) |
Georgia Tax-Free Bond | 0 | 0 | 54,000 |
High Yield Multi-Sector Account Portfolio | 0 | 0 | (a) |
Intermediate Tax-Free High Yield | (a) | (a) | (a) |
Investment-Grade Corporate Multi-Sector Account Portfolio | 138 | 0 | (a) |
Maryland Short-Term Tax-Free Bond | 0 | 0 | 25,000 |
Maryland Tax-Free Bond | 0 | 0 | 149,000 |
Maryland Tax-Free Money | 0 | 0 | 0 |
Mortgage-Backed Securities Multi-Sector Account Portfolio | 897 | 0 | (a) |
New Jersey Tax-Free Bond | 330 | 0 | 56,000 |
New York Tax-Free Bond | 660 | 0 | 155,000 |
New York Tax-Free Money | 0 | 0 | 0 |
Tax-Efficient Equity | 12,000 | 14,000 | 33,000 |
Tax-Exempt Money | 0 | 0 | 1,000 |
Tax-Free High Yield | 7,800 | 0 | 473,000 |
Tax-Free Income | 2,475 | 0 | 405,000 |
188
Fund | Fiscal Year Ended | ||
2/28/14 | 2/28/13 | 2/29/12 | |
Tax-Free Short-Intermediate | 0 | 0 | 409,000 |
Tax-Free Ultra Short-Term Bond | (a) | (a) | (a) |
Virginia Tax-Free Bond | 0 | 0 | 85,000 |
(a) Prior to commencement of operations.
Fund | Fiscal Year Ended | ||
5/31/14 | 5/31/13 | 5/31/12 | |
Corporate Income | $352,000 | $2,000 | $556,000 |
Credit Opportunities | 0 | (a) | (a) |
Floating Rate | 240,000 | 0 | 158,000 |
GNMA | 74,533,000 | 30,000 | 108,000 |
TRP Government Reserve Investment | 0 | 0 | 0 |
High Yield | 365,282,000 | 359,000 | 21,312,000 |
Inflation Focused Bond | 133,483,000 | 12,000 | 365,000 |
Inflation Protected Bond | 9,116,000 | 5,000 | 9,000 |
Institutional Core Plus | 9,950,000 | 4,000 | 43,000 |
Institutional Credit Opportunities | 0 | (a) | (a) |
Institutional Floating Rate | 0 | 0 | 6,361,000 |
Institutional Global Multi-Sector Bond | 44,400,000 | (a) | (a) |
Institutional High Yield | 110,899,000 | 80,000 | 5,657,000 |
Institutional Long Duration Credit | 401,000 | (a) | (a) |
New Income | 881,817,000 | 605,000 | 4,889,000 |
Personal Strategy Balanced | 432,260,000 | 430,000 | 671,000 |
Personal Strategy Growth | 398,932,000 | 386,000 | 525,000 |
Personal Strategy Income | 196,377,000 | 195,000 | 314,000 |
Prime Reserve | 0 | 0 | 0 |
TRP Reserve Investment | 0 | 0 | 0 |
Retirement 2005 | 0 | 0 | 0 |
Retirement 2010 | 0 | 0 | 0 |
Retirement 2015 | 0 | 0 | 0 |
Retirement 2020 | 0 | 0 | 0 |
Retirement 2025 | 0 | 0 | 0 |
Retirement 2030 | 0 | 0 | 0 |
Retirement 2035 | 0 | 0 | 0 |
Retirement 2040 | 0 | 0 | 0 |
Retirement 2045 | 0 | 0 | 0 |
Retirement 2050 | 0 | 0 | 0 |
Retirement 2055 | 0 | 0 | 0 |
Retirement 2060 | (a) | (a) | (a) |
Retirement Balanced | 0 | 0 | 0 |
189
Fund | Fiscal Year Ended | ||
5/31/14 | 5/31/13 | 5/31/12 | |
Short-Term Bond | 102,097,000 | 43,000 | 2,330,000 |
Short-Term Government Reserve | (a) | (a) | (a) |
Short-Term Reserve | 0 | 0 | (a) |
Strategic Income | 26,574,000 | 18,000 | 88,000 |
Target Retirement 2005 | (a) | (a) | (a) |
Target Retirement 2010 | (a) | (a) | (a) |
Target Retirement 2015 | (a) | (a) | (a) |
Target Retirement 2020 | (a) | (a) | (a) |
Target Retirement 2025 | (a) | (a) | (a) |
Target Retirement 2030 | (a) | (a) | (a) |
Target Retirement 2035 | (a) | (a) | (a) |
Target Retirement 2040 | (a) | (a) | (a) |
Target Retirement 2045 | (a) | (a) | (a) |
Target Retirement 2050 | (a) | (a) | (a) |
Target Retirement 2055 | (a) | (a) | (a) |
Target Retirement 2060 | (a) | (a) | (a) |
U.S. Treasury Intermediate | 7,809,000 | 15,000 | 18,000 |
U.S. Treasury Long-Term | 10,628,000 | 0 | 13,000 |
U.S. Treasury Money | 0 | 0 | 0 |
Ultra Short-Term Bond | 569,000 | 0 | (a) |
(a) Prior to commencement of operations.
Fund | Fiscal Year Ended | ||
10/31/14 | 10/31/13 | 10/31/12 | |
Africa & Middle East | $510,000 | $336,000 | $372,000 |
Asia Opportunities | 16,000 | (a) | (a) |
Emerging Europe | 377,000 | 289,000 | 265,000 |
Emerging Markets Stock | 5,741,000 | 6,098,000 | 4,854,000 |
European Stock | 2,009,000 | 1,098,000 | 773,000 |
Global Allocation | 28,000 | 15,000 | (a) |
Global Growth Stock | 146,000 | 144,000 | 113,000 |
Global Stock | 931,000 | 1,130,000 | 748,000 |
Institutional Africa & Middle East | 556,000 | 329,000 | 376,000 |
Institutional Emerging Markets Equity | 862,000 | 939,000 | 671,000 |
Institutional Frontier Markets Equity | 9,000 | (a) | (a) |
Institutional Global Focused Growth Equity | 223,000 | 381,000 | 223,000 |
Institutional Global Growth Equity | 318,000 | 230,000 | 127,000 |
Institutional Global Value Equity | 8,000 | 6,000 | 3,000 |
Institutional International Concentrated Equity | 149,000 | 11,000 | 12,000 |
Institutional International Core Equity | 34,000 | 21,000 | 19,000 |
190
Fund | Fiscal Year Ended | ||
10/31/14 | 10/31/13 | 10/31/12 | |
Institutional International Growth Equity | 106,000 | 98,000 | 79,000 |
International Concentrated Equity | 3,000 | (a) | (a) |
International Discovery | 3,016,000 | 3,453,000 | 2,413,000 |
International Equity Index | 59,000 | 61,000 | 35,000 |
International Growth & Income | 9,200,000 | 6,253,000 | 3,771,000 |
International Stock | 11,872,000 | 11,056,000 | 8,685,000 |
Japan | 196,000 | 420,000 | 222,000 |
Latin America | 1,190,000 | 1,168,000 | 1,698,000 |
New Asia | 7,208,000 | 7,222,000 | 5,137,000 |
Overseas Stock | 3,703,000 | 1,888,000 | 1,521,000 |
Summit Cash Reserves | 0 | 0 | 0 |
Summit Municipal Income | 0 | 0 | 0 |
Summit Municipal Intermediate | 0 | 0 | 0 |
Summit Municipal Money Market | 0 | 0 | 0 |
U.S. Bond Enhanced Index | 0 | 0 | 0 |
(a) Prior to commencement of operations.
Fund | Fiscal Year Ended | ||
12/31/13 | 12/31/12 | 12/31/11 | |
Balanced | $826,000 | $851,000 | $1,265,000 |
Blue Chip Growth | 5,392,000 | 3,187,000 | 4,984,000 |
Capital Appreciation | 5,185,000 | 5,276,000 | 13,979,000 |
Capital Opportunity | 175,000 | 189,000 | 173,000 |
Diversified Mid-Cap Growth | 39,000 | 35,000 | 176,000 |
Diversified Small-Cap Growth | 157,000 | 95,000 | 56,000 |
Dividend Growth | 431,000 | 325,000 | 305,000 |
Emerging Markets Bond | 0 | 0 | 1,000 |
Emerging Markets Corporate Bond | 0 | 0 | (a) |
Emerging Markets Corporate Multi-Sector Account Portfolio | 0 | 0 | (a) |
Emerging Markets Local Currency Bond | 0 | 0 | 0 |
Emerging Markets Local Multi-Sector Account Portfolio | 0 | 0 | (a) |
Equity Income | 3,846,000 | 4,734,000 | 5,232,000 |
Equity Index 500 | 378,000 | 366,000 | 720,000 |
Extended Equity Market Index | 129,000 | 63,000 | 56,000 |
Financial Services | 385,000 | 241,000 | 396,000 |
Global High Income Bond | (b) | (b) | (b) |
Global Industrials | 4,000 | (b) | (b) |
Global Real Estate | 96,000 | 38,000 | 433,000 |
Global Technology | 1,239,000 | 2,083,000 | 1,526,000 |
191
Fund | Fiscal Year Ended | ||
12/31/13 | 12/31/12 | 12/31/11 | |
Global Unconstrained Bond | (b) | (b) | (b) |
Growth & Income | 178,000 | 135,000 | 10,107,000 |
Growth Stock | 8,492,000 | 8,772,000 | 8,104,000 |
Health Sciences | 4,165,000 | 1,662,000 | 1,415,000 |
Institutional Emerging Markets Bond | 0 | 0 | (a) |
Institutional International Bond | 0 | 0 | (a) |
Institutional Large-Cap Core Growth | 220,000 | 80,000 | 95,000 |
Institutional Large-Cap Growth | 2,501,000 | 1,886,000 | 2,187,000 |
Institutional Large-Cap Value | 187,000 | 271,000 | 230,000 |
Institutional Mid-Cap Equity Growth | 1,485,000 | 1,476,000 | 1,654,000 |
Institutional Small-Cap Stock | 516,000 | 386,000 | 554,000 |
Institutional U.S. Structured Research | 217,000 | 273,000 | 352,000 |
International Bond | 0 | 0 | (a) |
Media & Telecommunications | 1,664,000 | 1,734,000 | 6,599,000 |
Mid-Cap Growth | 8,476,000 | 8,998,000 | 13,732,000 |
Mid-Cap Value | 5,764,000 | 7,436,000 | 8,340,000 |
New America Growth | 3,027,000 | 1,541,000 | 1,792,000 |
New Era | 4,061,000 | 3,253,000 | 3,700,000 |
New Horizons | 6,553,000 | 4,863,000 | 16,444,000 |
Real Assets | 3,243,000 | 1,905,000 | 2,135,000 |
Real Estate | 280,000 | 605,000 | 1,061,000 |
Science & Technology | 3,191,000 | 2,864,000 | 5,245,000 |
Small-Cap Stock | 3,180,000 | 2,896,000 | 6,908,000 |
Small-Cap Value | 1,006,000 | 741,000 | 1,312,000 |
Spectrum Growth | 0 | 0 | 0 |
Spectrum Income | 0 | 0 | 0 |
Spectrum International | 0 | 0 | 0 |
Total Equity Market Index | 56,000 | 29,000 | 37,000 |
U.S. Large-Cap Core | 26,000 | 23,000 | 22,000 |
Value | 8,765,000 | 9,665,000 | 6,089,000 |
(a) Less than $1,000.
(b) Prior to commencement of operations.
192
Fund Holdings in Securities of Brokers and Dealers
The following lists the funds’ holdings in securities of its regular brokers and dealers as of the end of the fiscal years indicated.
(Amounts in 000s)
California Tax-Free Bond Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $4,579 |
California Tax-Free Money Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
JP Morgan Chase | — | $2,000 |
Wells Fargo Securities | — | 4,800 |
Floating Rate Multi-Sector Account Portfolio
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Morgan Stanley & Co. Inc. | — | $101 |
Investment-Grade Corporate Multi-Sector Account Portfolio
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $1,924 |
Barclays Capital | — | 491 |
Goldman Sachs & Co. | — | 1,695 |
JP Morgan Chase | — | 1,468 |
Morgan Stanley & Co. Inc. | — | 1,813 |
Maryland Tax-Free Money Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
JP Morgan Chase | — | $1,000 |
Wells Fargo Securities | — | 5,285 |
New York Tax-Free Bond Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Goldman Sachs & Co. | — | $2,191 |
New York Tax-Free Money Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Wells Fargo Securities | — | $4,985 |
193
Tax-Exempt Money Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
JPMorgan Chase | — | $56,720 |
Wells Fargo Securities | — | 46,005 |
Tax-Free High Yield Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $43,074 |
Citigroup Global Markets, Inc. | — | 12,582 |
Goldman Sachs & Co. | — | 38,540 |
Tax-Free Income Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $8,454 |
Goldman Sachs & Co. | — | 25,962 |
Tax-Free Short-Intermediate Fund
Fiscal Year Ended 2/28/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $13,848 |
Goldman Sachs & Co. | — | 18,445 |
Corporate Income Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $11,863 |
Citigroup Global Markets, Inc. | — | 3,020 |
CS First Boston Corp. | — | 1,734 |
Goldman Sachs & Co. | — | 17,573 |
JPMorgan Chase | — | 3,961 |
Morgan Stanley & Co. Inc. | — | 19,767 |
Wells Fargo Securities | — | 1,664 |
Floating Rate Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $248 |
Goldman Sachs & Co. | — | 305 |
JPMorgan Chase | — | 278 |
Morgan Stanley & Co. Inc. | — | 1,655 |
GNMA Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Morgan Stanley & Co. Inc. | — | $27 |
Wells Fargo Securities | — | 827 |
194
TRP Government Reserve Investment Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Barclays Capital | — | $89,000 |
BNP Paribas | — | 63,000 |
Citigroup Global Markets, Inc. | — | 81,000 |
CS First Boston Corp. | — | 94,489 |
Deutsche Bank Securities | — | 63,000 |
Goldman Sachs & Co. | — | 63,000 |
HSBC Securities Inc. | — | 148,000 |
JPMorgan Chase | — | 17,000 |
High Yield Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $4,328 | — |
JPMorgan Chase | 7,606 | — |
Wells Fargo Securities | 9,290 | — |
Inflation Focused Bond Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $49,688 |
Citigroup Global Markets, Inc. | — | 31,857 |
Goldman Sachs & Co. | — | 33,959 |
Greenwich Capital Markets | — | 16,299 |
JPMorgan Chase | — | 18,273 |
Morgan Stanley & Co. Inc. | — | 43,598 |
UBS Securities, Inc. | — | 7,457 |
Wells Fargo Securities | — | 273 |
Inflation Protected Bond Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $1,943 |
Barclays Capital | — | 1,306 |
Citigroup Global Markets, Inc. | — | 1,227 |
CS First Boston Corp. | — | 1,748 |
JPMorgan Chase | — | 1,371 |
Morgan Stanley & Co. Inc. | — | 2,249 |
195
Institutional Core Plus Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $9,476 |
Barclays Capital | — | 862 |
Citigroup Global Markets, Inc. | — | 1,386 |
CS First Boston Corp. | — | 2,936 |
Deutsche Bank Securities | — | 1,486 |
Goldman Sachs & Co. | — | 4,856 |
JPMorgan Chase | — | 9,059 |
Morgan Stanley & Co. Inc. | — | 6,799 |
Wells Fargo Securities | — | 2,048 |
Institutional Floating Rate Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Morgan Stanley & Co. Inc. | — | $5,715 |
Institutional Global Multi-Sector Bond Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $98 | $769 |
Barclays Capital | — | 325 |
Citigroup Global Markets, Inc. | — | 218 |
CS First Boston Corp. | — | 483 |
Deutsche Bank Securities | — | 175 |
Goldman Sachs & Co. | — | 78 |
JPMorgan Chase | — | 438 |
Morgan Stanley & Co. Inc. | — | 817 |
Wells Fargo Securities | — | 15 |
Institutional Long Duration Credit Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $145 |
Citigroup Global Markets, Inc. | — | 77 |
Goldman Sachs & Co. | — | 252 |
JPMorgan Chase | — | 188 |
Morgan Stanley & Co. Inc. | — | 525 |
Institutional High Yield Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $1,237 | — |
JPMorgan Chase | 2,162 | — |
Wells Fargo Securities | 2,641 | — |
196
New Income Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $526,720 |
Barclays Capital | — | 41,502 |
Citigroup Global Markets, Inc. | — | 115,641 |
CS First Boston Corp. | — | 80,175 |
Deutsche Bank Securities | — | 62,883 |
Goldman Sachs & Co. | — | 250,427 |
HSBC Securities Inc. | — | 26,783 |
JPMorgan Chase | — | 568,445 |
Morgan Stanley & Co. Inc. | — | 564,329 |
Wells Fargo Securities | — | 8,620 |
Personal Strategy Balanced Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $6,382 | $12,292 |
Barclays Capital | 5,080 | 2,036 |
BNP Paribas | 2,696 | — |
Citigroup Global Markets, Inc. | 7,050 | 2,080 |
CS First Boston Corp. | 1,753 | 1,253 |
Deutsche Bank Securities | 1,050 | — |
Goldman Sachs & Co. | — | 6,492 |
JPMorgan Chase | 10,381 | 11,937 |
Morgan Stanley & Co. Inc. | 7,950 | 6,365 |
UBS Financial Services | — | 3,090 |
Personal Strategy Growth Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $6,307 | $4,487 |
Barclays Capital | 4,950 | 640 |
BNP Paribas | 2,636 | — |
Citigroup Global Markets, Inc. | 6,964 | 771 |
CS First Boston Corp. | 1,734 | 567 |
Deutsche Bank Securities | 1,026 | — |
Goldman Sachs & Co. | — | 2,353 |
JPMorgan Chase | 10,258 | 3,770 |
Morgan Stanley & Co. Inc. | 7,903 | 2,217 |
UBS Financial Services | — | 1,314 |
197
Personal Strategy Income Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $2,883 | $10,382 |
Barclays Capital | 2,278 | 1,326 |
BNP Paribas | 1,204 | — |
Citigroup Global Markets, Inc. | 3,192 | 1,815 |
CS First Boston Corp. | 807 | 1,039 |
Deutsche Bank Securities | 478 | — |
Goldman Sachs & Co. | — | 5,198 |
JPMorgan Chase | 4,685 | 10,361 |
Morgan Stanley & Co. Inc. | 3,592 | 5,249 |
Prime Reserve Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of Tokyo | — | $103,902 |
CS First Boston Corp. | — | 62,235 |
Federal Reserve Bank of New York | — | 378,000 |
JPMorgan Chase | — | 106,360 |
TRP Reserve Investment Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Barclays Capital | — | $331,000 |
BNP Paribas | — | 50,000 |
Citigroup Global Markets, Inc. | — | 341,000 |
CS First Boston Corp. | — | 97,000 |
Deutsche Bank Securities | — | 600,000 |
Federal Reserve Bank of New York | — | 851,000 |
Goldman Sachs & Co. | — | 345,000 |
HSBC Securities Inc. | — | 603,000 |
JPMorgan Chase | — | 157,000 |
RBS Securities | — | 250,000 |
Short-Term Bond Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $131,661 |
Barclays Capital | — | 61,693 |
Citigroup Global Markets, Inc. | — | 63,417 |
CS First Boston Corp. | — | 27,450 |
Deutsche Bank Securities | — | 3,007 |
Goldman Sachs & Co. | — | 77,150 |
Greenwich Capital Markets | — | 45,381 |
HSBC Securities Inc. | — | 40,716 |
JPMorgan Chase | — | 63,812 |
Morgan Stanley & Co. Inc. | — | 117,868 |
Wells Fargo Securities | — | 58,488 |
198
Short-Term Reserve Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
BNP Paribas | — | $65,000 |
CS First Boston Corp. | — | 59,511 |
Deutsche Bank Securities | — | 305,000 |
Strategic Income Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank Of America Merrill Lynch | $240 | $2,933 |
Barclays Capital | — | 777 |
BNP Paribas | — | 342 |
Citigroup Global Markets, Inc. | — | 1,675 |
CS First Boston Corp. | — | 1,348 |
Deutsche Bank Securities | — | 1,388 |
Goldman Sachs & Co. | — | 223 |
HSBC Securities Inc. | — | 1,209 |
JPMorgan Chase | — | 2,798 |
Morgan Stanley & Co. Inc. | — | 1,092 |
Ultra Short-Term Bond Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank Of America Merrill Lynch | — | $5,019 |
Barclays Capital | — | 4,166 |
BNP Paribas | — | 3,510 |
Citigroup Global Markets, Inc. | — | 3,636 |
CS First Boston Corp. | — | 5,011 |
Deutsche Bank Securities | — | 5,602 |
Goldman Sachs & Co. | — | 4,838 |
HSBC Securities Inc. | — | 978 |
JPMorgan Chase | — | 4,518 |
Morgan Stanley & Co. Inc. | — | 3,369 |
RBS Securities | — | 3,053 |
Wells Fargo Securities | — | 7,573 |
U.S. Treasury Money Fund
Fiscal Year Ended 5/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank Of America Merrill Lynch | — | $31,000 |
Barclays Capital | — | 86,000 |
BNP Paribas | — | 93,000 |
Citigroup Global Markets, Inc. | — | 78,000 |
CS First Boston Corp. | — | 26,000 |
Goldman Sachs & Co. | — | 62,000 |
HSBC Securities Inc. | — | 177,000 |
JPMorgan Chase | — | 17,000 |
199
Africa & Middle East Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $6,554 | — |
Citigroup Global Markets | 10,553 | — |
Deutsche Bank Securities | 5,942 | — |
Goldman Sachs | 9,320 | — |
HSBC Securities | 14,063 | — |
Morgan Stanley & Co. | 7,470 | — |
Asia Opportunities Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
HSBC Securities | $493 | — |
Emerging Markets Stock Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Santander Investment Securities | $81,165 | — |
European Stock Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
BNP Paribas Securities | $23,334 | — |
UBS Investment Bank | 19,277 | — |
Global Allocation Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $222 | $248 |
Barclays Capital | 241 | — |
Citibank | 274 | 31 |
CS First Boston | 190 | — |
Deutsche Bank Securities | 16 | — |
Goldman Sachs | — | 82 |
JPMorgan Chase | 286 | 145 |
Morgan Stanley | 243 | 131 |
RBS Securities | — | 54 |
Global Growth Stock Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
BNP Paribas Securities | $439 | — |
CS First Boston | 542 | — |
Goldman Sachs | 384 | — |
JPMorgan Chase | 731 | — |
Morgan Stanley | 1,303 | — |
Santander Investment Securities | 1,168 | — |
200
Global Stock Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
JPMorgan Chase | $9,852 | — |
Morgan Stanley | 9,761 | — |
Santander Investment Securities | 4,103 | — |
Institutional Africa & Middle East Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $7,068 | — |
Citibank | 11,367 | — |
Deutsche Bank Securities | 9,169 | — |
Goldman Sachs | 10,350 | — |
HSBC Brokerage | 14,790 | — |
Morgan Stanley | 8,201 | — |
Institutional Frontier Markets Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $29 | — |
Citibank | 53 | — |
Deutsche Bank Securities | 44 | — |
Goldman Sachs | 15 | — |
HSBC Brokerage | 18 | — |
Institutional Global Focused Growth Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
JPMorgan Chase | $563 | — |
Morgan Stanley | 556 | — |
Institutional Global Growth Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
CS First Boston | $1,522 | — |
Goldman Sachs | 1,077 | — |
JPMorgan Chase | 2,041 | — |
Morgan Stanley | 3,648 | — |
Institutional Global Value Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $146 | — |
Citigroup Global Markets | 132 | — |
JPMorgan Chase | 155 | — |
Morgan Stanley | 95 | — |
201
Institutional International Concentrated Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
HSBC Brokerage | $2,390 | — |
Institutional International Core Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
CS First Boston | $440 | — |
Deutsche Bank | 268 | — |
Institutional International Growth Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
CS First Boston | $901 | — |
International Concentrated Equity Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
BNP Paribas Securities | $76 | — |
HSBC Securities | 90 | — |
International Equity Index Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Barclays Capital | $2,477 | — |
BNP Paribas Securities | 2,427 | — |
Credit Suisse Group | 1,676 | — |
Deutsche Bank Securities | 1,696 | — |
International Growth & Income Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
CS First Boston | $153,537 | — |
International Stock Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
BNP Paribas Securities | $134,889 | — |
CS First Boston | 172,189 | — |
Macquarie Equities | 59,855 | — |
Latin America Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Santander Investment Securities | $47,769 | — |
202
New Asia Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
HSBC Brokerage | $81,061 | — |
Overseas Stock Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
BNP Paribas Securities | $97,275 | — |
CS First Boston | 44,133 | — |
Deutsche Bank Securities | 25,952 | — |
Macquarie Equities | 67,285 | — |
Summit Cash Reserves Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of New York Mellon | — | $117,301 |
Citigroup Global Markets | — | 78,087 |
CS First Boston | — | 56,571 |
JPMorgan Chase | — | 103,375 |
Summit Municipal Income Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Goldman Sachs | — | $3,122 |
Summit Municipal Intermediate Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $48,925 |
Goldman Sachs | — | 29,474 |
Summit Municipal Money Market Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
JPMorgan Chase | — | $9,250 |
Wells Fargo Securities | — | 5,850 |
203
U.S. Bond Enhanced Index Fund
Fiscal Year Ended 10/31/14 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | — | $6,197 |
Barclays Capital | — | 899 |
BNP Paribas Securities | — | 1,148 |
Citigroup Global Markets | — | 2,799 |
CS First Boston | — | 898 |
Deutsche Bank Securities | — | 941 |
Goldman Sachs | — | 6,270 |
JPMorgan Chase | — | 5,537 |
Morgan Stanley | — | 11,496 |
RBS Greenwich Capital Markets | — | 151 |
Wells Fargo Securities | — | 1,381 |
Balanced Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $10,425 | $18,642 |
Goldman Sachs | 159 | 6,318 |
J.P. Morgan Chase | 23,714 | 19,794 |
CS First Boston Corp. | 5,218 | — |
Morgan Stanley & Co. Inc. | 14,948 | 7,123 |
Citigroup | 16,779 | 14,418 |
Deutsche Bank Securities | 3,532 | 7,191 |
Barclays Capital | 12,748 | 1,860 |
BNP Paribas | 7,164 | 1,885 |
UBS Investment Bank | — | 583 |
Blue Chip Growth Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | $2,280 | — |
Goldman Sachs | 3,368 | — |
Citigroup | 43,981 | — |
Morgan Stanley | 157,145 | — |
Capital Appreciation Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | $214,886 | — |
Capital Opportunity Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | $7,830 | — |
Bank of America Merrill Lynch | 7,336 | — |
Morgan Stanley & Co. Inc. | 3,149 | — |
Citigroup Global Markets, Inc. | 7,686 | — |
Wells Fargo Van Kasper | 8,175 | — |
204
Dividend Growth Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | $65,053 | — |
Barclays Capital | 21,134 | — |
Morgan Stanley & Co. Inc. | 16,548 | — |
Equity Income Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | $791,305 | — |
Bank of America Merrill Lynch | 454,659 | — |
Wells Fargo Van Kasper | 604,710 | — |
PNC Securities | 387,900 | — |
Equity Index 500 Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Goldman Sachs | $91,098 | — |
Citigroup Global Markets, Inc. | 192,889 | — |
Morgan Stanley & Co. Inc. | 52,910 | — |
Bank of America Merrill Lynch | 201,674 | — |
J.P. Morgan Chase | 267,629 | — |
Extended Equity Market Index Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Stifel Nicolaus | $153 | — |
Financial Services Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | $18,006 | — |
Bank of America Merrill Lynch | 19,241 | — |
Wells Fargo Van Kasper | 16,702 | — |
Goldman Sachs | 5,903 | — |
CS First Boston | 5,438 | — |
Barclays Capital | 6,922 | — |
Citigroup Global Markets, Inc. | 18,885 | — |
Growth & Income Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $16,609 | — |
Morgan Stanley & Co. Inc. | 4,616 | — |
Goldman Sachs | 5,867 | — |
J.P. Morgan Chase | 22,959 | — |
Barclays Capital | 7,027 | — |
205
Institutional International Bond Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | — | $346 |
Goldman Sachs | — | 377 |
HSBC Securities Inc. | — | 1,353 |
Bank of America Merrill Lynch | — | 552 |
Citigroup Global Markets, Inc. | — | 538 |
Morgan Stanley & Co. Inc. | — | 366 |
Barclays Capital | — | 1,744 |
Institutional Large-Cap Core Growth Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Goldman Sachs | $142 | — |
J.P. Morgan Chase | 94 | — |
Morgan Stanley | 6,554 | — |
Citigroup Global Markets, Inc. | 1,605 | — |
Institutional Large-Cap Growth Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Morgan Stanley | $122,680 | — |
Institutional Large-Cap Value Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Morgan Stanley & Co. Inc. | $29,529 | — |
Bank of America Merrill Lynch | 30,686 | — |
J.P. Morgan Chase | 48,784 | — |
Goldman Sachs | 6,878 | — |
Wells Fargo Van Kasper | 16,671 | — |
Institutional U.S. Structured Research Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Morgan Stanley & Co. Inc. | $3,588 | — |
Bank of America Merrill Lynch | 8,499 | — |
J.P. Morgan Chase | 9,064 | — |
Citigroup Global Markets, Inc. | 8,871 | — |
Wells Fargo | 9,702 | — |
206
International Bond Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | — | $10,703 |
HSBC Securities Inc. | — | 29,274 |
CS First Boston Corp. | — | 5,465 |
Goldman Sachs | — | 8,165 |
Bank of America Merrill Lynch | — | 12,055 |
Citigroup Global Markets, Inc. | — | 15,206 |
Barclays Capital | — | 34,671 |
Morgan Stanley & Co. Inc. | — | 14,582 |
Unicredit | — | 18,964 |
UBS Financial Services | — | 23,319 |
New America Growth Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Citigroup Global Markets, Inc. | $34,325 | — |
Small-Cap Stock Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Piper Jaffray | $13,514 | — |
Total Equity Market Index Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Goldman Sachs | $3,467 | — |
Citigroup Global Markets, Inc. | 6,979 | — |
Morgan Stanley & Co. Inc. | 2,167 | — |
Bank of America Merrill Lynch | 7,392 | — |
J.P. Morgan Chase | 9,882 | — |
U.S. Large-Cap Core Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
J.P. Morgan Chase | $1,389 | — |
Citigroup Global Markets, Inc. | 1,078 | — |
Bank of America Merrill Lynch | 509 | — |
Value Fund
Fiscal Year Ended 12/31/13 | ||
Brokers | Value of Stock Holdings | Value of Bond Holdings |
Bank of America Merrill Lynch | $124,949 | — |
Citigroup Global Markets, Inc. | 292,077 | — |
Morgan Stanley & Co. Inc. | 264,051 | — |
J.P. Morgan Chase | 563,162 | — |
Barclays Capital | 110,207 | — |
207
Portfolio Turnover
The portfolio turnover rates for the funds (if applicable) for the fiscal years indicated are as follows:
Fund | Fiscal Year Ended | |||||
2/28/14 | 2/28/13 | 2/29/12 | ||||
California Tax-Free Bond | 17.6% | 11.3 | % | 15.0 | % | |
California Tax-Free Money | (a) | (a) | (a) | |||
Floating Rate Multi-Sector Account Portfolio | 67.2 | 72.8 | (b) | |||
Georgia Tax-Free Bond | 10.2 | 5.4 | 13.4 | |||
High Yield Multi-Sector Account Portfolio | 62.2 | 68.9 | (b) | |||
Intermediate Tax-Free High Yield | (b) | (b) | (b) | |||
Investment-Grade Corporate Multi-Sector Account Portfolio | 79.2 | 99.4 | (b) | |||
Maryland Short-Term Tax-Free Bond | 20.3 | 37.2 | 69.4 | |||
Maryland Tax-Free Bond | 11.5 | 11.8 | 12.5 | |||
Maryland Tax-Free Money | (a) | (a) | (a) | |||
Mortgage-Backed Securities Multi-Sector Account Portfolio | 204.7 | 180.5 | (b) | |||
New Jersey Tax-Free Bond | 16.8 | 13.3 | 12.0 | |||
New York Tax-Free Bond | 9.5 | 11.1 | 13.4 | |||
New York Tax-Free Money | (a) | (a) | (a) | |||
Tax-Efficient Equity | 18.0 | 28.9 | 25.1 | |||
Tax-Exempt Money | (a) | (a) | (a) | |||
Tax-Free High Yield | 22.9 | 11.6 | 12.9 | |||
Tax-Free Income | 13.9 | 10.2 | 16.0 | |||
Tax-Free Short-Intermediate | 20.0 | 16.8 | 23.3 | |||
Tax-Free Ultra Short-Term Bond | (b) | (b) | (b) | |||
Virginia Tax-Free Bond | 9.6 | 11.7 | 12.6 | |||
(a) Money funds are not required to show portfolio turnover.
(b) Prior to commencement of operations.
Fund | Fiscal Year Ended | |||||
5/31/14 | 5/31/13 | 5/31/12 | ||||
Corporate Income | 44.3 | % | 46.8 | % | 72.5 | % |
Credit Opportunities | 9.4 | (a) | (a) | |||
Floating Rate | 40.0 | 69.1 | 45.4 | |||
GNMA | 261.0 | 217.2 | 344.3 | |||
TRP Government Reserve Investment | (b) | (b) | (b) | |||
High Yield | 55.9 | 79.9 | 63.0 | |||
Inflation Focused Bond | 47.2 | 33.0 | 39.8 | |||
Inflation Protected Bond | 28.5 | 15.3 | 7.0 | |||
Institutional Core Plus | 131.9 | 127.4 | 140.6 | |||
Institutional Credit Opportunities | 9.6 | (a) | (a) | |||
208
Fund | Fiscal Year Ended | |||||
5/31/14 | 5/31/13 | 5/31/12 | ||||
Institutional Floating Rate | 59.1 | 83.3 | 91.6 | |||
Institutional Global Multi-Sector Bond | 65.3 | (a) | (a) | |||
Institutional High Yield | 58.8 | 80.1 | 54.6 | |||
Institutional Long Duration Credit | 76.2 | (a) | (a) | |||
New Income | 120.8 | 130.9 | 157.1 | |||
Personal Strategy Balanced | 53.2 | 58.4 | 65.5 | |||
Personal Strategy Growth | 46.0 | 46.4 | 51.3 | |||
Personal Strategy Income | 58.7 | 64.8 | 62.0 | |||
Prime Reserve | (b) | (b) | (b) | |||
TRP Reserve Investment | (b) | (b) | (b) | |||
Retirement 2005 | 18.2 | 15.7 | 25.2 | |||
Retirement 2010 | 19.0 | 16.5 | 23.3 | |||
Retirement 2015 | 14.7 | 14.5 | 25.6 | |||
Retirement 2020 | 13.6 | 14.2 | 22.4 | |||
Retirement 2025 | 12.1 | 12.7 | 26.0 | |||
Retirement 2030 | 12.4 | 13.0 | 22.3 | |||
Retirement 2035 | 11.5 | 12.3 | 27.1 | |||
Retirement 2040 | 13.4 | 12.8 | 22.1 | |||
Retirement 2045 | 15.4 | 10.8 | 28.3 | |||
Retirement 2050 | 15.5 | 14.1 | 32.2 | |||
Retirement 2055 | 20.1 | 13.3 | 37.0 | |||
Retirement 2060 | (a) | (a) | (a) | |||
Retirement Balanced | 13.2 | 14.3 | 20.7 | |||
Short-Term Bond | 45.9 | 66.5 | 92.3 | |||
Short-Term Government Reserve | (a) | (a) | (a) | |||
Short-Term Reserve | (c) | (c) | (c) | |||
Strategic Income | 137.8 | 65.8 | 94.4 | |||
Target Retirement 2005 | 44.7 | (a) | (a) | |||
Target Retirement 2010 | 20.6 | (a) | (a) | |||
Target Retirement 2015 | 15.2 | (a) | (a) | |||
Target Retirement 2020 | 24.7 | (a) | (a) | |||
Target Retirement 2025 | 25.5 | (a) | (a) | |||
Target Retirement 2030 | 10.5 | (a) | (a) | |||
Target Retirement 2035 | 24.8 | (a) | (a) | |||
Target Retirement 2040 | 14.8 | (a) | (a) | |||
Target Retirement 2045 | 11.7 | (a) | (a) | |||
Target Retirement 2050 | 21.3 | (a) | (a) | |||
Target Retirement 2055 | 60.0 | (a) | (a) | |||
Target Retirement 2060 | (a) | (a) | (a) | |||
U.S. Treasury Intermediate | 33.9 | 34.0 | 56.9 | |||
U.S. Treasury Long-Term | 22.7 | 44.5 | 57.1 | |||
209
Fund | Fiscal Year Ended | |||||
5/31/14 | 5/31/13 | 5/31/12 | ||||
U.S. Treasury Money | (b) | (b) | (b) | |||
Ultra Short-Term Bond | 176.4 | 53.3 | (a) | |||
(a) Prior to commencement of operations.
(b) Money funds are not required to show portfolio turnover.
(c) Funds holding only short-term securities are not required to show portfolio turnover.
Fund | Fiscal Year Ended | |||||
10/31/14 | 10/31/13 | 10/31/12 | ||||
Africa & Middle East | 59.3 | % | 56.1 | % | 65.0 | % |
Asia Opportunities | 35.4 | (a) | (a) | |||
Emerging Europe | 31.7 | 17.1 | 10.9 | |||
Emerging Markets Stock | 23.3 | 29.9 | 24.1 | |||
European Stock | 58.5 | 48.0 | 41.6 | |||
Global Allocation | 33.4 | 22.4 | (a) | |||
Global Growth Stock | 103.7 | 96.2 | 111.7 | |||
Global Stock | 137.5 | 156.4 | 84.2 | |||
Institutional Africa & Middle East | 57.8 | 52.2 | 65.9 | |||
Institutional Emerging Markets Equity | 23.8 | 36.4 | 26.9 | |||
Institutional Frontier Markets Equity | 7.5 | (a) | (a) | |||
Institutional Global Focused Growth Equity | 159.7 | 160.0 | 103.4 | |||
Institutional Global Growth Equity | 100.8 | 100.8 | 115.5 | |||
Institutional Global Value Equity | 88.1 | 80.8 | 13.5 | |||
Institutional International Concentrated Equity | 122.2 | 148.3 | 155.3 | |||
Institutional International Core Equity | 18.7 | 15.9 | 18.4 | |||
Institutional International Growth Equity | 49.8 | 47.7 | 39.5 | |||
International Concentrated Equity | 30.9 | (a) | (a) | |||
International Discovery | 41.6 | 50.5 | 40.2 | |||
International Equity Index | 7.0 | 11.9 | 8.8 | |||
International Growth & Income | 44.7 | 42.0 | 29.9 | |||
International Stock | 39.1 | 44.2 | 33.5 | |||
Japan | 38.3 | 88.7 | 55.1 | |||
Latin America | 20.5 | 13.2 | 16.7 | |||
New Asia | 58.5 | 49.4 | 41.1 | |||
Overseas Stock | 8.0 | 15.2 | 13.6 | |||
Summit Cash Reserves | (b) | (b) | (b) | |||
Summit Municipal Income | 9.3 | 26.5 | 9.5 | |||
Summit Municipal Intermediate | 5.9 | 11.9 | 7.1 | |||
210
Fund | Fiscal Year Ended | |||||
10/31/14 | 10/31/13 | 10/31/12 | ||||
Summit Municipal Money Market | (b) | (b) | (b) | |||
U.S. Bond Enhanced Index | 37.9 | 35.4 | 102.7 | |||
(a) Prior to commencement of operations.
(b) Money funds are not required to show portfolio turnover.
Fund | Fiscal Year Ended | |||||
12/31/13 | 12/31/12 | 12/31/11 | ||||
Balanced | 54.1 | % | 55.5 | % | 57.9 | % |
Blue Chip Growth | 35.0 | 24.5 | 44.2 | |||
Capital Appreciation | 57.1 | 60.3 | 81.3 | |||
Capital Opportunity | 30.9 | 34.9 | 36.6 | |||
Diversified Mid-Cap Growth | 17.7 | 24.5 | 42.1 | |||
Diversified Small-Cap Growth | 12.6 | 15.4 | 16.9 | |||
Dividend Growth | 12.7 | 11.7 | 10.4 | |||
Emerging Markets Bond | 45.7 | 40.7 | 50.1 | |||
Emerging Markets Corporate Bond | 70.0 | 26.5 | (a) | |||
Emerging Markets Corporate Multi-Sector Account Portfolio | 102.1 | 59.9 | (a) | |||
Emerging Markets Local Currency Bond | 82.4 | 82.3 | 49.6 | |||
Emerging Markets Local Multi-Sector Account Portfolio | 80.9 | 74.5 | (a) | |||
Equity Income | 9.5 | 15.6 | 15.3 | |||
Equity Index 500 | 10.4 | 7.5 | 5.5 | |||
Extended Equity Market Index | 21.7 | 17.6 | 18.9 | |||
Financial Services | 48.7 | 43.0 | 40.0 | |||
Global High Income Bond | (a) | (a) | (a) | |||
Global Industrials | 6.1 | (a) | (a) | |||
Global Real Estate | 22.9 | 4.4 | 8.2 | |||
Global Technology | 93.2 | 182.4 | 110.5 | |||
Global Unconstrained Bond | (a) | (a) | (a) | |||
Growth & Income | 14.4 | 9.6 | 9.0 | |||
Growth Stock | 34.7 | 31.1 | 29.5 | |||
Health Sciences | 45.7 | 12.9 | 23.3 | |||
Institutional Emerging Markets Bond | 51.8 | 44.4 | 49.9 | |||
Institutional International Bond | 82.8 | 62.5 | 49.5 | |||
Institutional Large-Cap Core Growth | 47.3 | 21.5 | 36.6 | |||
Institutional Large-Cap Growth | 42.4 | 40.4 | 57.6 | |||
Institutional Large-Cap Value | 10.5 | 17.1 | 19.3 | |||
Institutional Mid-Cap Equity Growth | 34.1 | 37.4 | 38.3 | |||
Institutional Small-Cap Stock | 20.1 | 26.9 | 22.3 | |||
Institutional U.S. Structured Research | 37.1 | 38.7 | 47.8 | |||
211
Fund | Fiscal Year Ended | |||||
12/31/13 | 12/31/12 | 12/31/11 | ||||
International Bond | 74.0 | 52.2 | 35.7 | |||
Media & Telecommunications | 53.8 | 39.2 | 41.1 | |||
Mid-Cap Growth | 26.3 | 29.6 | 30.6 | |||
Mid-Cap Value | 32.0 | 43.7 | 53.6 | |||
New America Growth | 91.5 | 34.4 | 32.1 | |||
New Era | 54.6 | 37.5 | 26.5 | |||
New Horizons | 35.3 | 35.0 | 43.7 | |||
Real Assets | 51.6 | 41.4 | 30.0 | |||
Real Estate | 3.5 | 6.0 | 4.9 | |||
Science & Technology | 71.8 | 49.5 | 77.4 | |||
Small-Cap Stock | 21.5 | 20.7 | 23.7 | |||
Small-Cap Value | 5.9 | 4.8 | 5.5 | |||
Spectrum Growth | 9.7 | 9.4 | 13.0 | |||
Spectrum Income | 14.3 | 14.9 | 14.7 | |||
Spectrum International | 4.8 | 6.0 | 8.2 | |||
Total Equity Market Index | 5.9 | 5.2 | 6.2 | |||
U.S. Large-Cap Core | 68.7 | 72.6 | 74.0 | |||
Value | 44.1 | 55.5 | 53.0 | |||
(a) Prior to commencement of operations.
PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 1900, Baltimore, Maryland 21202, is the independent registered public accounting firm to the funds.
The financial statements and Report of Independent Registered Public Accounting Firm of the funds included in each fund’s annual report are incorporated into this SAI by reference. A copy of the annual report of each fund with respect to which an inquiry is made will accompany this SAI.
212
The following financial statements are provided in accordance with the Investment Company Act of 1940, which requires a registered investment company to have a net worth of at least $100,000.
T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND | ||||||||||
July 3, 2014 | ||||||||||
STATEMENT OF ASSETS AND LIABILITIES |
|
|
|
| ||||||
| ||||||||||
Assets | ||||||||||
Cash | $ | 100,000 | ||||||||
Prepaid registration fees | 96,090 | |||||||||
Total assets | 196,090 | |||||||||
Liabilities | ||||||||||
Payable to manager | (96,090) | |||||||||
Total liabilities | (96,090) | |||||||||
NET ASSETS | $ | 100,000 | ||||||||
OFFERING AND REDEMPTION PRICE | $ | 10.00 | ||||||||
Net Assets Consist of: | ||||||||||
Paid-in-capital applicable to 10,000 shares of $0.0001 | ||||||||||
par value capital stock outstanding; 1,000,000,000 | ||||||||||
shares authorized | $ | 100,000 | ||||||||
The accompanying notes are an integral part of these financial statements.
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T. ROWE PRICE INTERMEDIATE TAX-FREE HIGH YIELD FUND | ||||||||||
July 3, 2014 | ||||||||||
STATEMENT OF OPERATIONS |
|
|
|
| ||||||
| ||||||||||
Expenses | ||||||||||
Organization expenses | $ | 3,175 | ||||||||
Reimbursed by manager | (3,175) | |||||||||
Net investment income | -- | |||||||||
INCREASE
(DECREASE) IN NET ASSETS | $ | -- | ||||||||
The accompanying notes are an integral part of these financial statements.
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NOTES TO FINANCIAL STATEMENTS
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. (the corporation), was organized on April 25, 2014, as a Maryland corporation and is registered under the Investment Company Act of 1940. The T. Rowe Price Intermediate Tax-Free High Yield Fund (the fund), is a diversified, open-end management investment company, and is the only portfolio currently established. Through July 3, 2014, the fund had no operations other than those matters related to organization and registration as an investment company, the registration of shares for sale under the Securities Act of 1933, and the sale of 10,000 shares of the corporation at $10.00 per share on July 2, 2014, to T. Rowe Price Associates, Inc., via share exchange from a T. Rowe Price money market mutual fund. The exchange was settled in the ordinary course of business on July 3, 2014, with the transfer of $100,000 cash.
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), including but not limited to ASC 946. GAAP requires the use of estimates made by management. Management believes that estimates are appropriate; however, actual results may differ from those estimates.
Organization and Offering Costs Organization costs are expensed as incurred and consist of incorporation fees, initial audit fees, and other costs incurred in connection with the establishment of the fund. Offering costs are amortized over a 12-month period upon commencement of fund operations and consist of registration fees, underwriting fees, and initial printing and other costs incurred in connection with the initial offering of the fund.
Federal Income Taxes The fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute to shareholders all of its income and gains. Distributions determined in accordance with federal income tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes.
NOTE 2 – RELATED PARTIES
The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. The investment management agreement between the fund and Price Associates provides for an annual investment management fee, which will be computed daily and paid monthly. The fee consists of an individual fund fee, equal to 0.20% of the fund’s average daily net assets, and a group fee. The group fee rate is calculated based on the combined net assets of certain mutual funds sponsored by Price Associates applied to a graduated fee schedule, with rates ranging from 0.48% for the first $1 billion of assets to 0.275% for assets in excess of $400 billion. The fund’s group fee is determined by applying the group fee rate to the fund’s average daily net assets.
Under the terms of the investment management agreement, the manager will be required to bear all expenses of the fund, excluding interest, taxes, brokerage commissions, and extraordinary expenses, through June 30, 2017, which would otherwise cause the fund’s ratio of total expenses to average net assets (expense ratio) of the fund’s Investor Class shares to exceed its expense limitation of 0.75% or cause the expense ratio of the fund’s Advisor Class shares to exceed its expense limitation of 0.85%. For the period of three years after the date of any reimbursement or waiver, the fund will be required to reimburse the manager for these expenses, provided that average net assets have grown or expenses have declined sufficiently to allow reimbursement without causing the fund’s expense ratio to exceed its expense limitation. Through July 3, 2014, the fund incurred organization expenses in the approximate amount of $3,175, which the manager has paid on the fund’s behalf in accordance with the expense limitation. Also, through July 3, 2014, initial offering fees in the amount of $96,090 were paid by the manager on behalf of the fund and will be repaid upon commencement of operations.
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Pursuant to various service agreements, Price Associates and its wholly owned subsidiaries will provide shareholder servicing and administrative, transfer and dividend disbursing, accounting, and certain other services to the fund.
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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc.:
In our opinion, the accompanying statement of assets and liabilities and the related statement of operations present fairly, in all material respects, the financial position of the T. Rowe Price Intermediate Tax-Free High Yield Fund, Inc. (the “Fund”) at July 3, 2014, and the results of its operations for the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Baltimore, Maryland
July 16, 2014
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PART II – TABLE OF CONTENTS
Page
Information | |
Net Asset Value Per Share |
Page
Ratings of Commercial Paper | |
Variable Rate Securities |
Part II of this SAI describes risks, policies, and practices that apply to the funds in the T. Rowe Price family of funds.
The following information supplements the discussion of the funds’ investment programs and policies discussed in the funds’ prospectuses. You should refer to each fund’s prospectus to determine the types of holdings in which the fund primarily invests. You will then be able to review additional information set forth herein on those types of holdings and their risks, as well as information on other holdings in which the fund may occasionally invest.
Shareholder approval is required to substantively change fund objectives. Unless otherwise specified, the investment programs and restrictions of the funds are not fundamental policies. The funds’ operating policies are subject to change by the funds’ Boards without shareholder approval. The funds’ fundamental policies may not be changed without the approval of at least a majority of the outstanding shares of the funds or, if it is less, 67% of the shares represented at a meeting of shareholders at which the holders of more than 50% of the shares are represented.
You may also refer to the sections entitled “Portfolio Securities” and “Portfolio Management Practices” for discussions of the risks associated with the investments and practices described therein as they apply to the funds.
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Risk Factors of Investing in Foreign Securities
General
Foreign securities include both U.S. dollar-denominated and non-U.S. dollar-denominated securities of foreign issuers. Foreign securities include securities issued by companies that are organized under the laws of countries other than the U.S. as well as securities that are issued or guaranteed by foreign governments or by foreign supranational entities. They also include securities issued by companies whose principal trading market is in a country other than the U.S. and companies that derive a significant portion of their revenue or profits from foreign businesses, investments or sales, or that have a majority of their assets outside the United States. Foreign securities may be traded on foreign securities exchanges or in the foreign OTC markets. Foreign securities markets generally are not as developed or efficient as those in the United States.
Investing in foreign securities, as well as instruments that provide investment exposure to foreign securities and markets, involves risks that are not typically associated with investing in U.S. dollar-denominated securities of domestic issuers. Certain of these risks are inherent in any mutual fund investing in foreign securities, while others relate more to the countries and regions in which the funds may invest. Many of the risks are more pronounced for investments in emerging market countries, such as Russia and many of the countries of Africa, Asia, Eastern Europe, Latin America, and the Middle East. There are no universally accepted criteria used to determine which countries are considered developed markets and which are considered emerging markets. However, the funds rely on the classification made for a particular country by an unaffiliated, third-party data provider.
· Political, Social, and Economic Risks Foreign investments involve risks unique to the local political, economic, tax, and regulatory structures in place, as well as the potential for social instability, military unrest, or diplomatic developments that could prove adverse to the interests of U.S. investors. The economies of many of the countries in which the funds may invest are not as developed as the U.S. economy and individual foreign economies can differ favorably or unfavorably from the U.S. economy in such respects as growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. In addition, war and terrorism have affected many countries, especially those in Africa and the Middle East. Many countries throughout the world are dependent on a healthy U.S. economy and are adversely affected when the U.S. economy weakens or its markets decline. For example, in 2007 and 2008, the meltdown in the U.S. subprime mortgage market quickly spread throughout global credit markets, triggering a liquidity crisis that affected debt and equity markets around the world.
Governments in certain foreign countries continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could have a significant effect on market prices of securities and payment of dividends. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers and economic conditions of their trading partners. The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.
· Currency Risks Investments in foreign securities will normally be denominated in foreign currencies. Accordingly, a change in the value of any such currency against the U.S. dollar will result in a corresponding change in the U.S. dollar value of the funds’ holdings denominated in that currency. Generally, when a given currency appreciates against the U.S. dollar (e.g., because the U.S. dollar weakens or the particular foreign currency strengthens), the value of the funds’ securities denominated in that currency will rise. When a given currency depreciates against the U.S. dollar (e.g., because the U.S. dollar strengthens or the particular foreign currency weakens), the value of the funds’ securities denominated in that currency will decline. The value of fund assets may also be affected by losses and other expenses incurred in converting between various currencies in order to purchase and sell foreign securities, and by currency restrictions, exchange control regulations, and currency devaluations. In addition, a change in the value of a foreign currency against the U.S. dollar could result in a change in the amount of income available for distribution. If a portion of a fund’s investment income may be received in foreign currencies, the fund will be required to compute its income in U.S. dollars for distribution to shareholders, and therefore the fund will absorb the cost of currency fluctuations.
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· Investment and Repatriation Restrictions Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions limit and, at times, preclude investment in such countries and increase the cost and expenses of the funds. Investments by foreign investors are subject to a variety of restrictions in many emerging market countries. These restrictions may take the form of prior governmental approval, limits on the amount or type of securities held by foreigners, and limits on the types of companies in which foreigners may invest. Additional or different restrictions may be imposed at any time by these or other countries in which the funds invest. In addition, the repatriation of both investment income and capital from several foreign countries is restricted and controlled under certain regulations, including in some cases the need for certain government consents.
· Market and Trading Characteristics Foreign securities markets are generally not as developed or efficient as, and more volatile than, those in the United States. While growing in volume, they usually have substantially less volume than U.S. markets and the funds’ foreign portfolio securities may be less liquid, more difficult to value, and subject to more rapid and erratic price movements than securities of comparable U.S. companies. Foreign securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. Commissions on foreign securities trades are generally higher than commissions on U.S. exchanges, and while there are an increasing number of overseas securities markets that have adopted a system of negotiated rates, a number are still subject to an established schedule of minimum commission rates. There is generally less government supervision and regulation of foreign securities exchanges, brokers, and listed companies than in the United States.
Moreover, overall settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the U.S. and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a “failed settlement.” Failed settlements can result in losses to the funds. In certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct transactions. Delays in clearance and settlement could result in temporary periods when assets of the funds are uninvested and no return is earned. The inability of a fund to make intended security purchases due to clearance and settlement problems could cause the fund to miss attractive investment opportunities. The inability of a fund to sell portfolio securities due to clearance and settlement problems could result either in losses to the fund due to subsequent declines in the value of the portfolio security or, if the fund has entered into a contract to sell the security, liability to the purchaser. Military unrest, war, terrorism, and other factors could result in securities markets closing unexpectedly for an extended period, during which a fund would lose the ability to either purchase or sell securities traded in that market. Finally, certain foreign markets are open for trading on days when the funds do not calculate their net asset value. Therefore, the values of a fund’s holdings in those markets may be affected on days when shareholders have no access to the fund.
· Depositary Receipts It is expected that most foreign securities will be purchased in OTC markets or on securities exchanges located in the countries in which the issuers of the various securities are located, provided that is the best available market. However, the funds may also purchase depositary receipts, such as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts (“EDRs”), which are certificates evidencing ownership of underlying foreign securities, as alternatives to directly purchasing the foreign securities in their local markets and currencies. An advantage of ADRs, GDRs, and EDRs is that investors do not have to buy shares through the issuing company’s home exchange, which may be difficult or expensive. ADRs, GDRs, and EDRs are subject to many of the same risks associated with investing directly in foreign securities.
Generally, ADRs are denominated in U.S. dollars and are designed for use in the U.S. securities markets. The depositaries that issue ADRs are usually U.S. financial institutions, such as a bank or trust company, but the underlying securities are issued by a foreign issuer.
GDRs may be issued in U.S. dollars or other currencies and are generally designed for use in securities markets outside the United States. GDRs represent shares of foreign securities that can be traded on the exchanges of the depositary’s country. The issuing depositary, which may be a foreign or a U.S. entity, converts dividends and the share price into the shareholder’s home currency. EDRs are generally issued by a European bank and traded on local exchanges.
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For purposes of a fund’s investment policies, investments in depositary receipts are deemed to be investments in the underlying securities. For example, an ADR representing ownership of common stock will be treated as common stock.
· Participation Notes The funds may gain exposure to securities in certain foreign markets through investments in participation notes (“P-notes”). For instance, a fund may purchase P-notes while it is awaiting approval from a foreign exchange to trade securities directly in that market as well as to invest in foreign markets that restrict foreign investors, such as the funds, from investing directly in individual securities traded on that exchange. P-notes are generally issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity security. An investment in a P-note involves additional risks beyond the risks normally associated with a direct investment in the underlying security and the P-note’s performance may differ from the underlying security’s performance. While the holder of a P-note is entitled to receive from the broker-dealer or bank any dividends paid by the underlying security, the holder is not entitled to the same rights (e.g., voting rights) as an owner of the underlying stock. P-notes are considered general unsecured contractual obligations of the banks or broker-dealers that issue them as the counterparty. As such, the funds must rely on the creditworthiness of the counterparty for their investment returns on the P-notes and would have no rights against the issuer of the underlying security. There is also no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security. Additionally, issuers of P-notes and the calculation agent may have broad authority to control the foreign exchange rates related to the P-notes and discretion to adjust the P-note’s terms in response to certain events.
· Investment Funds The funds may invest in investment funds which have been authorized by the governments of certain countries specifically to permit foreign investment in securities of companies listed and traded on the stock exchanges in these respective countries. Investment in these funds is subject to the provisions of the 1940 Act. If a fund invests in such investment funds, shareholders will bear not only their proportionate share of the expenses of the fund (including operating expenses and the fees of the investment manager), but also will indirectly bear similar expenses of the underlying investment funds. In addition, the securities of these investment funds may trade at a premium over their net asset value.
· Financial Information and Governance There is generally less publicly available information about foreign companies when compared to the reports and ratings that are published about companies in the United States. Many foreign companies are not subject to uniform accounting, auditing and financial reporting standards, practices, and requirements comparable to those applicable to U.S. companies, and there may be less stringent investor protection and disclosure standards. It also is often more difficult to keep currently informed of corporate actions, which can adversely affect the prices of portfolio securities.
· Taxes The dividends and interest payable on certain of the funds’ foreign portfolio securities may be subject to foreign withholding taxes, thus reducing the net amount of income available for distribution to the funds’ shareholders. In addition, some governments may impose a tax on purchases by foreign investors of certain securities that trade in their country.
· Higher Costs Investors should understand that the expense ratios of funds investing primarily in foreign securities can be expected to be higher than funds that invest mainly in domestic securities. Reasons include the higher costs of maintaining custody of foreign securities, higher advisory fee rates paid by funds to investment advisers for researching and selecting foreign securities, and brokerage commission rates and trading costs that tend to be more expensive in foreign markets than in the United States.
· Other Risks With respect to certain foreign countries, especially emerging markets, there is the possibility of adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitations on the removal of funds or other assets of the funds, or diplomatic developments which could affect investments by U.S. persons in those countries. Further, the funds may find it difficult or be unable to enforce ownership rights, pursue legal remedies, or obtain judgments in foreign courts. Evidence of securities ownership may be uncertain in many foreign countries. In many of these countries, the most notable of which is Russia, the ultimate evidence of securities ownership is the share register held by the issuing company or its registrar. While some companies may issue share certificates or provide extracts of the company’s share
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register, these are not negotiable instruments and are not effective evidence of securities ownership. In an ownership dispute, the company’s share register is controlling.
· Europe
Europe includes both developed and emerging markets. Europe’s economies are diverse, its governments are decentralized, and its cultures vary widely. Unemployment in Europe has historically been higher than in the U.S. and public deficits have been an ongoing concern in many European countries.
Fiscal Constraints Most developed countries in western Europe are members of the European Union (“EU”), and many are also members of the European Economic and Monetary Union (“EMU”). European countries can be significantly affected by the tight fiscal and monetary controls that the EMU imposes on its members and with which candidates for EMU membership are required to comply. Member countries are required to maintain tight controls over inflation, public debt, and budget deficits, and these requirements can severely limit EMU member countries’ ability to implement monetary policy to address local or regional economic conditions. The private and public sectors’ debt problems of a single EU country can pose economic risks to the EU as a whole. The imposition of fiscal and monetary controls by EMU countries can have a significant impact on Europe as a whole. In addition, such controls could prove unsustainable and lead to an abrupt and unexpected elimination of the policy, leading to significant volatility. For instance, the Swiss National Bank had adopted a policy in 2011 to guarantee that the Swiss franc would not be worth more than 1.20 euros. Recently, the Swiss National Bank determined, with little warning to market participants, that it would no longer cap the Swiss franc’s exchange rate against the euro, which led to significant turmoil throughout the markets not only in Europe but globally.
Eurozone Currency Issues While certain EU countries continue to use their own currency, there is a collective group of EU countries, known as the Eurozone, that use the euro as their currency. Although the Eurozone has adopted a common currency and central bank, there is no fiscal union; therefore, money does not automatically flow from countries with surpluses to those with fiscal deficits. Several Eurozone countries continue to face deficits and budget issues, some of which may have negative long-term effects for the economies of not just Eurozone countries but all of Europe. Rising government debt levels could increase market volatility and the probability of a recession, lead to emergency financing for certain countries, and foster increased speculation that certain countries may require bailouts. Eurozone policymakers have previously struggled to agree on solutions to debt crises, which has stressed the European banking system as lending continued to tighten. Similar crises in the future could place additional stress on the banking system and lead to downgrades of European sovereign debt. There continues to be concern over national-level support for the euro, which could lead to the implementation of currency controls, certain countries leaving the EU, or potentially a breakup of the Eurozone and dissolution of the euro. A breakup of the Eurozone, particularly a disorderly breakup, would pose special challenges for the financial markets and could lead to exchange controls and/or market closures. In the event of a Eurozone default or breakup, some of the most significant challenges faced by the funds with euro-denominated holdings and derivatives involving the euro would include diminished market liquidity, operational issues relating to the settlement of trades, difficulty in establishing the fair values of holdings, and the redenomination of holdings into other currencies.
· Emerging Europe, Middle East, and Africa
The economies of the countries of emerging Europe, the Middle East, and Africa, sometimes referred to as “EMEA,” are all considered emerging market economies, and they tend to be highly reliant on the exportation of commodities.
Political and Military Instability Many formerly communist, eastern European countries have experienced significant political and economic reform over the past decade, and a continued eastward expansion of the EU could help to further anchor this reform process. However, the democratization process is still relatively new in a number of the smaller states and political turmoil and popular uprisings remain threats. Political risk for Russia remains high and steps that Russia has recently taken and may take in the future to assert its geopolitical influence may increase the tensions in the region and affect economic growth. The U.S. and European Union have recently instituted sanctions against certain Russian officials and Russian entities in response to recent political and military actions undertaken by Russia. These sanctions, and other
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intergovernmental actions that may be undertaken against Russia in the future, could result in the devaluation of Russian currency, a downgrade in the country’s credit rating, and/or a significant decline in the value and liquidity of securities issued by Russian companies or the Russian government. Further sanctions against Russia and any retaliatory action by the Russian government could result in the immediate freeze of Russian securities, either by issuer, sector, or the Russian markets as a whole, any of which would significantly impair the ability of the funds to buy, sell, or receive proceeds from those securities. Ongoing sanctions, the continued disruption of the Russian economy, or future military actions by Russia could severely impact the performance of any funds that hold Russian securities or derivatives with exposure to Russian securities or currency.
Many Middle Eastern economies have little or no democratic tradition and are led by family structures. Opposition parties are often banned, leading to dissidence and militancy. Despite a growing trend toward a democratic process, many African nations have a history of dictatorship, military intervention, and corruption. War, terrorism, and military takeovers could result in a securities market unexpectedly closing for an extended period, which would restrict a fund from selling its securities that are traded in that market. In all parts of EMEA, such developments, if they were to recur, could reverse favorable trends toward economic and market reform, privatization, and removal of trade barriers, and result in significant disruptions in securities markets.
Foreign Currency Certain countries in the region may have managed currencies which are pegged to the U.S. dollar or the euro, rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency, which may, in turn, have a disruptive and negative effect on investors. There is no significant foreign exchange market for certain currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies.
Energy/Resources Russia, the Middle East, and many African nations are highly reliant on income from oil sales. Oil prices can have a major impact on these economies. Other commodities such as base and precious metals are also important to these economies. As global supply and demand for commodities fluctuates, the EMEA economies can be significantly impacted by the prices of such commodities.
Custody and Settlement Because of the underdeveloped state of Russia’s financial and legal systems, the settlement, clearing, and registration of securities transactions are subject to heightened risks. Equity securities in Russia are issued only in book entry form, and ownership records are maintained in a decentralized fashion by registrars who are under contract with the issuers. Although a fund’s Russian sub-custodian maintains copies of the registrar’s records on its premises, such records may not be legally sufficient to establish ownership of securities. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Although a fund investing in Russian securities seeks to ensure through its custodian that its interest continues to be appropriately recorded, it is possible that a fraudulent act may deprive the fund of its ownership rights or improperly dilute its interest. In addition, it is possible that a registrar could be suspended or its license revoked, which would impact a fund’s holdings at that registrar until the suspension is lifted or the companies’ records are transferred to an alternative registrar. Finally, although applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration.
· Latin America
The majority of Latin American countries have been characterized at various times by high interest and unemployment rates, inflation, an over-reliance on commodity trades, and government intervention.
Inflation Most Latin American countries have experienced, at one time or another, severe and persistent levels of inflation, including, in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels.
Political Instability and Government Control Certain Latin American countries have been marred by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they were to recur, could reverse favorable trends toward market and economic reform,
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privatization, and removal of trade barriers, and result in significant disruption in securities markets. Many Latin American governments have exercised significant influence over their country’s economies, which can have significant effects on companies doing business in Latin America and the securities they issue. These governments have often changed monetary, taxation, credit, tariff, and other policies to alter the direction of their economies. Actions to control inflation have involved the setting of wage and price controls, blocking access to bank accounts, imposing exchange controls, and limiting imports. Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Brazilian law provides that whenever a serious imbalance in Brazil’s balance of payments exists or is anticipated, the Brazilian government may impose temporary restrictions on the remittance to foreign investors, such as the funds, of proceeds from the sale of Brazilian securities.
Foreign Currency Certain Latin American countries may experience sudden and large adjustments in their currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries may impose restrictions on the free conversion of their currency into other currencies, including the U.S. dollar. There is no significant foreign exchange market for many Latin American currencies and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies.
Sovereign Debt A number of Latin American countries have been among the largest debtors of emerging market countries. There have been moratoria on, and reschedulings of, repayment with respect to these debts. Such events can restrict the flexibility of these debtor nations in the international markets and result in the imposition of onerous conditions on their economies.
Foreign Trade Because commodities, such as agricultural products, minerals, oil, and metals, represent a significant percentage of exports of many Latin American countries, the economies of those countries are particularly sensitive to fluctuations in commodity prices, currencies and global demand for commodities.
· Japan
The Japanese economy fell into a recession in the late 2000’s due in part to the global economic crisis during that period. This economic recession was likely compounded by an unstable financial sector, low domestic consumption, and certain corporate structural weaknesses, which remain some of the major issues facing the Japanese economy. Japan’s government has recently implemented significant economic reform aimed at jumpstarting the Japanese economy and boosting the competitiveness of Japanese goods in world markets. Through aggressive monetary easing, temporary fiscal stimulus, and overall structural reform, the program is designed to end the recent cycles of deflation, falling prices, and declining wages.
Banking System To help sustain Japan’s economic recovery and improve its economic growth, many believe an overhaul of the nation’s financial institutions is necessary. Banks, in particular, may have to reform themselves to become more competitive. While successful financial sector reform would contribute to Japan’s economic recovery at home and would benefit other economies in Asia, internal conflict over the proper way to reform the banking system currently persists.
Natural Disasters Japan has experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity. The risks of such phenomena, and the resulting damage, continue to exist and could have a severe and negative impact on a fund’s holdings in Japanese securities. Japan also has one of the world’s highest population densities. A significant percentage of the total population of Japan is concentrated in the metropolitan areas of Tokyo, Osaka, and Nagoya. Therefore, a natural disaster centered in or very near one of these cities could have a particularly devastating effect on Japan’s financial markets. Japan’s recovery from the recession has been affected by economic distress from the earthquake and resulting tsunami that struck northeastern Japan in March 2011 causing major damage along the coast, including damage to nuclear power plants in the region. Since the earthquake, Japan’s financial markets have fluctuated dramatically.
Energy Importation Japan has historically depended on oil for most of its energy requirements. Almost all of its oil is imported, the majority from the Middle East. In the past, oil prices have had a major impact on the domestic economy, but more recently Japan has worked to reduce its dependence on oil by encouraging energy conservation and use of alternative fuels. In addition, a restructuring of industry, with emphasis
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shifting from basic industries to processing and assembly type industries, has contributed to the reduction of oil consumption. However, there is no guarantee that this favorable trend will continue.
Foreign Trade Overseas trade is important to Japan’s economy and Japan’s economic growth is significantly driven by its exports. Japan has few natural resources and must export to pay for its imports of these basic requirements. A significant portion of Japan’s trade is conducted with emerging market countries, almost all of which are located in East and Southeast Asia, and it can be affected by conditions in these other countries and currency fluctuations. Because of the concentration of Japanese exports in highly visible products such as automobiles and technology, and the large trade surpluses ensuing therefrom, Japan has had difficult relations with its trading partners, particularly the United States. Japan’s aging and shrinking population increases the cost of the country’s pension and public welfare system and lowers domestic demand, making Japan even more dependent on exports to sustain its economy. It is possible that trade sanctions or other protectionist measures could impact Japan adversely in both the short term and long term.
· Asia (excluding Japan)
Asia includes countries in all stages of economic development, some of which have been characterized at times by over-extension of credit, currency fluctuations, devaluations, restrictions, unstable employment rates, over-reliance on exports, and less efficient markets. Currency fluctuations or devaluations in any one country can have a significant effect on the entire region. Furthermore, increased political and social unrest in some Asian countries could cause further economic and market uncertainty in the entire region.
Political and Social Instability The political history of some Asian countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, and political corruption. Such developments, if they continue to occur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and could result in significant disruption to securities markets. For example, there is a demilitarized border and hostile relations between North and South Korea, and the Taiwanese economy has been affected by security threats from China. China remains a totalitarian country with continuing risk of nationalization, expropriation, or confiscation of property and its legal system is still developing, making it more difficult to obtain or enforce judgments. At times, religious, cultural, and military disputes within and outside India have caused volatility in the Indian securities markets and such disputes could adversely affect the value and liquidity of a fund’s investments in Indian securities in the future.
Foreign Currency Certain Asian countries may have managed currencies which are maintained at artificial levels to the U.S. dollar rather than at levels determined by the market. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Asian countries also may restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for certain currencies, and it would, as a result, be difficult for the funds to engage in foreign currency transactions designed to protect the value of the funds’ interests in securities denominated in such currencies.
Interrelated Economies and International Trade A number of Asian companies are highly dependent on foreign loans for their operation, some of which may impose strict repayment term schedules and require significant economic and financial restructuring. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners. China has had an increasingly significant and positive impact on the region and the global economy, but its continued success depends on its ability to retain the legal and financial policies that have fostered economic freedom and market expansion. China’s central government has historically exercised substantial control over the Chinese economy through administrative regulation and/or state ownership. Despite economic reforms that have resulted in less direct central and local government control over Chinese businesses, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. These activities, which may include central planning, partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors or particular Chinese companies, may adversely affect the public and private sector companies in which a fund invests. The Hong Kong, Taiwanese, and Chinese economies can be dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. These China region economies can also be
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significantly affected by general social, economic, and political conditions in China and other countries. The willingness and ability of the Chinese government to support the Hong Kong and Chinese economies and markets is uncertain. China has yet to develop comprehensive securities, corporate, or commercial laws, and its market is relatively new and undeveloped. Also, foreign investments may be restricted. Changes in government policy could significantly affect the local markets.
Investments in Local Chinese Stocks Certain funds may invest in local Chinese securities, referred to as China A-shares, through the use of a qualified foreign institutional investor (“QFII”) license. The China Securities Regulatory Commission (“CSRC”) has the authority to grant QFII licenses, which allow foreign investments in A-shares on the Shanghai and Shenzhen Stock Exchanges and certain other securities historically not eligible for investment by non-Chinese investors. Each QFII is authorized to invest in China A-shares only up to a specified quota established by the Chinese State Administration of Foreign Exchange (“SAFE”). T. Rowe Price has received a QFII license permitting it to invest a portion of the assets of the Emerging Markets Stock, Institutional Emerging Markets Equity, International Discovery, and New Asia Funds in local Chinese securities. Although the laws of China permit the use of nominee accounts for clients of investment managers who are QFIIs, the Chinese regulators require the securities trading and settlement accounts to be maintained in the name of the QFII on behalf of the funds. Chinese regulators have been made aware that T. Rowe Price is acting as investment manager only and that any assets invested in A-shares belong to the funds. The funds’ custodian bank will maintain a specific sub-account for the A-share investments in the name of each fund. However, there is a risk that creditors of T. Rowe Price may assert that T. Rowe Price, and not the individual fund, is the legal owner of the securities and other assets in the accounts. If a court upholds such an assertion, creditors of T. Rowe Price could seek payment from the funds’ A-share investments.
Additional risks include a potential lack of liquidity, greater price volatility, and restrictions on the repatriation of invested capital. Because of low trading volume and various restrictions on the free flow of capital into the A-share market, the A-share market could be less liquid and trading prices of A-shares could be more volatile than other local securities markets. In addition, net realized profits on fund investments in A-shares may only be repatriated under certain conditions and upon the approval of SAFE.
Other funds may also invest in certain Shanghai-listed securities (“Stock Connect Securities”) through the Shanghai-Hong Kong Stock Connect (“Stock Connect”), which is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited (“HKEC”), the Shanghai Stock Exchange, and the China Securities Depository and Clearing Corporation Limited (“ChinaClear”) to permit mutual stock market access between mainland China and Hong Kong. Hong Kong Securities Clearing Company Limited (“HKSCC”), a clearing house operated by HKEC, acts as nominee for participants, such as the funds, accessing Stock Connect Securities.
Since the relevant regulations governing Stock Connect Securities are relatively new and untested, they are subject to change and there is no certainty as to how they will be applied. In particular, the courts may consider that the nominee or custodian, as registered holder of Stock Connect Securities, has full ownership over the Stock Connect Securities rather than the funds as the underlying beneficial owner. HKSCC, as nominee holder, does not guarantee the title to Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners. Consequently, title to these securities, or the rights associated with them such as participation in corporate actions or shareholder meetings, cannot be assured. In the event ChinaClear defaults, HKSCC’s liabilities under its market contracts with participants will be limited to assisting participants with claims and a fund may not fully recover its losses or the Stock Connect Securities it owns. Recovery of the funds’ property may also be subject to delays and expenses, which may be material. Further, investors are currently able to trade Stock Connect Securities only up to certain daily maximums. Buy order and sell orders offset for purposes of the daily quota, which is applied to all market participants and not specifically to the funds or investment manager. If the daily quota is reached or a stock is recalled from the scope of eligible stocks for trading via the Stock Connect, a fund’s investment program would be adversely impacted.
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Risk Factors of Investing in Taxable Debt Obligations
General
Yields on short-, intermediate-, and long-term debt securities are dependent on a variety of factors, including the general conditions of the money, bond, and foreign exchange markets; the size of a particular offering; the maturity of the obligation; and the credit rating of the issue. Debt securities with longer maturities tend to carry higher yields and are generally subject to greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market prices of debt securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of portfolio investments, and a decline in interest rates will generally increase the value of portfolio investments. The ability of funds investing in debt securities to achieve their investment objectives is also dependent on the continuing ability of the issuers of the debt securities in which the funds invest to meet their obligations for the payment of interest and principal when due.
After purchase by the funds, a debt security may cease to be rated or its rating may be reduced below the minimum required for purchase by the funds. Neither event will require a sale of such security by the funds. However, such events will be considered in determining whether the funds should continue to hold the security. To the extent that the ratings given by Moody’s, S&P, or others may change as a result of changes in such organizations or their rating systems, the funds will attempt to use comparable ratings as standards for investments in accordance with the investment policies contained in the prospectus. The ratings of Moody’s, S&P, and others represent their opinions as to the quality of securities that they undertake to rate. Ratings are not absolute standards of quality. When purchasing unrated securities, T. Rowe Price, under the supervision of the funds’ Boards, determines whether the unrated security is of a quality comparable to that which the funds are allowed to purchase.
Full Faith and Credit Securities
Securities backed by the full faith and credit of the United States (for example, GNMA and U.S. Treasury securities) are generally considered to be among the most, if not the most, creditworthy investments available. While the U.S. government has honored its credit obligations continuously for the last 200 years, political events have, at times, called into question whether the United States would default on its obligations. Such an event would be unprecedented and there is no way to predict its impact on the securities markets or the funds. However, it is very likely that default by the United States would result in losses to the funds.
Mortgage Securities
Mortgage-backed securities, including Government National Mortgage Association (“Ginnie Mae” or “GNMA”) securities differ from conventional bonds in that principal is paid back over the life of the security rather than at maturity. As a result, the holder of a mortgage-backed security (i.e., a fund) receives monthly scheduled payments of principal and interest, and may receive unscheduled principal payments representing prepayments on the underlying mortgages. Therefore, GNMA securities may not be an effective means of “locking in” long-term interest rates due to the need for the funds to reinvest scheduled and unscheduled principal payments. The incidence of unscheduled principal prepayments is also likely to increase in mortgage pools owned by the funds when prevailing mortgage loan rates fall below the mortgage rates of the securities underlying the individual pool. The effect of such prepayments in a falling rate environment is to (1) cause the funds to reinvest principal payments at the then lower prevailing interest rate, and (2) reduce the potential for capital appreciation beyond the face amount of the security and adversely affect the return to the funds. Conversely, in a rising interest rate environment, such prepayments can be reinvested at higher prevailing interest rates, which will reduce the potential effect of capital depreciation to which bonds are subject when interest rates rise. When interest rates rise and prepayments decline, GNMA securities become subject to extension risk or the risk that the price of the securities will fluctuate more. In addition, prepayments of mortgage securities purchased at a premium (or discount) will cause such securities to be paid off at par, resulting in a loss (gain) to the funds. T. Rowe Price will actively manage the funds’ portfolios in an attempt to reduce the risk associated with investment in mortgage-backed securities.
The market value of adjustable rate mortgage securities (“ARMs”), like other U.S. government securities, will generally vary inversely with changes in market interest rates, declining when interest rates rise and rising
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when interest rates decline. Because of their periodic adjustment feature, ARMs should be more sensitive to short-term interest rates than long-term rates. They should also display less volatility than long-term mortgage-backed securities. Thus, while having less risk of a decline during periods of rapidly rising rates, ARMs may also have less potential for capital appreciation than other investments of comparable maturities. Interest rate caps on mortgages underlying ARMs may prevent income on the ARMs from increasing to prevailing interest rate levels and cause the securities to decline in value. In addition, to the extent ARMs are purchased at a premium, mortgage foreclosures and unscheduled principal prepayments may result in some loss of the holders’ principal investment to the extent of the premium paid. On the other hand, if ARMs are purchased at a discount, both a scheduled payment of principal and an unscheduled prepayment of principal will increase current and total returns and will accelerate the recognition of income that, when distributed to shareholders, will be taxable as ordinary income.
High-Yield Securities
Special Risks of Investing in Junk Bonds The following special considerations are additional risk factors of funds investing in lower-rated securities.
· Lower-Rated Debt Securities An economic downturn or increase in interest rates is likely to have a greater negative effect on this market, the value of lower-rated debt securities in the funds’ portfolios, the funds’ net asset value, and the ability of the bonds’ issuers to repay principal and interest, meet projected business goals, and obtain additional financing than on higher-rated securities. These circumstances also may result in a higher incidence of defaults than with respect to higher-rated securities. Investment in funds which invest in lower-rated debt securities is more risky than investment in shares of funds which invest only in higher-rated debt securities.
· Sensitivity to Interest Rate and Economic Changes Prices of lower-rated debt securities may be more sensitive to adverse economic changes or corporate developments than higher-rated investments. Debt securities with longer maturities, which may have higher yields, may increase or decrease in value more than debt securities with shorter maturities. Market prices of lower-rated debt securities structured as zero-coupon or pay-in-kind securities are affected to a greater extent by interest rate changes and may be more volatile than securities which pay interest periodically and in cash. Where it deems it appropriate and in the best interests of fund shareholders, the funds may incur additional expenses to seek recovery on a debt security on which the issuer has defaulted and to pursue litigation to protect the interests of security holders of its portfolio companies.
· Liquidity and Valuation Because the market for lower-rated securities may be thinner and less active than for higher-rated securities, there may be market price volatility for these securities and limited liquidity in the resale market. Nonrated securities are usually not as attractive to as many buyers as rated securities are, a factor which may make nonrated securities less marketable. These factors may have the effect of limiting the availability of the securities for purchase by the funds and may also limit the ability of the funds to sell such securities at their fair value, either to meet redemption requests or in response to changes in the economy or the financial markets.
Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of lower-rated debt securities, especially in a thinly traded market. To the extent the funds own or may acquire illiquid or restricted lower-rated securities, these securities may involve special registration responsibilities, liabilities, costs, and liquidity and valuation difficulties. Changes in values of debt securities which the funds own will affect its net asset value per share. If market quotations are not readily available for the funds’ lower-rated or nonrated securities, these securities will be valued by a method that the funds’ Boards believe accurately reflects fair value. Judgment plays a greater role in valuing lower-rated debt securities than with respect to securities for which more external sources of quotations and last sale information are available.
· Taxation Special tax considerations are associated with investing in lower-rated debt securities structured as zero-coupon or pay-in-kind securities. The funds accrue income on these securities prior to the receipt of cash payments. The funds must distribute substantially all of its income to its shareholders to qualify for pass-
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through treatment under the tax laws and may, therefore, have to dispose of portfolio securities to satisfy distribution requirements.
Risk Factors of Investing in Municipal Securities
General
Yields on municipal securities are dependent on a variety of factors, including the general conditions of the money market and the municipal bond market, the size of a particular offering, the maturity of the obligations, and the rating of the issue. Municipal securities with longer maturities tend to produce higher yields and are generally subject to potentially greater capital appreciation and depreciation than obligations with shorter maturities and lower yields. The market prices of municipal securities usually vary, depending upon available yields. An increase in interest rates will generally reduce the value of portfolio investments, and a decline in interest rates will generally increase the value of portfolio investments. The ability of all the funds to achieve their investment objectives is also dependent on the continuing ability of the issuers of municipal securities in which the funds invest to meet their obligations for the payment of interest and principal when due. The ratings of Moody’s, S&P, and Fitch IBCA, Inc. (“Fitch”) represent their opinions as to the quality of municipal securities which they undertake to rate. Ratings are not absolute standards of quality; consequently, municipal securities with the same maturity, coupon, and rating may have different yields. There are variations in municipal securities, both within a particular classification and between classifications, depending on numerous factors. In 2010, Moody’s and Fitch recalibrated their ratings of municipal securities so they could use a single ratings scale for both municipal and corporate debt securities. This resulted in upgrades to ratings of certain municipal issuers based on the change in methodology and not on improvements in credit quality. It should also be pointed out that, unlike other types of investments, offerings of municipal securities have traditionally not been subject to regulation by, or registration with, the SEC, although there have been proposals which would provide for regulation in the future.
The federal bankruptcy statutes relating to the debts of political subdivisions and authorities of states of the United States provide that, in certain circumstances, such subdivisions or authorities may be authorized to initiate bankruptcy proceedings without prior notice to or consent of creditors, which proceedings could result in material and adverse changes in the rights of holders of their obligations.
Proposals have been introduced in Congress to restrict or eliminate the federal income tax exemption for interest on municipal securities, and similar proposals may be introduced in the future. Proposed “Flat Tax” and “Value Added Tax” proposals would also have the effect of eliminating the tax preference for municipal securities. Some of the past proposals would have applied to interest on municipal securities issued before the date of enactment, which would have adversely affected their value to a material degree. If such a proposal were enacted, the availability of municipal securities for investment by the funds and the value of a fund’s portfolio would be affected and, in such an event, the funds would reevaluate their investment objectives and policies. The lowering of income tax rates, including lowering tax rates on dividends and capital gains, could have a negative impact on the desirability of owning municipal securities.
Although the banks and securities dealers with which the funds will transact business will be banks and securities dealers that T. Rowe Price believes to be financially sound, there can be no assurance that they will be able to honor their obligations to the funds with respect to such transactions.
Municipal Bond Insurance The funds may purchase insured bonds from time to time. Municipal bond insurance provides an unconditional and irrevocable guarantee that the insured bond’s principal and interest will be paid when due. Insurance does not guarantee the price of the bond. The guarantee is purchased from a private, nongovernmental insurance company.
There are two types of insured securities that may be purchased by the funds: bonds carrying either (1) new issue insurance; or (2) secondary insurance. New issue insurance is purchased by the issuer of a bond in an effort to improve the bond’s credit rating. By meeting the insurer’s standards and paying an insurance premium based on the bond’s principal value, the issuer may be able to obtain a higher credit rating for the bond. The credit rating assigned to an insured municipal bond will usually reflect the financial strength of the
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issuer or insurer, whichever is higher. Once purchased, municipal bond insurance cannot be canceled, and the protection it affords continues as long as the bonds are outstanding and the insurer remains solvent.
The funds may also purchase bonds that carry secondary insurance purchased by an investor after a bond’s original issuance. Such policies insure a security for the remainder of its term. Generally, the funds expect that portfolio bonds carrying secondary insurance will have been insured by a prior investor. However, the funds may, on occasion, purchase secondary insurance on their own behalf.
Each of the municipal bond insurance companies has established reserves to cover estimated losses. Both the method of establishing these reserves and the amount of the reserves vary from company to company. The risk that a municipal bond insurance company may experience a claim extends over the life of each insured bond. Municipal bond insurance companies are obligated to pay a bond’s interest and principal when due if the issuing entity defaults on the insured bond. Defaults on insured municipal bonds have been fairly low to date, but certain of these insurers’ ratings have been downgraded and they are no longer insuring newly issued bonds. It is possible that there could be additional insurer downgrades and that default rates on insured bonds could increase substantially, which could further deplete an insurer’s loss reserves and adversely affect the ability of a municipal bond insurer to pay claims to holders of insured bonds, such as the funds. The inability of an insurer to pay a particular claim, or a downgrade of the insurer’s rating, could adversely affect the values of all the bonds it insures despite the quality of the underlying issuer. The number of municipal bond insurers is relatively small and, therefore, a significant amount of a municipal bond fund’s assets may be insured by a single issuer.
High-Yield Securities Lower-quality bonds, commonly referred to as “junk bonds,” are regarded as predominantly speculative with respect to the issuer’s continuing ability to meet principal and interest payments. Because investment in low- and lower-medium-quality bonds involves greater investment risk, to the extent the funds invest in such bonds, achievement of their investment objectives will be more dependent on T. Rowe Price’s credit analysis than would be the case if the funds were investing in higher-quality bonds. High-yield bonds may be more susceptible to real or perceived adverse economic conditions than investment-grade bonds. A projection of an economic downturn or higher interest rates, for example, could cause a decline in high-yield bond prices because the advent of such events could lessen the ability of highly leveraged issuers to make principal and interest payments on their debt securities. In addition, the secondary trading market for high-yield bonds may be less liquid than the market for higher-grade bonds, which can adversely affect the ability of the funds to dispose of their portfolio securities. Bonds for which there is only a “thin” market can be more difficult to value because objective pricing data may be less available and judgment would therefore play a greater role in the valuation process.
Risk Factors of Investing in Taxable and Tax-Free Money Market Funds
The T. Rowe Price money market funds will limit their purchases of portfolio instruments to those U.S. dollar-denominated securities which the funds’ Boards determine present minimal credit risk and which are eligible securities as defined in Rule 2a-7 under the 1940 Act. Eligible securities are generally securities which have been rated (or whose issuer has been rated or whose issuer has comparable securities rated) in one of the two highest short-term rating categories (which may include sub-categories) by nationally recognized statistical rating organizations (“NRSROs”) or, in the case of any instrument that is not so rated, is of comparable high quality as determined by T. Rowe Price pursuant to written guidelines established under the supervision of the funds’ Boards. In addition, the funds may treat certain variable and floating rate instruments with demand features as short-term securities pursuant to Rule 2a-7 under the 1940 Act.
There can be no assurance that the funds will achieve their investment objectives or be able to maintain their net asset values per share at $1.00. The price of the funds is not guaranteed or insured by the U.S. government and their yields are not fixed. While the funds invest in high-grade money market instruments, investment in the funds is not without risk, even if all portfolio instruments are paid in full at maturity. An increase in interest rates could reduce the value of the funds’ portfolio investments, and a decline in interest rates could increase the value. The funds can be impacted by changes in the laws and regulations that govern money market funds, such as Rule 2a-7 under the 1940 Act. On July 23, 2014, the SEC voted to amend Rule 2a-7 and other rules and forms related to money market funds. These amendments will affect the manner in which
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the funds and other money market funds are structured and operated, and may impact fund expenses, returns and liquidity. The degree to which a money market fund will be impacted by the rule amendments will depend upon the type of fund and type of investors (e.g., retail or institutional). The amendments have staggered compliance dates. Compliance with many of these amendments will be required by October 14, 2016, two years after the effective date for the amendments. As a result of these amendments, the funds may be required to take certain steps that will have an adverse impact, although the precise impact of these changes are still being assessed and have not yet been fully determined.
State Tax-Free Funds
The following information about the state tax-free funds is updated in June of each year. More current information is available in shareholder reports for these funds.
California Tax-Free Bond and California Tax-Free Money Funds
Risk Factors Associated with a California Portfolio
The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.
Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments issued by the state of California and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from California income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and California income tax. The issuers of these debt obligations include the state of California and its agencies and authorities, counties and municipalities and their agencies and authorities, various California public institutions of higher education, and certain California not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.
Debt is issued for a wide variety of public purposes, including transportation, housing, education, electric power, and healthcare. The state of California, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are generally backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. As part of its cash management program, the state regularly issues short-term notes to meet its disbursement requirements in advance of the receipt of revenues. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge. Local governments also raise capital through the use of Mello-Roos, 1915 Act Bonds, and Tax Increment Bonds, all of which are generally riskier than general obligation debt as they often rely on tax revenues to be generated by future development for their support.
The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.
Political and Legislative Conditions Certain provisions of the California state constitution and state statutes limit the taxing and spending authority of California governmental entities, thus affecting their ability to meet debt service obligations. For example, the constitution limits ad valorem taxes on real property to 1% of “full cash value” and restricts the ability of taxing entities to increase real property taxes. It also prohibits the state from spending revenues beyond its annually adjusted “appropriations limit.” Yet another provision further restricts the ability of local governments to levy and collect existing and future taxes, assessments, and fees. In addition to limiting the financial flexibility of local governments in the state, the provision also increases the possibility of voter-determined tax rollbacks and repeals.
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One effect of the tax and spending limitations in California has been a broad scale shift by local governments away from general obligation debt requiring voter approval and pledging of future tax revenues toward lease revenue financing that is subject to abatement and does not require voter approval. Lease-backed debt is generally viewed as a less secure form of borrowing and therefore entails greater credit risk.
Future initiatives, if proposed and adopted, or future court decisions could create renewed pressure on California governments and their ability to raise revenues. Although Orange County notably filed for protection under the U.S. Bankruptcy Code in 1994, overall the state and its underlying governments have displayed flexibility in overcoming the negative effects of past initiatives.
Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of California, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. While California’s economy has been diverse and resilient, and is typically the largest among the 50 states, the state of California is also normally among the most highly indebted states in the nation. The state has historically experienced more extreme swings in employment levels and property values relative to the rest of the country. In addition, California is more prone to earthquakes and other natural disasters, which can result in sudden economic downturns and the unexpected inability of issuers to meet their obligations, as well as a long-lasting negative impact on the overall California municipal securities market. More detailed information regarding economic conditions and the financial strength of California is available in the funds’ annual and semi-annual shareholder reports.
Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.
The funds may from time to time invest in electric revenue issues. The financial performance of these utilities was impacted by the industry’s moves toward deregulation and increased competition. California’s original electric utility restructuring plan proved to be flawed as it placed over-reliance on the spot market for power purchases during a period of substantial supply and demand imbalance. Now that deregulation has been suspended, municipal utilities face a more traditional set of challenges. In particular, some electric revenue issuers have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Other risks include unexpected outages, plant shutdowns, and more stringent environmental regulations.
Georgia Tax-Free Bond Fund
Risk Factors Associated with a Georgia Portfolio
The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.
Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the state of Georgia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Georgia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and Georgia income tax. The issuers of these debt obligations include the state of Georgia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Georgia public institutions of higher education, and certain Georgia not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.
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The state of Georgia, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state and may or may not be subject to annual appropriations from the state’s general fund. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.
The Georgia Constitution imposes certain debt limits and controls. The state’s general obligation debt service cannot exceed 10% of total revenue receipts less refunds of the state treasury and state-issued general obligation bonds have a 25-year maturity limit. The state also established “debt affordability” limits which provide that outstanding debt will not exceed 2.7% of personal income or that maximum annual debt service will not exceed 5% of the prior year’s revenues.
The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.
Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of Georgia, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. While local governments in Georgia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Georgia is available in the fund’s annual and semi-annual shareholder reports.
Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.
The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.
The fund may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment-grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability.
Maryland Short-Term Tax-Free Bond, Maryland Tax-Free Bond, and Maryland Tax-Free Money Funds
Risk Factors Associated with a Maryland Portfolio
The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.
Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments issued by the state of Maryland and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from Maryland income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s
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investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and Maryland income tax. The issuers of these debt obligations include the state of Maryland and its agencies and authorities, counties and municipalities and their agencies and authorities, various Maryland public institutions of higher education, and certain Maryland not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.
The state of Maryland, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, many counties, municipalities, and agencies of the state and local government are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. The state constitution imposes a 15-year maturity limit on state-issued general obligation bonds. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.
The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Maryland. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Maryland.
The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.
Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of Maryland, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. More detailed information regarding economic conditions and the financial strength of Maryland is available in the funds’ annual and semi-annual shareholder reports.
Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and of uncertain duration.
The funds may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.
The funds may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment-grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability.
New Jersey Tax-Free Bond Fund
Risk Factors Associated with a New Jersey Portfolio
The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.
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Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the state of New Jersey and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from New Jersey income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and New Jersey income tax. The issuers of these debt obligations include the state of New Jersey and its agencies and authorities, counties and municipalities and their agencies and authorities, various New Jersey public institutions of higher education, and certain New Jersey not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.
The state of New Jersey, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, many counties, municipalities, and agencies of the state and local government are authorized to borrow money under laws expressly providing that the loan obligations are not debts or pledges of the full faith and credit of the state. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.
The majority of the state’s debt is “appropriation-backed.” This means that the debt service payments on these obligations must be funded annually by the state legislature, but the legislature has no legal obligation to continue to make such appropriations.
The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. These issues are sold through various governmental conduits, such as the New Jersey Economic Development Authority and various local issuers, and are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied. In the past, a number of New Jersey Economic Development Authority issues have defaulted as a result of borrower financial difficulties.
Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the state of New Jersey, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. The state of New Jersey is typically among the most highly indebted states in the nation. More detailed information regarding economic conditions and the financial strength of New Jersey is available in the fund’s annual and semi-annual shareholder reports.
Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.
The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.
The fund may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment-grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of consumer affordability.
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New York Tax-Free Bond and New York Tax-Free Money Funds
Risk Factors Associated with a New York Portfolio
The funds’ concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.
Types of Municipal Debt The funds invest mainly in municipal bonds and other municipal debt instruments issued by the state of New York and its various political subdivisions and agencies. However, if the funds invest in any securities that pay income that is exempt from New York income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and New York income tax. The issuers of these debt obligations include: the state of New York, New York City, and their agencies and authorities; counties, other municipalities, and their agencies and authorities; various New York public institutions of higher education; and certain New York not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.
The state of New York, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. However, bonds issued by certain counties, municipalities, and agencies of the state and local government are not backed by the full faith and credit of the state of New York or New York City. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.
The majority of the state’s debt is “appropriation-backed.” This means that the debt service payments on these obligations must be funded annually by the state legislature, but the legislature has no legal obligation to continue to make such appropriations.
The funds may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.
Economic and Financial Conditions To a large degree, the credit risk of the portfolios is dependent upon the financial strength of the state of New York, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. The state of New York is typically among the most highly indebted states in the nation and New York City is typically one of the most indebted U.S. cities. More detailed information regarding economic conditions and the financial strength of New York is available in the funds’ annual and semi-annual shareholder reports.
Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the funds’ assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.
The funds may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.
The funds may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal
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bonds are considered below investment-grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of consumer affordability.
Virginia Tax-Free Bond Fund
Risk Factors Associated with a Virginia Portfolio
The fund’s concentration in the debt obligations of a single state carries a higher risk than a portfolio that is more geographically diversified.
Types of Municipal Debt The fund invests mainly in municipal bonds and other municipal debt instruments issued by the commonwealth of Virginia and its various political subdivisions and agencies. However, if the fund invests in any securities that pay income that is exempt from Virginia income taxes (for example, municipal obligations of U.S. territories or a neighboring state), such investments will be included toward the fund’s investment policy to invest at least of 80% of its net assets in securities that pay interest exempt from federal and Virginia income tax. The issuers of these debt obligations include the commonwealth of Virginia and its agencies and authorities, counties and municipalities and their agencies and authorities, various Virginia public institutions of higher education, and certain Virginia not-for-profit organizations (e.g., hospitals, private colleges, and nursing homes). The credit quality and risks of these investments will vary according to each security’s structure and underlying economics.
Debt is issued for a wide variety of public purposes, including transportation, housing, education, healthcare, and industrial development. The commonwealth of Virginia, and its local governments, agencies and authorities, issue two basic types of debt: general obligation bonds and revenue bonds. General obligation bonds are backed by the unlimited taxing power of the issuer. Under Virginia law, general obligation debt is limited to 1.15 times the average of the preceding three years’ income tax and sales and use collections. However, bonds issued by many counties, municipalities, and agencies of the commonwealth and local government are not backed by the full faith and credit of the commonwealth but instead are subject to annual appropriations from the commonwealth’s general fund. Revenue bonds are typically secured by specific pledged fees or charges for a related project, such as fees generated from the use of facilities or enterprises financed by the bonds. Included within the revenue bond sector are tax-exempt lease obligations that are subject to annual appropriations of a governmental body, usually with no implied tax or specific revenue pledge.
The fund may also purchase municipal bonds and other municipal debt instruments that are issued by the District of Columbia, or one of its agencies or authorities, but provide for dual income tax exemption in the District of Columbia and Virginia. Such investments are normally revenue bonds that derive their revenues from projects or facilities with economic and geographic ties to both the District of Columbia and Virginia.
The fund may also invest in private activity bond issues for corporate and nonprofit borrowers. Sold through various governmental conduits, these issues are backed solely by the revenues pledged by the respective borrowing corporations. No governmental support is provided or implied.
Economic and Financial Conditions To a large degree, the credit risk of the portfolio is dependent upon the financial strength of the commonwealth of Virginia, its localities and agencies. Financial strength is, in turn, influenced by changing economic conditions which affect the level of taxes collected and revenues earned. While local governments in Virginia are primarily reliant on independent revenue sources, such as property taxes, they are not immune to budget shortfalls caused by cutbacks in state aid. More detailed information regarding economic conditions and the financial strength of Virginia is available in the fund’s annual and semi-annual shareholder reports.
Sectors Investment concentration in a particular sector can present unique risks. For example, a significant portion of the fund’s assets may be invested in issues related to health care providers. The hospital industry has been under significant pressure to reduce expenses and shorten length of hospital stays, a phenomenon that has negatively affected the financial health of some hospitals. All hospitals are dependent on third-party
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reimbursement mechanisms that are typically complex, subject to numerous conditions, and uncertain as to how long they will continue.
The fund may from time to time invest in electric revenue issues that have exposure to or participate in nuclear power plants, which could affect the issuer’s financial performance. Such risks include delay in construction and operation due to increased regulation, unexpected outages or plant shutdowns, increased Nuclear Regulatory Commission surveillance, or inadequate rate relief. In addition, the financial performance of electric utilities may be impacted by increased competition and deregulation of the industry.
The fund may invest in issues related to life care, which includes nursing homes, assisted living facilities, and continuing care retirement communities. These bonds are typically issued with longer-term maturities, although they are usually callable by the issuer on prescribed dates before maturity. Many life care municipal bonds are considered below investment-grade or are not rated by a credit rating agency. Reasons for the higher credit risk include uncertainty over future regulations and Medicaid funding, increased competition, and a lack of affordability.
All Tax-Free Funds
Puerto Rico From time to time, the funds may invest in obligations of the commonwealth of Puerto Rico and its public corporations, as well as other U.S. territories, the interest of which may be exempt from U.S. federal, state, and local income taxes. As of May 1, 2014, the general obligation debt of Puerto Rico was rated Ba2 by Moody’s, BB+ by S&P, and BB by Fitch. All three rating agencies have assigned a negative outlook. The credit ratings and negative outlook reflect, in part, their concerns regarding a weak economy, structural budget imbalances, diminished liquidity, underfunded pensions, and a rising debt burden.
Debt As of December 31, 2013, the outstanding debt of Puerto Rico totaled $72 billion, which is large relative to the size of its economy. This includes bonds supported by the commonwealth’s general obligation pledge, appropriations or guarantee; public corporations such as highways, water and sewer, and electric power, and municipalities.
Guaranteed direct obligations of the commonwealth supported by a general obligation pledge are subject to limitations imposed by the commonwealth’s constitution. Debts of its municipalities are typically supported by property taxes and municipal license taxes, with support from the commonwealth, if necessary. Debts of its public corporations are generally supported by the entity’s revenues or by the commonwealth’s appropriations or taxes.
As a result of these rating downgrades, general obligation bonds issued by Puerto Rico are currently considered below investment-grade by the rating agencies. The reduction in credit rating could significantly lessen the demand for securities issued by Puerto Rico, its agencies or instrumentalities, which may prevent those issuers from obtaining the financing they need. This outcome could increase Puerto Rico’s risk of default and risk that an issuer might not be able to pay interest or principal when due, especially during times of weakening economic conditions or rising interest rates. If the economic conditions in Puerto Rico persist or worsen, a fund’s performance could be adversely impacted to the extent it has exposure to Puerto municipal obligations.
Though different measures suggest Puerto Rico’s debt burden is high relative to a U.S. state, the commonwealth issues or supports bonds on behalf of municipalities and other governmental units. In many cases, this type of debt would be issued by local government or public agencies which are independent entities in the U.S. One measure to monitor the commonwealth debt levels is by comparing the rate of growth of its debt to the rate of growth of its gross national product (“GNP”). For the four-year period ended in June 30, 2012, total public sector debt increased by 22%, whereas nominal-GNP for the same four-year period increased by 9%.
Economy Puerto Rico’s economy is linked in many ways to the U.S. economy. Like the United States, the commonwealth experienced an economic recession in the late 2000’s. Government officials estimate that the economy (as measured by real GNP) contracted 3.8% in 2009, 3.64% in 2010, 1.6% in 2011, grew by 0.1% during 2012, and contracted by 0.4% in 2013. The forecast for growth is lower than that of the United States.
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Manufacturing, especially pharmaceuticals, is very important to the local economy. Manufacturing accounted for approximately 46% of GDP in 2012, and 9% of non-farm payroll employment. Services are another component of the local economy, and represented 43% of GDP and 60% of employment. Tourism is an important sub-sector of services, and an important driver of Puerto Rico’s economy. The number of tourists and the value of their expenditures increased 12% between 2008 and 2012.
For many years, U.S. companies operating in Puerto Rico were eligible to receive special tax treatment. Since 1976, Section 936 of the U.S. tax code entitled certain corporations to credit income derived from business activities in the commonwealth against their United States corporate income tax and spurred significant expansion in capital intensive manufacturing, particularly large pharmaceutical firms. The tax benefits, however, were eliminated beginning with the 2006 tax year. While the ultimate impact of the phase outs is being evaluated, indications are that major pharmaceutical, instrument, and electronic manufacturing firms have not exited the market, but employment in this sector is trending downward as some individual plants have closed while others have become more automated.
Financial Puerto Rico’s general fund revenues, on a budgetary basis, were $8.8 billion in fiscal year 2012 (yielding a deficit of $2.4 billion); fiscal year 2013 (unaudited) appears to have produced a $1.3 billion deficit. The prior governor and his administration implemented various fiscal measures, including borrowings, stimulus plans, expense re-structuring, payroll cuts, and tax reform in an effort to reduce the budget gap. A balanced budget was originally projected for fiscal year 2013 but did not occur. A new governor for the commonwealth was elected in November 2012; he is working on reforms and strategies to minimize the fiscal year 2014 budget gap as balance the budget in fiscal year 2015.
All Funds
Cyber Security Risk
As the use of the Internet and other technologies has become more prevalent in the course of business, the funds have become more susceptible to operational and financial risks associated with cyber attacks. Cyber security incidents can result from deliberate attacks, such as gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption, or from unintentional events, such as the inadvertent release of confidential information. Cyber security failures or breaches of the funds, or their service providers or the issuers of securities in which the funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of fund shareholders to transact, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. While measures have been developed that are designed to reduce the risks associated with cyber attacks, there is no guarantee that those measures will be effective, particularly since the funds do not directly control the cyber security defenses or plans of their service providers, financial intermediaries and companies in which they invest or with which they do business.
Types of Securities
Set forth below is additional information about certain of the investments described in the funds’ prospectuses.
Equity Securities
Common and preferred stocks both represent an equity or ownership interest in an issuer. Common stock typically entitles the owner to vote on the election of directors and other important matters while preferred stock does not ordinarily carry voting rights. In the event an issuer is liquidated or declares bankruptcy, the
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claims of secured and unsecured creditors and owners of bonds take precedence over the claims of those who own preferred stock, and the owners of preferred stock take precedence over the claims of those who own common stock.
Although owners of common stock are typically entitled to receive any dividends on such stock, owners of common stock participate in company profits on a pro-rata basis. Profits may be paid out in dividends or reinvested in the company to help it grow. Because increases and decreases in earnings are usually reflected in a company’s stock price, common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.
Preferred stock, unlike common stock, often has a stated dividend rate payable from the corporation’s earnings. Preferred stock dividends may be cumulative or non-cumulative, participating or non-participating, or adjustable rate. Cumulative dividend provisions require all or a portion of prior unpaid dividends to be paid before dividends can be paid to the issuer’s common stock, while a passed dividend on non-cumulative preferred stock is generally gone forever. Participating preferred stock may be entitled to a dividend exceeding the declared dividend in certain cases, while non-participating preferred stock is limited to the stipulated dividend. Adjustable rate preferred stock pays a dividend that is adjustable, usually quarterly, based on changes in certain interest rates. Convertible preferred stock is exchangeable for a specified number of common stock shares and is typically more volatile than non-convertible preferred stock, which tends to behave more like a bond.
The funds may make equity investments in companies through initial public offerings and by entering into privately negotiated transactions involving equity securities that are not yet publicly traded on a stock exchange. Stocks may also be purchased on a “when-issued” basis, which is used to refer to a security that has not yet been issued but that will be issued in the future. The term may be used for new stocks and stocks that have split but have not yet started trading.
Debt Securities
· U.S. Government Obligations Bills, notes, bonds, and other debt securities issued by the U.S. Treasury and backed by the full faith and credit of the U.S. government. These are direct obligations of the U.S. government and differ mainly in the length of their maturities. U.S. Treasury Obligations may also include, among other things, the separately traded principal and interest components of securities guaranteed or issued by the U.S. Treasury if such components are traded independently under the Separate Trading of Registered Interest and Principal of Securities program (“STRIPS”), as well as Treasury inflation-protected securities (“TIPS”) whose principal value is periodically adjusted according to the rate of inflation.
· U.S. Government Agency Securities Issued or guaranteed by U.S. government-sponsored enterprises and federal agencies. These include securities issued by the Federal National Mortgage Association (“Fannie Mae” or “FNMA”), GNMA, Federal Home Loan Bank, Federal Land Banks, Farmers Home Administration, Banks for Cooperatives, Federal Intermediate Credit Banks, Federal Financing Bank, Farm Credit Banks, the Small Business Association, and the Tennessee Valley Authority. Some of these securities are supported by the full faith and credit of the U.S. Treasury; the remainder are supported only by the credit of the instrumentality, which may or may not include the right of the issuer to borrow from the U.S. Treasury. These may also include securities issued by eligible private institutions that are guaranteed by certain U.S. government agencies under authorized programs.
· Bank Obligations Certificates of deposit, banker’s acceptances, and other short-term debt obligations. Certificates of deposit are short-term obligations of commercial banks. A banker’s acceptance is a time draft drawn on a commercial bank by a borrower, usually in connection with international commercial transactions. Certificates of deposit may have fixed or variable rates. The funds may invest in U.S. banks, foreign branches of U.S. banks, U.S. branches of foreign banks, and foreign branches of foreign banks.
· Savings and Loan Obligations Negotiable certificates of deposit and other short-term debt obligations of savings and loan associations.
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· Supranational Agencies Securities of certain supranational entities, such as the International Development Bank.
· Corporate Debt Securities Outstanding corporate debt securities (e.g., bonds and debentures). Corporate notes may have fixed, variable, or floating rates.
· Short-Term Corporate Debt Securities Outstanding nonconvertible corporate debt securities (e.g., bonds and debentures) which have one year or less remaining to maturity. Corporate notes may have fixed, variable, or floating rates.
· Commercial Paper and Commercial Notes Short-term promissory notes issued by corporations primarily to finance short-term credit needs. Certain notes may have floating or variable rates and may contain options, exercisable by either the buyer or the seller, that extend or shorten the maturity of the note.
· Foreign Government Securities Issued or guaranteed by a foreign government, province, instrumentality, political subdivision, or similar unit thereof.
· Funding Agreements Obligations of indebtedness negotiated privately between the funds and an insurance company. Often such instruments will have maturities with unconditional put features, exercisable by the funds, requiring return of principal within one year or less.
There are, of course, other types of securities that are or may become available that are similar to the foregoing, and the funds may invest in these securities.
Mortgage-Related Securities
· Mortgage-Backed Securities Mortgage-backed securities are securities representing an interest in a pool of mortgages. The mortgages may be of a variety of types, including adjustable rate, conventional 30-year and 15-year fixed rate, and graduated payment mortgages. Principal and interest payments made on the mortgages in the underlying mortgage pool are passed through to the funds. This is in contrast to traditional bonds where principal is normally paid back at maturity in a lump sum. Unscheduled prepayments of principal shorten the securities’ weighted average life and may lower their total return. (When a mortgage in the underlying mortgage pool is prepaid, an unscheduled principal prepayment is passed through to the funds. This principal is returned to the funds at par. As a result, if a mortgage security were trading at a premium, its total return would be lowered by prepayments, and if a mortgage security were trading at a discount, its total return would be increased by prepayments.) The value of these securities also may change because of changes in the market’s perception of the creditworthiness of the federal agency that issued them or a downturn in housing prices. In addition, the mortgage securities market in general may be adversely affected by changes in governmental regulation or tax policies.
· U.S. Government Agency Mortgage-Backed Securities These are obligations issued or guaranteed by the U.S. government or one of its agencies or instrumentalities, such as GNMA, FNMA, the Federal Home Loan Mortgage Corporation (“Freddie Mac” or “FHLMC”), and the Federal Agricultural Mortgage Corporation (“Farmer Mac” or “FAMC”). FNMA, FHLMC, and FAMC obligations are not backed by the full faith and credit of the U.S. government as GNMA certificates are, but they are supported by the instrumentality’s right to borrow from the U.S. Treasury. On September 7, 2008, FNMA and FHLMC were placed under conservatorship of the Federal Housing Finance Agency, an independent federal agency. U.S. Government Agency Mortgage-Backed Certificates provide for the pass-through to investors of their pro-rata share of monthly payments (including any prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees paid to the guarantor of such securities and the servicer of the underlying mortgage loans. Each of GNMA, FNMA, FHLMC, and FAMC guarantees timely distributions of interest to certificate holders. GNMA and FNMA guarantee timely distributions of scheduled principal. FHLMC has in the past guaranteed only the ultimate collection of principal of the underlying mortgage loan; however, FHLMC now issues mortgage-backed securities (FHLMC Gold PCS) which also guarantee timely payment of monthly principal reductions.
· GNMA Certificates GNMA is a wholly owned corporate instrumentality of the United States within the Department of Housing and Urban Development. The National Housing Act of 1934, as amended (the
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“Housing Act”), authorizes GNMA to guarantee the timely payment of the principal of and interest on certificates that are based on and backed by a pool of mortgage loans insured by the Federal Housing Administration under the Housing Act, or Title V of the Housing Act of 1949, or guaranteed by the Department of Veterans Affairs under the Servicemen’s Readjustment Act of 1944, as amended, or by pools of other eligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. government is pledged to the payment of all amounts that may be required to be paid under any guaranty. In order to meet its obligations under such guaranty, GNMA is authorized to borrow from the U.S. Treasury with no limitations as to amount.
· FNMA Certificates FNMA is a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage Association Charter Act of 1938. FNMA Certificates represent a pro-rata interest in a group of mortgage loans purchased by FNMA. FNMA guarantees the timely payment of principal and interest on the securities it issues. The obligations of FNMA are not backed by the full faith and credit of the U.S. government.
· FHLMC Certificates FHLMC is a corporate instrumentality of the United States created pursuant to the Emergency Home Finance Act of 1970, as amended. FHLMC Certificates represent a pro-rata interest in a group of mortgage loans purchased by FHLMC. FHLMC guarantees timely payment of interest and principal on certain securities it issues and timely payment of interest and eventual payment of principal on other securities it issues. The obligations of FHLMC are obligations solely of FHLMC and are not backed by the full faith and credit of the U.S. government.
· FAMC Certificates FAMC is a federally chartered instrumentality of the United States established by Title VIII of the Farm Credit Act of 1971, as amended. FAMC was chartered primarily to attract new capital for financing of agricultural real estate by making a secondary market in certain qualified agricultural real estate loans. FAMC provides guarantees of timely payment of principal and interest on securities representing interests in, or obligations backed by, pools of mortgages secured by first liens on agricultural real estate. Similar to FNMA and FHLMC, FAMC Certificates are not supported by the full faith and credit of the U.S. government; rather, FAMC may borrow from the U.S. Treasury to meet its guaranty obligations.
As discussed above, prepayments on the underlying mortgages and their effect upon the rate of return of a mortgage-backed security is the principal investment risk for a purchaser of such securities, like the funds. Over time, any pool of mortgages will experience prepayments due to a variety of factors, including (1) sales of the underlying homes (including foreclosures), (2) refinancings of the underlying mortgages, and (3) increased amortization by the mortgagee. These factors, in turn, depend upon general economic factors, such as level of interest rates and economic growth. Thus, investors normally expect prepayment rates to increase during periods of strong economic growth or declining interest rates, and to decrease in recessions and rising interest rate environments. Accordingly, the life of the mortgage-backed security is likely to be substantially shorter than the stated maturity of the mortgages in the underlying pool. Because of such variation in prepayment rates, it is not possible to predict the life of a particular mortgage-backed security, but FHA statistics indicate that 25- to 30-year single family dwelling mortgages have an average life of approximately 12 years. The majority of GNMA Certificates are backed by mortgages of this type, and, accordingly, the generally accepted practice treats GNMA Certificates as 30-year securities which prepay in full in the 12th year. FNMA and FHLMC Certificates may have differing prepayment characteristics.
Fixed-rate mortgage-backed securities bear a stated “coupon rate” which represents the effective mortgage rate at the time of issuance, less certain fees to GNMA, FNMA, and FHLMC for providing the guarantee, and the issuer for assembling the pool and for passing through monthly payments of interest and principal.
Payments to holders of mortgage-backed securities consist of the monthly distributions of interest and principal less the applicable fees. The actual yield to be earned by a holder of mortgage-backed securities is calculated by dividing interest payments by the purchase price paid for the mortgage-backed securities (which may be at a premium or a discount from the face value of the certificate).
Monthly distributions of interest, as contrasted to semiannual distributions which are common for other fixed interest investments, have the effect of compounding and thereby raising the effective annual yield earned on mortgage-backed securities. Because of the variation in the life of the pools of mortgages which back various
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mortgage-backed securities, and because it is impossible to anticipate the rate of interest at which future principal payments may be reinvested, the actual yield earned from a portfolio of mortgage-backed securities will differ significantly from the yield estimated by using an assumption of a certain life for each mortgage-backed security included in such a portfolio as described above.
· Commercial Mortgage-Backed Securities (“CMBS”) These are securities created from a pool of commercial mortgage loans, such as loans for hotels, restaurants, shopping centers, office buildings, and apartment buildings. Interest and principal payments from the underlying loans are passed through to the funds according to a schedule of payments. CMBS are structured similarly to mortgage-backed securities in that both are backed by mortgage payments. However, CMBS involve loans related to commercial property, whereas mortgage-backed securities are based on loans relating to residential property. Because commercial mortgages tend to be structured with prepayment penalties, CMBS generally carry less prepayment risk than loans backed by residential mortgages. Credit quality depends primarily on the quality of the loans themselves and on the structure of the particular deal. However, the value of these securities may change because of actual or perceived changes in the creditworthiness of the individual borrowers, their tenants, and servicing agents, or due to deterioration in the general state of commercial real estate or overall economic conditions.
· Collateralized Mortgage Obligations (“CMOs”) CMOs are bonds that are collateralized by whole loan mortgages or mortgage pass-through securities. The bonds issued in a CMO deal are divided into groups, and each group of bonds is referred to as a “tranche.” Under the traditional CMO structure, the cash flows generated by the mortgages or mortgage pass-through securities in the collateral pool are used to first pay interest and then pay principal to the CMO bondholders. The bonds issued under such a CMO structure are retired sequentially as opposed to the pro-rata return of principal found in traditional pass-through obligations. Subject to the various provisions of individual CMO issues, the cash flow generated by the underlying collateral (to the extent it exceeds the amount required to pay the stated interest) is used to retire the bonds. Under the CMO structure, the repayment of principal among the different tranches is prioritized in accordance with the terms of the particular CMO issuance. The “fastest-pay” tranche of bonds, as specified in the prospectus for the issuance, would initially receive all principal payments. When that tranche of bonds is retired, the next tranche, or tranches, in the sequence, as specified in the prospectus, receive all of the principal payments until they are retired. The sequential retirement of bond groups continues until the last tranche, or group of bonds, is retired. Accordingly, the CMO structure allows the issuer to use cash flows of long maturity, monthly pay collateral to formulate securities with short, intermediate, and long final maturities and expected average lives.
New types of CMO tranches continue to evolve such as floating-rate CMOs, planned amortization classes, accrual bonds, and CMO residuals. Some newer structures could affect the amount and timing of principal and interest received by each tranche from the underlying collateral. Under certain structures, given classes of CMOs have priority over others with respect to the receipt of prepayments on the mortgages. Therefore, depending on the type of CMOs in which the funds invest, the investment may be subject to a greater or lesser risk of prepayment than other types of mortgage-related securities.
The primary risk of any mortgage security is the uncertainty of the timing of cash flows. For CMOs, the primary risk results from the rate of prepayments on the underlying mortgages serving as collateral and from the structure of the deal (priority of the individual tranches). An increase or decrease in prepayment rates (resulting from a decrease or increase in mortgage interest rates) will affect the yield, average life, and price of CMOs. The prices of certain CMOs, depending on their structure and the rate of prepayments, can be volatile. Some CMOs may also not be as liquid as other securities.
· U.S. Government Agency Multi-Class Pass-Through Securities Unlike CMOs, U.S. Government Agency Multi-Class Pass-Through Securities, which include FNMA Guaranteed Real Estate Mortgage Investment Conduit Pass-Through Certificates and FHLMC Multi-Class Mortgage Participation Certificates, are ownership interests in a pool of mortgage assets. Unless the context indicates otherwise, all references herein to CMOs include multi-class pass-through securities.
· Multi-Class Residential Mortgage Securities Such securities represent interests in pools of mortgage loans to residential home buyers made by commercial banks, savings and loan associations, or other financial institutions. Unlike GNMA, FNMA, and FHLMC securities, the payment of principal and interest on Multi-
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Class Residential Mortgage Securities is not guaranteed by the U.S. government or any of its agencies. Accordingly, yields on Multi-Class Residential Mortgage Securities have been historically higher than the yields on U.S. government mortgage securities. However, the risk of loss due to default on such instruments is higher since they are not guaranteed by the U.S. government or its agencies. Additionally, pools of such securities may be divided into senior or subordinated segments. Although subordinated mortgage securities may have a higher yield than senior mortgage securities, the risk of loss of principal is greater because losses on the underlying mortgage loans must be borne by persons holding subordinated securities before those holding senior mortgage securities.
· Privately Issued Mortgage-Backed Certificates These are pass-through certificates issued by nongovernmental issuers. Pools of conventional residential or commercial mortgage loans created by such issuers generally offer a higher rate of interest than government and government-related pools because there are no direct or indirect government guarantees of payment. Timely payment of interest and principal of these pools is, however, generally supported by various forms of insurance or guarantees, including individual loan, title, pool, and hazard insurance. The insurance and guarantees are issued by government entities, private insurance, or the mortgage poolers. Such insurance and guarantees and the creditworthiness of the issuers thereof will be considered in determining whether a mortgage-related security meets the funds’ quality standards. The funds may buy mortgage-related securities without insurance or guarantees if, through an examination of the loan experience and practices of the poolers, the investment manager determines that the securities meet the funds’ quality standards.
· Stripped Mortgage-Backed Securities These instruments represent interests in a pool of mortgages, the cash flow of which has been separated into its interest and principal components. Interest only securities (“IOs”) receive the interest portion of the cash flow while principal only securities (“POs”) receive the principal portion. IOs and POs are usually structured as tranches of a CMO. Stripped Mortgage-Backed Securities may be issued by U.S. government agencies or by private issuers similar to those described above with respect to CMOs and privately issued mortgage-backed certificates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. The value of the PO, as with other mortgage-backed securities described herein, and other debt instruments, will tend to move in the opposite direction compared to interest rates. Under the Code, POs may generate taxable income from the current accrual of original issue discount, without a corresponding distribution of cash to the funds.
The cash flows and yields on IO and PO classes are extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. In the case of IOs, prepayments affect the amount of cash flows provided to the investor. In contrast, prepayments on the mortgage pool affect the timing of cash flows received by investors in POs. For example, a rapid or slow rate of principal payments may have a material adverse effect on the prices of IOs or POs, respectively. If the underlying mortgage assets experience greater than anticipated prepayments of principal, investors may fail to fully recoup their initial investment in an IO class of a stripped mortgage-backed security, even if the IO class is rated AAA or Aaa or is derived from a full faith and credit obligation. Conversely, if the underlying mortgage assets experience slower than anticipated prepayments of principal, the price on a PO class will be affected more severely than would be the case with a traditional mortgage-backed security.
The determination of whether a particular IO or PO is liquid is made on a case by case basis under guidelines and standards established by the funds’ Boards. The funds’ Boards have delegated to T. Rowe Price the authority to determine the liquidity of these instruments based on a number of factors such as: the type of issuer; type of collateral, including age and prepayment characteristics; rate of interest on coupon relative to current market rates and the effect of the rate on the potential for prepayments; complexity of the issue’s structure, including the number of tranches; and size of the issue and the number of dealers who make a market in the IO or PO.
· Adjustable Rate Mortgage Securities (“ARMs”) ARMs, like fixed-rate mortgages, have a specified maturity date, and the principal amount of the mortgage is repaid over the life of the mortgage. Unlike fixed-rate mortgages, the interest rate on ARMs is adjusted at regular intervals based on a specified, published interest rate “index” such as a Treasury rate index. The new rate is determined by adding a specific interest amount, the “margin,” to the interest rate of the index. Investment in ARMs allows the funds to participate in changing
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interest rate levels through regular adjustments in the coupons of the underlying mortgages, resulting in more variable current income and lower price volatility than longer-term fixed-rate mortgage securities. ARMs are a less effective means of locking in long-term rates than fixed-rate mortgages since the income from adjustable rate mortgages will increase during periods of rising interest rates and decline during periods of falling rates.
· TBAs and Dollar Rolls Funds that purchase or sell mortgage-backed securities may choose to purchase or sell certain mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be announced” (TBA) market. With TBA transactions, the fund would enter into a commitment to either purchase or sell mortgage-backed securities for a fixed price, with payment and delivery at a scheduled future date beyond the customary settlement period for mortgage-backed securities. These transactions are considered 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, a fund may choose to extend the settlement through a “dollar roll” transaction in which it sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. These transactions have the potential to enhance the fund’s returns and reduce its administrative burdens when compared with holding mortgage-backed securities directly, although these transactions will increase the fund’s portfolio turnover rate. During the roll period, the fund foregoes principal and interest paid on the securities. However, the fund would be compensated by the difference between the current sale price and the forward price for the future purchase, as well as by the interest earned on the cash proceeds of the initial sale.
Although 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.
· Other Mortgage-Related Securities Governmental, government-related, or private entities may create mortgage loan pools offering pass-through investments in addition to those described above. The mortgages underlying these securities may be alternative mortgage instruments, that is, mortgage instruments whose principal or interest payments may vary or whose terms to maturity may differ from customary long-term fixed-rate mortgages. As new types of mortgage-related securities are developed and offered to investors, the investment manager will, consistent with the funds’ objectives, policies, and quality standards, consider making investments in such new types of securities.
Asset-Backed Securities
Background The asset-backed securities (“ABS”) market has been one of the fastest growing sectors of the U.S. fixed-income market since its inception in late 1985. Although initial ABS transactions were backed by auto loans and credit card receivables, today’s market has evolved to include a variety of asset types including home equity loans, student loans, equipment leases, stranded utility costs, and collateralized bond/loan obligations. For investors, securitization typically provides an opportunity to invest in high-quality securities with higher credit ratings and less downgrade/event risk than corporate bonds. Unlike mortgages, prepayments on ABS collateral are less sensitive to changes in interest rates. They can also be structured into classes that meet the market’s demand for various maturities and credit quality.
Structure Asset-backed securities are bonds that represent an ownership interest in a pool of receivables sold by originators into a special purpose vehicle (“SPV”). The collateral types can vary, so long as they are secured by homogeneous assets with relatively predictable cash flows. Assets that are transferred through a sale to a SPV are legally separated from those of the seller/servicer, which insulates investors from bankruptcy or other event risk associated with the seller/servicer of those assets. Most senior tranches of ABS are structured to a triple-A rated level through credit enhancement; however, ABS credit ratings range from AAA to non-investment-grade. Many ABS transactions are structured to include payout events/performance triggers which provide added protection against deteriorating credit quality.
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ABS structures are generally categorized by two distinct types of collateral. Amortizing assets (such as home equity loans, auto loans, and equipment leases) typically pass through principal and interest payments directly to investors, while revolving assets (such as credit card receivables, home equity lines of credit, and dealer floor-plan loans) typically reinvest principal and interest payments in new collateral for a specified period of time. The majority of amortizing transactions are structured as straight sequential-pay transactions. In these structures, all principal amortization and prepayments are directed to the shortest maturity class until it is retired, then to the next shortest class and so on. The majority of revolving assets are structured as bullets, whereby investors receive periodic interest payments and only one final payment of principal at maturity.
Underlying Assets The asset-backed securities that may be purchased include securities backed by pools of mortgage-related receivables known as home equity loans, or of consumer receivables such as automobile loans or credit card loans. Other types of ABS may also be purchased. The credit quality of most asset-backed securities depends primarily on the credit quality of the assets underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit support provided to the securities. The rate of principal payment on asset-backed securities generally depends on the rate of principal payments received on the underlying assets, which in turn may be affected by a variety of economic and other factors. As a result, the yield and return on any asset-backed security is difficult to predict with precision and actual return or yield to maturity may be more or less than the anticipated return or yield to maturity.
Methods of Allocating Cash Flows While some asset-backed securities are issued with only one class of security, many asset-backed securities are issued in more than one class, each with different payment terms. Multiple class asset-backed securities are issued for two main reasons. First, multiple classes may be used as a method of providing credit support. This is accomplished typically through creation of one or more classes whose right to payments on the asset-backed security is made subordinate to the right to such payments of the remaining class or classes. Second, multiple classes may permit the issuance of securities with payment terms, interest rates, or other characteristics differing both from those of each other and from those of the underlying assets. Asset-backed securities in which the payment streams on the underlying assets are allocated in a manner different than those described above may be issued in the future. The funds may invest in such asset-backed securities if the investment is otherwise consistent with the fund’s investment objectives, policies, and restrictions.
Types of Credit Support Asset-backed securities are typically backed by a pool of assets representing the obligations of a diversified pool of numerous obligors. To lessen the effect of failures by obligors on the ability of underlying assets to make payments, such securities may contain elements of credit support. Such credit support falls into two classes: liquidity protection and protection against ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that scheduled payments on the underlying pool are made in a timely fashion. Protection against ultimate default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained from third parties, “external credit enhancement,” through various means of structuring the transaction, “internal credit enhancement,” or through a combination of such approaches. Examples of asset-backed securities with credit support arising out of the structure of the transaction include:
· Excess Spread Typically, the first layer of protection against losses, equal to the cash flow from the underlying receivables remaining after deducting the sum of the investor coupon, servicing fees, and losses.
· Subordination Interest and principal that would have otherwise been distributed to a subordinate class is used to support the more senior classes. This feature is intended to enhance the likelihood that the holder of the senior class certificate will receive regular payments of interest and principal. Subordinate classes have a greater risk of loss than senior classes.
· Reserve Funds Cash that is deposited and/or captured in a designated account that may be used to cover any shortfalls in principal, interest, or servicing fees.
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